1. How Do Parlays Work
2. How Does Parlay Bets Work

How does a Parlay work?

Select as few as two or as many as fifteen teams and combine them in one wager. All selections must win for your parlay to be successful. You can combine spreads, totals and moneylines.

How a Round Robin Parlay works: Make between 3 and 6 selections and wager on some or all of the possible parlay combinations in one go. Each of the parlays comprising the Round Robin is a separate wager. You can combine spreads, money lines, totals and different sports in Round Robin parlay bets. Jen Ellis Parlays Bernie-Mitten-Meme Celebrity Into Charity The Bushy Tale of Peanut the Squirrel The Magnificent 7: Must See, Must Do, March 4 to 10.

What are the advantages?

The benefit of the parlay is that it gives a much higher payoff than if you were to place each bet individually since it’s harder to win all your selections.

Conditions:

• If there is a tie or no action, the parlay reverts to the next lowest number for pay-off, for example: if you select 4 teams and one of those ties, it becomes a 3 team parlay. A tie and win on a 2 team parlay pays out as a straight bet.
• You cannot combine ‘connected’, ‘dependent’ or ‘correlated’ events in the same parlay.

Payout Table:

The odds quoted in the pay-off table below only hold true if all selections in the parlay are at the standard price of -110 (football and basketball spreads and totals).
Variations in the prices will cause variations in the pay-offs.

Payout [all prices -110]	American Odds
2 Teams	13 to 5	+260
3 Teams	6 to 1	+640
4 Teams	10 to 1	+1000
5 Teams	25 to 1	+2500
6 Teams	40 to 1	+4000
7 Teams	75 to 1	+7500
8 Teams	150 to 1	+15000
9 Teams	300 to 1	+30000
10 Teams	700 to 1	+70000
11 Teams	1,100 to 1	+110000
12 Teams	1,800 to 1	+180000
13 Teams	3,500 to 1	+350000
14 Teams	5,000 to 1	+500000
15 Teams	10,000 to 1	+1000000

Calculating a Parlay:

If the odds in the parlay are not all -110 then the (true) parlay odds are calculated according to the different prices. This is done by multiplying the prices of the selections together, but remembering to include the stake amount. Let's assume you place a $10 parlay on 2 selections, with odds of -180 and +250. The calculation to work out your return is as follows:

First of all, convert the odds into decimal format (just use our decimal format option to view your odds):

With ‘favorite’ prices (denoted by a – (minus) sign):

How Do Parlays Work

100/180 = 0.556 and add 1 (to include the stake) = 1.556

With ‘underdog’ prices (denoted by a + (plus) sign):

250/100 = 2.5 and add 1 (to include the stake) = 3.5

Then, to find your total potential return, multiply these odds together and with the stake: 1.556 x 3.5 x $10 = $54.46

Progressive Parlays

A Progressive Parlay is very similar to a normal parlay but, in exchange for not getting as big a payout for picking a perfect combination, you are getting insurance for those occasions when one or more of the teams in your parlay loses.

These can be between 4 and 12 teams but you can onlychoose point spreads (no totals or moneylines). In these parlays you can lose games and still win the bet because the payouts are lower.

4 - 6 teams... you can afford ONE team to lose/push
7 - 9 teams... you can afford TWO teams to lose/push
10 - 12 teams... you can afford THREE teams to lose/push

The Progressive Parlay Payout Table

All selections win	1 loss	2 losses	3 losses
4 Teams	5/1	1/1	--	--
5 Teams	11/1	2/1	--	--
6 Teams	20/1	7/2	--	--
7 Teams	40/1	4/1	1/2	--
8 Teams	75/1	10/1	2/1	--
9 Teams	150/1	20/1	5/2	--
10 Teams	250/1	25/1	3/1	1/1
11 Teams	400/1	60/1	5/1	1/1
12 Teams	900/1	80/1	10/1	3/1

Below the table in American Odds:

