Parlay Betting Explained: What Is a Parlay and How Does it Work?
Parlay bets provide the ultimate thrill when wagering on sports. Parlays are a single bet that link two or more individual wagers together to make one bet. If every part of your bet wins, you'll earn a larger payout – just remember that the risk is higher, too. Learn how parlays work and how they can turn any game day into a massive one.
Parlay Meaning: Breaking Down the Basics
A parlay is one bet that is made up of multiple other bets, including moneyline and point spread wagers. Each bet that is part of the parlay is known as a "leg," and you need all legs to win to win your parlay bet. By connecting all of your game bets, you raise the stakes significantly.
Why Are Parlay Bets So Popular?
The popularity of parlay bets on games is tied to what is known as the "multiplier effect." Since multiple bets need to win to make a parlay bet successful, the odds on parlays are much higher, meaning potentially a larger payout. For example, why bet $10 to win $9 on one game, when you can bet $10 total on three different bets to receive $60? Parlay bets are riskier, but they provide the rush of a huge payout if they win.
How to Build a Parlay at TS Sports
Let's go over how to build a parlay bet at TS Sports. First, pick which sports you want to bet on, whether that's the NFL, NBA or something else. Select the type of wagers you want to make, including point spreads, over/under bets or moneyline wagers. Then, combine those wagers on your bet slip for increased odds (and increased risk).
You can Bring Your Own Bet at TS Sports in NY Rec & Social Club! Create a wager on your phone, then head to the counter and we'll scan the QR Code generated on your phone to place your bet.
Understanding Parlay Odds & Payouts
An important thing to remember about parlay bets is that the odds of each leg aren't just added together, they're multiplied. Because every leg must win, the overall probability of success decreases while the payout increases.
Types of Parlay Bets
Same-Game Parlays (SGP)
Same-Game Parlays are a popular way to bet on a single game or event. You can wager on multiple outcomes in one game. For example, you can bet on your football team to win outright, for both teams to hit the over on total points and your favorite player to score a touchdown.
There are increased possibilities when it comes to SGPs. Plus, diehard fans can utilize their knowledge of their favorite team or players to "stack" outcomes they believe are likely to occur. The more you know, the better equipped you are to parlay bets together.
Teasers
Teasers provide a sort of safety net for parlay bettors looking for extra cushion. If one of your legs is on the points spread, you can move the spread in your favor. This provides better odds of your parlay hitting, but for a lower payout.
For example, if Buffalo is -7 to win, a 6-point teaser moves to Buffalo -1, which is more likely to happen. Teasers are popular in NFL parlays and are good for those prioritizing a higher win probability over a massive payout.
You can also buy half points and full points – this is like a tease, but you can change the half-point differently across your selections. In a teaser, all selections made must be the same number. Like teasers, the odds will change to a lesser payout as the advantage is going in favor of the guest.
Combo Bets
For the ultimate hybrid wagering style, consider combo bets. This is when different wager types from different sports are turned into a parlay. You can bet on an NBA moneyline, an NFL point spread and an NHL prop bet – all on a single ticket.
Combo bets refer to the flexibility of mixing different sports and bet types that traditionally are not grouped together.
Round Robins
Round robins are a way to hedge on your parlays. If you have a four-leg parlay, you can automatically create every possible smaller parlay combination. This way, if one of your legs loses, you can still win one of the smaller parlays.
Of course, your four-leg parlay can still hit for a big payout. But round robins, like teasers, are another way to mitigate the risk of losing a parlay.
What Happens if a Game Ties? (How a Push Works)
Occasionally, one leg of your parlay will result in what's known as a "push," which is a tie or draw on the bet. If that happens, that leg of the parlay is removed, and your four-leg parlay becomes a three-leg parlay. Ties aren't great, but you can still win your parlay (for a smaller payout) if that happens.
Parlay Betting Tips
A few things to remember about parlay bets: The maximum legs you can have in a parlay at TS Sports is eight. Consider adding teasers or round robins to provide a safety net on your bet. Most importantly, remember that parlays have higher odds and are less likely to hit than a straight-up point spread bet. Be sure to manage your bankroll, know when to keep your bets simple and have fun.
Experience the Action at TS Sports
Now that you know the basics of parlay bets, you can bet with more confidence. Visit TS Sports at Turning Stone Resort Casino for an exciting atmosphere, friendly staff and a great viewing experience at NY Rec & Social Club.
Remember betting is entertainment. Bet responsibly and never risk more than you can afford to lose.
