Betting on sports can be entertaining, especially when you make a parlay bet. A parlay bet is a multi-bet that connects two or more wagers. You can combine two individual wagers or more in a parlay.

In parlay betting, the entire wager is lost if any of the bets are defeated. Because of that, parlays are risky. So it’s hard to win a parlay, mainly if it consists of many different bets. The benefit to you is a larger payout if you win all the wagers. Being that way, parlays are great for turning a small quantity of money into a substantial win.

As we said, parlay wagers are made of numerous small bets, and losing just one of them causes the whole wager to be lost. On the other hand, parlay wagers can be a terrific way to win big, but you should be aware of the risks because while the potential payouts get bigger and bigger by adding new games within your parlay, so does the likelihood of losing.

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Examples of a Parlay Bet

Assume that a bettor wants to wager $100 on a three-team parlay, where Team A is listed at +150, Team B at +100, and Team C at +203. If the three teams win, the bet will pay out $1,515.

If you parlay these bets together, your risk is higher, but so is your potential return if you win the three bets.

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A parlay wager raises the danger because you must succeed on all the wagers to receive payment. But you might also multiply your winnings compared to making three individual bets.

Parlays can be simple or complex, consisting of many individual bets. For example, a five-team parlay instead of just two. If you wager on a parlay, you must win all games to collect your prize, resulting in an increased chance of failing. However, if all teams win, the payout would be substantial.

Suppose you’re into betting on soccer games. In that case, you must check the following articles:

 

Parlay Calculator

Parlay Calculator | Odds, and Payouts

To be a successful gambler, it’s essential to understand how to calculate odds and payouts. Although it involves some basic math, the process is not difficult to follow.

There are two types of odds used in gambling —American and decimal. Using American odds, you have to convert it to decimal. The formula is “(Odds/100) + 1” if the odds are positive. The formula is “1 – (100/Odds)” if negative.

To get the odds for your parlay, take the decimal version of the odds and multiply it by your wager amount. Then subtract your initial investment to get the odds.

You can also use a parlay calculator. It will help you choose the best option for your bet.

And don’t forget to check this article about Understanding The Math Behind Parlays & Teasers.

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Deposits and Withdrawals:

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Pros and Cons of Parlays

Pros

  • Higher payouts are expected on parlay wagers because they are more challenging to win. The odds jump significantly when you add a bet to a parlay. It’s challenging to accomplish, but if you hit every leg and win a parlay, it will be worth it simply for the enormous payoff.
  • It’s for sure that parlay wagers are more exciting than straight wagers. There is no denying that parlays are more enjoyable than regular bets. There is nothing comparable to the elation of seeing a parlay come down on the last leg of a long day.

Cons

  • A parlay betting is difficult to win, which is the biggest drawback. Parlay bets are rarely won, with most victories occurring on two or three-leg parlays. Those wishing to hit the 10-team dream wins may be disappointed by how unlikely it is.
  • There are plenty of statistics that explain why parlays are generally poor bets. For example, in Las Vegas during 2021, an NFL straight wager was over 10x more likely to win than a multi-team parlay.

Should I Avoid Parlays?

Parlay bets can make sports wagering more exciting, but they are not a good long-term strategy.

Adding a parlay or two to your weekly bets is not a bad idea, but this kind of wagers should not be a significant part of your daily betting activity.

Parlays are a risky wager because they require all legs to win for the wager to have a positive expected value. Sportsbooks love regular parlay bettors because parlays have a meager win rate.

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Sportsbooks post pictures of players cashing parlays of 10 legs or more on social media. These are real wins, but the chances of hitting these wagers are the same as winning the lottery. Individual players do not post these pictures as frequently as sportsbooks do.

To break this down further, look at the report from the Center for Gaming Research at UNLV. According to it, the chances of winning a parlay are far worse than winning a straight bet.

Conclusion

The most significant advantage of parlay betting is that you can return more money to your bankroll than you would by making many individual wagers, though it may not be easy to win the parlays.

The more considerable disadvantage is the risk. The whole bet is lost if you lose just one of the smaller bets that make up the parlay.

Deposits and Withdrawals:

and much more