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Parlay Bets and How to Use Them: Complete Guide | LeoVegas CA

Parlay Bets Guide

Have you ever placed a sports bet and stumbled across the term “parlay bet”? If it’s foreign to you, you’re in luck. We’re here to break the bet down for you with an entire guide on everything parlay.

Simply put, it’s a single wager that combines two or more individual bets into one neatly packaged bet. Think of it as a sports bet combo meal - multiple bets are bundled for the chance at a supersized payout. But here’s the kicker: while the potential returns are higher, so is the risk. That’s because for your parlay to pay out, every selection must be a winner. It’s an all-or-nothing deal, making it exciting, challenging, and risky.

Table of Contents:

In this guide to parlay bets, we’ll fill you in on how to place a parlay bet, what to watch for, and how to maximize your fun (smartly) - we’ll even throw in a few tips of the trade. Let’s get started.

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How Parlay Bets Work

A parlay is only as strong as its weakest link. You’re betting on multiple outcomes, and they all need to hit for you to win. Let’s say you bet on three football games: if you nail two but miss one, sorry, the whole parlay is a loss. But if all three hit, you’ll score a much bigger payout than if you’d bet on each game separately.

Types of Parlay Bets

Traditional Parlay

Standard, in the scheme of things, a traditional parlay combines two or more bets. Every bet within it must win for the parlay to pay. The more bets you combine to create the parlay, the higher the potential payout is likely to be, albeit, the risk will also be higher.

Round Robin Parlay

A round robin parlay creates multiple smaller parlays from selections, rather than combining all picks into one large parlay. For example, teams A, B, and C make three 2-team parlays: A+B, A+C, and B+C. It’s less risky than a traditional parlay because if one team loses, all is not lost - one or two of the smaller parlays could still come through with a win.

Teaser Parlay

A teaser bet is a parlay bet with a favourable twist. In a teaser parlay, you can adjust the point spread or point total in your favour for multiple games. This flexibility increases your chances of winning and lowers your risk, but it comes with a trade-off - the potential payout is lower than a standard parlay.

Calculating Payouts for Parlay Bets

To calculate the payout for a parlay bet, first, convert each of the individual bets’ odds to decimal format. Multiply these decimal odds together to get the combined odds for the parlay. Then, multiply this combined odds figure by your stake to determine the total payout, which includes your initial stake. To find your profit, subtract the original stake from the total payout.

Let’s break it down with an example: if you bet $50 on a parlay of 2.00, 1.50, and 3.00, the combined odds are 9.00. Your total payout would be $450 ($50 stake × 9.00), and your profit would be $400 ($450 - $50 stake).

It may seem intimidating, but it’s not. And full disclosure, typically a parlay calculator will do all of this for you. So, as you get comfortable with parlay betting, you can use a parlay calculator to play around with bets and potential profits.

How to Place a Parlay Bet

Placing a parlay bet might seem complex at first, but it’s actually pretty straightforward once you get the hang of it.

Choosing a Sport/Game

First things first, narrow down your picks to what you’re most knowledgeable about - specific teams, players, match-ups, etc. As a baseline for parlay betting, start with what you know best. Remember, in a parlay, you’re not limited to one sport - you can mix and match if you’re feeling confident to combine bets across leagues, matches, and sports.

Understanding Parlay Odds and Lines

Before you place your bet, make sure you understand what those numbers mean. For North American odds, a minus sign (-) indicates the favourite, while a plus sign (+) is for the underdog. The number tells you how much you need to bet to win $100 on the favourite, or how much you’d win on a $100 bet for the underdog.

Point spreads and totals work similarly. If you see -7.5, that team must win by 8 or more for that bet to hit. For totals, you’re betting on whether the combined score will be over or under a set number.

Steps to Place a Parlay Bet

First off, head to your favourite Sportsbook - LeoVegas - and begin building your parlay:

  1. Browse through available games and select the ones you want to include.
  2. For each game, pick your bet type and your prediction.
  3. As you select each bet, they will appear in your bet slip. Ensure the ‘combination’ heading has been selected to place a parlay.
  4. All set? The built-in parlay calculator will show you the odds and your potential payout.
  5. Enter your stake and hit CONFIRM.

Sports Best Suited for Parlay Bets

Football (American Football)

Once the season gets rolling, NFL gamesare plentiful, especially on Sundays. These prime betting nights offer extensive coverage and insights into team performances, injuries, and match-ups. Each game features a range of betting options, including moneylines, point spreads, over/unders, and player props.