Progressive Parlay Size	All Win	1 loss	2 losses	3 losses
4 Teams	+500	+100
5 Teams	+1100	+200
6 Teams	+2000	+350
7 Teams	+4000	+400	+50
8 Teams	+7500	+1000	+200
9 Teams	+15000	+2000	+250
10 Teams	+25000	+2500	+300	+100
11 Teams	+40000	+6000	+500	+100
12 Teams	+90000	+8000	+1000	+300

Please note that Progressive Parlays also differ from regular parlays in the following ways:

• Progressive parlays are not available for MLB, NHL or money-line wagers in football or basketball.
• In a Progressive Parlay, a push or a tie is considered a loss for that selection. However, if a selection has no-action (due to postponement or cancelation), the bet will revert to the next lowest progressive parlay for payoff, except in the case of a 4 team progressive parlay where it results in a no-action on the whole parlay.

Round Robin Parlays

How a Round Robin Parlay works:

Make between 3 and 6 selections and wager on some or all of the possible parlay combinations in one go. Each of the parlays comprising the Round Robin is a separate wager.

You can combine spreads, money lines, totals and different sports in Round Robin parlay bets.

Example:

A three-team Round Robin bet for $10 placed two-ways would consist of all the two-team parlays that can be made from the three teams selected. Taking the Colts, the Eagles and the Giants (all to cover the spread) two-ways, you would be creating three separate two-team parlays and the total cost of the bet would be $30:

Parlay	Teams	2 team parlay odds	Bet amount	To win	Return
# 1	Colts and Eagles	13 to 5	$10	$26	$36
# 2	Colts and Giants	13 to 5	$10	$26	$36
# 3	Eagles and Giants	13 to 5	$10	$26	$36

With the above example in mind, you also have the option to place a three-way Round Robin side bet to increase your potential payout (a three-team parlay including all three teams). If you wish, you may risk a lower amount on this 3-way bet, as it may be harder to win:

Parlay	Teams	3 team parlay odds	Bet amount	To win	Return
# 4	Colts and Eagles and Giants	6 to 1	$5	$30	$35

With the selection of 4, 5 or 6 teams, further combinations are possible:

Parlay combinations within Round Robin
Size of Round Robin	2-way	3-way	4-way	5-way	6-way	Total no. of combinations
3 team	3	1	-	-	4
4 team	6	4	1	-	-	11
5 team	10	10	5	1	-	26
6 team	15	20	15	6	1	57

To place a Round Robin Parlay please follow these steps:

1. Log-in to your account
2. Choose the sport type on which you wish to bet
3. Add your selection(s) to your betting ticket by clicking/tapping on your selected odds/prices on the betting card
4. As soon as you have made at least three selections Round Robin Parlay will appear on the Parlay tab visible at the top of the betting ticket.
5. Choose the required parlay combinations (2, 3, 4, 5 and/or 6-way) and the amount you would like to wager on each group of combinations.
6. Review your selection(s) again before clicking/tapping PLACE BET.

The table above illustrates the possible number of combinations for the different sizes of Round Robin. It is not obligatory to choose all combinations.

Furthermore, it is possible to vary the amount risked on each group of combinations. For example, if you are making a 4 team Round Robin with 2-way and 3-way combos, you may wish to bet a higher amount on the 2-way combos which are easier to hit and a lower amount on the 3-way combos in which it would be harder to be successful.

The total value wagered and total potential payout will be displayed on the summary on the lower right hand side of the window. Once you have submitted your wager, a range of Bet IDs will be provided. Please make a careful note of the range for wager tracking purposes. (Please note: Bet IDs within the range may not necessarily be sequential).

All Sport Parlay Wager

The All SportParlay Card (also known as a Cross Sport Parlay Card) offers the opportunity to place a parlay bet on a variety of different sport-types including US and non-US sports. Log in to your account and click on PARLAY CARDS > All Sport Parlay Card to display all the lines we're currently listing for use between sport types.

Alternatively, you may also be able to parlay events which do not appear together in the same parlay card. For example, bet soccer and baseball in the same parlay. Or parlay the 1st half lines of an NFL game with a boxing match.

To do this, simply add to the betting ticket the line of one of the events you would like to parlay, let's say a boxing fight, from the BOXING + MMA section of the site, then go to theNFL area and add to the betting ticket the first half line you want, if they can be parlayed the system will show the option to do so in the betting ticket.

