Round Robins: A round robin bet breaks down multi-game parlays into a series of smaller parlays.

if the spreads are Panthers +1.5 vs the Green Bay Packers and Atlanta Falcons +5 vs the Dallas Cowboys, a two team teaser would be Panthers +7.5 and Falcons +11 In football a typical two team teasers moves each leg by 6 points, e.g.

Teasers: These move the points on each leg.

Many different bet types fall under the category of parlays

Throw in a Carolina Hurricanes total and you get a three team parlay. A Carolina Panthers moneyline combined with a Charlotte Bobcats point spread is a perfectly legal two team parlay. They can also include bets from different sports. The legs within the parlay can combine different types of wagers, such as a moneyline bet paired with wagers on point spreads. In order to cash on a parlay, each individual bet must win. Instead, consider that the 2.07% probability is implying that the outcome is about 33% (0.51/1.56 = 0.33) more likely than it actually is.Ī single bet, for comparison, implies the outcome is just 4.8% (2.38/50 = 0.048) more likely than it actually is.Īnd obviously, you’re much more likely to find edges attacking a 4.8% gap than a 33% one.Parlay bets are wagers that combine at least two separate bets or “legs” into one wager. That’s not, however, how the comparison should be read. I mean, the odds of hitting a five-team parlay are only 0.51 percentage points less than what the books are implying … that sounds like nothing. The following table illustrates how the chances of winning parlays compares to the payouts received as the number of bets is increased (assume each bet comes at the standard -110 juice and has a 50% chance of winning).Ĭomparing the percentages may not do justice to the difference between the implied and true probabilities at first glance. While the payouts are certainly appealing, they’re not as high as they should be given the true chances of a given parlay winning. Mathematically speaking, it’s usually not a good idea to bet parlays.

What is a parlay bet in sports