Parlay betting continues to be an underutilized tool in a sports gambler's arsenal. So much attention is paid to actual wager types: the moneyline, point spread, over/under, even futures. That's sort of natural. After all, a parlay isn't so much an actual line; it's more like a custom bet slip. A Parlay in the traditional sense is a bet where you combine multiple picks from different matches to form one wager, where all selections must win for the ticket to cash. The best part of a parlay is the increased odds, by combining your selections' odds together you can win big from a smaller stake, but increased odds equals increased risk. A parlay bet is a sports bet that combine multiple straight bet wagers on one ticket. Usually, you would pool straight-up bets with spreads and totals. However, you can have multiple versions of the same bet as long as it's on different games. Parlay betting allows horseplayers to bet the races they want, their way.Since your Parlay races don't have to be consecutive on the card, you can identify the horses you want to bet no matter the race they're in. Plus, you can alternate between Win, Place and Show bets, so you can build your Parlay based on how strongly you feel about each horse. A parlay is a bet on two or more teams or selections. You can combine different sports, point spreads and money lines. In a parlay your original stake and winnings are re-invested on the next game and all selections must be correct - one loss and your parlay loses.
- What Is A Parlay Bet
- What Is A Parlay Bet In Craps
- Parlay Example
- What Does A Parlay Pay
- Parlay Gambling
Both sports bettors and sportsbooks seem to love parlays. The former because parlay paydays are so attractive and the latter because parlays are so hard to win.
According to data compiled by the UNLV Center For Gaming Research from 1984 to 2019, the win percentage Nevada sportsbooks enjoyed on parlays was over 30%, compared to around 5% for all sports bets combined.
Unless Michigan sports bettors prove infinitely sharper or choose to avoid parlay betting altogether, similar numbers should come out of this market.
Parlays are the most profitable bets for Michigan sportsbooks. That doesn't mean you can't win a parlay and enjoy the big payday it provides though.
Here's a detailed explanation of parlay betting, to how you can place a parlay bet, and some of the odds on today's most popular parlays.
Parlay betting explained
A parlay bet essentially combines two or more bets into one wager. The payouts increase exponentially on parlays because you have to win every bet, or leg, that is part of the parlay for it to pay anything at all.
In other words, if one bet loses, the entire parlay loses.
Of course, it's hard enough to pick one winner, let alone two, three, four, or more, which is why sportsbooks are willing to offer such big odds on parlay bets.
Are parlay bets legal in Michigan?
Michigan sportsbooks will allow you to bet on parlays involving all kinds of sports, including NFL, NBA, MLB, NHL, NCAA basketball, and NCAA football games. They'll also let you bet multi-sport parlays combining games from different sports.
However, it's worth noting that most professional sports bettors avoid parlay betting despite the attractive nature of the big payouts involved. Michigan sportsbooks pay out less on winning parlays than the true odds of stringing together multiple betting winners.
But putting together winning parlays is not impossible, and parlay betting remains one of the most popular ways to bet on sports.
Parlay odds
Calculating parlay odds can be difficult because different sportsbooks employ different formulas, and the types of bets can vary so greatly.
What we do know is that Michigan sportsbooks consider both the currently posted odds on the individual bets and the probability of picking winners in the number of games that are part of the parlay to determine a potential payout.
You will be able to find various parlay calculators online that can give you close estimates on parlay payouts, but you'll have to check with a Michigan sportsbook for precise potential payout information.
Parlay payouts are fixed at the time you place the bet. Even if the line changes for one or more of the games in your parlay ahead of the start, your parlay payout won't. If the lines change in your favor you can always put together a new parlay with the same bets and an improved potential payout, but your original parlay, and its potential payout, still stands.
One Michigan sportsbook may offer a different payout for the same parlay as another, so it's a good idea to shop around when betting parlays. Of course, this process will be made much easier when Michigan online and mobile sportsbooks go live in late 2020 or early 2021.
