What Is A Parlay Bet?

Parlays are adored by both sports bettors and sportsbooks for different reasons. Bettors are enticed by the appealing payout potential, while sportsbooks appreciate the difficulty of winning parlays.

From 1984 to 2019, the UNLV Center for Gaming Research collected data revealing that Nevada sportsbooks had a win percentage exceeding 30% on parlays, whereas the win percentage for all sports bets combined was approximately 5%.

If Michigan sports bettors do not significantly improve their skills or decide to completely avoid parlay betting, we can expect similar outcomes in this market.

Although parlays are the most profitable bets for Michigan sportsbooks, it doesn’t imply that you cannot win a parlay and relish the substantial payout it offers.

In this article, we will provide you with a comprehensive guide to parlay betting. You will learn the step-by-step process of placing a parlay bet and discover the current odds for the most popular parlays available today.

Parlay betting explained

A parlay bet is a wager that combines multiple bets into one. The payouts on parlays increase significantly, as you must win every bet within the parlay in order to receive any payout.

To put it differently, if a single bet fails, the entire parlay is considered a loss.

Naturally, selecting a single winner is already challenging, let alone multiple winners like two, three, four, or more. This explains why sportsbooks are generous in providing high odds for parlay bets.

Are parlay bets legal in Michigan?

In Michigan, sportsbooks provide the opportunity to wager on parlays encompassing a wide range of sports such as NFL, NBA, MLB, NHL, NCAA basketball, and NCAA football games. Additionally, they offer the flexibility to bet on multi-sport parlays, allowing the inclusion of games from various sports.

Despite the allure of large payouts, it is important to mention that the majority of professional sports bettors refrain from engaging in parlay betting. This is because Michigan sportsbooks offer lower payouts for winning parlays compared to the actual odds of successfully combining multiple betting winners.

However, constructing successful parlays is not an insurmountable task, and parlay betting continues to be a highly favored method of wagering on sports.

Parlay odds

The task of determining parlay odds can pose challenges due to the varying formulas used by different sportsbooks and the wide range of bet types available.

Michigan sportsbooks take into account the existing odds and the likelihood of selecting winners in the parlay’s overall number of games when calculating the potential payout.

Online, you can find a variety of parlay calculators that can provide you with approximate parlay payouts. However, for accurate and exact potential payout details, you will need to consult a Michigan sportsbook.

Once you have placed a parlay bet, the payouts remain unchanged regardless of any line changes that may occur before the games begin. Even if the lines become more favorable, you can create a new parlay with the same bets to potentially increase your payout, while your original parlay and its potential payout remain unaffected.

When betting parlays, it is advisable to compare payouts from different Michigan sportsbooks as they may vary. This task will become more convenient with the launch of online and mobile sportsbooks in Michigan, expected to take place in late 2020 or early 2021.

How to make parlay bets

With the availability of online and sports betting apps, as well as self-service betting kiosks at Michigan retail sportsbooks, betting parlays has become a hassle-free experience.

To begin, simply tap on the sport you wish to place bets on. Then, explore the available betting markets on the screen and tap on the specific bets you desire to include in your parlay.

After locating all the selections, proceed to the parlay section present in the bet slip that is generated instantly. Specify the desired wager amount and observe the potential payout. Double-check the accuracy of all details on the bet slip and then proceed to place the bet.

When placing parlay bets at a ticket window in a retail sportsbook, it involves verbally relaying the necessary details to the cashier and ensuring their accuracy. Alternatively, you can complete a parlay card containing all the relevant information and submit it to the cashier at the window in most Michigan retail sportsbooks.

Online and mobile sportsbooks, as well as self-service betting kiosks, have made parlay betting much simpler and more convenient. They provide the advantage of easily accessing potential payouts for various parlays and adjusting your bets according to your preferences.

Most popular parlays

At Michigan sportsbooks, it is possible to create parlays by combining various standard bets. These parlays can include single-sport or multi-sport options, incorporating moneyline, spread, and even futures bets. However, there is a limitation regarding bets related to the same event. For instance, you cannot combine moneyline and spread bets from a single NFL game.

Take a glance at a few of the parlays that are currently trending.

NFL parlays

NFL parlays are extremely popular among US sports bettors. With the weekly NFL schedule, you have the opportunity to create up to 13-game parlays on nearly every Sunday. By examining the NFL 2020-21 Season Week 1 odds on the FanDuel Sportsbook App, it becomes evident why NFL parlay betting is so widely favored.

Placing four spread bets of $25 each on underdogs for Week 1 could be illustrated as follows:

• The Houston Texans are playing against the Kansas City Chiefs with a point spread of Texans +10 (-115). If you bet $25 on the Texans, you stand to win $21.74.
• In the Arizona Cardinals versus San Francisco 49ers game, the Cardinals are given a handicap of +8.5 points. The odds for this bet are -120, meaning a $25 wager would result in a potential winning of $20.83.
• The Chicago Bears are facing the Detroit Lions with a +2.5 point spread. Betting $25 on the Bears to win would result in a potential profit of $20.83, with odds at -120.
• The Cleveland Browns are playing against the Baltimore Ravens with a spread of +8.5 points. Betting $25 on the Browns at odds of -110 would result in a potential win of $22.73.

