Since it began in the 19th century, sports betting has taken the world by storm. Every day, people from all over the world make money from placing bets on sportsbooks.
Also known as accumulator betting, parlays are among the most exciting forms of bets. Parlays are for people who want to make HUGE wins, from smaller investments.
What are Parlays?
A Parlay is a type of sports betting that allows you to string multiple single bets into one big one, thereby significantly increasing your potential payout. There are two types of parlay bets:
1. Traditional Parlays. In this case, every selection in your string of bets should win. Otherwise, you lose everything and come out with nothing.
2. Progressive Parlays allow you win some money, even if some of your selections fail.
How to calculate parlay payouts
Assuming there are three games tonight and you wish to bet on all of them, a total of £150.
- Black Vs White
- Red Vs Blue
- Green Vs Yellow
You have the choice of placing individual bets or stringing the three of them together to make one big bet. Using the payout odds we have assigned below, we will see the difference between individual and accumulator bets.
- Black -110
- Red -110
- Green -110
- White +110
- Blue +110
- Yello +110
If we place individual bets of £50 on Teams Black, Red and Green and they all win, we will make £45.45 on each, which amounts to £136.35
If we place a Parlay bet, with the same odds and results, we will make a profit of £893.69!
Name of Parlay bets
The first accumulator bet must consist of two predictions and is called a double. A parlay that consists of three selections is called a treble. From then onwards, the name of the accumulator bet corresponds with the number of selections.
Advantages of Accumulator betting
- If you manage to win a parlay, the payout will be several times higher than in individual bets. Since the risks are higher, sportsbooks calculate payouts for accumulator bets to favour whoever wins in all games.
- You get major bragging rights if you do win. Parlay bets are thrilling and extra difficult to win. Plus the amount won in the accumulator bet is usually big enough to make you appear in some news.
Disadvantages of accumulator bets
By now, the main con of parlay bets is pretty obvious. Assuming that you placed £50 on 10 games as one bet in a traditional parlay and you win 14 but lose 1, you will lose your £50 and go home with nothing.
Beginners and better with a gambling mindset do not receive much success from parlays because they do not have a practical understanding of risks and odds. By the time they realise that the big payout comes with skill and precision, they are already out of bankroll.
Important things to note about accumulator bets
At first, you might think that parlays must have different odds. However, the payouts are just the same as individual bets. Do not be confused, what we mean is, the payouts in a parlay are correct, for the odds of the games. Technically, it is challenging to win three games in a row, that is why the payouts are significantly higher.
For example:
Using our earlier example ( Black, Red and Green teams), we will prove that parlays are calculated at true odds.
- Black -110
- Red -110
- Green -110
If we convert the odds into decimal points, we get 1.91. To get the odds of a parlay bet, we have to multiply all the odds.
1.91 x 1.91x 1.91 = 6.967
If we use our initial bet of £150 and odds of 6.967, we receive £1045.05. After subtracting the £150 investment, our profit is £895.05. Our example proves that sportsbook does not put in more money in accumulator bets.
Tips to help you win accumulator bets
- Ensure that you know your sport and teams well.
- The fewer selections you make, the better.
- Shop around for different bookmakers.
- If you can find a sportsbook that offers progressive Parlays, bet on it.
- Before placing a bet, ensure that you are well informed about the different markets.
- Do not bet with your emotions.
Remember, you must be able to calculate parlay odds, in addition to all the tips we have given you.