Parlay Bets in Sports Betting: How They Work and Examples of Odds
Parlay bets are a popular type of sports betting that allows bettors to combine multiple wagers into a single bet. Unlike traditional bets, which pay out based on the outcome of a single event, parlay bets require multiple events to be won in order to receive a payout. This can lead to larger payouts, but also increases the level of risk involved.
How Parlay Bets Work
In a parlay bet, a bettor chooses two or more teams, players, or outcomes they believe will win. All of these selections are combined into a single wager, with the payout increasing for each additional selection added to the parlay.
For example, a bettor might select three NFL games: the New England Patriots to win, the Kansas City Chiefs to win, and the Dallas Cowboys to win. If all three teams win their respective games, the parlay bet is successful and the bettor receives a payout that is larger than if they had bet on each game individually.
However, if even one of the selections in the parlay is incorrect, the entire bet is lost. This is what makes parlay bets more risky than traditional bets, as a single incorrect selection can result in the loss of the entire bet.
Examples of Odds for 3, 4, and 5 Bet Parlays
The odds for a parlay bet are determined by the odds of each individual selection included in the bet. As more selections are added, the potential payout increases, but so does the level of risk.
Here are some example odds for 3, 4, and 5 bet parlays:
3 Bet Parlay:
Selection 1: New England Patriots to win (-110 odds)
Selection 2: Kansas City Chiefs to win (-120 odds)
Selection 3: Dallas Cowboys to win (-150 odds)
The odds for each individual selection are multiplied together to determine the odds for the parlay bet. In this case, the parlay odds would be:
(-110) x (-120) x (-150) = +594 odds
This means that a successful $100 parlay bet on these three selections would result in a payout of $694 ($100 original bet plus $594 in winnings).
4 Bet Parlay:
Selection 1: New England Patriots to win (-110 odds)
Selection 2: Kansas City Chiefs to win (-120 odds)
Selection 3: Dallas Cowboys to win (-150 odds)
Selection 4: Los Angeles Rams to win (-130 odds)
The parlay odds for these four selections would be:
(-110) x (-120) x (-150) x (-130) = +2102 odds
A successful $100 parlay bet on these four selections would result in a payout of $2202 ($100 original bet plus $2102 in winnings).
5 Bet Parlay:
Selection 1: New England Patriots to win (-110 odds)
Selection 2: Kansas City Chiefs to win (-120 odds)
Selection 3: Dallas Cowboys to win (-150 odds)
Selection 4: Los Angeles Rams to win (-130 odds)
Selection 5: New York Giants to win (+180 odds)
The parlay odds for these five selections would be:
(-110) x (-120) x (-150) x (-130) x (+180) = +9078 odds
A successful $100 parlay bet on these five selections would result in a payout of $9178 ($100 original bet plus $9078 in winnings).
In conclusion, parlay bets in sports betting can be a high-risk, high-reward option for bettors looking to potentially increase their winnings. However, it is important to keep in mind the increased level of risk involved, as a single incorrect selection can result in the loss of the entire wager staked.
