BETTING THE PARLAY
A parlay in sports betting is a type of wager where multiple bets are combined into a single bet. A parlay is also known as an accumulator, combo bet, or multi-bet. In a parlay, each individual bet is called a leg or a selection, and all the selections must win in order for the parlay to be successful. If even one of the selections loses, the entire parlay bet loses. Parlays can be made on a variety of sports, including football, basketball, baseball, hockey, and more.
To illustrate how a parlay works, let's say a bettor wants to place a $10 parlay bet on three NFL games. The first game has the New England Patriots favored to win against the Miami Dolphins, the second game has the Green Bay Packers favored to win against the Chicago Bears, and the third game has the Dallas Cowboys favored to win against the New York Giants. The bettor selects all three teams to win, and if all three win, the bettor wins the parlay and is paid out at the odds set by the sportsbook. If any of the three teams lose, the bettor loses the entire $10 wager.
The payout for a parlay bet is calculated by multiplying the odds for each selection. For example, if the Patriots have odds of -150 to win, the Packers have odds of -200 to win, and the Cowboys have odds of -120 to win, the parlay payout would be calculated as follows:
(-150 x -200 x -120) = 3.6
This means that a $10 parlay bet on these three selections would pay out $36 (including the original $10 stake) if all three selections win.
Parlays can be made with any number of selections, but the more selections that are included, the higher the potential payout becomes. However, the more selections that are included, the harder it becomes to win the bet. A parlay with more selections is often called a "longshot" bet, because the odds of winning are much lower than a parlay with only a few selections.
One advantage of making parlay bets is that they can offer a higher potential payout than making individual bets on each selection. However, this higher potential payout comes with a higher risk, as all selections must win in order to win the bet. It is important for bettors to carefully consider the likelihood of each selection winning, and to avoid including too many selections in a single parlay bet.
Parlay bets are popular among sports bettors because they offer the chance to win a large amount of money from a relatively small initial stake. However, they are also considered to be a more risky type of bet than making individual bets, due to the requirement for all selections to win. As with any type of sports betting, it is important for bettors to exercise caution and only wager money that they can afford to lose.