What Does Parlay Gambling Mean and How Does It Work?

The market of online sports betting is huge, and it’s not going anywhere anytime soon! It entails wagering on a variety of sports, including video game events. In addition to the usual single match wagers, there are a variety of other betting options. We’re going to concentrate on something along those lines today, which is parlay gambling. Parlay betting is a popular type of betting that comes with a higher risk but also with greater rewards, as well.

Bettors can win a lot of money with parlay bets because they provide them a chance to earn a lot of money. What’s more, you’ll be successful if you start pounding parlays with the knowledge we’ll supply.

To make a parlay bet on a sportsbook, you must first comprehend the market. When you make a parlay bet, you’re combining many single bets into one. If your gamble is successful, the odds will grow, and you will win more money.

When it comes to parlays, take note that for the bet to be successful, all of the individual bets in your group must be successful. You may make a parlay with ten legs or bets, and if only nine of them win, you’ll lose your money. It’s either you win them all or you lose them all. Let’s dig deeper into what does parlay means in betting and how do parlays work.

What’s a Parlay Bet?

Also known as Accumulators or Combo bets. Parlays bet is a combination of two or more stakes in a single ticket. To win, you need to correctly predict the outcomes of all the bets you make. Usually, you’d combine straight-up bets with spreads and totals to form a pool. However, you may have many versions of the same bet on various games.

What does "parlay gambling" mean?
What does “parlay gambling” mean?

The parlay is appealing to punters because you stand to earn more compared to if you made each bet separately. Sports bettors can use parlays to place bets on two or more moneyline bets, point spread bets, or OVER/UNDER bets. Provided that each side’s total betting amounts are equal.

Covering many games and betting the moneyline or point spread in each one is classic parlay gambling. You win the parlay if all of your choices are correct. You’re out of luck if even one of them loses.

How Do Parlays Work?

We’ve all heard of parlays, but how does this work in practice? Moreover, how does it affect your odds of winning the entire bet?

Let’s take a look at an example and do some fast math on it. Assume that each game’s teams have a 50/50 probability of winning in the following parlay bet.

On a two-game parlay, the majority of sportsbooks provide a 2.6:1 payoff. In other words, if your predictions are correct for both results on a $100 wager, you’ll get $260.

Parlay Winnings = Profit + Your Initial Bet

$260 = $160 + 100

Therefore, if you wagered $50 on each outcome separately, for a total of $200, you’d get $502. This came from $100 plus your initial $100 investment ($200).

It’s easy to see that the parlay pays out $60 more in total than the two individual bets with a payout ratio of 2.6:1.

The danger is higher than the reward, but the reward is greater than the risk. That is why parlays are so popular with bookies. You lose if you don’t get it just right. Putting more bets into a single ticket increases your odds of failing. At the same time, it also increases your chances of winning.

Example of Parlay Gambling

As mentioned earlier, sportsbooks and casinos often use parlays to combine three different types of bets into a single one. The moneyline, over/under, and point spreads are only a few of them.

Let’s say you are placing a parlays bets on different teams:

  • Braves at -1.5 – point spread bet
  • Nuggets and Clippers Under 198.5 – an Over/Under bet
  • Penguins win against the Capitals – a moneyline bet

Then, you may invest as little or as much as you like on this combination bet.

Keep in mind that for you to win this bet, you must get all three results right.

At top sportsbook betting in Singapore, you may only mix 15 games at a time. Even though it is a long shot, it still has the potential to give a huge payoff.

What are the Rules in Parlay Betting?

As mentioned earlier, you can bet on various types of wagers and sports. That is as long as the events are not connected and are not independent.

It’s vital to note that sportsbooks and oddsmakers do not allow correlated parlays.

But what exactly is a correlated parlay, and how does it work?

Parlay Gambling: What is Correlated Parlay?

The term “correlated parlay” refers to betting on two events that are inextricably linked to each other.

What are correlated parlay bets?
What are correlated parlay bets?

Let’s say you believe that the game between the Nuggets and Clippers will be an Under at halftime. At the same time, you also think that it will be Under at full time. Therefore, you need to place the wagers on both scenarios independently. This is because each accurate result is connected toward the next. So, if the game is significantly lower or higher on the halftime score, then, the full-time score is quite likely to be the same or slightly higher.

The bookmaker will, however, allows you to bet on both the Over/Under and the winner in the same game. These will be referred to as semi-correlations.

When placing parlay bets, keep in mind that if there is a tie, or in certain situations a null/void bet, that event will be withdrawn from the bet. Then, the payout will be reverted to the next lowest value game in the parlay.

For example:

The ticket would therefore be a four-event parlay if there was a tie/push/void result in one of the outcomes.

Is Point Spread Betting Included in Parlay Gambling?

Do you prefer point spread betting? Yes, you can include the spread in your parlay bets as long as they are not entirely connected.

Asian bookies are excellent at generating lines that typically mirror the outcome. Because of that, a point spread will make your gamble more challenging. As such, you may be very confident about who will win a game. Yet, if you play the spread you can still lose the bet if the winning team doesn’t win by enough points.

Parlay OddsParlay Gambling

Most online gambling sites and bookmakers give low odds when it comes to parlays. As a result, it’s best to make individual wagers rather than putting your money on a parlay. In other cases, though, placing parlay bets and increasing your winnings is a good idea.

What is the true odds of parlays?
What is the true odds of parlays?

Parlay’s True Odds

Does the odds supplied by the gambling site or bookmaker are all -110? If that is the case, then you should avoid placing a parlay bet since the chances are against you. On the other hand, if the bookmaker offers -115 odds on even one of the bets, the odds are now in your favor. Then, you may use this to build a parlay.

