The definition of a parlay bet is the combination of two or more outcomes grouped together in one single wager.
This includes straight bets on the pointspread, bets on the total line and bets on moneyline odds. The lone caveat to winning a parlay is that all the selections included must win. If any of the included bets end as a PUSH, the parlay is reduced in size by that one pick.
For Example, if you are betting a four-team parlay and you win three games with the other ending as a PUSH, the actual payout will be based on three teams.
The reason why parlay bets are so popular is the increased payout on the betting odds. If you place two separate $100 bets and win both, you would win $200 at a risk of $220 counting the 10 percent commission (the juice or vig). If you bet $100 on a two-team parlay and win each game, you would walk away with $260 at a risk of $110.
Most online sportsbooks will accept parlays up to 15 teams with payout odds as high as 9000/1. An online sportsbook like Bet33 is a great option to bet parlays with quick payouts and a deposit bonus structure like no other in the book in the business.
While the reward is much higher for betting parlays, so is the risk. As you add more and more plays to any parlay bet above three teams, the odds shift even more in favor of the book taking the action. Luck is always a big factor when it comes to betting on sports and winning parlays of any size simply highlight this point.
While the general concept of betting parlays remains constant across all online sportsbooks, it is very important to make yourself aware of any specific rules or regulations that may be in place at the actual book where you place the bet. It is always best to know the rules up front as opposed to dealing with any issues after the fact.
As mentioned, any games that result in a PUSH are subtracted from the total parlay play. If a game is cancelled or deemed ‘no action’, it is also removed from the list of plays in a particular parlay. If you are playing a two-team parlay and one play is removed, it will be treated as a straight bet.
Parlays can be mixed among different sports such as a NBA pick combined with a college basketball pick. You can also parlay different bets within the same game such as betting the pointspread and the total of a NFL game. Most books will not allow you to combine a first-half spread with a second half total in the same game. You need to stick with whole game results for most betting parlays.
Sports such as football and basketball allow the combination of spreads and totals in a single parlay. Sports such as baseball, hockey and soccer allow the combination of moneyline odds and totals. There may be some specific rules governing parlays within in the same game, so it is always best to consult the rules where you are actually placing that wager.
The standard payout odds for parlays across most online books are as follows:
2 Teams: 2.6/1
3 Teams: 6/1
4 Teams: 11/1
5 Teams: 22/1
6 Teams: 40/1
7 Teams: 70/1
8 Teams: 100/1
For parlays of nine teams or more you should consult the payout chart at the book where the bet is placed. You should also consult any minimum or maximum betting limits that may be in place for any size parlay play.
Most books will allow you to place open parlays that can be added to as long as the parlay is still live. There may be specific rules in place for this type of wager as well.
Article by Dave Schwab
Posted February 6th, 2019