Key Advantages and Disadvantages of Parlay Betting

Parlay betting, also known as accumulator or mix parlay, is a popular term in soccer betting circles. However, for newcomers, this concept might seem vague.

To help you grasp the essence of parlay betting, trader bookmaker provides detailed information on bet types and how parlay odds are calculated.

What is Parlay Betting?

Parlay also known as accumulator, multiple bet, or mix parlay, is a form of betting that combines multiple selections into one bet slip. In this type of bet, all of the bettor's selections must win for them to receive a payout.

While it may seem risky, parlay betting can turn small stakes into substantial wins with just one bet. However, if any selection within the parlay loses, the bettor will not receive any payout.

This makes parlay betting a high-risk game that requires players to be prepared to face substantial risks to achieve potentially large wins.

Key Advantages and Disadvantages of Parlay Betting

The standout feature of parlay betting lies in its ability to offer significant payouts with low stakes. However, its major drawback is the high level of risk, as a single loss can result in the entire parlay bet being lost.

If you decide to engage in parlay betting, ensure you have experience and a clear understanding of the basic principles of soccer betting. This will enable you to leverage parlay betting effectively.

Common Types of Parlay Bets Today

Apart from understanding what parlay betting entails, it's crucial to familiarize yourself with the various types of parlay bets available when participating in betting.

These types of parlay bets depend on the number of matches and the amount of bets you wish to combine, categorized as follows:

Double: Involves betting on two selections.

Treble: Involves betting on three selections.

4-Fold: Involves betting on four selections.

5-Fold: Involves betting on five selections.

6-Fold: Involves betting on six selections.

7-Fold: Involves betting on seven selections.

This rule continues with eight or more selections.

For example, let's illustrate a typical parlay bet scenario:

Suppose there are matches featuring Chelsea, Manchester United, and Liverpool. A 3-Fold parlay would include bets such as Chelsea -2.25 and Liverpool -0.25.

If all three bets win, you would receive a payout multiplied by 8.98 times your initial stake. However, if only 2 out of 3 bets win or 1 out of 3 bets win, you would lose the entire initial stake.

Calculating Parlay Odds Accurately

Before starting to follow matches and participate in betting, choose how parlay odds are displayed on the sportsbook interface.

For parlay betting, we recommend selecting the Decimal display type, as it presents the most straightforward and specific information regarding these betting odds.

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How to Calculate Parlay Odds Accurately

When calculating parlay odds, the goal is to determine the total payout by multiplying the odds of each selection (or "leg") together. This process can seem complicated at first, but once you know the steps, it becomes easy. Below, I’ll explain how to calculate parlay odds accurately, whether you’re dealing with decimal, fractional, or American odds.

1. Calculating Parlay Odds Using Decimal Odds

Decimal odds are the easiest to work with when calculating parlays because you simply multiply the decimal odds of each leg.

Steps to Calculate Parlay Odds:

Find the decimal odds for each selection.

Multiply the decimal odds of each selection to get the total parlay odds.

Multiply your stake by the total parlay odds to determine the payout.

Example:

Let’s say you have three selections in your parlay:

Manchester United to win: 1.80

Over 2.5 goals in another match: 1.90

Chelsea to win: 2.10

Total Parlay Odds:

1.80 x 1.90 x 2.10 = 7.182

If you bet $10 on this parlay:

$10 x 7.182 = $71.82 (total payout including your stake)

So, the profit would be:

$71.82 - $10 = $61.82

2. Calculating Parlay Odds Using Fractional Odds

Fractional odds require an extra step, as you need to convert them to decimal odds before multiplying.

Steps to Calculate Parlay Odds:

Convert the fractional odds to decimal odds.

Multiply the decimal odds together to get the total parlay odds.

Multiply the total odds by your stake to calculate the potential payout.

How to Convert Fractional Odds to Decimal:

Decimal odds = (Numerator / Denominator) + 1

3. Calculating Parlay Odds Using American Odds

American odds can be positive (+) or negative (-), and the conversion method depends on which type of odds you have.

Steps to Calculate Parlay Odds:

Convert American odds to decimal odds.

Multiply the decimal odds together to get the total parlay odds.

Multiply the total odds by your stake to determine the payout.

How to Convert American Odds to Decimal:

Positive odds: Decimal odds = (Odds / 100) + 1

Negative odds: Decimal odds = (100 / -Odds) + 1

4. Adjusting for Parlay Bonuses

Some sportsbooks offer parlay bonuses (also called boosts), which increase the total payout when you add more selections to your parlay. If a parlay boost is applied, follow these steps:

Calculate the total parlay odds using the steps above.

Apply the parlay bonus to increase the total payout.

Example with a 10% Parlay Boost:

If your original parlay odds are 7.182 and the sportsbook offers a 10% boost:

Boosted odds = 7.182 + (7.182 x 0.10) = 7.182 + 0.7182 = 7.9002

If you bet $10 on this boosted parlay:

$10 x 7.9002 = $79.00 (total payout including your stake)

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Your profit would be:

$79.00 - $10 = $69.00

5. Calculating Parlay Payouts with Pushes

In some cases, a selection in your parlay may result in a push (a tie or no bet). When this happens, that particular leg of the parlay is removed, and the odds are recalculated without it.

Conclusion

To calculate parlay odds accurately:

Decimal odds: Simply multiply the odds for each selection.

Fractional odds: Convert them to decimal first, then multiply.

American odds: Convert them to decimal before multiplying.

By following these steps, you’ll be able to determine the total odds for your parlay bet and calculate your potential payout. Additionally, always check for any parlay bonuses or pushes that might affect the final payout.