Both sports bettors and sportsbooks seem to love parlays. The former because parlay paydays are so attractive and the latter because parlays are so hard to win.
To win the parlay, you have to win both bets. However, a parlay can still win if a game is tied or canceled. For instance, on a two-team parlay, a tie and a win would produce a straight wager payout. On a three-team parlay, a tie and two wins would produce a winning two-team parlay payout. An NBA parlay bet is a single NBA wager with multiple selections, each selection must-win for the bet to cash, but the odds of each selection are multiplied to offer much bigger odds. You can combine a variety of NBA picks from different markets if you choose to form an NBA parlay, from Moneyline picks to spreads and totals. Parlay Tips A parlay bet is a selection of two or more wagering outcomes where the payout increases with the number of teams chosen. The more teams you choose, the better the payout. You can combine different sports while using either.
According to data compiled by the UNLV Center For Gaming Research from 1984 to 2019, the win percentage Nevada sportsbooks enjoyed on parlays was over 30%, compared to around 5% for all sports bets combined.
Unless Michigan sports bettors prove infinitely sharper or choose to avoid parlay betting altogether, similar numbers should come out of this market.
Parlays are the most profitable bets for Michigan sportsbooks. That doesn’t mean you can’t win a parlay and enjoy the big payday it provides though.
Here’s a detailed explanation of parlay betting, to how you can place a parlay bet, and some of the odds on today’s most popular parlays.
Parlay betting explained
A parlay bet essentially combines two or more bets into one wager. The payouts increase exponentially on parlays because you have to win every bet, or leg, that is part of the parlay for it to pay anything at all.
In other words, if one bet loses, the entire parlay loses.
Of course, it’s hard enough to pick one winner, let alone two, three, four, or more, which is why sportsbooks are willing to offer such big odds on parlay bets.
Are parlay bets legal in Michigan?
Michigan sportsbooks will allow you to bet on parlays involving all kinds of sports, including NFL, NBA, MLB, NHL, NCAA basketball, and NCAA football games. They’ll also let you bet multi-sport parlays combining games from different sports.
However, it’s worth noting that most professional sports bettors avoid parlay betting despite the attractive nature of the big payouts involved. Michigan sportsbooks pay out less on winning parlays than the true odds of stringing together multiple betting winners.
But putting together winning parlays is not impossible, and parlay betting remains one of the most popular ways to bet on sports.
Parlay odds
Calculating parlay odds can be difficult because different sportsbooks employ different formulas, and the types of bets can vary so greatly.
What we do know is that Michigan sportsbooks consider both the currently posted odds on the individual bets and the probability of picking winners in the number of games that are part of the parlay to determine a potential payout.
You will be able to find various parlay calculators online that can give you close estimates on parlay payouts, but you’ll have to check with a Michigan sportsbook for precise potential payout information.
Parlay payouts are fixed at the time you place the bet. Even if the line changes for one or more of the games in your parlay ahead of the start, your parlay payout won’t. If the lines change in your favor you can always put together a new parlay with the same bets and an improved potential payout, but your original parlay, and its potential payout, still stands.
One Michigan sportsbook may offer a different payout for the same parlay as another, so it’s a good idea to shop around when betting parlays. Of course, this process will be made much easier when Michigan online and mobile sportsbooks go live in late 2020 or early 2021.
How to make parlay bets
Betting parlays is easy with online and sports betting apps and self-service betting kiosks at Michigan retail sportsbooks.
For the most part, you tap the screen on the sport you’re interested in betting on, browse through the betting markets, and tap on the bets you want to make a part of your parlay.
Once you’ve found them all, look for the parlay section on the instantly-created bet slip and fill in the amount you wish to wager. A potential payout will be displayed. Verify that all the information on the bet slip is correct and submit the bet.
Betting parlays at a ticket window in a retail sportsbook is all about conveying that same information to the cashier verbally and confirming. You can also fill out a parlay card with all your parlay information and hand it to a cashier at the window at most Michigan retail sportsbooks.
