You may have heard the term 'parlay' in reference to someone combining one asset with another to achieve success. 'I bought a new propane grill, and combined with my shopping skills I parlayed that into a great family cookout.'
At the casino or on a sports book, to parlay means something similar. Easily the most popular of all exotic wagers in sports betting, a parlay (or 'combo') is a collection of 2 or more sides or totals that you place a wager on and all of them must win in order for you to cash in.
Winning both bets will get you about $28 in profit, but combining both bets into a $50 two-team NBA parlay will get you more than double that, paying $69.46 plus your $50 bet back. Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected. For a single bet, 2 to 8 teams or totals can be selected.
MLB, NFL and NBA Parlay Rules
Most bettors love the idea of having a chance at a big payoff from a small wager. But parlays are hard to win, and come with a strict set of rules. Let's look at some of the ins and outs.
Bookies offer this category of wager to lure the gambler into a tough situation. For instance, on a 4-team parlay, going 3-1 is no different than going 0-4. You lose in either case. However, if you'd placed 4 individual bets and won 3 while losing 1, you would make a decent chunk of change. But you would have saved yourself a lot of money by betting the combo instead of placing 4 individual bets if you went 0-4.
'Correlated' outcomes are strictly against the rules, which means you cannot benefit from results that are related to one another. For instance, a finesse passing team might be pitted against a strong defensive unit in the Super Bowl. If you pick the latter squad, you cannot place a combo bet on the 'under,' since that outcome is more likely to occur if the strong defense controls the contest.
Below is a table that lists the chances of hitting a combo if all wagers are 'pick'em,' or evenly-matched 'coin flip' scenarios – what sports books give you for each ratio, and the chance of a winner if you hit 55%. Obviously, if you're a 55% handicapper, then there are good deals in the offing. This table shows the odds for 2-team combos all the way up to 11 teams.
| # of Teams | Your chances at 50% | Payout in Vegas | Your chances at 55% |
|---|---|---|---|
| 2 | 3/1 | 2.6/1 | 2.3/1 |
| 3 | 7/1 | 6/1 | 5.0/1 |
| 4 | 15/1 | 10/1 | 9.9/1 |
| 5 | 31/1 | 20/1 | 18.9/1 |
| 6 | 63/1 | 40/1 | 35.1/1 |
| 7 | 127/1 | 75/1 | 64.7/1 |
| 8 | 255/1 | 150/1 | 118.4/1 |
| 9 | 511/1 | 300/1 | 216.1/1 |
| 10 | 1,023/1 | 700/1 | 393.8/1 |
| 11 | 2,047/1 | 1,200/1 | 716.8/1 |
As you can see, for the normal bettor who only hits on 50% of their wagers, trying for a 4-0 (or 3-0, or 2-0) record on the same day is a bad idea. It gets worse the more wagers you add. A 2-teamer isn't terrible because you expect to hit 1 out of each 3 you bet, and you get rewarded 2.6 to 1. A 3-teamer isn't that bad either because your expected chances are 7-1, while you get paid 6-1.
Avoiding 'Sucker' Bets On Sports Book Parlays
Where you really see the biggest sucker bets are the 4-team combos. These wagers only work 1 out of every 15 times, yet you only get paid 10-1. Picking 8 winners and 0 losers only scores a hit once in every 255 times, but you only get paid 150-1 if successful. The 11-team parlay hits 1 out of every 2,047 times, and the payout is based on only just over 50% of that ratio.
Most of the general betting public doesn't realize that 55% is an excellent winning percentage when it comes to sports betting. But the table also illustrates that if you pick 55% victorious teams/athletes, then every single combo listed is a profitable wager over the long term. The chances of hitting an 11-teamer drop from 2,047-1 to 716.8-1 when you pick 55%. Considering you get paid out 1,200-1, it actually isn't a bad deal for the 55% handicappers.
The Lines Don't Always Favor Betting Parlays
In conclusion, I almost never recommend betting parlays for newer cash players. There are times when I'll put out a 2-team combo on a football game if 2 favorites are being under-valued, but only a of couple times a year. Your best move is to stick to straight bets in football and basketball with the point spreads and totals.
