The Parlay Bet — Everything You Need to Know
Wondering, “what is a parlay?” At its core, it’s a bet that’s hard to win but comes with large payouts.
Especially if you’re new to gambling, you probably want a more detailed answer. That’s where this guide comes in!
Read on for everything you need to know about “what is a parlay bet?”, odds, and more.
What Is a Parlay Bet?
This type of gambling is also known as an accumulator. It occurs when two or more individual wagers are linked, and the win is dependent on all of those wagers succeeding. This is different than a single bet in which you only bet on one team. With a two team parlay, just one game can cause the parlay to lose.
So why do people bet parlays? The advantage is is that parlay payouts are a lot higher — however, the chances of winning are a lot smaller. Typically, when discussing parlay meaning, the more linked wagers involved in a parley, the higher the payout.
When making a parlay wager, there are many important items to consider on your parlay ticket
Parlay Odds
As with all wagers in sports betting, the odds are depending on your specific bet. Each additional team added to the bet increases the odds in your favor. You need to place two or more bets to create a parlay, however, a four team parlay will have better odds than a three team parlay. You can use a parlay calculator to determine your true odds, which will be different than the single bets. The more teams you add, the higher your potential payout, however, you also increase the risk that your entire parlay loses. This is always a risk when linking together multiple wagers while going for a winning parlay.
Winning a Parlay
Your chances of winning a parlay bet are usually low, but it can happen. For example, in November 2020, a gambler in Las Vegas won $442,643 after putting $4000 on a seven-leg parlay with William Hill. This means that seven different bets had to pay out — in this case, they involved NFL and college football games.
Parlay Payouts
Now that you know the parlay definition, you’re probably hoping to win one. Payouts are received from the agency you placed the wager with, based on the odds from the parlay calculator. You can gamble online or in person, depending on your location and the value of your bet.
If you win, you should contact your sports betting provider as soon as possible. Most companies will automatically pay your winnings into your bank account, but in some cases, you may have to contact them to arrange a payout of your parlay tickets.
Types of Parlays
The answer to “what is a parlay” is complex as there are different types. Online sportsbooks offer many different types. The most common are:
- Over/Under. Over and under wagers are one of the most popular types. Over/under bets occur when you wager on the number of points a team scores in a match and whether it’s over/under what the sportsbook predicts. Over and under bets are often made in conjunction with a bet on the winner of the game, making them two-leg wagers.
- Point Spread. If you choose point spreads, your favored team has to win by a certain number of points for you to succeed. For example, if you were looking at to place a straight bet on football odds, you might bet that the New York Giants would beat the Dallas Cowboys by +12 points.
As you can see, the parlay meaning is varied. The type you choose is often based on the sport you’re gambling on. However, some agencies let you combine different types of wagers.
Parlay Calculator
To calculate these wagers, you must convert each wager into a decimal. For example, if you placed a wager at 3 to 1 odds, the chance of winning is one in four — so 0.25. You need to multiply the odds of each bet together to understand your chances.
Don’t like math? To know the precise odds for any wager, speak to your betting provider.
Teaser Bets vs. Parlays
Teasers are not the same as parlays but do involve multiple teams. Teasers let your move the points spread in your favor, increasing your chances of winning. The amount you can move the points depends on your betting provider.
Frequently Asked Questions
The answer to “what is a parlay” can be complex — as such, gamblers often have questions. Read on to see your FAQs answered.
What Happens If One of Your Bets Pushes?
A push occurs when the score of a match is a tie between the gambler and the sportsbook.
However, to understand more about odds and what would happen if a bet pushes, you should contact your betting provider directly.
Are Parlays a Bad Form of Sports Betting?
Now that you know the answer to “what is a parlay?” you’re probably wondering if it’s a good idea to place one. Odds of winning are low compared to a traditional single bet. However, you shouldn’t take it to mean that making a parlay bet is always a bad bet.
Are Parlays Profitable?
Like all forms of gambling, a parlay bet is not a reliable way to make a profit. However, as well as being fun, they also can generate a lot of money. It ultimately comes down to chance and whether you end up winning the bets.
Is a Round-Robin Parlay Better Than a Straight Parlay?
If you choose to place round-robins, you do not have to win every bet to win. It’s different from a normal wager where you have to win over and over again. As such, you are more likely to win some returns than if you placed straight wagers.
However, you often have to place more money on round-robins. Neither type is better, and you should base your choice on your budget, risk levels, and interests.
What Are the Odds of Hitting a 12 Team Parlay?
The odds of hitting 12 team wagers are very low. This is because twelve different bets you place have to be right. However, this means that the payout, if you are successful, will be very high,
If you are unsure of odds for a specific bet, it’s always a good idea to speak to the betting provider directly for more information. They can give you a clear and specific parlay definition.
Everything You Need to Know About Parlays
These wagers are a fun way to gamble and have the potential for high rewards. If you are placing a parlay, over under, or any kind of bet you should always make sure it’s with a licensed and reliable provider. Get started with our trusted affiliate partners today!