How to make parlay bets
Betting parlays is easy with online and sports betting apps and self-service betting kiosks at Michigan retail sportsbooks.
For the most part, you tap the screen on the sport you're interested in betting on, browse through the betting markets, and tap on the bets you want to make a part of your parlay.
Once you've found them all, look for the parlay section on the instantly-created bet slip and fill in the amount you wish to wager. A potential payout will be displayed. Verify that all the information on the bet slip is correct and submit the bet.
Betting parlays at a ticket window in a retail sportsbook is all about conveying that same information to the cashier verbally and confirming. You can also fill out a parlay card with all your parlay information and hand it to a cashier at the window at most Michigan retail sportsbooks.
Parlay betting is infinitely easier and more convenient with online and mobile sportsbooks and self-service betting kiosks. Both allow you to see the potential payouts for a variety of different parlays and modify the bet as you see fit.
Most popular parlays
You can combine all kinds of standard bets into a parlay at Michigan sportsbooks. You can put together single-sport or multi-sport parlays with legs that include everything from moneyline, spread, and even futures bets. The one restriction is on bets involving the same event, which means you can't combine moneyline and spread bets from the same NFL game, for example.
Here's a look at some of the most popular parlays:
NFL parlays
NFL parlays are the most popular in US sports betting. The weekly NFL schedule allows you to make up to 13-game parlays almost every single Sunday. Taking a look at the NFL 2020-21 Season Week 1 odds atFanDuel Sportsbook App you can easily see what makes NFL parlay betting so popular.
Making four Week 1 $25 spread bets on a series of underdogs might look like this:
- Houston Texans at Kansas City Chiefs: Texans +10 (-115) – $25 to win $21.74
- Arizona Cardinals at San Francisco 49ers: Cardinals +8.5 (-120) – $25 to win $20.83
- Chicago Bears at Detroit Lions: Bears +2.5 (-120) – $25 to win $20.83
- Cleveland Browns at Baltimore Ravens: Browns +8.5 (-110) – $25 to win $22.73
If all four bets win, you'll make almost $90 in profits.
However, if you took that same $100 and put it on a four-team parlay involving the same bets you would stand to win more than ten times that. That's right, the potential payout for a $100 four-team parlay involving these four Week 1 spread bets is a whopping $1,099.64.
NBA parlays
With so many games held throughout the season, including up to 12 a night at some points, NBA parlays are almost as popular as NFL parlays. Looking at some regular-season NBA game odds shows you how much more parlays pay than individual bets, even if you're betting the favorites in just two games.
For example, the Milwaukee Bucks might be a -310 moneyline favorite over the Atlanta Hawks. Put $25 on the Bucks at that price and you stand to win just $8.06 plus your bet back.
On the same night, the Detroit Pistons might be -124 favorites over the Cleveland Cavaliers. Put $25 on the Pistons at that price and you stand to win $20.16 plus your bet back.
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.
MLB parlays
Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. Picking MLB moneyline winners and betting $25 on each in the following games might lead to close to $75 in profits:
- Tigers vs. Indians: Tigers -122 – $25 to win $20.49
- Phillies vs. Mets: Phillies +112 – $25 to win $28
- Yankees vs. Red Sox: Red Sox +100 – $25 to win $25
However, putting these three moneyline bets together as a part of a three-team $75 MLB parlay could earn you a whopping $503.66, even though you'd be risking the same amount of money.
With payouts like that it's easy to see why MLB parlays are so popular.
Successful parlay betting tips
People see the potential payouts for parlays and can't help but fire away. It's only later they realize how hard it is to pick just one winner, let alone the winner of two or more games.
The world keeps turning and the sportsbooks stay profitable. Still, someone is bound to hit a massive 13-game NFL parlay for big bucks every year, and there's no reason it can't be you.
That said, it's those who do a ton of research beforehand and make well thought out and carefully calculated plays that win parlays regularly.