If all four bets are successful, your total profit will amount to nearly $90.

On the other hand, if you were to place the same bets on a four-team parlay with that $100, your potential winnings would be over ten times that amount. It’s incredible, but a $100 four-team parlay including these four Week 1 spread bets could yield an astonishing payout of $1,099.64.

NBA parlays

NBA parlays have gained immense popularity, almost rivaling NFL parlays, due to the extensive number of games played during the season. The abundance of games, sometimes reaching up to 12 in a single night, has made parlays an attractive betting option. Analyzing the regular-season NBA game odds further reveals the substantial payout potential of parlays, even if one chooses to bet on the favorites in only two games.

To illustrate, let’s say the Milwaukee Bucks are considered a -310 moneyline favorite against the Atlanta Hawks. If you were to wager $25 on the Bucks at this odds, you would potentially earn a mere $8.06 in addition to receiving your original bet amount.

If you bet $25 on the Detroit Pistons, who are -124 favorites against the Cleveland Cavaliers on the same night, you could potentially win $20.16 along with your initial wager.

If you win both bets, you will make a profit of approximately $28. However, if you combine both bets into a two-team NBA parlay with a $50 wager, you will earn more than double that amount, receiving a payout of $69.46 in addition to your initial bet.

MLB parlays

Just like the NBA, MLB parlays are also highly favored due to their frequent games throughout the season. If one were to select MLB moneyline winners and place a $25 bet on each game, it could potentially yield profits of nearly $75.

• In the Tigers vs. Indians game, the Tigers are favored with odds of -122. Betting $25 on the Tigers would result in a potential profit of $20.49.
• In the matchup between the Phillies and the Mets, the Phillies are favored at +112 odds. Betting $25 on the Phillies would yield a potential win of $28.
• In the Yankees vs. Red Sox game, betting on the Red Sox would yield a +100 odds. A $25 bet on the Red Sox would result in a $25 win.

Despite the same risk involved, combining these three moneyline bets in a three-team $75 MLB parlay has the potential to yield an impressive $503.66.

MLB parlays have gained immense popularity due to their lucrative payouts.

Successful parlay betting tips

Once people are enticed by the attractive potential winnings offered by parlays, they cannot resist taking a chance. However, it is only after they have placed their bets that they come to realize the immense difficulty involved in accurately selecting a single winner, let alone predicting the outcomes of two or more games.

The world continues to rotate and the sportsbooks consistently make profits. However, every year, there is a chance for someone to strike it big by winning a substantial amount of money through a 13-game NFL parlay. And there’s absolutely no reason why that person couldn’t be you.

However, it is those individuals who conduct extensive research in advance and make well-considered, meticulously calculated moves who consistently emerge victorious in parlays.

Here are five parlay betting tips that can assist you in getting started on that journey:

Combine favorites

Typically, significant wagers are required to justify betting on highly favored outcomes. Nevertheless, by combining two favorites in a parlay, you can still make a profit with a smaller investment. This approach allows you to bet on seemingly certain results while reducing the amount of risk involved, making it a favorable option with a decent potential return.

Size down

Although the allure of big odds may tempt you to place a larger bet, it is not always wise to increase your normal bet size for a parlay. Instead, it may be more prudent to reduce your bet size. By wagering smaller amounts on high-paying parlays, the impact of potential losses, which occur frequently, will be less severe. Even with a smaller bet size, the payout from a successful parlay can still provide a satisfying “wow” factor.

Find the hedge

If you play a parlay correctly, you have a high likelihood of being able to hedge against the final leg. This allows you to secure certain winnings or at least your initial bet by adopting a defensive approach, betting against your own selection, and obtaining a form of insurance. By executing it properly, you can construct parlays that inherently offer you the chance to guarantee a profit during the midway point.

Multi-sport parlays

When it comes to betting parlays, the primary goal remains finding the most advantageous bets available. However, the key distinction lies in the need to merge multiple bets together. Opting for multi-sport parlays often proves to be the wisest choice, as expanding your scope across different sports makes it simpler to identify numerous bets that offer genuine value.

Limit the legs

On any given Sunday in the NFL, there are 13 games. However, it is not necessary to include all of them in a single parlay bet. Instead, focus on identifying bets that have value and combine them. If you find only two or three games with favorable odds, it is advisable to limit your parlay to two or three legs. Although smaller parlays may not result in massive payouts like larger ones, they tend to have a higher success rate.

Parlay betting: key takeaways

Parlay betting will remain a highly profitable option for both sportsbooks and sports bettors due to the enticing large payouts it offers. In essence, parlay betting is here to stay.

As the sports betting market in Michigan continues to grow and mature, parlay betting is expected to become one of the most popular forms of wagering. Michigan sportsbooks will profit from this trend, and the occasional tale of a huge parlay win will further enhance the appeal of sports betting in the state. People will be more captivated by the potential for a substantial payout rather than considering the overall implications of sports betting.

Nonetheless, there will also be lucrative opportunities in parlay betting. Skilled handicappers will strategically merge favored outcomes, reduce bet sizes, seek hedging possibilities, and place multi-sport parlays with a restricted number of selections, gradually accumulating modest profits.

Parlay betting in Michigan will continue to thrive as long as sports betting remains in the state, and it is likely to be embraced by all.