Home » Vegas Betting Guide » Parlay Betting Explained
Parlay sports betting is one of the most popular betting lines available, with sportsbook users looking to place parlay bets all the time. We will answer the question “what is a parlay bet?” Then, detailing how does a parlay bet works, as well as highlighting betting opportunities when placing parlay bets for our readers.
So, what is a parlay bet? A parlay bet is a type of sports bet that combines multiple individual bets into what is known as a “card.” Sometimes this type of bet is known as an accumulator. A combination of bets means the odds you receive are worse, but the risk is greater so the reward can be spectacular. Like with any other bet, the larger the stake, the larger the payout.
In order for the parlay bet to come in, the bettor must win every single bet on the card. Much like in all our other betting guides, we’ll provide an example to make things easier. For example, if a bettor chooses the Mavs, Suns, and Clippers to win their games on any given Sunday, all three would have to win for the payout to come in. If any single one of those teams happens to lose, then the parlay won’t payout.
While it’s imperative that the bettor wins, there is an exception to the rule. Parlay bets online or made in a casino, can result in a “push”, or tie. If one of the games on the parlay is pushed, it means that the rest of the parlay will still work, but the game will be taken off the card. The payout will of course be smaller, but the bet still works.
Typically a 10 team parlay bet purchased for $25 could pay out over $15,000 if every game comes in. Looking at round-robin betting or using kenpom vs sagarin rankings are other methods of making money, but parlays are simple and can bring with them huge rewards.
That covers the basics of parlay betting, now let’s take a look at the kinds of betting lines that function with parlay bets.
There are a variety of bets that can work with parlay betting, which we’ll cover below with a short explanation and examples. We should also address a common question, which is “can you parlay prop bets?” The answer to this is generally no. However, certain sportsbook providers may allow for this in certain circumstances.
We’ve covered how to parlay bet, but now let’s look at parlays within over/under betting. So what does a parlay mean in betting on over/unders? It’s quite simple really, over/unders, or totals, bets are popular in betting parlays because they allow bettors to place multi bets on the same game. For example, betting on which team will win, then adding a parlay with whether they think the game will go “under” or “over.”
Point spreads, most commonly known as “the spread,” are one of the key elements of sports betting. Without them, the bets would just be moneylines based on who we think will win or lose. A point spread aims to even the odds and allows bettors to play on the underdog. An example of this would be if the Knicks are playing the Lakers, a sportsbook might post odds -15 Knicks and +15 Lakers. If the Lakers win by 12 you lose the bet, but if the Knicks lose by 16, you win!
The spread is dictated by the difference between the two teams. If there is a huge mismatch, then the spread will be greater. In the NFL the spread rarely goes beyond 13.5, but in other sports, the spread can be much greater.
The question “can you parlay the same game?” is a common one. But using a point spread with a parlay on the same game is commonplace. Always review the full betting options before placing a bet, as sportsbooks provide such a broad range of betting options these days.
Finally, we discuss moneyline bets, the most common betting market available. Moneyline bets are very common with parlay betting. A straight-up bet based on the winner and loser of an event, so you can see why they suit one another.
Bettors just create a card filled with a variety of moneyline games, if those bets come in then the parlay will pay out in full. When it comes to moneyline parlay bets, it’s smart to try and include some underdogs on the card to boost the odds at the end. Alternatively, a bettor may choose to back the favorite for every bet on the card, which is still unlikely to come in but will yield lower profits.
Something some bettors don’t know is that they can mix moneyline bets with point spread bets on a single parlay. However, this is the only type of mixed bet that can be made using parlays.
Spread betting is a speculative method used in financial markets where investors bet on the price movement of assets without owning them. It involves predicting whether the price of an asset, such as stocks, currencies, or commodities, will rise or fall. The ‘spread’ represents the difference between the buying and selling prices offered by the spread betting provider.
For instance, in NFL spread betting, a sportsbook might offer a spread of -3.5 points for the favored team and +3.5 points for the underdog. If a bettor believes the favored team will win by more than 3.5 points, they would place a bet on the favored team to cover the spread.
One of the main advantages of spread betting is its flexibility, allowing traders to profit from both rising and falling markets. This versatility extends beyond financial markets to sports betting, where spread betting offers an alternative to traditional fixed-odds betting. However, spread betting also carries inherent risks, as losses can exceed the initial deposit. Traders and bettors alike must exercise caution and employ risk management strategies to mitigate potential losses and maximize profits in this speculative form of betting.
Summary
Chris Wassel AA, AAS CURRENTLY Sports Writer and Journalist RESIDES IN Rahway, NJ EDUCATION Union County College, Montclair State University EXPERTISE Business, Writing, Sports, Food, Grilling, Olympics, Injuries, Politics, and more Summary Member of FSWA, FSGA, and a variety of Sports Betting Groups. Lead arranger of news and injury reports for Rotoballer Hockey. Also did the news lead for NASCAR on the same site coming out of COVID. Strategy and mapping out of various sports betting and sports articles for MyNHLTradeRumors and gambling.com. Runs a hockey and fantasy hockey podcast that teaches fantasy hockey players how to improve their skills. Experience Chris Wassel has 20+ years of sports journalistic experience in various disciplines.. His ability to play sports is well documented. Most people in the business just write. However, Chris will race cars and even a super Moto bike from time to time. There is that fitness and hiking/cycling aspect too. Chris has climbed mountains from Mount Washington to Mount San Jacinto in Palm Springs, California. For those that do not know. Chris also dabbles in food eating contests and challenges. Having a unique background with friends including Joey Chestnut and Casey Webb, Chris has the ability to eat a whole 16-pound turkey or a 32 inch meat lover's pizza. Since 2013, Chris has primarily focused on sports writing and fitness. On social media, he will answer any question in many different aspects. Even Chris's ability to wager on Entertainment and US Elections is well documented. He was able to predict Joe Biden's inevitable dip in approval rating below 40%. Throughout his career, Chris has worked at a lot of places from DraftKings to USA Today and much more. Finally, Chris has been nominated for quite a few awards from the Fantasy Sports Writers Association for Hockey Writer Of The Year. Also, there have been a number of amazing fantasy hockey championships from expert to high-stake leagues. Education Chris received an Associates from Union Country College for business and accounting. Chris did sports journalism work at Montclair State University covering the hockey, baseball, and football teams. Quote from Chris Wassel "Do Not Think, Just Do.”
Education
1999 Graduate of Union County College
1993 Graduate of Rahway High School
Professional Achievements
Media credentialed member of the New Jersey Devils since 2010
Covered several NHL Drafts including the one day event in Newark in 2013
Been on countless podcasts, TV shows, and more including Sportsnet and even NHL Network