Parlay betting is infinitely easier and more convenient with online and mobile sportsbooks and self-service betting kiosks. Both allow you to see the potential payouts for a variety of different parlays and modify the bet as you see fit.
Most popular parlays
You can combine all kinds of standard bets into a parlay at Michigan sportsbooks. You can put together single-sport or multi-sport parlays with legs that include everything from moneyline, spread, and even futures bets. The one restriction is on bets involving the same event, which means you can’t combine moneyline and spread bets from the same NFL game, for example.
Here’s a look at some of the most popular parlays:
NFL parlays
NFL parlays are the most popular in US sports betting. The weekly NFL schedule allows you to make up to 13-game parlays almost every single Sunday. Taking a look at the NFL 2020-21 Season Week 1 odds atFanDuel Sportsbook App you can easily see what makes NFL parlay betting so popular.
Making four Week 1 $25 spread bets on a series of underdogs might look like this:
- Houston Texans at Kansas City Chiefs: Texans +10 (-115) – $25 to win $21.74
- Arizona Cardinals at San Francisco 49ers: Cardinals +8.5 (-120) – $25 to win $20.83
- Chicago Bears at Detroit Lions: Bears +2.5 (-120) – $25 to win $20.83
- Cleveland Browns at Baltimore Ravens: Browns +8.5 (-110) – $25 to win $22.73
If all four bets win, you’ll make almost $90 in profits.
However, if you took that same $100 and put it on a four-team parlay involving the same bets you would stand to win more than ten times that. That’s right, the potential payout for a $100 four-team parlay involving these four Week 1 spread bets is a whopping $1,099.64.
NBA parlays
With so many games held throughout the season, including up to 12 a night at some points, NBA parlays are almost as popular as NFL parlays. Looking at some regular-season NBA game odds shows you how much more parlays pay than individual bets, even if you’re betting the favorites in just two games.
For example, the Milwaukee Bucks might be a -310 moneyline favorite over the Atlanta Hawks. Put $25 on the Bucks at that price and you stand to win just $8.06 plus your bet back.
On the same night, the Detroit Pistons might be -124 favorites over the Cleveland Cavaliers. Put $25 on the Pistons at that price and you stand to win $20.16 plus your bet back.
Winning both bets will get you about $28 in profit, but combining both bets into a $50 two-team NBA parlay will get you more than double that, paying $69.46 plus your $50 bet back.
MLB parlays
Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. Picking MLB moneyline winners and betting $25 on each in the following games might lead to close to $75 in profits:
- Tigers vs. Indians: Tigers -122 – $25 to win $20.49
- Phillies vs. Mets: Phillies +112 – $25 to win $28
- Yankees vs. Red Sox: Red Sox +100 – $25 to win $25
However, putting these three moneyline bets together as a part of a three-team $75 MLB parlay could earn you a whopping $503.66, even though you’d be risking the same amount of money.
With payouts like that it’s easy to see why MLB parlays are so popular.
Successful parlay betting tips
People see the potential payouts for parlays and can’t help but fire away. It’s only later they realize how hard it is to pick just one winner, let alone the winner of two or more games.
The world keeps turning and the sportsbooks stay profitable. Still, someone is bound to hit a massive 13-game NFL parlay for big bucks every year, and there’s no reason it can’t be you.
That said, it’s those who do a ton of research beforehand and make well thought out and carefully calculated plays that win parlays regularly.
These five parlay betting tips may help set you on that path:
Combine favorites
You normally have to put some pretty big bets down to make big favorites worth your time. However, you can make a profit with a smaller stake if you put two favorites together as a part of a parlay. This is a great way to bet the (no such thing as a) sure thing and get a decent return while risking a little less than you might normally have to.
Size down
Big odds might make you want to bet big, but increasing your normal bet size for a parlay isn’t always the wise move. Sizing down may be the prudent play. Bet big-paying parlays smaller and it won’t hurt too much when they lose, which happens more often than not. The payday on the right parlay will still offer a bit of that “wow” factor even with small bet size.
