Betting 101: Parlay
A parlay is a bet combining multiple games. All bets, known as “legs,” have to hit in order to win. In a parlay, the dollar amount bet is small and the payout is large. As more legs are added to the parlay, the odds increase in value. However, winning multiple bets at the same time is extremely difficult.
Risk Overview: The best sports bettors in the world are successful in singular bets around 55% of the time. It’s a hard gig. Trying to hit more than one bet, at the same time, where one loss loses the entire parlay, is an even more extremely difficult task. Always be careful when attempting to bet a parlay and never wager more than you are willing to lose.
Leg: Each individual bet in parlay or teaser is known as a leg.
Odds Adjustment: When betting a parlay, the odds jump in your favor.
Ex. Let’s say the Hawks are -175 on the moneyline vs. the Bulls and the Lakers are-200 on the moneyline vs. the Mavericks. Wagering on either the Hawks or Lakers wouldn’t net much profit because both teams are favored. However, if you place the Hawks moneyline in a parlay with the Lakers moneyline, the odds increase to +135, making a betting win much more profitable.
Bet $100 on the Hawks moneyline to win $57.14
Bet $100 on the Lakers moneyline to win $50
Bet $100 on Hawks/Lakers moneyline parlay to win $135
Hedge: A hedge bet is a strategy that involves placing a bet that is placed directly opposing a previous bet.
Sometimes when the first legs of a parlay are successful and one or more outcomes are still undecided, a hedge can be played. This is where the bettor places a second bet that directly opposes one of the original parlay legs. This lessens the value of the original parlay’s profit, but guarantees a small profit regardless of outcome.
Ex. You have placed a three-team moneyline parlay for $100 at +600 odds. You stand to profit $600 from that parlay. The first two teams have won their games and the final leg of your parlay is about to start.
The final leg of your parlay is the Lakers moneyline, originally priced at -200 odds. Their opponent, the Mavericks have +200 odds on their moneyline. You hedge your original parlay by placing $100 on the Mavs moneyline. You stand to profit $200 from your hedge
If the Lakers win, you profit $500 total dollars ($600 original parlay winnings minus $100 Dallas moneyline losses).If the Mavericks win, you profit $100 total dollars ($200 Dallas moneyline winnings minus $100 original parlay losses).
Same Game Parlay: A same game parlay is a combination bet where all the legs of a parlay take place in the same game. This can involve the point spread, point total, moneyline and various team/player props