Parlays are some of the oldest sports bets found across all disciplines. You can create parlays for football, basketball, hockey, tennis, horse racing, baseball, soccer, golf, etc. For many years, punters throughout North America could only place parlays. However, things have changed in recent years, with the US and Canada accepting single-event bets. Below is an overview of the props of parlays in sports.
What is a Parlay Bet?
A parlay bet refers to a betting slip featuring two or more outcomes, unlike single-game events, which involve one bet/outcome on the slip. Parlays can have as many as 20 or more selections on the same slip. Some betting sites refer to parlays as multi-bets. Parlays can be built around the same game (same-game parlays) or different games or sports.
Same-game parlays involve different markets, like the moneyline and total or props on the same event. Different game parlays or multi-bets involve exploring two or more matches. You can bet on one team to become the outright winner of a game, then pick another event where you bet on one team to cover the spread. All predictions must be correct to win the parlay bet.
Pros of Parlay Bets
Parlays have many benefits, including better odds, higher payouts, price boosts, and robust bet slips. This bet type has also existed for years, and most punters are familiar with it. Here are the top three pros of placing a parlay bet:
1. Big Odds
A parlay bet involves multiple outcomes on a single slip. An example is backing the Bulls to win against the Celtics (NBA) and the Oilers to cover the spread against the LA Knights (NHL). If the moneyline odds are +150 and the spread odds are +110, the combined odds will be +424.
The calculation is made by converting the odds to decimal, multiplying them, and converting them back to American odds.
If you wager $100, you’ll win $424 on the parlay as opposed to $150 for the moneyline single bet or $110 for the spread single bet.
The more selections you have on your parlay, the higher your odds will get. Some sportsbooks accept up to 20 legs, which translates into hundreds of thousands in potential payouts.
2. Price Boost
Parlay bets usually feature odds boosts because of the added risk. Betting on one event comes with a small risk. You only need to make one correct prediction. In parlays, you must make correct predictions for all the selections you have. This raises the risk of losing your bet.
Bookmakers provide price boosts to incentivize punters to take the risk. Some sportsbooks offer up to 10% or more. The more selections you have, the higher the boost you’ll get. Bookmakers can offer price boosts of up to $1,000 or more.
The boost is not part of the payout calculated from your odds. It’s the extra amount you get for the multiple selections and the risk they carry. Most bookmakers feature parlay boosts when you have three or more legs.
3. Cash Out Option
Parlay bets offer the perfect opportunity to use betting features like the cash-out option. Many sportsbooks permit early cash out on specific games and multi-bets. The feature allows you to request a withdrawal before all events in your slip are played.
If you have a parlay with four selections or legs with different kick-off times, you don’t have to wait for all games to be played. The cash-out feature allows you to withdraw part of your potential winning after one, two, or three legs.
Cashing out protects you from losing the entire bet. However, you’ll only get a fraction of what you could have won if you waited for all legs. The cash-out feature is also not possible with same-game parlays. It’s only available on multi-bets with different events.
Key Takeaways About Parlays
Parlay bets have been around for years and are still the popular option among punters. You can have multiple selections on the slip, which translates to higher odds and price boosts. However, parlays also increase the risk of losing, especially if you have more than two or three events on the slip. If you must have multiple selections, learn to leverage the cash-out feature to reduce your risk.
By Amey MyersAmey, an intrepid traveler and avid blogger, roams the world, absorbing diverse cultures, flavors, and experiences. Her writing captures the essence of her adventures, inspiring others to explore. Amey's infectious passion for travel and storytelling epitomizes a life filled with exploration and adventure.
