Parlays

 
Parlays

Parlay Bet – also known as a type of exotic bet, is when a player wagers on two or more bets combined together where all the bets inside the combined bet must win in order win the parlay bet. Conceptually you are betting less money to win more than you would individually wagering on those bets. In contrast, you are reducing your likelihood to when by 50% with each additional bet. For example, if you have two-team parlay, each wager has a 50% chance of winning but to win both bets you reduce your probability to win down to 25% and so on. The table demonstrates how a Parlay bet works.

For example, Let’s say you are wager a $100, with the cost of wager at -110 for each bet.

Bet

2-Team Parlay 3-Team Parlay 4-Team Parlay 5-Team Parlay 6-Team Parlay

Probability

50% 25% 12.5% 6.25% 3.125%

Result

$264

$595

$1,228

$2,435

$4,741

 

Although return on investment can look very appealing, the likelihood of winning is low and many times will cause you to produce a negative ROI.

Open Parlays – An open parlay is when a player create’s a parlay, but has the ability to fill some of the spots in that parlay at a later time rather than all at once. This can be more beneficial for a player because it gives them the ability to be more selective in the sporting events they choose to include in their parlay.