Sports Betting and Parlays

Although the basic sports bets are the point spread, moneyline and over/under, the parlay tends to be an extremely popular wager. The reason for this is that parlays seem to offer a very high payout. A three-team parlay pays 6/1 and a five-team parlay offers 24/1 odds. Sound good, doesn’t it?

How the Parlay Works

A parlay involves combing two or more wagers from either the same or from various sports on one ticket. The more wagers on a ticket, the higher the payout. In order for a parlay to payout, you must hit all of your wagers. If you miss one, you lose your cash. That means on a five-game parlay you can hit four straight but lose the last game and end up not collecting one thin dime.

The Parlay Payout

Here’s the parlay payout schedule.

Number of Teams on Parlay Ticket	Parlay Payout
2 Teams	2.6/1
3 Teams	6/1
4 Teams	12/1
5 Teams	24/1
6 Teams	47/1
7 Teams	91/1
8 Teams	175/1
9 Teams	335/1
10 Teams	642/1

What Makes them Attractive?

It’s clear from the chart above that parlays are attractive because of their payout rates. An eight-team parlay pays 175/1, a nine-team parlay is good for 335/1 and a ten-team parlay’s payout is 642/1. Those are amazing odds. But remember that they are amazing odds because those wagers are so difficult, almost impossible, to hit.

The Truth About Parlays

Although some professional sports bettors endorse parlays, especially the three-team parlay, most consider them to be sucker bets. Sucker bets are wagers that are just about impossible to hit because the odds are stacked against you. Don’t try to make a living playing parlays. You’ll become frustrated and see your bankroll quickly become depleted.

If you want to play an occasional parlay with some winnings that’s fine. But remember that the reason they offer such great odds is they are so hard to hit. If you do play parlays, please do so very carefully.