For example, a typical NFL parlay might combine bets such as Green Bay Packers to win (Moneyline), Patrick Mahomes to exceed 275.5 passing yards, and the total points in the Buffalo Bills vs. Miami Dolphins game to be under 48.5. All parts of the parlay must be successful for a payout, and while this increases the risk, it also enhances the potential reward.

Basketball

Basketball, specifically the NBA and college ball, makes for good parlay betting as it offers quite the selection of action. Just look at player props - there’s points scored, rebounds, assists, three-points made, steals, blocks, first basket scorer - and the list goes on. This extensive range of prop bets allows for creative parlay combinations, increasing your chances of hitting a big payout. The frequent games also mean more opportunities to find value and spot trends, making basketball a prime choice for parlay bettors looking to mix and match their bets for potentially higher returns.

Let’s say you want to place a parlay bet on an NBA game night between the Boston Celtics and the Miami Heat, you could structure your bet as follows: Bet on the Celtics to win outright (Moneyline), cover a spread of -5.5 points, and include player props like Jayson Tatum scoring over 25.5 points, Jimmy Butler recording at least 7 rebounds, and Marcus Smart making 3 or more three-pointers. This parlay combines multiple outcomes, and for it to win, all parts must hit, offering a potentially higher payout if successful.

Baseball

Major League Baseball (MLB) provides numerous parlay betting opportunities due to its lengthy 162-game season and daily matchups. Baseball parlays are appealing because of the significant impact of starting pitchers and the sport’s generally lower-scoring nature, which can make outcomes somewhat more predictable. Bettors can choose from various options, including moneylines, run lines, totals, and player props.

When creating a baseball parlay, it’s essential to consider factors like starting pitcher matchups, team performance, head-to-head history, and weather conditions. A common strategy is the “same game parlay,” which combines bets such as the moneyline and over/under for a single game, leveraging potential correlations between a team’s victory and the total runs scored. For example, an MLB parlay might include the New York Yankees to win against the Boston Red Sox (Moneyline), the total runs in that game to be over 8.5, and the Los Angeles Dodgers to cover a -1.5 run line against the San Francisco Giants.

Hockey

Let’s start with scoring dynamics, as it’s what stands out when talking about hockey parlays. With an 82-game regular season and multiple games on most nights, the NHL offers plenty of games to pull from. Keep in mind that NHL games are typically lower scoring, and are heavily influenced by goalies. This low-scoring nature, combined with the fast-paced gameplay, can lead to more frequent upsets compared to other sports.

Many bettors opt for the three-way moneyline bet, which includes the possibility of a tie in regulation, and can be used in parlays for potentially higher payouts but increased risk. A typical NHL parlay might include bets such as the Toronto Maple Leafs to win against the Montreal Canadiens (Moneyline), the total goals in the Pittsburgh Penguins vs. Washington Capitals game to be over 6.5, and the Colorado Avalanche to cover a -1.5 puck line against the Vegas Golden Knights.

Advantages of Parlay Bets

Parlay bets offer many advantages for sports bettors, primarily the potential for high returns from a relatively low initial investment. By combining multiple bets into one wager, parlays can yield significantly larger payouts compared to individual bets, allowing bettors to win big with a smaller stake.

Beyond the financial aspect, parlays enhance the excitement and engagement of sports betting by connecting multiple games or events. It can make a day or a week of sports action much more exciting, since bettors have a vested interest in multiple games or outcomes.

Risks and Disadvantages of Parlay Bets

Alright, let’s talk about the flip side of parlay betting. While the potential for big wins is enticing, it’s crucial to understand the risks involved.

First off, parlays are high-risk bets, plain and simple. The key drawback is their high-risk nature: all picks must be correct for the parlay to pay out, making it more difficult to win compared to single bets. This “all or nothing” aspect increases the likelihood of losing.

Managing parlays can get tricky, too. The more legs you add, the more complex it becomes to analyze all the factors involved. It’s not just about picking winners anymore; you’re juggling multiple games, player performances, and other variables. It’s easy to get overwhelmed or overlook crucial details.

Now, let’s talk probability. The odds of winning a parlay decrease significantly with each additional bet. It’s simple math - multiplying probabilities makes the overall chance of winning smaller. So while that 10-team parlay might look tempting with its massive potential payout, the likelihood of it hitting is incredibly slim.

