A parlay bet is a popular form of sports wagering most gamblers are familiar with. In case you’re not, this bet is rather easy to understand. A parlay is simply a combo bet where, rather than betting several. Jan 15, 2021 The Kansas City Chiefs' bid for the NFL's first back-to-back Super Bowl victories in 16 years ended with a thud Sunday night in Tampa, Fla. After the Chiefs took a 3-0 lead midway through the first quarter of Super Bowl LV, it was all QB Tom Brady and the Tampa Bay Buccaneers defense as the 'hosts' dominated the defending champs en route to a 31-9 victory - the second-most lopsided Super Bowl. A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different. The popular dating phrase, “There are plenty of fish in the sea,” is one that can be extrapolated out to the online sports betting world. And just like the follow up dating phrase, “You have to wade through a lot of trash in the sea to find gold,” the same is true when you’re trying to find the best sports betting sites. The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds. In terms of the spread, the ' - ' always refers to the favorite and the ' + ' always refers to the underdog. For example, you can bet.

A parlay is a bet on two or more point spreads, over/unders or moneylines to increase the possible payout

The main reason to parlay bets is because the payout can turn into much more money than a single bet. For example, if you really like two teams to win, you can combine their moneylines into a parlay bet. Instead of betting one team at -150 to win and the other at -120, you could combine them. In a parlay, those odds would turn into +205, which means a $100 bet would pay out $305. If you bet $50 on each of those moneyline odds, the payout would be about $174.

The payout can grow as much as you want it if you keep adding bets, as a lot of sportsbooks allow up to 10-bet parlays or even up to 15. Of course, the more bets you add, the likelier it is the parlay doesn't succeed.

The problem with something like a 10-team parlay is that even if nine of those bets win, it doesn't matter if the 10th one loses. In order to win a parlay, all bets need to win (or push).

While you want every bet in a parlay to win, it's also possible that some of the bets push and you still earn some money. If you have three bets and one of them pushes, the parlay would turn into two bets, assuming those two are winners. Of note, not every sportsbook abides by these rules, though that's the most common method.

You may be confused as to what that means. For years it was a battle cry amongst my roommates and me, particularly during football season, and when you got to yell it, chances were you were buying drinks that night. But what does it mean, and what’s a parlay?

What is a Parlay?

A parlay is a type of sports bet in which you combine multiple individual bets (typically 2-10 bets) into one bet or “card.” Combining the bets gives you worse odds to win, but a larger reward for winning. The larger the amount of wagers included in your parlay, the larger the payout.

In order for a parlay bet to win, you must win each individual bet on the card. For instance, let’s say I bet the Patriots, the Ravens and the Texans all to win their games on any given Sunday. If all three win, I will get a much larger payout than if I just bet each game individually. However, if any of those teams lose their bet, the entire card is lost.

What Is Parlay Bet

The only exception is in the case of a “push,” which is the gambling term for a tie. If one of the games on the card pushes, that wager is removed from the parlay. So, in the case of our three team bet above, if the Ravens tied their game, it becomes a two bet parlay. If the Patriots and Texans then win their games, the bet pays out as a 2 team parlay. The payout will be smaller than if they all three won, but hey, you still win some money!

While the odds of winning large parlays (5-10 wagers combined) are relatively low, they allow you to risk a small amount of money for a potentially large reward. For instance, a 10 team parlay bet purchased for $25 would pay out over $16,000 if you won every game.

Now that you understand the basics, let’s look at what kinds of bets you’ll be pairing together to make your fortune!

Types of Parlays

Over/ Unders

Over/Under bets (or bets on the “total) are wagers made on the total amount of points that will be scored during any given game by both teams. The sports book sets the “line,” which is the number you will be basing your decision on. You bet on whether you think the total amount of points scored will be over or under that number.

Over/Under, or Totals, bets are very common in betting parlays because they allow you to make multiple bets on the same game. A common strategy is to bet which team you think will win, and then parlay that bet with whether you think the game will go “under” or “over.”

So, let’s say your Uncle Tony got a tip that Aaron Rogers has a secret shoulder injury, and it will be difficult for Green Bay to throw the ball. The line is set a 53.5. Plus, they are playing the Browns, so you still think they will still win. You may want to bet Green Bay and the under. So you are betting that Green Bay will win the game, but it may be lower scoring due to the injury, and thus the total points scored by both teams will be less than 53.5.

You may have noticed the half a point I included in the example above. In sports betting these half points are called “the hook.” The sportsbooks use half points for most bets, especially over/unders, which limit the opportunities for a push. They “hook” bettors into one side of the bet or the other.

Point Spreads

Point Spreads, commonly referred to just as “the spread,” are what makes sports betting interesting. Without them, we could all just bet the favored team every week, make a lot of money and break Vegas within a month.

A point spread evens the playing field between teams by taking points from the favored team and giving them to the underdog. So, for instance, the Chiefs are playing the Colts in what is expected to be a tightly contested game. The Colts are favored to win by a field goal.

On the sportsbook board, or the betting site, this would look like “Colts -3” or “Chiefs +3,” depending on which side you wanted to bet. So, if you bet the Colts -3, but the Colts win by 1, you actually lost that bet by 2 points. If you bet the Chiefs +3, congratulations, you won!

How many points the underdog gets, or the size of “the spread,” depends on how mismatched the teams are. In the NFL, the spread rarely goes about 13.5 or so, but in sports like college football, you routinely have teams cover 60 point spreads.

While the point spreads themselves add a degree of complication to the bets, there are additional options that can really add to the fun. They’re called Teasers and Pleasers—my heart rate picks up a little just typing those words out for you!

Teasers

As far as I’m concerned, Teaser parlays are the greatest thing to happen to sports betting since the invention of the online casino. A teaser bet allows you to move that point spread that we discussed above in a way that’s favorable to you, the bettor (typically between 6 and 7.5 points). You get less of a payout if you win a teaser parlay, but it does improve your odds of winning.

So, in the example of the Colts and the Chiefs above, we had the Colts favored by 3 points. If you “teased the line” 6 points, then you’d move that Colts spread from -3 to +3.

Sports Betting Parlay Cards

You add 6 points to the spread that’s already given. Now you have a bet on the team that’s already favored, and now you win your bet whether they win outright as is predicted, or if they lose by less than 3. I like your chances!

What’s even better is that you don’t have to just tease the point spread, you can tease the total or over/under as well! So, if the point spread was 53.5 as it was in our example earlier, you could tease that line all the way down to 46.5 (7 point teaser), and then bet the over. Or, you could bet the under by moving the over/under up to 60.5. Like taking candy from a baby.

Pleasers

Moneyline

Moneyline bets are the last little wrinkle to parlay betting that we will discuss here. These bets remove the point spread from the equation. It’s a bet based straight up on the winner and loser of the event. It’s you saying “I don’t care about all those numbers and that other mumbo jumbo; I think my team is going to win and that’s that!”

What's A Parlay In Sports Betting Horse Racing

Moneyline bets can be very profitable if you can predict an upset. However, if you bet the favored team moneyline, the payout will be less. How much less depends on how largely favored the team you bet on is.

Dover Downs Sports Betting Parlay

You are able to mix moneyline bets with point spread bets on a single parlay, however you cannot mix them with either teaser/pleaser bets. On those cards, if one wager is teased/pleased, you must tease/please them all.