These five parlay betting tips may help set you on that path:
Combine favorites
You normally have to put some pretty big bets down to make big favorites worth your time. However, you can make a profit with a smaller stake if you put two favorites together as a part of a parlay. This is a great way to bet the (no such thing as a) sure thing and get a decent return while risking a little less than you might normally have to.
Size down
Big odds might make you want to bet big, but increasing your normal bet size for a parlay isn't always the wise move. Sizing down may be the prudent play. Bet big-paying parlays smaller and it won't hurt too much when they lose, which happens more often than not. The payday on the right parlay will still offer a bit of that 'wow' factor even with small bet size.
Find the hedge
Play a parlay correctly and there's a good chance you'll be able to hedge against the last leg. This means locking up some guaranteed winnings or at least your original stake by playing a little defense, betting against yourself, and taking out somewhat of an insurance policy. If you're doing it right, you'll be putting together parlays that naturally provide you the opportunity to lock in some profit midway through.
Multi-sport parlays
Betting parlays is still about finding the best value bets on the board. The big difference is you have to combine several bets. Multi-sport parlays are very often your best bet because it's easier to find multiple bets with real value when you broaden your sporting horizons.
Limit the legs
There are 13 games on any given Sunday in the NFL, but that doesn't mean you have to bet them all in the same parlay. Look for bets that offer value and combine them. If that's only two or three games, limit your parlay to two or three legs. Smaller parlays don't offer the massive paydays the larger one does, but they win more often.
Bet Types
Parlay betting: key takeaways
Parlays will continue to be among the most profitable bets for sportsbooks and sports bettors will remain attracted to the big payouts they often offer. In other words, parlay betting isn't going anywhere.
It will be among the most popular types of sports betting in Michigan even as the market grows and matures Michigan sportsbooks will make money off parlay betting and the odd story about a massive parlay win will only add to sports betting allure here in the state. People will pay more attention to the big payday than the big picture.
However, there will be profitable parlay betting as well. Expert handicappers will combine favorites, size down bets, look for hedging opportunities, and bet multi-sport parlays with a limited number of legs, eking out small gains.
As long as there is sports betting in Michigan there will be parlay betting in Michigan and everyone will love it.
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 games.
The allure of these bets has always been a larger payout than choosing a single team to win. But there's more gamble to these types of wagers because every 'leg' of the parlay needs to not lose in order to win. If one leg loses, the whole parlay loses.
The flexibility of a parlay bet also makes it attractive to gamblers. You can combine multiple sports into your parlay bet; for example, you can include the Cowboys from the NFL, the Celtics from the NBA and the Coyotes from the NHL into a single bet. If they all win, you win.
Test out the parlay calculator above and compare odds at different sportsbooks to see how it works!
Placing a parlay bet
There are two ways to place a parlay bet and both are quite simple. Bettors can either tell the ticket writer directly which teams and totals they'd like to bet on and how much they'd like to risk on the bet. Filling out a parlay card is the other option for placing this kind of bet. Once the card is filled in, the bettor simply needs to visit the sportsbook desk to place the bet.
Some mobile sports wagering apps offer both types of parlay bets.
Get the best parlay deal at online sportsbooks with Parlay Insurance here:
However, if you took that same $100 and put it on a four-team parlay involving the same bets you would stand to win more than ten times that. That's right, the potential payout for a $100 four-team parlay involving these four Week 1 spread bets is a whopping $1,099.64.
NBA parlays
With so many games held throughout the season, including up to 12 a night at some points, NBA parlays are almost as popular as NFL parlays. Looking at some regular-season NBA game odds shows you how much more parlays pay than individual bets, even if you're betting the favorites in just two games.
For example, the Milwaukee Bucks might be a -310 moneyline favorite over the Atlanta Hawks. Put $25 on the Bucks at that price and you stand to win just $8.06 plus your bet back.
On the same night, the Detroit Pistons might be -124 favorites over the Cleveland Cavaliers. Put $25 on the Pistons at that price and you stand to win $20.16 plus your bet back.
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.
