When it comes to betting on sports, there are many options for gamblers to place their wager. The most popular wagers are straight bets which include betting on the money line, the point spread and the totals. However, these types of wagers are just the beginning with other types of bets with higher risk but higher rewards. Today, we talk about Parlay Bets and answer the question, Should You Bet on Parlays or not.
Parlay bets are popular amongst gamblers that are confident in their sports wagering capabilities. Of course, they are also a popular amongst those looking for a bit more action than a normal bet.
What is a Parlay Bet
For those new to sports gambling, a parlay bet is a wager made up of 2 or more bets. In addition, a parlay can be made up of bets in the same sports or across multiple sports. Basically, it allows you to group several single wagers into one giant bet.
However, the odds for parlay bets are much higher because the risk is far greater. This is because all matches in your parlay bet must win in order to win the parlay. Therefore, if one bet loses, the entire parlay loses. It’s as simple as that.
In the case one of the matches in the parlay ends in a tie, the parlay ignores the match. Thus, a 3-team parlay would become a 2-team parlay while a 2-team parlay would turn into a straight bet.
Parlays have been around for a long time and are a favorite in North America and Europe. In the North American, it is known as “parlay Betting” while in Europe, it is known as “accumulator betting”. The most popular parlay bets are 3 to 4 team parlays. However, for the adventurous gambler, they can go as high as 8 teams!
Example of a 3 Team Parlay
let’s say a gambler wants to risk $100 each on 3 KBO money line bets. All three teams are underdogs: the Samsung Lions + 150, the Lotte Giants + 100 and the Hanwha Eagles + 200. If you bet $100 on all three teams individually and all three won, you would win $450 total. Of course, you would also get your stake money back on top of the winnings.
However, if you bet $100 on all three teams in a 3-team parlay and win the parlay, you get $1,800! That is a big difference in payout which is why people like take that extra risk.
Typical Parlay Odds and Payouts
|2 team||2.6 to 1||$260||$360|
|3 team||6 to 1||$600||$700|
|4 team||11 to 1||$1,100||$1,200|
|5 team||22 to 1||$2,200||$2,300|
|6 team||45 to 1||$4,500||$4,600|
|7 team||90 to 1||$9,000||$9,100|
|8 team||180 to 1||$18,000||$18,100|
Keep in mind that these payouts are for fixed odds and may differ with different sportsbooks.
Should You Bet on Parlays: Yes or No
Statistically speaking, the house always wins on the long run and that is especially true for parlays. The average hold or money a sportsbook makes from every wager made is 5 to 8 percent. However, the hold on a parlay bet is around 3 percent. This means that sportsbooks have a higher profit margin with parlay betting.
In simple terms, the answer is no as they have worst odds then a normal wager. However, just like the lottery, the bigger the risk the bigger the prize!