How To Bet Parlays

You’ve got what you think are three surefire winners, but since all three are big favorites, betting on them will lead to small profits. Instead of making three straight bets, you should bet one parlay.

What is a parlay? A parlay is a type of wager that combines two or more bet together with a much larger payout than simple straight bets. However, all of your bets must be winners for the parlay to pay out. So just a single underdog upsetting one of your teams can sink your wager.

Parlay betting allows you to combine different sports, point spreads, money lines and also totals into one bet. The payout on a parlay depends on the number of games wagered on and your stake.

Take a look at this example from bodog :

Let’s say you bet on these three football games as a straight bets and all three win:

New England -3 (+100)
Dallas -6 (-105)
Minnesota -10 (-105)

As a beginner, you might only bet $5 per game so your total winnings would be $14.52. Not bad, but still not a great payout if you aren’t as successful with the rest of your bets.

Now, what if you had bet these three games as a three-game parlay? You bet $5 again so you’re actually risking less by betting $5 total instead of $15 at $5 per game. All three games win and your parlay bets pays $33.12.

That’s more than double your payout from the three straight bets.

Don’t go out and turn every wager into a parlay though. Remember, with a parlay you have to get all of your wagers correct. Delaware recently introduced this form of NFL betting, but it had to be at least three games.

So, while a 10-team parlay may pay out thousands of dollars, you get nothing if you end up hitting nine of your 10 games (although some online sportsbooks offer rebates and credits for multi-team parlays, check the rules and parlay details at sites to see for yourself).

Smaller parlays tend to be the smarter move and grouping together favorite or games you believe are can’t-miss winners.