Parlay bets are one way sports bettors can win big, especially if they bet on jackpots. One of the most significant sports betting wins in jackpot parlays is a £2 Jackpot bet by Steve Whiteley on six selections that led to winning £1,450,671.71, while a big win in a regular accumulator is a 50 pence bet by Fred Craggs on an accumulator with 2,000,000/1 odds that resulted in a £1m win.
Parlay bets allow bettors to place wagers on multiple matches and stack their odds, so bettors won’t have to bet on different matches individually. Betting on parlays is essentially grouping several single bets into one big bet. Grouping together several short odds bets into one allows bettors to win big potentially. The only problem is that one lost bet means the entire parlay loses.
How Much Do Parlay Bets Pay?
Sports have dynamic odds, which means that no two bets will have the same 50/50 odds. Calculating the odds, however, is simple. When using decimal odds, bettors only need to multiply the odds then multiply it with the stake.
A three-leg parlay with 1.01, 1.6, 1.5 odds, and a $100 stake can lead to a $242.4 payout. If sports bettors can stake $100 on each selection and win, they can get a total of $411, assuming they have the necessary bankroll. However, many gamblers will likely have a limited budget and split the hundred, and they’ll only potentially win $135.63. The payout of multiple single bets is significantly lower than a single parlay bet.
What Happens in Case of a Tie?
In some sportsbooks, the parlays they offer disregard a wager that ended in a tie and lowers the number of bets made while also lowering the payout. If bettors bet on a five-leg parlay and correctly predict four matches and one match ends in a draw, the bookmaker will lower the odds and recalculate the winnings.
However, some sportsbooks have three-way markets for the parlays, allowing bettors to bet on draws. If a match ends in a draw and the bettor didn’t bet on it, the entire bet is considered a loss.
When to Bet on Parlays?
When considering that parlays can end badly with only one lost bet, it might not be a good idea to place any parlay bets. However, we should remember that many people also already won big from parlays.
Bookmakers don’t typically offer a level playing ground for sports bettors since they adjust the odds to be favourable to them.
Betting on parlays allows people to have a chance of winning big by betting on multiple short odds selections and pooling their odds in one bet. Parlay betting is generally inadvisable when betting for real money, but there are times when bettors can bet on it to make money.
When Using Free Play Bonuses
Online sports betting sites typically offer rewards and bonuses to encourage sports bettors to start betting. Using free play bonuses can allow people to experiment with parlays and let them bet without worries of losing money.
Correlated parlays are parlays based on certain outcome combinations that can either both win or lose. If the particular sportsbook the sports bettor is visiting allows correlated parlays, they can take advantage of it.
The only problem is that many sportsbooks consider correlated parlays as illegal bets and won’t accept them. Bettors need only look for a trustworthy online sports betting site that allows correlated bets in parlays to have a decent online betting experience.
Some sports events like the NFL or the National Football League have reduced commission in sportsbooks. The 50/50 bet propositions in NFL are pretty common, and several sportsbooks offer 6.5 to 1 odds on three-leg parlays, which gives more value on betting on parlays than on single bets.
Parlay Betting Pros and Cons
Betting on parlays have their pros and cons that can make the betting experience more entertaining or risky.
Pros of Parlay Bets
• High-risk, high-reward
• Higher returns than single bets
• Great for free play bonuses
• More exciting
Cons of Parlay Bets
• High-risk, high-reward
• Fixed odds favor the bookies
• Higher chance of dry spells