How do you make a big parlay bet?

It's easy to make a parlay bet at a sportsbook like DraftKings. Navigate to your desired sport. Select two or more games. Head to your Bet Slip on the right and click “Parlay.” Some books won't even make you take this step, and will list the parlay right below or above single bets. Enter your bet amount and submit.

baltimoresun.com - What is a parlay? How to make a parlay bet - Baltimore Sun

How big can a bonus be?

A company sets aside a predetermined amount; a typical bonus percentage would be 2.5 and 7.5 percent of payroll but sometimes as high as 15...

Last updated Aug 20, 2021

What does 33 1 odds mean?

The 33-1 betting odds probability is a 97.06 per cent probability of a particular outcome and a 2.94 per cent probability of another outcome. The...

Last updated Jul 23, 2019

Make Your Bookie Cry And Pull The Hair By Generating $23,187

Promotion

If you’re the lottery-jackpot seeking type, the standard individual sports bet may not be the thrill you’re looking for. Sure, games can offer plenty of drama, but at the end of the day, winning one bet returns only an amount slightly less than what you bet.

You aren’t playing for singles. You want to hit the home run.

Enter the parlay.

What Is a Parlay?

Definition: A parlay is a wager type in which multiple bets are linked together to create a greater payout. It’s treated as one big bet, so every game within the parlay must win for the bet to win. A sportsbook will give you bigger and bigger payouts for adding more games to your parlay. Example: Say you think both the Packers (+4) and Ravens (-6) will cover their spreads on an NFL Sunday. Instead of risking $10 to individually bet them (and netting close to $19 if they both cover the spread), you can parlay them together and risk $10 for a payout of about 2.65-times your bet.

Here are the possible outcomes of that $10 parlay bet:

Both teams cover: Win ($26.50)

Win ($26.50) Packers cover, Ravens do not: Loss (-$10)

Loss (-$10) Ravens cover, Packers do not: Loss (-$10)

Loss (-$10) Both teams do not cover: Loss ($-10)

As you can see, the only way to win is for both teams to cover, but you are not penalized any more for losing both bets than for losing just one. Rather, the bet is considered a loss as soon as one leg of your parlay has lost. Parlays can also consist of more than two teams, with the same rules applying. If only four teams in a five-team parlay cover, for example, it would be considered a loss, just the same as if only one of the five covered. If all five covered, however, the payout would be awfully high — around +2335 (win $230.35 on a $10 bet).

How to Make a Parlay Bet

It’s easy to make a parlay bet at a sportsbook like DraftKings.

Navigate to your desired sport.

Select two or more games.

Head to your Bet Slip on the right and click “Parlay.” Some books won’t even make you take this step, and will list the parlay right below or above single bets.

Enter your bet amount and submit.

How Do I Calculate a Parlay Payout?

Every sportsbook will calculate potential parlay winnings for you, but if you want to do it yourself, here’s how.

Convert the American odds to decimal odds using our odds converter.

Multiply all the decimal odds together.

Multiply the result of Step 2 by your bet amount.

Subtract your original stake to get the parlay odds.

So if you’re parlaying three point spreads at -110 — -110 converted to decimal odds is 1.91 — your formula looks like:

How long does it take to get addicted to gambling?

The Root of Gambling Addiction Lies in the Brain. No-one starts off with a plan to become a gambling addict. The process of developing a gambling...

Last updated May 16, 2019

Which app can I use to withdraw money from ATM?

Google Pay cardless ATMs Withdraw money at any ATM that has the contactless symbol. Open your Google Pay Wallet. Choose the card you wish to use....

Last updated Aug 1, 2021

Promotion

1.91 x 1.91 x 1.91 = 6.97

6.97 – 1 = 5.97

In American odds, 6.97 is +597, meaning this parlay pays nearly 6-1.

Let’s look at a more complicated example.

You want to bet three heavy favorites on the moneyline in a parlay because you don’t think they’ll all cover the spread, but you think they’ll win the game.

So you bet Ravens -300, Saints -200, and Chiefs -150.

After converting to decimal odds, our formula looks like:

1.333 x 1.5 x 1.667 = 3.33

3.33 – 1 = 2.33

2.33 = +233

So this parlay on the Ravens, Saints and Chiefs to all win pays +233.

Should You Bet Parlays?

Mathematically speaking, it’s usually not a good idea to bet parlays. While the payouts are certainly appealing, they’re not as high as they should be given the true chances of a given parlay winning. The following table illustrates how the chances of winning parlays compares to the payouts received as the number of bets is increased (assume each bet comes at the standard -110 juice and has a 50% chance of winning). Comparing the percentages may not do justice to the difference between the implied and true probabilities at first glance. I mean, the odds of hitting a five-team parlay are only 0.51 percentage points less than what the books are implying … that sounds like nothing. That’s not, however, how the comparison should be read. Instead, consider that the 2.07% probability is implying that the outcome is about 33% (0.51/1.56 = 0.33) more likely than it actually is. A single bet, for comparison, implies the outcome is just 4.8% (2.38/50 = 0.048) more likely than it actually is. And obviously, you’re much more likely to find edges attacking a 4.8% gap than a 33% one. All that aside, however, there’s still something to be said for giving up an edge in exchange for a bit of fun. Parlaying should never be seen as a long-term money-making strategy, because it isn’t, but responsibly parting with a few bucks for a nice thrill and an even nicer potential payout can always provide some entertainment.

Bet Now at DraftKings

Get a $1,000 sign-up bonus when you deposit now at DraftKings.

Tribune Publishing and its partners may earn a commission if you sign up to a wagering platform through one of our links. Check out The Action Network for more expert sports betting information and to find the best online sportsbooks.

Distributed by Tribune Content Agency, LLC.

baltimoresun.com - What is a parlay? How to make a parlay bet - Baltimore Sun

How much money do you need to become a bookie?

around $5,000 to $10,000 So, depending on the size of your clientele, your bookie startup funds may range from around $5,000 to $10,000. You...

Last updated May 8, 2022

What are two jacks called?

Jack-jack. During poker's heyday, some called the double J the John Juanda — a well-known player during the poker boom. Some call the jacks...

Last updated Aug 29, 2022

Promotion

Can you make a living from casino?

The short answer is yes, but becoming a professional gambler is neither easy nor without its financial perils. Gambling for a living invites a...

Last updated Jun 20, 2019

Promotion

How often does the Favourite horse place?

The favourite usually wins a horse racing around 30-35% of the time. And if you were wondering, the second favourite usually wins around 18-21% of...

Last updated Oct 18, 2019