Key Strategies for Parlay Betting

Research and Analysis: This is where you dive deep into understanding teams and players. What’s their recent form? Any injuries or suspensions that could shake things up? How do they perform in different weather conditions or against rivals? This in-depth knowledge helps you make informed decisions.

Now, let’s talk numbers. Analyzing historical data isn’t just for stats nerds. It can reveal patterns and trends that might give you an edge. Look at head-to-head records, performance under certain conditions, and long-term trends - in the world of sports betting, knowledge is power.

Bankroll Management: Set a budget and adhere to it, keeping parlays to a small percentage of your overall bankroll. Avoid chasing losses by increasing your bets in an attempt to recover; this can lead to serious setbacks.

Diversification of Bets: Don’t put all your eggs in one basket. Spread your bets across different sports, leagues, and bet types to mitigate risk. Combining safer bets with riskier ones in your parlays can help balance the inherent risk and lead to more consistent results over time.

Avoiding Emotional Betting: Stay rational. Don’t let a losing streak drive you to make impulsive bets, and avoid overconfidence from a winning streak. Base your decisions on thorough analysis rather than emotions, as the house always has an edge.

We’ll leave you with this: sports betting is all about smart, informed decisions - not just luck!

Parlay Betting at LeoVegas

Not only do we have an awesome Sports Club where we give you weekly Free Bets and Profit Boosts, but our Sportsbook allows you to place parlay bets in the easiest way imaginable thanks to our handy Bet Builder function, with an built-in parlay calculator!

It allows you to make a parlay bet using wagers on the same as well as different events, and it actually removes the bets on screen that you can’t use as part of your parlay bet as you go along. That way, you can never add a bet to the parlay which isn’t valid!

The Bet Builder is available both pre-match and in-play, leaving you with a multitude of choices.

Simply enter a sports event page and click the slider at the top to activate the Bet Builder. Once you’ve added your bets, the parlay calculator will show you the odds and the potential parlay payouts, leaving you just to enter your stake and place your bet!

Parlay Betting Wins at LeoVegas

As mentioned above, parlay bets can score you some big wins with a relatively tiny wager.

The player who submitted the bet below placed a €25 bet ($37) on a parlay bet of 10 football games across 4 competitions. The bet with the best decimal odds was 1.57, and his steepest odds were 3.5 (both were bets on over 1.5 goals being scored in two Premier League matches).

Once all the odds were multiplied in the parlay calculator, they added up to 999.50. And wouldn’t you know it - he won! That happy player went home with almost €25,000 (almost $38,000) that day!

Want to try your luck? Head to our Sportsbook and give it a go!

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Parlay Bet FAQs

What is a parlay bet?

A parlay bet combines multiple individual wagers into a single bet. It’s a bet on several outcomes and all selections must win for the parlay to pay out.

Are parlays ever good bets?

Parlays offer higher potential payouts but lower probability of winning. They’re generally considered high-risk bets.

What does a $100 4 team parlay pay?

A $100 4-team parlay typically pays between $1,000 to $1,500, depending on the odds of each selection.

Is a 2-team parlay a good bet?

2-team parlays are less risky than larger parlays but still riskier than individual bets. They offer moderate payouts with increased difficulty.

How many legs should you parlay?

The number of legs in a parlay depends on personal risk tolerance. More legs increase potential payout but decrease win probability.

Can you cash out a parlay early?

Many sportsbooks offer early cash-out options for parlays, allowing bettors to secure a portion of potential winnings before all legs are completed.

What is an example of a parlay?

Example: A 3-team parlay might include the Lakers to win, the Cowboys to cover the spread, and the over in a Yankees game.

Why are parlays so hard to hit?

Parlays are difficult because each additional leg multiplies the risk. The more selections, the lower the probability of all winning.

How to win a parlay bet?

To improve parlay chances: research thoroughly, understand odds, manage bankroll, and avoid adding unnecessary legs.

Is it better to straight bet or parlay?

Straight bets generally offer better long-term results for most bettors due to their higher win probability compared to parlays.

Is a round robin safer than a parlay?

Round robins can be safer than traditional parlays as they create multiple smaller parlays from your selections, increasing the chance of at least some return.

What is the most profitable strategy for a parlay?

For parlay strategy: focus on correlated outcomes when allowed, keep parlays small (2-3 legs), and only use a small portion of your bankroll.