Find the hedge
Play a parlay correctly and there’s a good chance you’ll be able to hedge against the last leg. This means locking up some guaranteed winnings or at least your original stake by playing a little defense, betting against yourself, and taking out somewhat of an insurance policy. If you’re doing it right, you’ll be putting together parlays that naturally provide you the opportunity to lock in some profit midway through.
Multi-sport parlays
Betting parlays is still about finding the best value bets on the board. The big difference is you have to combine several bets. Multi-sport parlays are very often your best bet because it’s easier to find multiple bets with real value when you broaden your sporting horizons.
Limit the legs
There are 13 games on any given Sunday in the NFL, but that doesn’t mean you have to bet them all in the same parlay. Look for bets that offer value and combine them. If that’s only two or three games, limit your parlay to two or three legs. Smaller parlays don’t offer the massive paydays the larger one does, but they win more often.
Bet Types
Parlay betting: key takeaways
Parlays will continue to be among the most profitable bets for sportsbooks and sports bettors will remain attracted to the big payouts they often offer. In other words, parlay betting isn’t going anywhere.
It will be among the most popular types of sports betting in Michigan even as the market grows and matures Michigan sportsbooks will make money off parlay betting and the odd story about a massive parlay win will only add to sports betting allure here in the state. People will pay more attention to the big payday than the big picture.
However, there will be profitable parlay betting as well. Expert handicappers will combine favorites, size down bets, look for hedging opportunities, and bet multi-sport parlays with a limited number of legs, eking out small gains.
As long as there is sports betting in Michigan there will be parlay betting in Michigan and everyone will love it.
- Don’t be afraid. Be ambitious.
- Choose a parlay time span that suits you.
- Avoid the points spread.
- Expand your parlay horizons, Include multiple sports.
- Look for a hedge opportunity
- Use free bets
- The home underdog
- Combining two favourites
- The ‘Double Dog’ parlay
- Keep bet size under control
- Use a system bet
- The overnight parlay
- Actively search out bookmakers promotions
- Use multiple online accounts
1. Don’t Be Afraid. Be ambitious.
Parlays are a wonderful way to turn a small stake into a juicy bank boosting payout. Be ambitious, swing for the fence, this is not a time to be conservative. This is the time to link together some of those ‘gut feel’ wagers’ that you might otherwise not be eager to stake a full unit or even multiple units on.
The small stake multiplying through to large payout odds works in your favor here. Double figure odds are par for the course. This is how successful parlay bettors turn a 10 – 1 half unit parlay into a 5 unit betting bank booster.
Landing a big parlay not only kicks your account balance along but it gives you bragging rights over your buddies for weeks. Heck even the bad beats that go oh so close can be worn as a badge of honor.
Fortune favors the brave!
2. Choose a Parlay Time Span That Suits You.
A parlay by nature does not payout until all legs are settled. The time it takes for this to occur should really meet your needs as a gambler. If you are not comfortable with your stake being tied up for a long period of time then ensure your parlay legs all conclude at a similar time or at least on the same day.
The opportunity cost of having you stake locked into a multi day, week or even month long parlay can be expensive. This is magnified when several legs have already come through for you and your stake may have already triple or quadruple bagged but you can’t access that money till a final leg plays out. Even a hedge, while guaranteeing a result, will still cost you another portion of your capital.
On the flipside you may be a gambler who loves to milk maximum entertainment from your parlay, and in this case, you may like to string it out across an entire weekend or even season. Futures markets are your friend. Having your stake spoken for over a long period let’s you soak up the anticipation and affords you the chance to enjoy the prospect of a potential big win, perhaps dreaming of how you will spend it or reinvest it!
Each to their own, but be sure to build a parlay that fits your time frame.
