A parlay bet is a common way for sports bettors to increase their odds and payoffs. Instead of making multiple, single bets, a parlay bet combines 2 or more bets into one bet. Each bet within the parlay must win in order for the parlay to win. If any bet within the parlay loses, the bet loses. The more teams put into a parlay bet, the higher the odds.

A parlay is simply a combo bet where, rather than betting several teams individually, you group them into a single wager. Using this option, the payout is greater and the risk is less, but you need all teams selected to win. To give an example, say you’re interested this week in betting Jets -4, Patriots +3, Dolphins +2.5 and Colts -7. Oct 12, 2020 Notable bets: A $3 million parlay, and a huge bet that nearly backfired Someone is going to be rooting really hard for the Packers the rest of the season, plus Georgia and Alabama. Jul 18, 2018 For example, the true odds of winning a three-team parlay when making point spread wagers are 7-1, while the payoff is only 6-1, and it gets worse as you bet more teams. The true odds of hitting a 10-team point parlay are 1,023-1, while the payoff is generally around 600-1, so a parlay bettor is at a big disadvantage.

Parlay bets should be used by one type of bettor, casual bettors doing it for occasional fun. Serious and professional sports bettors should only place parlay bets on very limited occasions, if ever. Since it only takes one loss within a parlay to lose the entire bet, the risk is very high. On a 6 team parlay, you could go 5-1 and lose your entire bet. Had these been straight bets, you’d be a happy camper.

Recommended Sportsbook for Parlay Bets:

Higher than normal parlay payout odds

Parlay Betting Odds

Two types of parlay bets can be made – those that use a point spread, and those that use a money line. Point spread parlay bets have somewhat standard odds, being very close at most sportsbooks. While there can be some slight variation from one sportsbook to another, in order to be competitive they’re generally pretty similar.

Typical Point Spread Parlay Betting Odds

• 2 Teams: 2.6:1
• 3 Teams: 6:1
• 4 Teams: 10:1
• 5 Teams: 20:1
• 6 Teams: 40:1
• 7 Teams: 80:1
• 8 Teams: 100:1
• 9 Teams: 150:1
• 10 Teams: 300:1
• 11 Teams: 450:1
• 12 Teams: 600:1
• 13 Teams: 750:1
• 14 Teams: 900:1
• 15 Teams: 1500:1

Money Line Parlay Betting Odds

Odds for parlay bets when using a money line are relative to the odds of each pick within the parlay. If you’ve chosen a number of underdogs, your odds will go up. If you’ve chosen big favorites, the odds will be lower. Money line parlays are great for an annual trip to Vegas where the idea is to go big or go home. However, for people who take their sports betting seriously, they’re too high risk to be a reasonable betting strategy.

Benefits of Parlay Betting

Parlay bets allow sports bettors to make small bets with the possibility of large wins. They also allow bettors who have a limited bankroll to bet on multiple games, instead of waiting for games to end and time to collect their winnings. If multiple games are going on at the same time and you don’t have enough money to make straight bets on each game, a parlay bet is a way to get action on each game.

To put a parlay win into perspective, lets use a 5 game parlay as an example. If you made 5 straight bets for $22 each ($110 total wagered) and won all of them, you would win $20 per game for a $100 total profit. However that same $110 wagered on a successful 5 team parlay would pay $2200. But wait, before you go place your bet, keep reading.

Negatives of Parlay Betting

The major problem with parlay betting is that they don’t offer true odds. For example, the true odds of hitting an 8 team parlay is 255:1, while the payoff is only 100:1. This is a big disadvantage to the bettor. Similar to Roulette, when you split your chips across 2 numbers, you get slightly worse odds. When you split them across four numbers, the odds get worse again. The same can be said for parlay bets in sports betting.

Think of it this way. If you want to bet $100 on each of 5 games, but can’t afford to risk the full $500, you probably shouldn’t be betting at all. If you can afford the full $500, you will get a better payout with less risk of losing all your money by making straight bets.

Parlay Betting Tips

There are all sorts of little tips for improving your ROI on parlay bets, but there are a couple of tips that everyone needs to know. To improve your chances and win more on your parlay bets, follow these tips.

Bet on Fewer Teams, Raise Your Bets

Parlays are often used the wrong way. Instead of placing a $20, 5 team parlay, it’s better to make a 3 team parlay for more money. While the odds are lower, the win-rate is much higher, relying on only 3 wins instead of 5. By increasing the bet size, you can make up for the lower odds. This gives you a better chance at a win and a nice payday.

If you have more teams you want to bet on, split your parlays into multiple, smaller parlay bets.

Protect Your Bets

If you have a 5 team parlay that is 4-0 going into the fifth game, you stand to win $1000 on a $50 wager. A loss in the fifth game pays you nothing. To guarantee a win, place a straight bet for $525 on the team opposing your parlay pick. This will guarantee you a minimum win of $425 no matter what the result of the fifth game is. While expert bettors don’t bet a lot of parlays, when they do, this is a strategy they often employ.

If your parlay wins, you collect $1000. This is a $950 profit from your $50 bet, minus the $525 side bet, for a guaranteed win of $425.

If your parlay loses, you lose $50 there but make $477 profit (11/10 odds) on the $525 side bet, for $427 guaranteed profit.

Either way, you can grab a beer and enjoy that last game, knowing you’re a winner no matter what.

