November 4, 2010 by admin
Filed under General Information

1. So, if you have $25 to bet a 4-team parlay, bet $5 on each team individually and then bet them all in a $5 parlay. You will be a much more profitable sports bettor if you stick to this philosophy. Below is our complete rundown of what a parlay bet is in a way that you should be able to understand it.
2. The 11-team parlay hits 1 out of every 2,047 times, and the payout is based on only just over 50% of that ratio. Most of the general betting public doesn’t realize that 55% is an excellent winning percentage when it comes to sports betting.
3. For example, decimals odds of 200.0000 would be entered as either ‘d200’ or ‘0200’. Round Robin Bet Calculator. 10-team parlay bets, 5 four-team parlay bets and a five-team parlay.

How much does a 15 team parlay pay? A 15 team parlay will pay out over +16,000. I just tested this out and a $1 15 team NFL parlay at -110 odds will payout $16,306. Good luck hitting on that! True Odds Parlays. 1 Earlier, I mentioned fixed odds are only given when all selections are 50/50 propositions. After all, if it was that easy to hit 10-team parlay tickets, sportsbooks would be quick to adjust potential returns accordingly. For an average parlay in which all of the odds are at the standard of -110, here’s a safe benchmark of an odds scale to use. Two-team parlay: 13-5; Three-team parlay: 6-1; Four-team parlay: 10-1; Five-team parlay: 25-1.

A parlay is a single bet that is placed on two or more different games. As a general rule, all games in the parlay must be winners (or at least end in a tie) for the parlay bet to win. The odds on a parlay are based on how many different teams you play. A 3 team fixed odds parlay might pay 6 to 1 while a 12 team fixed odds parlay could pay 600 to 1. Take a look at the following example of fixed odds parlay payouts from one of the leading online sportsbooks;

The first thing that you need to know when looking at parlay odds is whether the betting line for each individual game in the parlay contains standard odds or not. As we have discussed before in the article titled “How do Sportsbooks Make Money on the Moneyline”, the standard odds for sports betting are (-110), meaning that you must wager $110 for the chance to win $100.

If, and only if each and every team in your parlay has a betting line containing standard odds, then the fixed odds table shown above will apply. In that case it is simply a matter of looking at the table to determine the payout based on the number of teams you bet on with your parlay and the amount of your bet. If you placed a $100 bet on an 8 team parlay and won, you would get a payout of $10,000 in addition to having your original $100 bet returned to you.

You could assume that there is no real calculation required to determine the parlay odds since the odds are set by the sportsbook based on the number of teams in the parlay, but in fact the calculation does exist. It’s just a very simple one. A $100 payout is 91% of a $110 wager, and the return of your original wager represents a 100% return on that wager. The total then is 191% or 1.91 as a multiplier. To get your payout for a 2 team parlay simply multiply $110 by 1.91 squared. For a 3 team parlay it’s $110 times 1.91 cubed. For a 5 team parlay it’s $110 times 1.91 to the fifth power. And so on.

But if the betting line on one or more games in the parlay is anything other than the standard odds, a slightly more complex calculation must be performed to determine the final parlay payout. Once again, we will mention that these odds are almost always calculated by the sportsbook when you place your bet, and a calculation on your part is therefore not really necessary. The purpose of explaining how to calculate the payouts on these non-standard odds is to give you a more in-depth understanding of what’s behind the sportsbooks calculations. Take a look at the following 3 team parlay example where the betting lines for the 3 teams respectively are (-160), (+130) and (+110);

Just like the fixed odds, for every moneyline there is a multiplier which describes how much money you will receive as a payout if your bet wins. The payout for a bet on (-160) is $100 for every $160 that you wager. The $100 winnings is 62.5% of the $160 that you risked. Additionally your original $160 bet is returned to you, and $160 is 100% of the money you risked. Therefore the total payout including the return of your original bet is 162.5% of your original bet. We divide that by 100 to get the multiplier, which in this case would be 1.625. Now when the betting line is positive such as (+130), your winnings are more than 100% of the amount you risked, 130% in fact. Adding the original bet which again is 100% of your original bet because it is your original bet gives you 230% payout or a 2.3 multiplier.

Finally, you can now calculate your payout from the multipliers you have created. The payout would be the original wager multiplied by all of the multipliers in the parlay. Assume for a moment that in the above example you wagered $100. Your payout would be $100 x 1.625 x 2.3 x 2.1 or $784.88, and $684.88 would be winnings while $100 of that would be your original wager. You can easily see from this illustration that when the betting lines are positive the payout more than doubles for each team you add to the parlay.

It’s been correctly pointed out by various authors that the actual chances of hitting a multi team parlay are a lot lower than the fixed odds would suggest. The real odds of hitting a 5 team parlay for example are more like 31 to 1 while the payout for fixed odds is only 25 to 1. It’s good to understand this relationship between true odds and the fixed odds payouts you would receive from a sportsbook, but it’s not really that relevant.

The fact is that by picking underdogs you can increase the payoff for multi team parlays well above that which you would get for fixed odds. And even if you do decide to go with the standard odds, parlays can still yield a huge payout for relatively little investment. Hitting a 4 team parlay with a $100 bet doesn’t get you the $1500 payout that you would get if the sportsbook offered true odds in their fixed odds table, but $1200 is still a pretty darn good payoff for that $100 bet.

A parlay bet is a common way for sports bettors to increase their odds and payoffs. Instead of making multiple, single bets, a parlay bet combines 2 or more bets into one bet. Each bet within the parlay must win in order for the parlay to win. If any bet within the parlay loses, the bet loses. The more teams put into a parlay bet, the higher the odds.