MLB parlays
Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. Picking MLB moneyline winners and betting $25 on each in the following games might lead to close to $75 in profits:
- Tigers vs. Indians: Tigers -122 – $25 to win $20.49
- Phillies vs. Mets: Phillies +112 – $25 to win $28
- Yankees vs. Red Sox: Red Sox +100 – $25 to win $25
However, putting these three moneyline bets together as a part of a three-team $75 MLB parlay could earn you a whopping $503.66, even though you'd be risking the same amount of money.
With payouts like that it's easy to see why MLB parlays are so popular.
Successful parlay betting tips
People see the potential payouts for parlays and can't help but fire away. It's only later they realize how hard it is to pick just one winner, let alone the winner of two or more games.
The world keeps turning and the sportsbooks stay profitable. Still, someone is bound to hit a massive 13-game NFL parlay for big bucks every year, and there's no reason it can't be you.
That said, it's those who do a ton of research beforehand and make well thought out and carefully calculated plays that win parlays regularly.
These five parlay betting tips may help set you on that path:
Combine favorites
You normally have to put some pretty big bets down to make big favorites worth your time. However, you can make a profit with a smaller stake if you put two favorites together as a part of a parlay. This is a great way to bet the (no such thing as a) sure thing and get a decent return while risking a little less than you might normally have to.
Size down
Big odds might make you want to bet big, but increasing your normal bet size for a parlay isn't always the wise move. Sizing down may be the prudent play. Bet big-paying parlays smaller and it won't hurt too much when they lose, which happens more often than not. The payday on the right parlay will still offer a bit of that 'wow' factor even with small bet size.
Find the hedge
Play a parlay correctly and there's a good chance you'll be able to hedge against the last leg. This means locking up some guaranteed winnings or at least your original stake by playing a little defense, betting against yourself, and taking out somewhat of an insurance policy. If you're doing it right, you'll be putting together parlays that naturally provide you the opportunity to lock in some profit midway through.
Multi-sport parlays
Betting parlays is still about finding the best value bets on the board. The big difference is you have to combine several bets. Multi-sport parlays are very often your best bet because it's easier to find multiple bets with real value when you broaden your sporting horizons.
Limit the legs
There are 13 games on any given Sunday in the NFL, but that doesn't mean you have to bet them all in the same parlay. Look for bets that offer value and combine them. If that's only two or three games, limit your parlay to two or three legs. Smaller parlays don't offer the massive paydays the larger one does, but they win more often.
Bet Types
Parlay betting: key takeaways
Parlays will continue to be among the most profitable bets for sportsbooks and sports bettors will remain attracted to the big payouts they often offer. In other words, parlay betting isn't going anywhere.
It will be among the most popular types of sports betting in Michigan even as the market grows and matures Michigan sportsbooks will make money off parlay betting and the odd story about a massive parlay win will only add to sports betting allure here in the state. People will pay more attention to the big payday than the big picture.
However, there will be profitable parlay betting as well. Expert handicappers will combine favorites, size down bets, look for hedging opportunities, and bet multi-sport parlays with a limited number of legs, eking out small gains.
As long as there is sports betting in Michigan there will be parlay betting in Michigan and everyone will love it.
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 games.
The allure of these bets has always been a larger payout than choosing a single team to win. But there's more gamble to these types of wagers because every 'leg' of the parlay needs to not lose in order to win. If one leg loses, the whole parlay loses.
The flexibility of a parlay bet also makes it attractive to gamblers. You can combine multiple sports into your parlay bet; for example, you can include the Cowboys from the NFL, the Celtics from the NBA and the Coyotes from the NHL into a single bet. If they all win, you win.
Test out the parlay calculator above and compare odds at different sportsbooks to see how it works!
Placing a parlay bet
There are two ways to place a parlay bet and both are quite simple. Bettors can either tell the ticket writer directly which teams and totals they'd like to bet on and how much they'd like to risk on the bet. Filling out a parlay card is the other option for placing this kind of bet. Once the card is filled in, the bettor simply needs to visit the sportsbook desk to place the bet.
