Do Parlays Pay More?
Do parlays pay more? To answer this question, we need to understand not only what parlay bets are, but also how often parlays hit as well as how the payouts work.
A parlay bet is a single bet on more than one game. Although it’s technically a single bet, the wager strings together multiple bets on different games. The rule with parlays is that all the multiple bets must win in order for you to get a payout.
Now that we have defined what parlays are, we need to understand the different types of parlays, payouts and odds to determine whether these bets pay more.
Types of Parlay Bets
Parlays pay more simply because there is more than one bet on a single ticket. The combination of all these bets increases the odds against you, meaning you get a bigger prize if you win. Remember that all the bets in your parlay need to win, for you to get that payout.
Naturally, this makes parlays risky because just one outcome could ruin your whole bet. However, this is only for a standard parlay bet. There are variations of parlays that allow you to mitigate the risk slightly.
For instance, a teaser parlay is one way to get around needing to win every single bet. But what is a teaser?
Teasers are the most popular parlay bets along with round robins. But a teaser isn’t the only variation of parlays that comes with its own unique pros and cons. Below we have a look at the most popular types of parlays online:
A teaser parlay is the favored parlay because there is no moneyline set by the sportsbook. You adjust the lines yourselves. This bet gives seasoned bettors a better chance at winning because they are set their own betting lines.
Round robin betting is multiple parlay betting at once. Essentially, with a round robin bet, you are parlaying with in a parlay.
Pleasers are the opposite of teasers. In this parlay, the lines favor the sportsbook. However, the odds are adjusted, so that the sportsbook pays you more should your bet win.
Over/Under parlays are parlays that only involve over/under bets where you wager on the total number of the points scored in each game included in the parlay.
Moneyline parlays are parlays featuring only moneyline bets. You are simply stating which team will win each bet without conditions attached to any of the games.
Point spread parlays are quite risky because there are unique point spreads set for several games. Therefore, there are more conditions to be satisfied for your bet to win. Not only do all the teams you bet on have to win but they have to cover the spread. As risky as this bet is, the potential rewards are extremely high.
How Do Parlay Payouts Work?
Parlays involve multiple bets on perhaps more than one game in the same sport, or even different sports altogether. Therefore, if you’re new to betting you may be under the impression that the payout structure is complex.
Not so; when you place your parlay bets, the payout is fixed. As we know the lines and odds for many bets are repeatedly adjusted even minutes before the game start. However, with parlays, the payouts and odds are fixed when you place the bet.
Here’s an example of how a parlay payout works out:
A $20 bet on the following five teams will payout $1003.29
Tennessee Titans -112
Greenbay Packers -106
Philadelphia Eagles -120
Tampa Bay Buccaneers -110
Buffalo Bills -102
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