Parlay bets should be used by one type of bettor, casual bettors doing it for occasional fun. Serious and professional sports bettors should only place parlay bets on very limited occasions, if ever. Since it only takes one loss within a parlay to lose the entire bet, the risk is very high. On a 6 team parlay, you could go 5-1 and lose your entire bet. Had these been straight bets, you’d be a happy camper.

Recommended Sportsbook for Parlay Bets:

Higher than normal parlay payout odds

Parlay Betting Odds

Two types of parlay bets can be made – those that use a point spread, and those that use a money line. Point spread parlay bets have somewhat standard odds, being very close at most sportsbooks. While there can be some slight variation from one sportsbook to another, in order to be competitive they’re generally pretty similar.

Typical Point Spread Parlay Betting Odds

• 2 Teams: 2.6:1
• 3 Teams: 6:1
• 4 Teams: 10:1
• 5 Teams: 20:1
• 6 Teams: 40:1
• 7 Teams: 80:1
• 8 Teams: 100:1
• 9 Teams: 150:1
• 10 Teams: 300:1
• 11 Teams: 450:1
• 12 Teams: 600:1
• 13 Teams: 750:1
• 14 Teams: 900:1
• 15 Teams: 1500:1

Money Line Parlay Betting Odds

Odds for parlay bets when using a money line are relative to the odds of each pick within the parlay. If you’ve chosen a number of underdogs, your odds will go up. If you’ve chosen big favorites, the odds will be lower. Money line parlays are great for an annual trip to Vegas where the idea is to go big or go home. However, for people who take their sports betting seriously, they’re too high risk to be a reasonable betting strategy.

Benefits of Parlay Betting

Parlay bets allow sports bettors to make small bets with the possibility of large wins. They also allow bettors who have a limited bankroll to bet on multiple games, instead of waiting for games to end and time to collect their winnings. If multiple games are going on at the same time and you don’t have enough money to make straight bets on each game, a parlay bet is a way to get action on each game.

To put a parlay win into perspective, lets use a 5 game parlay as an example. If you made 5 straight bets for $22 each ($110 total wagered) and won all of them, you would win $20 per game for a $100 total profit. However that same $110 wagered on a successful 5 team parlay would pay $2200. But wait, before you go place your bet, keep reading.

Negatives of Parlay Betting

The major problem with parlay betting is that they don’t offer true odds. For example, the true odds of hitting an 8 team parlay is 255:1, while the payoff is only 100:1. This is a big disadvantage to the bettor. Similar to Roulette, when you split your chips across 2 numbers, you get slightly worse odds. When you split them across four numbers, the odds get worse again. The same can be said for parlay bets in sports betting.

Odds On A 5 Team Parlay

Think of it this way. If you want to bet $100 on each of 5 games, but can’t afford to risk the full $500, you probably shouldn’t be betting at all. If you can afford the full $500, you will get a better payout with less risk of losing all your money by making straight bets.

Parlay Betting Tips

There are all sorts of little tips for improving your ROI on parlay bets, but there are a couple of tips that everyone needs to know. To improve your chances and win more on your parlay bets, follow these tips.

Bet on Fewer Teams, Raise Your Bets

Parlays are often used the wrong way. Instead of placing a $20, 5 team parlay, it’s better to make a 3 team parlay for more money. While the odds are lower, the win-rate is much higher, relying on only 3 wins instead of 5. By increasing the bet size, you can make up for the lower odds. This gives you a better chance at a win and a nice payday.

If you have more teams you want to bet on, split your parlays into multiple, smaller parlay bets.

Protect Your Bets

If you have a 5 team parlay that is 4-0 going into the fifth game, you stand to win $1000 on a $50 wager. A loss in the fifth game pays you nothing. To guarantee a win, place a straight bet for $525 on the team opposing your parlay pick. This will guarantee you a minimum win of $425 no matter what the result of the fifth game is. While expert bettors don’t bet a lot of parlays, when they do, this is a strategy they often employ.

If your parlay wins, you collect $1000. This is a $950 profit from your $50 bet, minus the $525 side bet, for a guaranteed win of $425.

If your parlay loses, you lose $50 there but make $477 profit (11/10 odds) on the $525 side bet, for $427 guaranteed profit.

Either way, you can grab a beer and enjoy that last game, knowing you’re a winner no matter what.

Parlay Betting Rules in Event of a Tie

What Are The Odds On A 5 Team Parlay

Before placing a parlay bet at a live or online sportsbook, find out the rules in the event of a tie. At some sportsbooks a tie will remove one team from the parlay, moving it down one level. For example, if you have a 5 team parlay with one tie, the parlay will automatically become a 4 team parlay, essentially removing one team from the bet.

At other sportsbooks, a tie results in a loss. This is bad for the bettor, so make sure you know the rules before placing your bet. This is especially important for betting on soccer or hockey where ties are common. Expert sports bettors never place a parlay bet without knowing these rules.

NFL & NCAA Football Parlay Betting

Parlay bets are extremely popular with NFL and NCAA football bettors. Parlay bets for football combine multiple straight bets, meaning the point spread is used. A bettors job is to pick teams that will cover the spread. If any team within the parlay does not cover the spread, the entire parlay bet loses.

While we don’t like parlay bets for serious bettors, they’re a great way to add tons of excitement to a weekend of football. Just remember how hard it is to go 3 for 3 in your fantasy league before you place a 10 team parlay.