The word parlay literally means to use or develop money or skills, in a way that leads to more success.
In the betting world it refers to a type of sports bet in which you combine multiple individual bets (typically 2-10 bets) into one bet or “card.” Combining the bets gives you higher odds to win, but a bigger reward for winning. The larger the amount of wagers included in your parlay, the larger the payout.
Before we go any further we should say that the sportsbooks LOVE parlays, something we cover in both our secrets the sportsbooks don’t want you to know and our bankroll management videos.
Don’t get me wrong there is NOTHING like getting a big parlay bet up!
But for every big parlay winner there are countless ‘bad luck’ one leg losing stories…
In order for a standard parlay to win EVERY leg needs to win, even if you get 4 from 5 you still lose. The only exception is a ‘push’,or if a match is abandoned. This is a tie between a bettor and a bookmaker where the final score of a game or contest is exactly the same as the point spread, or the total points (combined scores of both teams).
In order to avoid a push, almost all betting lines include a half-point addition on all point spreads and point totals. This half-point addition is also known as a hook, and is what gives the house a distinct advantage over the bettor.
Generally if there is a push in your parlay then that leg is void and you will then get reduced odds with an additional commission for the sportsbook.
Are y’all still with us? Hopefully because this is where we look at Exotic parlays, which is where it gets a little more complicated…
Exotic parlay bets all work the same way, with only the number of bets per multi differing between the bets. For example, If you have 5 selections (let’s call them A, B, C, D & E) you can choose from a Double, Treble or 4 Fold when placing your bet.
The Double will give you 10 individual multi bets each containing 2 legs. The 10 bets cover all possible combinations of your 5 selections in lots of 2.
Place the same bet as a Treble and you will get 10 multi bets, each one of which contains 3 legs. As with the Double, this includes all the possible combinations for 5 selections.
As you have probably gathered by the above explanation, the name of the exotic parlay tells you how many of your selections will be present in each of the parlay bets in the overall bet.
Exotic parlays can contain more than 5 legs too. If you have 10 selections you will still have the option to break the bet down into Doubles, Trebles and so on but the number of bets you’ll receive will increase to make sure that all possible combinations are covered, for instance a 10 leg Treble bet contains 120 three leg multi bets.
Most sportsbooks offer exotic parlays from Doubles (containing 2 legs per multi bet) to 14 Folds (containing 14 legs per multi bet) and everything in-between and will be available for exotic bets with as few as 3 selections and right up to 15 selections.
There is no doubt that parlays are great fun and there really is nothing like one of them landing, however….
When speaking to professional gamblers the one thing that came out is that they back single bets 90% of the time, doubles 5% of the time and trebles 3% of the time. Only 2% of their bets will be accumulators, why? Because they are too risky.
If you are serious about your betting or better still if you employ the services of our experts, parlays will be a footnote in your sports betting journey.
To find out more about the basics of sports betting subscribe to our channel and to find out more about how you can stop seeing sports betting as a gamble and start seeing it as a key investment visit www.bookiebeater.com to register your interest.