Sometimes, conference vs conference match-ups are a good opportunity for a successful combo wager if 1 of the 2 conferences is under-valued. For instance, ACC football went 4-0 vs the SEC on a Saturday in 2014 – nobody expected that except a few savvy gamblers. Georgia Tech over Georgia was just one of the upsets that took place on that November day as bookies lost out to the ever-popular SEC hype train driving the lines. Another opportunity for this kind of combo bet occurs during early-season conference vs conference 'challenge' tourneys in college basketball.
I know it's tempting to try and strike it rich on a big 'trifecta,' but the chances are less in your favor as the number of picks goes up. So have fun, but proceed with caution!
We are down to the final three weeks of the 2020 regular season. Playoff races are heating up and the football has been fantastic over the last few weeks. Week 15 promises to be another wild week in the NFL to get you prepared for the slate of games, we will be creating a 5-bet NFL parlay with several money line underdogs. Let's take a look at our top Week 15 NFL parlay.
NFL Week 15 parlay picks and predictions
5 Team Parlay Bet Parlay
At the casino or on a sports book, to parlay means something similar. Easily the most popular of all exotic wagers in sports betting, a parlay (or 'combo') is a collection of 2 or more sides or totals that you place a wager on and all of them must win in order for you to cash in.
Winning both bets will get you about $28 in profit, but combining both bets into a $50 two-team NBA parlay will get you more than double that, paying $69.46 plus your $50 bet back. Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected. For a single bet, 2 to 8 teams or totals can be selected.
MLB, NFL and NBA Parlay Rules
Most bettors love the idea of having a chance at a big payoff from a small wager. But parlays are hard to win, and come with a strict set of rules. Let's look at some of the ins and outs.
Bookies offer this category of wager to lure the gambler into a tough situation. For instance, on a 4-team parlay, going 3-1 is no different than going 0-4. You lose in either case. However, if you'd placed 4 individual bets and won 3 while losing 1, you would make a decent chunk of change. But you would have saved yourself a lot of money by betting the combo instead of placing 4 individual bets if you went 0-4.
'Correlated' outcomes are strictly against the rules, which means you cannot benefit from results that are related to one another. For instance, a finesse passing team might be pitted against a strong defensive unit in the Super Bowl. If you pick the latter squad, you cannot place a combo bet on the 'under,' since that outcome is more likely to occur if the strong defense controls the contest.
Below is a table that lists the chances of hitting a combo if all wagers are 'pick'em,' or evenly-matched 'coin flip' scenarios – what sports books give you for each ratio, and the chance of a winner if you hit 55%. Obviously, if you're a 55% handicapper, then there are good deals in the offing. This table shows the odds for 2-team combos all the way up to 11 teams.
| # of Teams | Your chances at 50% | Payout in Vegas | Your chances at 55% |
|---|---|---|---|
| 2 | 3/1 | 2.6/1 | 2.3/1 |
| 3 | 7/1 | 6/1 | 5.0/1 |
| 4 | 15/1 | 10/1 | 9.9/1 |
| 5 | 31/1 | 20/1 | 18.9/1 |
| 6 | 63/1 | 40/1 | 35.1/1 |
| 7 | 127/1 | 75/1 | 64.7/1 |
| 8 | 255/1 | 150/1 | 118.4/1 |
| 9 | 511/1 | 300/1 | 216.1/1 |
| 10 | 1,023/1 | 700/1 | 393.8/1 |
| 11 | 2,047/1 | 1,200/1 | 716.8/1 |
As you can see, for the normal bettor who only hits on 50% of their wagers, trying for a 4-0 (or 3-0, or 2-0) record on the same day is a bad idea. It gets worse the more wagers you add. A 2-teamer isn't terrible because you expect to hit 1 out of each 3 you bet, and you get rewarded 2.6 to 1. A 3-teamer isn't that bad either because your expected chances are 7-1, while you get paid 6-1.
Avoiding 'Sucker' Bets On Sports Book Parlays
Where you really see the biggest sucker bets are the 4-team combos. These wagers only work 1 out of every 15 times, yet you only get paid 10-1. Picking 8 winners and 0 losers only scores a hit once in every 255 times, but you only get paid 150-1 if successful. The 11-team parlay hits 1 out of every 2,047 times, and the payout is based on only just over 50% of that ratio.