Parlay Betting Rules in Event of a Tie

Before placing a parlay bet at a live or online sportsbook, find out the rules in the event of a tie. At some sportsbooks a tie will remove one team from the parlay, moving it down one level. For example, if you have a 5 team parlay with one tie, the parlay will automatically become a 4 team parlay, essentially removing one team from the bet.

2 Team Parlay 3 Bets Cheat

At other sportsbooks, a tie results in a loss. This is bad for the bettor, so make sure you know the rules before placing your bet. This is especially important for betting on soccer or hockey where ties are common. Expert sports bettors never place a parlay bet without knowing these rules.

NFL & NCAA Football Parlay Betting

Parlay bets are extremely popular with NFL and NCAA football bettors. Parlay bets for football combine multiple straight bets, meaning the point spread is used. A bettors job is to pick teams that will cover the spread. If any team within the parlay does not cover the spread, the entire parlay bet loses.

While we don’t like parlay bets for serious bettors, they’re a great way to add tons of excitement to a weekend of football. Just remember how hard it is to go 3 for 3 in your fantasy league before you place a 10 team parlay.

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Wondering what a push is and how it will affect your sports bets? Quite simply, a push is what happens to your bet when the event you wager on results in a tie.

As bettors or competitors, we build up wins and dread losses. We’re all familiar with creeds such as “the thrill of victory and agony of defeat.” You’ve probably heard that “winning isn’t everything, it’s the only thing.”

But sometimes, sporting events are neither a win nor a loss. Overtime and shootouts have minimized the number of ties in many sports, but sometimes things still end in a draw. So, how do sportsbooks deal with these situations?

In this guide you’ll learn:

1. The definition of a push
2. How sportsbooks deal with ties
3. Ways to avoid pushes

And the Winner Is…Nobody!

Pushes happen in sports betting relatively frequently.

Say you’re betting on the NFL point spread in a match up between the Dallas Cowboys and New York Giants, and the spread is set at +/-3. Whether you bet on the Cowboys -3 or the Giants +3, there is a distinct possibility of the game ending at 17-14, 20-17, or 24-21 Dallas. Each of those scores result in a push.

Totals also result in pushes with some frequency. If the Dodgers and Nationals are playing with Clayton Kershaw and Max Scherzer on the mound, the over/under might be six. A 4-2 LA win is a victory for the Dodgers, but a push regardless of whether you had the over or under.

There are some exceptions, but most sportsbooks will take the same approach when faced with a push.

Your Bet Is a Push, Now What?

Straight wagers (also known as single bets) that result in a push are refunded. Simple and to the point, regardless of juice, if you have the Buccaneers +7 at New Orleans and the Saints win 28-21, both sides get their cash back.

If the total on Tampa Bay and New Orleans is 49, both over and under are a push and bettors who took either side will be refunded.

Moneyline bets push in the case of an actual tie. If the Patriots are -250 against Jets while New York is +240, should the teams play to a 20-20 draw, both bets are refunded.

Things get slightly more complicated when parlays and teasers are involved.

How Sportsbooks Deal with Ties in Multi-Event Wagers

Bettors can get 6/1 odds if they win a three team parlay and 12/1 for a four teamer. What happens if you win three legs of a four team wager, but the fourth bet pushes?

Most sportsbooks will simply remove any ties from a parlay or teaser and pay the bet out as if it was a multi event wager with one fewer leg. So a four team parlay with three winners and a push will pay out the same as a winning three team parlay. While you were aiming for 12/1 odds, you receive 6/1 with the push dropped from the bet.

While this policy seems like the fair and equitable way of dealing with ties, some sportsbooks treat ties included in parlays and teasers as losing bets. This is particularly common on parlay cards produced early in the week that remain available for betting all the way up to kickoff on Saturday or Sunday.

The bottom line is that you should always read the small print. Know exactly how your sportsbook deals with pushes before you place a bet.

Of course, you’re more likely to be faced with a push in your parlay if you include a higher number of legs in the wager. A 10 team parlay has 10 chances for a push, whereas a two team parlay involves only two games that could possibly tie.

3 Team Parlay Calculator

What Do You Get Out of a Push?

If you’re always in it to win it, it is possible to avoid pushes completely. If you spent time to watch a long sporting event and put a few bucks down, it can feel like a waste to get refunded if the game ends in a tie. On the flip side, a tie certainly beats a loss if you are a high volume better primarily concerned with ROI.

2 Team Parlay 3 Bets Against

The easiest way to avoid pushes is to bet on spreads that include a half point, also known as a hook. There will never be a push with a 2.5 or 3.5 spread or a total of 47.5. If you can’t find a spread or total with a hook, you can usually buy a half point. You might pay a small price in juice, but it usually makes sense to take -125 to get -2.5 instead of -110 when laying three.

While moneyline bets occasionally push, it doesn’t happen a lot. There are no ties in the NBA, NHL, or MLB these days. The NFL had one tie last year, two in 2018, and none in 2017. The chances of a push when playing the moneyline in major sports is very small.

Finally some sports, particularly soccer, offer three way betting. You can bet on either team to win or on a tie. Just remember that if you pick a team to win on a three way moneyline, a push will result in a loss rather than a refund.

Go for the Win, Settle for the Push

In the end, a push is not a bad result. It gives you a free data point to consider and learn from. Of course, that only holds true if your sportsbook refunds your bet in the case of a push. Read the terms and conditions carefully before placing any wagers.

Knowing is the key to success when betting on sports. You can find all the basic info you need to get started on the right foot in our sports betting 101 guides.