To continue our post on wager types, we’re moving on from the basics and into the more complex, yet more profitable wager types. The first and most popular of which, are parlay bets. In our guide to parlay bets, you’ll learn what they are, and how they work. After all, most gambling products always offer parlay bets, especially in specific sports like football.
What exactly is a parlay bet? In the simplest of terms, a parlay bet is a sports bet that is made up of multiple straight bets on just one ticket. It can be a combination of spreads and totals, or even the same bet on different games. You can even make wagers from different sports, like betting on a parlay with a MLB game as well as an NBA game. You win the parlay wager if every single bet in the parlay wins. If you lose even one, then the whole bet loses.
A Guide to Parlay Bets: How it Works
Let’s set an example Parlay Bet so you can picture what it will look like in your bookie software. Let’s say that your ticket will have a game between Team A and B, with a spread where Team a is -3.5 and Team B is +3.5. Next is Team C versus D on a moneyline bet. Here, Team C is -180 while Team D is +160. Finally, you have a totals wager between Team E and F. The Over/Under is 47.5.
For this parlay wager, your player will need to bet $100 to win $700. This covers the $100 initial bet, plus the $600 your player wins. There will be times, however, when you will get a Push. This is when the spread or totals you make gets the exact number that you set. So if for example your totals wager is 47 and the game hits 47 exactly, then your players will get their money back. It will also be removed from the parlay since its neither a win or a loss.
Parlay bets carry a bit more risk for bookies, especially if you have a few sharks in your sportsbook. But otherwise, these are very profitable wagers, since it requires perfection from your players’ wagers. This, however, means that you need to be on top of these wagers so you can adjust accordingly, and you keep track of your bankroll. A lot of your sportsbook pay per head services will help you track your wagers and your players, so it should be easier for you to manage your parlays in your online sportsbook.