Parlay Betting  how does
parlay bets work explained
The majority of people
betting on sports go with the straight bet, but the parlay
betting could offer many benefits and should not be shun.
Before we get to the meat of it, let's briefly look at what
is "parlay betting" and explain how it works. Most of the
bettors are quite familiar with the straight bet, that is a
single bet on the outcome of a sporting even. An example of
straight bet is the point spread on a football game. You
only win if the team you bet on covers the spread and you
win according to the odds.
What the parlay bet
offers you is to drastically increase your payout odds,
while increasing the risk you take, as well. In its
essence a parlay bet is a wager on two or more different
events and the bettor wins only when all wagers are winners.
There are different forms of parlay bets that would allow
you to win even if one or more of the bets in the parlay are
losers, but we will focus solely on the regular parlay in
this article.
The major benefit of
going with a parlay bet instead of straight bet is the
chance to increase your winnings significantly. This is
because the payout of the parlay bet is calculated by
multiplying the odds of each individual bet in the parlay
and the final result is multiplied by your wager. Let's look
at an example and you'd be able to instantly see how much
more money one could win by placing a parlay instead of
straight bet. For this example we will use decimal odds,
instead of American odds, as the decimal odds are much
easier to calculate in a parlay. Don't worry, every
sportsbook has the option to display the odds in decimal
form and if you are going to place a parlay bet we advise
you to switch the odds display to decimal to make it easier
to calculate your possible payout.
Back to the example of
parlay betting. Let's say we have decided to place a parlay
bet on three basketball games. All the bets are on the
over/under outcome of the three NBA games and we have
decided that they all will be "over" the total. Let's say
that the odds on the first game to go over the total are
1.91 (or 110), the second game 1.87 (115) and the third
game 1.95 (105). As we mentioned earlier, the payout of a
parlay bet is calculated by multiplying the odds of each
game and then multiplying the total by the amount wagered.
So in this case, if we bet $100 on the above parlay wager,
the payout would be calculated as follows:
1.91x1.87x1.95x100=$696.4, so the payout on this parlay bet
would be roughly around $696 while risking $100, thus the
actual winnings are $596 (since we risked $100 out of our
pocket). On the other side, if you were to risk $100 on
every single game as a single bet instead, your payout would
be calculated as follows: 191+187+195=573, but we would have
wagered $300, which after we subtract from the total payout
of $573 leaves us with just $273 in actual winnings.
It's obvious that if we
went with the single bet on the three basketball games we
not only wagered 3 times the amount, as compared to the
parlay, but we won barely half the winnings we would've
gotten with a parlay of only $100.
So where is the parlay
betting catch? Simple  you must win all the bets in the
parlay in order to collect. In other words, if we use the
previous basketball parlay as an example, you must guess all
three games correctly to win. If one of the games finished
as "under", you would've lost your bet. Naturally the risk
is higher with the parlay but the winnings are much, much
bigger. 



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