How to Bet Parlays

Parlays are by far the most popular of the exotic wagers, as they offer the potential for a big payoff from a small wager. Simply stated, a parlay is a collection of a couple teams that you place a wager on and all of them must win in order for you to win your bet. If you place a four team parlay, going 3-1 isn't different than going 0-4. All of your bets must win, or at least tie, for you to win.

There are basic types of parlays, those wagered against the point spread and those wagered against the money line. The payoffs a bettor will receive should they win are a little different in the two. In parlays involving point spreads, the payoff are fixed, while money line parlay payoffs are determined by the odds of each team.

Point Spread Parlays

The odds on a typical parlay involving point spreads, including totals, are generally like this:

• 2 teams 13-5
• 3 teams 6-1
• 4 teams 10-1
• 5 teams 25-1
• 6 teams 40-1
• 7 teams 75-1
• 8 teams 150-1
• 9 teams 300-1
• 10 teams 600-1

This means is that a bettor making a wager on a five-team parlay stands to win $25 for every $1 if all of the games win. That's the primary reason parlays are popular with a number of sports bettors.

Money Line Parlays

Money line parlays don't use fixed odds, because the odds of winning vary greatly from team to team. While a parlay made against the point spread assumes a 50-50 chance for each team of winning, money line parlays do not. The chances of the New York Yankees defeating Kansas City are greater than 50-percent, and as a result, money line parlays are figured kindly different.

In simple terms, money line parlays take the amount of your bet and place all of the money on one team and if that team wins,recalculates your bet amount on the next team, again placing your entire wager on that team.

Bettors should stick with straight bets, as it's difficult enough to pick one winner, let alone two or more games.