You will not be given the option to buy points on US football, basketball spreads or totals. The maximum bet allowed depends on the prices of the selections in the parlay. You can find out the maximum you can lay by clicking the max bet button. Events available on the All Sport Parlay Card may vary depending on the day and time.

Note: Management reserves the right to limit the maximum amount wagered prior to acceptance of any bet.
No parlay wagers can be accepted where individual wagers are 'connected', 'dependent' or 'correlated'. For further details, check 'correlated events'.

The sports betting world features plenty of different wagers. Moneylines, point spreads, and totals are among the most-popular bets.
Parlays are yet another highly popular type of bet. They provide an opportunity to win a large payout for a small wager.

If you’re somebody who likes chasing big payouts, then you’ll appreciate this aspect. However, you should also keep in mind that many consider parlays to be sucker bets.

This term implies that these wagers are terrible deals. But does a parlay always have to be a sucker bet?

The following guide answers this question by discussing the basics of parlays, why so many people like them, and if/when they’re worthwhile.

How Do Parlay Bets Work?

Most sports wagers see you gamble on a single outcome. With a point spread, for instance, you’re betting on whether a team will cover its given spread.

Parlay bets differ, though, by seeing you wager on two or more propositions. You might bet on a team covering its point spread and another team winning on the moneyline.

The fact that you pick multiple outcomes within a single wager is entertaining. However, every pick must be successful or else you’ll lose the bet.

Here’s an example to further illustrate how parlays work:

How Does Parlay Bets Work

• Pick #1: New York Jets +3.5
• Pick #2: Baltimore Orioles -135
• You bet $100 on this two-team parlay.
• Both outcomes win.
• You collect a $260 profit ($360 overall).

Parlay bets let you choose the number of outcomes and what size of payouts you’d like to chase. More picks makes it harder to win a parlay wager. However, you also stand to win more because you’re accepting extra risk.

What’s the Appeal of Parlay Wagers?

Slot machines and lotteries are known for their big win potential. Both games give you an opportunity to win huge prizes with small bets.

Real money sports betting, meanwhile, doesn’t have the same reputation for big win potential—at least with small bets anyways.

However, parlays are an exception to the norm. They offer an opportunity to turn a rather small wager into a payout worth hundreds or even thousands of dollars.

Here’s a look at what parlay payouts to expect when betting $10:

• 2-team parlay = $26 profit ($36 overall)
• 3-team parlay = $60 profit ($70 overall)
• 4-team parlay = $110 profit ($120 overall)
• 5-team parlay = $220 profit ($230 overall)
• 6-team parlay = $450 profit ($460 overall)
• 7-team parlay = $900 profit ($910 overall)
• 8-team parlay = $1,800 profit ($1,810 overall)
• 9-team parlay = $3,600 profit ($3,610 overall)
• 10-team parlay = $7,200 profit ($7,210 overall)

Why Are Parlays Considered Sucker Bets?

Sportsbooks serve as quasi-middlemen between different parties that want to bet on matches. They set lines, accept money from bettors, and take a cut of the action (juice).

The juice is the bookmaker’s fee for providing their services. They don’t take a large cut of the action in most cases, but they’ll make an exception for parlay bets.

The average parlay’s juice differs based on multiple factors, including the individual sportsbook, bet type, and market.

Betting sites usually only take around 10% juice from the losing side. This figure amounts to roughly 5% from the overall betting action (i.e. winners & losers). If the average sports bet was a casino game, then the “house edge” would be around 5%.

Parlays differ greatly in terms of how much operators take from losers. Betting sites will take up to 41% juice from certain parlays. Seeing as how it’s you against the house in this instance—rather than others betting on the opposite side—you’re essentially facing a 41% house advantage.

Few forms of gambling give operators anywhere near this type of edge. Lottery drawings and land-based keno games are among the few instances where the house is this greedy.

Of course, sportsbooks are able to mask the terrible deals thanks to the huge payouts. Some bettors don’t consider the awful juice when they’re only risking $10, or so, for a chance at $1,000+. But these same gamblers could get more out of their bankroll in the long run with other bet types.

