Sports Betting Strategies – Parlay Betting Strategy

A parlay is simply a combo bet where, rather than betting several teams individually, you group them into a single wager.

The beauty of Parlay Betting is that it offers you a possible hedge. In other words, you don’t have to hit a 4-team parlay to be paid 5-1

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Parlay Odds

The standard payoff from an online sportsbook for a two team parlay is 2.6 to 1. The true odds of this bet are 3 to 1.

Three team parlays pay 6 to 1 by the sportsbooks and have true odds of 7 to 1. The true odds represent the expected outcome if each bet in a parlay is a 50/50 proposition, and does not factor in the oddsmaker’s commission.

example of a three team parlay:

Pittsburgh Steelers -3 -110 
New Orleans Saints +4 -110 
Saint Louis Rams +10 -110

For this example. All wagers must win for the bet to be graded as a winner, and if any of the three wagers lose, the bet is a loss.

If we risked $100 at +600 (6 to 1), and our bet won we would win exactly 595.79, which we can round up to 596. Though our wager is +600, we still have to pay juice on each of three bets, which accounts for the bookmaker’s commission.

If one our bets should push, the parlay would become a two-team parlay, and if two bets push, it would become a straight wager. This is a general rule for parlay betting, as pushing a bet in a parlay lowers the parlay odds by one game.

Most sports books payout on parlays are (assuming all games are at line of -110):

The parlay odds at most Las Vegas sportsbooks are:

2 teams 2.6 to 1
3 teams 6-1
4 teams 10-1
5 teams 20-1
6 teams 40-1
7 teams 80-1
8 teams 150-1

If you are playing multiple parlays you have to spread them out and mix and match. It means if you lose a 4-team parlay because the game you were least sure of you need to hone those skills to stay away from those traps. And by including the lowest team in too many plays can wipe you out quicker than a roll of the dice, on the flip side the payout on a 3-team play with a good $ line dog can provide a big lift to your bankroll and that’s why players love the parlay itself.

If you are an avid parlay bettor, it is essential to find a book with the best parlay odds. In a lot of cases, odds may vary slightly from book to book, and while this difference may seem trivial, it makes an immense difference to your bottom line. Finding the best odds for parlay betting is crucial and will make a significant difference in your bankroll. Be sure to compare parlay odds from leading bookmakers, if parlays are a prominent part of your betting repertoire. Taking advantage of promotions and bonuses is also hugely beneficial.

Parlays are can be solid bets if used effectively

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