Online Parlay Bets
When it comes to online sports betting, all top-rated sports betting websites offer punters a range of betting options on each sport or event. These included fixed odds bets, spread betting and tote betting. Sports which have multiple events on a single day or competition will also offer parlay bets. This is a type of multiple bet where punters can dramatically increase their payout by linking multiple bets into a single ticket. In the notes below, we are going to take a look at how parlay bets work and why they are so risky.
Multi Bets and Parlays
A parlay bet is any wager that links together two or more individual wagers into a single ticket in return for a higher payout. Parlay bets are usually most commonly offered with horse racing betting or any form of racing where multiple events take place on a single day. Also known as multi-bets, parlay betting is also offered on sports tournaments with multiple games throughout the week. The reason punters love parlay bets is because each additional bet added to the ticket multiplies the stake by the next.
Online sports betting companies love parlay bets too as they are one of the most difficult bets to place and more often than not result in the punter losing the bet. So how do the bets work? The concept is quite simple, in the case of horse betting, a parlay bet is picking multiple race winners on a single day. As it is picking a single winner is difficult enough, picking two winners is extremely lucky and picking more than three winning is really pushing the envelope. However, if the bet is correct, the payouts can be absolutely huge.
Fixed Odds Parlays
With parlay betting, each single bet is offered at fixed odds. The payout for the bet depends on how many bets are linked into the ticket. All top sports betting sites offer parley bets with either set odds for a single ticket or individual odds on each race multiplied together. In the first instance, the bookmaker will set odds of a double bet at odds of 13:5, a three bet ticket would have a payout of 6:1 while a four bet ticket would increase to 10:1 and a 5 bet parlay ticket would sit at around 20:1.
If the punter successfully picks all five winners, their total stake would be paid out at 20:1. Some sports betting companies multiply individual bets to get to their payout total. For example, if we wanted to place a parlay bet on three races in a day, the bet could look like this.
The first pick is at odd of $1,40, the second pick is at odds of $2.50 and the third pick is sitting at odds of $1.80. If we place a $10 parlay bet on the three races, our winnings would be calculated by multiplying each of the bets together as such: $10 x $1,40 x $2.50 x $1.80. If we were successful, the bet would payout a total of $63.