Have you ever wanted to increase the odds for some selection you are looking to make?
That’s where the parlay bet comes in. If you are confident in two or more selections when betting on sports, you can put those bets together to get higher odds and increase payout, if all bets are successful .
Let’s find out everything you need to know about parlays in sports betting.
Parlay is a bet where two or more bets are linked together to create a single bet, known as a parlay bet, which has increased odds and therefore pays bigger if won. To win a parlay bet, all bets on the parlay must hit. Otherwise, the bet will lose.
Sportsbook will increase the odds as you add more selections to parlay bets. That’s because as you add more games to your parlay bet, the chances of it happening decrease.
So what parlay can you bet? The short answer is that almost anything depends on the sportsbook. You can match lines, totals, player winnings, spread and other bets.
Parlay allows you to play underdogs and favorites together, basically any combination you can think of. Parlays are fun to bet as they can lead to large payouts, but in general they are difficult to win consistently because multiple outcomes are required before they can be converted to cash.
Look at some odds from WynnBET Sportsbooklet’s say you want to bet on three games in the NBA, taking money from the Atlanta Hawks, under in the game Cleveland Cavaliers-Indiana Pacers, and New Orleans Pelicans -5.5 against the Houston Rockets.
Instead of placing money on each individual game, you can choose to pair all three picks together for a higher payout.
For example, if you bet on each individual game, here is what your payouts would look like if you won:
However, if you match all three of these selections together, you can bet $10 to win $64.71 if all bets are successful.
However, if one of the three selections fails, then the parlay bet will be lost. That is what makes parlay betting so difficult, as you are relying on many bets being correct to win.
Skewers can have extremely high payouts depending on how likely the picks and number of picks come together, but they will be considered a loss if one or more of those picks fail to land.
Using the example above, when making a parlay bet, you need to select the games on which you want to bet, then choose the option to put them together instead of betting on them individually.
Sportsbooks will give you the option of placing a single bet (one bet per bet) or a parlay where you place one bet on the combination of all the bets hit.
Sportsbooks will calculate the odds for you, but if you want to do it yourself, there’s a simple formula to do it.
To calculate parlay odds with American odds, you need to convert bets to decimal odds first.
For example, odds -110 gives you a payout of 1.91 if the bet is successful and in the example above we have two bets with odds of -110.
This means that your parlay bet pays +647 odds.
When it comes to parlay betting, it is important to understand that while the payouts can be attractive, the odds are not high as they will have a real chance of winning.
Parlays are fun to bet on, but they are not the way to become a profitable sportsbook in the long run. For what it’s worth, sportsbooks make a lot of money on parlays, mainly because there are so many factors that go into a truly successful bet.
It is important to consider the implied bet probabilities when looking at the odds. For example, when betting on something with odds of -110, the implied probability that it happens is 52.38%, even though the real odds are 50%.
That’s because of the odds juice in a sportsbook. Juice in sports betting is the cut that a sportsbook takes from each bet.
When you add more picks to a parlay, the odds change to +300, but the implied probability drops to just 25%.
You should primarily bet on pars by understanding that you are trading the odds for the thrill of watching the parlay unfold. It is not a strategy that allows you to be profitable in the long term, but it can be very interesting if you throw a few bucks on the parlay to see if it hits/because of the entertainment factor.
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