Some mobile sports wagering apps offer both types of parlay bets.
Get the best parlay deal at online sportsbooks with Parlay Insurance here:
Winning a parlay
There are two instances when a parlay can be a winning bet. A parlay only wins if none of the sides, totals or moneylines selected is a loser. The parlay can still be a winner if a game is canceled or ends in a tie. The pay schedule will simply more down to the lesser payment. For example, the bettor will win if a baseball parlay for four teams has three winners and one game is canceled because of rain. The bet will only pay based on the schedule for three winners instead of four as originally planned. The bet is a loser if one pick for a parlay is wrong.
What Is A Parlay Bet
Parlay odds
Not all parlay payouts are the same. Sportsbooks may have different odds for the number of teams bet in a parlay. This can be very confusing when looking at online sports that have different odds and payouts for the same parlay. Further, these odds may change at any time so bettors should check with the ticket writer in sportsbook before placing a parlay.
Parlay payouts
Payouts for a parlay are fixed by the time the bet is placed. Even if the lines and odds for an individual game move, the parlay lines and odds won't change from when the parlay bet was placed. The parlay bet won't be changed whether the lines change for or against the bettor.
If the lines change for a game, or games, in the favor of the bettor another parlay may be bet with the new line. The original bet cannot be changed and the bet will stand. The good news is that the bettor has two live parlay bets.
Types of parlays
What Is A Parlay Bet In Craps
A parlay is a type of sports bet and there are different variations of this kind of wager. The most common types of parlays are Round Robin parlays and Teasers.
Parlay Example
Round Robin
A Round Robin bet is placing multiple parlay wagers at once. It's just that simple. Round Robin bets are just a way to simplify making multiple parlays. When a bettor 'Round Robin's' teams in sports betting it's similar to a horse bettor 'boxing' horses for an exacta or trifecta bet in a race.
The bettor will select anywhere from 3 to 8 teams or totals to be in the Round Robin. They will then choose how many teams or totals they'd like to tie together for the Round Robin. For example, a bettor may select eight teams and totals for a Round Robin and tie the parlays to as many three-team combinations as possible.
The combination of teams will dictate how many different parlays the bettor has. Continuing the example, if a bettor wants to Round Robin eight teams they will have 28 different parlays if they choose two teams. If the bettor chooses to make three-team parlays they will have 56 different parlay tickets.
The ticket will cost the amount chosen for each parlay. If the bettor only has $300 they might choose to Round Robin the teams by two, so they have 28 different parlays for $10 each. The payout for each winning parlay is the same as it would be if the parlay bets were each made individually.
Teaser
A teaser is similar to a traditional parlay where the bettor can select multiple teams or totals. However, there are no moneylines allowed with a teaser. Unlike a parlay, the bettor may move each point spread or total plus or minus a certain number of points. The additional points on the spread or total make these bets easier to win and thus they pay less than a traditional parlay.
Teaser bets can change the point spreads or totals anywhere from six to 10 points. However, each leg of the teaser must use the same number of points. Those legs of the teaser may go in different directions.
- For example, the New England Patriots -7 can be teased down six points to -1. Meanwhile, the Cleveland Browns can be teased up six points from +4 to +10 points.
Much like a traditional parlay, the more teams involved with a teaser the better the payoff. Again, different sportsbooks have different odds and rules so they might have different payouts and teaser options available to bet.
What Does A Parlay Pay
Parlay Cards
Parlay Gambling
The more popular way to bet parlays in casinos today seems to be with a Parlay Card. These are the long narrow cards where bettors fill in the numbered circle of the side or point spread they want to include in their bet. Once the teams and totals are chosen the bettor simply presents the filled in portion on the card to the ticket writer in the sportsbook along with how much they'd like to wager.
Parlay Cards are especially popular during football season. There are many different types of Parlay Cards including a variety of teasers, ties win and reverse teaser cards known as pleasers. These are more popular every year so the mobile sports wagering apps have started to add Parlay Cards for mobile bettors.