How Do Parlay Bets Compare to Normal Wagers?

Again, most types of wagers don’t come with nearly the amount of juice as parlays. Moneylines, point spreads, totals, prop bets, and live bets are all more reasonable in this category.

Here’s an example on what you’ll commonly see with a point spread:

As indicated by “-110,” the losing side commonly pays roughly 10% juice. The juice can be higher or lower in certain situations, but it doesn’t deviate much from this amount.

If you’re focused on long-term sports betting success, then you’ll gain the most value from non-parlays. As I cover next, though, parlays aren’t so bad in certain situations.

Are Parlay Bets Ever Advantageous?

As covered up to this point, the average parlay bet doesn’t offer as much value as other wagers. However, parlays aren’t completely terrible in some cases.

These bets generally feature lower juice when fewer teams are involved. Here’s a look at the typical juice for parlays at each level:

• 2-team parlay with 2.6-to-1 payout = 10.0% house edge
• 3-team parlay with 6-to-1 payout = 12.5%
• 4-team parlay with 10-to-1 payout = 31.3%
• 5-team parlay with 20-to-1 payout = 34.4%
• 6-team parlay with 40-to-1 payout = 35.9%
• 7-team parlay with 75-to-1 payout = 40.6%
• 8-team parlay with 150-to-1 payout = 41.0%
• 9-team parlay with 300-to-1 payout = 41.2%
• 10-team parlay with 700-to-1 payout = 31.5%

Even with a 2-team parlay, the house advantage (10%) is double that of a normal wager (5%). The 3-team parlay isn’t so bad either (12.5%) when compared to the other options.

Your long-term chances of winning money take a huge hit with 4-team parlays and above. You’ll be facing at least a 31.3% house edge when moving up to the bigger parlay bets.

Should You Still Place Parlay Wagers?

Sports gambling offers lots of freedom thanks to its betting variety. Nobody can tell you what type of wager to make.

Maybe you’re a recreational bettor who doesn’t want to risk much, yet still seeking big payouts. You should consider parlay bets in this case due to the large payouts.

Provided you know the risks going into the matter, then you can make an informed decision. You’ll be facing serious juice when adding lots of teams to a parlay. But these might be the type of thrills that you’re looking for with sports betting.

You can also choose parlays with fewer outcomes to lower the juice. You aren’t going to win as big when successful in these cases, but you’ll still get a decent payout. More importantly, you won’t have to pay as much to the house when losing.

Bankroll Management for Parlay Bets

If you’re going to make parlay wagers, then you should strongly consider only dedicating a portion of your bankroll to these bets. I offer this suggestion for two reasons:

1. You don’t want to face high juice on the majority of wagers.
2. Parlay bets can be extremely volatile.

The first point is self-explanatory because you don’t want to deal with such a high house edge. By distributing your bankroll across various types of wagers, you won’t keep butting heads with the extreme juice involved with most parlays.

Regarding the second point, parlay wagers don’t win quite as often as other bet types. Downswings hurt much more in these cases because you’re not bringing in many winnings to sustain your bankroll.

You should think about taking a balanced approach towards parlays that only involves dedicating a certain percentage of your funds towards them. Here’s an example on doing so:

• You have a $500 bankroll.
• You’d like to make your betting funds last for a while.
• That said, you only dedicate a 15% of your funds towards parlays.
• 500 x 0.15 = $75 for parlay bets

Conclusion

Parlays will never be the safest choices in sports gambling. They hit hard on two fronts through insane volatility and a high house edge.

Nevertheless, you might still consider these bets on occasion. You won’t face as high of a house advantage with 2- and 3-team parlays. These wagers give you an opportunity to win 2.6-to-1 and 6-to-1 payouts, respectively.

Parlays with 4 teams or more, by comparison, are much worse deals. They feature house advantages ranging from 31.3% to 41.2%.

You might still consider larger parlays when looking to win big with a small bet. However, you should definitely avoid them if you’re focused on value and not giving as much away to sportsbooks.

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