What is a Parlay Bet?

Has your buddy ever made a bet, and then bragged the next day about the fact that he correctly picked the winners in 4 different games? If so, he's bragging about hitting a 4 team parlay. Parlays are considered "exotic" bets by most sportsbooks, because they face long odds and don't favor the player. You can place a parlay bet on any combination of games or teams allowed by your sportsbook. Most sportsbooks allow parlay bets on between 2-15 games.

Definition of a Parlay Bet: A Parlay Bet is a wager placed on the result of 2 or more different games, in which the player must pick the winner of each game. If the player loses on any of the games he bets, the entire parley bet fails. The odds of Parlay bets favor the sportsbook, especially with parlay bets on 4 or more games.

Parlay Bet Example:

The Red Wings are playing the Ducks, and the Rangers are facing the Bruins. You believe that the Red Wings will win their game, and the Rangers will beat the Bruins. Therefore, you can place a parlay bet on these two games, choosing both the Red Wings and Rangers as the winners. If either the Rangers or Bruins lose, or they BOTH lose, your bet loses. If, however, both teams win, you win your parlay. Many sportsbooks allow players to bet on up to 15 different games. Check your sportsbook wagering guide for further details.

Thoughts on Parlay Bets:

1. Know the odds you're facing when you make a parlay bet by checking your sportsbook's parlay card. A parlay card lists the odds and payoffs for each number of teams you want to bet on. Additionally, the parlay card may have rules and restrictions that you must inherently accept if you make a parlay bet. For example, some sportsbooks cap parlay bet wins at $150,000 USD. So, even if you hit a 15 team parlay totaling $250,000 in winnings, your acceptance of the sportsbook's parlay card policies would mean that you could only claim $150,000 USD.

2. Parlay bets are exciting because you can win a lot of money in one bet. One has to remember, however, that the odds of winning a parlay bets are heavily stacked against the player. Another way to think about it is to look at the payoff for a particular number of teams you want to bet. If, for example, a 12 team parlay pays 650 to 1, imagine trying to pick one gold colored ball out of a bag of 650 white balls. Your chances of grabbing the correct ball are slim, and therefore, so are your chances of picking 12 winners. This doesn't mean it won't happen (because people win parlays all the time) it just means that the chances are remote.

3. It might make sense to place parlay bets on smaller numbers of teams, say 4 teams or less. In this case, you have a shot at making some money without bearing the huge risk of a 12, 13,14, or 15 team parlay bet. Four teams or less is generally a good number, especially during sports playoff seasons, when events like the AFC and NFC championship occur ( a possible 2 team parlay bet ) or NCAA elite 8 occur ( a possible 4 team parlay bet ). More commonly, the March Madness Final Four is a great 2 team parlay bet.

4. Suppose you just won a big parlay bet, with more than $10,000 in winnings. If you're playing at a reputable sportsbook, don't worry, you will get paid: it may just take some extra time. This is standard operating procedure for both casinos and sportsbooks. Any time someone makes a big win, they let the money sit for a bit to let the player place more bets with their winnings, in hopes that they will eventually lose the money back to the house. Players that win big parlays almost always bet big parlays again, and almost always lose their winnings. If you hold out for your cash payout, allow up to 10 days for the sportsbook to send you a check or transfer funds to your e-wallet service. Sportsbooks are in business because they keep money, not give it away, so have patience.

5. Always call or write your sportbook's customer service center if you have questions about parlays, mostly because its likely that you will lose your bet, especially if you're betting on more than 4 teams. There's nothing worse than losing a lot of money because you didn't understand the rules surrounding your wager, so always read up first: it can mean the difference between a great payoff or a miserable loss. Sportsbooks don't return your money if you make a mistake betting a parlay, because they have to tolerate the remote possibility of paying out a huge sum of money if you win. Therefore, read your sportsbook's parlay card and wagering rules carefully.