Parlays stand out as the most enticing exotic wagers, luring bettors with the prospect of substantial returns from minimal investments. In essence, a parlay consists of multiple sides or totals on which you bet. For a successful parlay, every selection must win; if even one loses, the entire bet is lost. For instance, in a four-team parlay, a 3-1 outcome is just as detrimental as an 0-4 outcome.
Parlays can be categorized based on the point spread or the money line.
The returns on point spread parlays are fixed, while money line parlays vary based on each team’s odds.
Point Spread Parlays
Typical odds for point spread parlays, which also include totals, might look like:
- 2 teams 13-5
- 3 teams 6-1
- 4 teams 10-1
- 5 teams 25-1
- 6 teams 40-1
- 7 teams 75-1
- 8 teams 150-1
- 9 teams 300-1
- 10 teams 600-1
For instance, a bettor staking $1 on a five-team parlay could potentially win $25 if all their selections are correct. This high reward potential for a modest bet is what makes parlays appealing to many sports enthusiasts.
Money Line Parlays
Unlike point spread parlays that have fixed odds, money line parlays depend on the winning probabilities of the selected teams. For instance, the New York Yankees beating Kansas City might have odds suggesting they have more than a 50% chance of winning.
To simplify, in money line parlays, your bet is entirely placed on one team. If that team wins, the next team’s bet is recalculated based on the previous win.
Consider a bettor opting for the Los Angeles Dodgers at +160 and the Chicago Cubs at -130 with a $10 stake. If the Dodgers win, the return is $26, which is then placed on the Cubs. If the Cubs also prevail, the initial $10 investment grows to $46, a more significant profit than a similar point spread parlay.
Should You Bet on Parlays?
While parlays might seem attractive, they’re not always the best choice, especially when involving point spreads or totals. The payout odds often don’t match the actual odds. For instance, the real odds for a three-team point spread parlay are 7-1, but you might only get 6-1. This disparity grows with more teams. A 10-team point spread parlay has real odds of 1,023-1, but typical payouts are around 600-1.
However, money line parlay payouts depend on the game’s odds, so they don’t inherently have the same disadvantage.
Generally, when betting against point spreads or totals, straight bets are advisable. Predicting one winner is challenging enough, let alone multiple.