Most of the general betting public doesn't realize that 55% is an excellent winning percentage when it comes to sports betting. But the table also illustrates that if you pick 55% victorious teams/athletes, then every single combo listed is a profitable wager over the long term. The chances of hitting an 11-teamer drop from 2,047-1 to 716.8-1 when you pick 55%. Considering you get paid out 1,200-1, it actually isn't a bad deal for the 55% handicappers.
The Lines Don't Always Favor Betting Parlays
In conclusion, I almost never recommend betting parlays for newer cash players. There are times when I'll put out a 2-team combo on a football game if 2 favorites are being under-valued, but only a of couple times a year. Your best move is to stick to straight bets in football and basketball with the point spreads and totals.
Sometimes, conference vs conference match-ups are a good opportunity for a successful combo wager if 1 of the 2 conferences is under-valued. For instance, ACC football went 4-0 vs the SEC on a Saturday in 2014 – nobody expected that except a few savvy gamblers. Georgia Tech over Georgia was just one of the upsets that took place on that November day as bookies lost out to the ever-popular SEC hype train driving the lines. Another opportunity for this kind of combo bet occurs during early-season conference vs conference 'challenge' tourneys in college basketball.
I know it's tempting to try and strike it rich on a big 'trifecta,' but the chances are less in your favor as the number of picks goes up. So have fun, but proceed with caution!
We are down to the final three weeks of the 2020 regular season. Playoff races are heating up and the football has been fantastic over the last few weeks. Week 15 promises to be another wild week in the NFL to get you prepared for the slate of games, we will be creating a 5-bet NFL parlay with several money line underdogs. Let's take a look at our top Week 15 NFL parlay.
NFL Week 15 parlay picks and predictions
5 Team Parlay Bet Parlay
5 Team Parlay Odds
Odds via BetMGM; access USA TODAY Sports' betting odds for a full list. Lines last updated Friday at 1:20 p.m. ET.
Leg 1: Broncos (+225) over Bills
Let's start off our five-team parlay with a real upset, shall we? Coming off an impressive home win on Sunday Night Football against the Pittsburgh Steelers, the Bills could be in for a bit of a let-down in Week 15.
They will travel to Denver to take on the Broncos, who have played really well as of late. At +225, the Broncos are a great home underdog to take in this game as they have impressive wins over Miami and Carolina in the last few weeks.
Leg 2: Patriots +2.5 (-110) over Dolphins
Bill Belichick doesn't lose to rookie quarterbacks very often. His defenses usually find a way to confuse and frustrate young passers and expect them to do it again on Sunday when they face QB Tua Tagovailoa and the Miami Dolphins. Miami needs this game if they want to keep their playoff hopes alive, but look for the Patriots to play the role of 'spoiler' in this game.
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Leg 3: Cowboys (+140) over 49ers
The Dallas Cowboys are 4-9 on the season, but they are coming off their most impressive victory of the season in Week 14. They are also getting several starters in their secondary back on the field and should be able to score enough points (at home) to upset the 49ers in Week 15. These are two bad teams, so take the home dog in this game at (+140) on the moneyline.
Leg 4: Saints +3 (-115) over Chiefs
With Drew Brees back in the lineup for the Saints, they are arguably the most dangerous team in the NFC. At home, that is especially true against one of the league's worst defenses. This could be a Super Bowl preview and with the Saints playing this game in the Mercedes-Benz Superdome, take them +3 (-115) in this game that should come down to the final possession.
Leg 5: Giants (+240) over Browns
The last pick in our five-team parlay is the Giants over the Browns on Sunday Night Football. Coming off the game of the year against Baltimore, it wouldn't be a shock to see Cleveland have a bit of a letdown this week.
New York has a fantastic defensive line and might be able to slow down RBs Nick Chubb and Kareem Hunt. Can the Giants score enough points on offense to keep up? That is the question, but as a (+240) home dog, there is a lot of value to be had here.
5-TEAM PARLAY | Bet $100 to earn a profit of $9,365.44
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