3. Avoid the Point Spread
The cardinal sin for all recreational punters is the parlay that groups together points spread (handicap) wagers. At first glance this seems like a wonderful way to land yourself some juicy odds, after all, three bets ATS (against the spread) multiply to just shy of 7-1. Surely a great bet? Wrong!
The true odds for this 3 leg parlay are actually 8-1 given that each individual leg is a 50/50 chance of landing. No wonder sportsbooks actively promote the points spread parlay!
The only caveat to the poor value of the point spread parlay is if the bettor firmly believes they have found games where the sportsbooks have the handicap wrong. This is possible but beware you are taking on the pros. It is better in this case to bet on each outcome outright as opposed to the parlay.
For a comprehensive look into the points spread parlay click here.
4. Expand Your Parlay Horizons, Include Multiple Sports.
The best value bets often don’t congregate in the one sport. Bookmakers encourage betters to keep their picks to one sport as finding value across multiple matches in the one league is a difficult task. With a wider variety of options available to the better, value will be easier to find. A key ingredient in to successful parlay strategy.
Expand your parlay horizons in the following way:
- Broaden your search to multiple sports,
- Create a short list of possible value picks
- Decide on the length of your parlay
- Narrow down short list to suit
- Load up!
5. Look for a Hedge Opportunity
One of the wonderful opportunities afforded by a well placed parlay is the chance to hedge against the last leg should the earlier legs have already landed. A hedge will give you guaranteed winnings or at the very least safeguard your stake. One of the best ways to ensure you don’t blow your account up is to play defense.
Hedging is not negative play and it does not demonstrate a lack of confidence in your original bet. It is simply playing the numbers and buying some insurance. All experienced bettors know that fate can, and often will intervene at inopportune times. An injury to a key player here, a horrible call from a referee there and your parlay can come crashing down.
Lock some profit in, kick back, and watch the game, or better still start researching your next parlay!
6. Use Free Bets
Many online sports books reward clients for loyalty, making deposits, regular betting or for wagering on promotional markets in the form of bonus or free bets. The issue with these is that as the bettor, you only receive the profit from your free bet and not the original stake. For example in the case of a $10 free bet, if you were to wager on a -110 moneyline favourite and they win, you will only receive $9.20 as a payout. The $10 free bet acting as your original stake is not returned. Doesn’t seem very exciting.
The solution; use your free bets on parlays. This way you can take a shot at a combination of wagers that deliver you final odds much more enticing than an uninspiring favourite.
For example a $10 bet on a parlay offering odds of 9 – 1 will see your eventual payout being $80. That is the usual payout of $90 less the free bet stake of $10, leaving you with $80.
7. The Home Underdog
Home field advantage is an amazing thing in the world of sports. Teams seem to grow an extra leg when they run out in front of their families and legion of faithful fans. Unique weather conditions, stadium layouts, home cooking and the chance to sleep in their own bed without question motivates athletes. That overconfident star studded visiting team may just find themselves in an ambush.
It is for these reasons that home underdogs (pick and choose carefully) are always worth consideration in a parlay. The underdog status carries with it a powerful odds multiplying effect. Just the thing every well played parlay needs. You could expect a home underdog to be paying well above 2 – 1 odds, essentially at the very least doubling the parlay total odds.
8. Combining Two Favorites
Loading up on a big favorite is always a temptation for the online sports bettor. A quick in and out to bank some profit to boost your account. The issue here is normally the gambler has to wager quite a large stake to see any significant return. Not always the best idea for long term success. One run of losses and your account balance cops a beat down.
This is where the favourites parlay double comes in handy. Find two carefully chosen favorites, bundle them together into a parlay and let your stake and profit from the first win ride into the second leg. The end result is a much smaller stake at risk but still an excellent return.
For example the NBA parlay below sees two strong home favourites combine together to make a solid bet at decimal odds of 1.82. Nice return.