Standard Parlay Gambling Payout Odds

As a general rule, most sportsbooks pay parlays in the following manner. Let’s assume that the stake is $100 and that the games have a payback of -110. These rewards will, of course, be affected by variations on the favorite or underdog side.

NumberParlay OddsAmount won $Total Payout $
2 Team Parlay13:5260360
3 Team Parlay6.5:1650750
4 Team Parlay13:11,3001,400
5 Team Parlay25:12,5002,600
6 Team Parlay50:15,0005,100
7 Team Parlay100:110,00010,100
8 Team Parlay180:118,00018,100
9 Team Parlay400:140,00040,100
10 Team Parlay825:182,50082,600

How to Compute the Parlay Payouts and Odds?

Do you want to become a successful parlay maker? If so, there are a few things that you should keep in mind when it comes to parlaying gambling.

To compute the parlay odds, you need to utilize the decimal odds format. You may convert the numbers manually. However, if you are more comfortable with the American betting odds format, then, you can also alter the settings on the online sportsbook you use.

Follow this easy method to do the conversion on your own.

  • A negative number represents the favorites’ odds. You need to divide the number by 100 and then add 1.0.
  • For the underdogs, often listed as positive numbers, divide it by 100 and add 1.0.

For example, you want to place parlay bets on the favorite (-150) with an underdog (+360). The formula for those numbers is as follows.

  • Favorites: (-150/100) + 1 = 1.666
  • Underdog: (360/100) + 1 = 4.6

After converting the American odds to Decimal odds, let’s determine the potential payout. Simply multiply these decimal chances by the stake amount.

Potential Payout = Favorites Odds x Underdog Odds x Stake Amount

$766.36 = 1.666 x 4.6 x $100

You may just convert the odds for each of the wagers on your parlay. Then, add them to the final multiplier if you have more than two.

Different Types of Parlay Gambling

Round Robin parlays and Teasers are the most common types of parlays.

Round Robin Parlays

You can place many parlay wagers at once with a Round Robin bet. It’s as easy as that.

Making several parlays is made easier using round-robin bets. When you “Round Robin” in a horse race, it’s similar to “boxing” them for an exacta or triplex wager in a race.

In the Round Robin, you need to choose from three to eight teams or totals to gamble on. After that, you’ll decide how many teams or totals you’d want to join for the Round Robin.

For a Round Robin, for example, you may choose eight teams and totals. Then, connect the parlays to as many three-team combinations as feasible.

Furthermore, the number of alternative parlays available to the bettor will be determined by the mix of teams. If a bettor chooses two teams to Round Robin, they will have 28 distinct parlays. However, if they pick eight teams, they would have 28 different parlays. There will be 56 possible parlay tickets if the bettor decides to create three-team parlays.

The price of the ticket will be determined by the amount of each parlay. If the bettor only has $300, he or she may opt to divide the teams by two. This gives them a total of 28 parlays for $10 apiece. This means that if each successful parlay bet was placed individually, it would pay out the same amount.

Teaser Parlay Gambling

A teaser is similar to a regular parlay in that the gambler can choose from many teams or totals to wager on. With a teaser, though, there are no moneylines permitted.

Each point spread or total can be changed by more than one point, unlike in a parlay. These bets are easier to win since they have more points on the spread or total.

Teaser bets can influence the point spreads or totals by as much as six to ten percentage points. Each teaser’s leg, on the other hand, must have the same number of points. In addition, the teaser’s legs might travel in numerous ways.

The Kansas City Chiefs, for example, maybe slashed six points to -1 with a six-point spread. A six-point spread from +4 to +10 points is available for the Houston Texans.

A teaser, like a standard parlay, pays out more if more teams are playing. Because various sportsbooks have varying odds and rules, there may be different teaser choices. In addition, payouts are available to wager at different sportsbooks.

Parlays: Should You Play Them?

Bets on parlays are typically not a smart idea in terms of mathematical reasoning. Although the payouts are enticing, they aren’t as large as they should be given the genuine odds of a parlay winning.

If you increase the number of bets you place, the odds of winning parlay decreases in comparison to the payments you receive. Assume that each wager has a 50 percent probability of winning and is priced at the regular -110 juice.

At first, comparing the percentages may not be enough to convey the difference between the suggested and genuine probability. Because the odds of winning a five-team parlay are just 0.51% points lower than the bookies suggest. That’s a lot of money.

The analogy, on the other hand, should not be understood in this way. Consider that the 2.07% probability implies that the event is around 33% more likely than it is. 0.33 = 0.51/1.56

For example, a single bet means that the outcome is just 4.8 percent more likely (2.38/50 = 0.048) than it is.

Of course, a 4.8% deficit is far more likely to be attacked by edges than a 33% gap.

Leaving all of that aside, there’s still something to be said about sacrificing a competitive advantage in return for a good time. Parlaying isn’t meant to be a long-term money-making technique, but it may give some amusement if you’re willing to part with a few bucks for a good thrill and a better chance of a bigger return.

How to make parlay bets?
How to make parlay bets?

How to Make a Bet on a Parlay At Sportsbook in Singapore?

Placing a parlay bet at a sportsbook Singapore is simple.

  • Navigate to the sport you’re interested in.
  • Choose two or more games from the list.
  • Click “Parlay” on the right side of your Bet Slip. Some sportsbooks will offer the parlay just below or above single bets, while others will not.
  • Please enter the amount you want to bet. Then, click the submit button.

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