Do People Win Parlay Bets? In sports betting, a bet is made when a bettor places two or more bets and combines them into one bet. Depending on the sports bet or region, these bets may be called “accumulators” or “multis”.
The gambler must win all the small bets to win the parlay bet, and if he loses just one of the smaller bets, he loses the parlay. Sports betting usually provides higher payouts by adding more games to each match. Parlay bets are riskier as they involve many individual odds, but they give you a bigger payout if all individual bets win.
Do People Win Parlay Bets? and What Is a Parlay Bet?
In sports betting, a bet is made when a bettor places two or more bets and combines them into one bet. Depending on the sports bet or region, these bets may be called “accumulators” or “multis”.
The gambler must win all the small bets to win the parlay bet, and if he loses just one of the smaller bets, he loses the parlay. Sports betting usually provides higher payouts by adding more games to each match. Parlay bets are riskier as they involve many individual odds, but they give you a bigger payout if all individual bets win.
KEY TAKEAWAYS
- A parlay bet is common in sports betting and is made up of two or more individual wagers.
- A sportsbook is a company or entity that accepts parlay bets.
- Combining bets into a parlay makes them harder to win but increases their payout.
- Mobile betting platforms like BetMGM, FanDuel, and DraftKings have parlay formats.
How to Make a Parlay Bet
Any online or in-person sportsbook will allow this type of bet and calculate the odds of winning. Casinos use a popular option called a parlay card to select teams and totals. The card is given to the sportsbook ticket writer, along with the wagered money.
Calculating Payouts
Calculating parlay betting odds can be tricky, in part because of how odds are expressed in sports betting in the United States. Any sportsbook will count the potential winnings from a parlay and that is usually what gamblers rely on.
To calculate a payout:
- Convert the American odds to decimal odds.
- Multiply all the decimal odds together.
- Multiply the result by your bet amount.
- Subtract your original stake to get the parlay odds.
Let’s say a bettor is betting on three-point spreads, each at -110. First, convert these probabilities to decimals, which is 1.91. Then multiply them:
1.91 x 1.91 x 1.91 = 6.97
Then multiply this by a bet amount of $10:
6.97 x 10 = 69.7
Then subtract the original bet amount:
69.7 – 10 = 59.7
This parlay pays out $59.70 for every $10 bet. In American odds, that’s +597, meaning this parlay pays out about 6-1. There is a simple rule of -110 wagers. A double bet pays about 2.6-to-1, and a triple parlay pays about 6-to-1. From there, the odds are approximately twice -110 for everyone added to the parlay bet.
Example of a Parlay Bet.
If a bettor thinks the Kansas City Chiefs (+4) and New York Giants (-6) will cover the spread on an NFL Sunday, they can use $10 and bet on each of these teams for $5 each. If both are successful, the win is about $19. However, the punter can pare these bets together for a win of about 2.65 times the bet. The possibilities are as follows:
- Both teams cover: Win ($26.50)
- Chiefs cover, Giants do not: Loss (-$10)
- Giants cover, Chiefs do not: (-$10)
- Both teams do not cover: Loss (-$10)
The parlay increases risk but earns more than two individual bets. Parlays can be more complicated and consist of many individual bets. A bettor can bet on five teams covering their distribution, not just two. If a team does not cover their spread, the entire bet is lost. However, if all five are covered, the payout is higher: around +2335, a $230.35 win per $10 bet.
Risks and Rewards
” The Parlay [bets] are popular that is because everyone dreams of turning a little bit of cash turn into big amunt,” says Steven Petrella, vice editor of The Action Network.. big competition on the X platform (formerly Twitter) and Instagram, but they don’t report thousands of lost tickets.”Bettors are less likely to win parlay bets than single bets, and sportsbooks make more money from parlay bets than single bets.
Odds for individual bets are even calculated in such a way that sports betting produces a small profit. This gives gamblers a 50% chance to make a profit on top of regular bets. By combining multiple stakes in the same bet, the bettor takes on more risk and limits their chances of winning. The true odds of winning four NFL point differentials combined are about +1,500, he says, but sportsbooks only offer +1,200.
How Does a Parlay Bet Work?
An accumulator in sports betting is when a player makes several bets (minimum two) and links them into one bet. If any bets in a parlay lose, the entire parlay loses. However, if all bets win, the player will receive a larger payout.