9. The Double Dog Parlay
An underrated but powerful parlay is the underdog double. By carefully scanning available markets and choosing two value underdogs and sneaking them into a double you will be staring down odds of +400 (Decimal odds 5.00) or better without too much trouble.
Many a gambler has a story of a 4 or 5 leg parlay of strong favorites offering combined odds of about 3 to 1. The first four legs roll on and win easily and sure enough the last one has ‘one of those days’ and gets beaten by a heavy underdog. You in turn do your dough and are left asking the question, if only I had wagered on that dog.
In many ways the double underdog parlay represents considerably more value that bundle of favourites. Major League Baseball and the NBA throw up double underdog winners seemingly on a daily basis.
10. Keep Bet Size Under Control
Juicy odds can sometimes blind a gambler. Even before the parlay has been placed the blinded bettor is already doing the math and dreaming of a tsunami of cash. Self talk can creep in and soon the bettor has convinced themself that an increase in bet size is the clever move here. More often than not the simple answer is it isn’t.
Just like the golfer, who wants to hit the ball further, maintains the same swing but changes the club to not upset their rhythm,so it is with the successful parlay bettor. If it is big payout they are chasing, the stake remains the same, but the parlay becomes more elaborate. That way if the parlay loses (which happens regularly) the bettor has not be taken to the cleaners but blowing an oversized stake.
11. Use a Parlay System Bet
A parlay system bet builds into the bet some insurance in case one leg fails. It actually gives you multiple winning combinations and there is plenty to like about that!
There are many systems available to choose from and they are based around the amount of legs within your parlay and are typically available on parlays of between 2 and 8 legs. A great example is a ‘yankee’ which called into action on a 4 option parlay. When placing ‘yankee’ instead of one bet you in actual fact are placing 11 separate bets across which your stake is divided evenly.
Instead of one four leg parlay the yankee looks like this:
- 1 four-fold
- 4 trebles
- 6 doubles
Depending on the odds of each individual leg you may be able to cover your original stake with just two legs landing.
For more a more comprehensive breakdown of all the system bets available click here.
12. The Overnight Parlay
The overnight parlay is a rarely spoken about use of the humble combination wager. It is essentially where a bettor loads up a parlay that will result while they are sleeping. It is often used as an attempt to build a bank for the next days local action. More often than not it is placed on sports played abroad, where the time zone differences are used to the bettor’s advantage.
Time zones in Asia, Australia and Europe are suited to the US sports bettor. These markets also have established sports betting communities and as a result thousands of markets are on offer. A small amount of knowledge on some overseas sports can have you earning while snoozing. What a great combination!
Parlay Betting Tips
13. Actively Search Out Bookmaker Promotions.
Sportsbooks constantly offer excellent promotions on parlay betting. They know that a poorly placed parlay is loaded in their favor and do their best to encourage more action on these types of bets. This presents a rich vein of opportunity for the bettor and you need to go after it!
Nba Parlay Tips
Some classic promotions to look out for:
- Free Bet matching the stake if the parlay loses by one option. (usually capped at a certain figure eg $25)
- A daily odds boost on your first parlay (invariably about 5% boost).
- A promotional odds boost on parlays that meet certain conditions (eg. 50% extra on 4+ legs NBA parlay)
- Percentage of your stake returned on losing parlays (eg 20%) if certain conditions are met. (eg 4+ legs all on Major League Baseball)
14. Use Multiple Online Accounts
Mix Parlay Tips Today
Multiple online accounts is a sophisticated way to take advantage of the sportsbooks parlay promotional markets. While the obvious disadvantage of owning more than one account is that it makes it much more difficult to keep track of your betting history (clearly this can be dangerous), its upside is that you can lock in on any promotional parlay in the marketplace.
Parlay Tips Football
Often the books are running concurrent parlay promotions but on differing sports. For example in the month of April one book’s promotion may be targeting major league baseball while others may be focused on the NBA playoffs. Owning accounts at both books means you can hit both promotions. Consistently winning is difficult so any way to improve your chances should be jumped at!