Currently, parlay bets are gaining popularity among online betting enthusiasts. However, there are still many players who don't quite understand what parlay betting is.
In the following article, Wintips will provide you with detailed information about parlay bets.
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What is Parlay Betting?
Parlay betting is currently a widely popular form of betting at various bookmakers. This new type of bet is very appealing to players who wish to participate.
Parlay betting is also known as accumulator betting, which means combining multiple selections into a single bet. In this type of bet, you can only win if all the individual bets within the parlay are correct. At Asian bookmakers, parlay bets are also known by names such as Accumulator, Multiple Bet, or Mix Parlay.
Due to the requirement of getting multiple bets correct simultaneously, the odds of winning a parlay bet are quite low. The winning probability is calculated as follows:
Probability of winning 1 bet: 1/3
Probability of winning a 2-bet parlay: 1/9
Probability of winning a 3-bet parlay: 1/27
As you can see, with each additional bet, you multiply by an extra 1/3 in the winning probability. While parlay bets carry higher risk, the potential rewards for winning are significantly higher. By participating in parlay bets, you can rest assured that you won't be left at a loss.
The name of the parlay bet corresponds to the number of individual bets you combine. For example, if you combine 4 individual bets, it's called a 4-leg parlay; for 5 bets, it's a 5-leg parlay. This pattern continues for 7-leg, 8-leg parlays, and so on.
How to Calculate Parlay Bets
Many people have heard of parlay bets and are interested in trying them out, but they may not know how to calculate parlay bets. Nowadays, bookmakers offer different ways to calculate parlay bets:
Calculating Parlay Bets When Winning All Individual Bets
When you win all the individual bets you've selected, the parlay odds are calculated by multiplying the odds of each individual bet together. The general formula for this scenario is as follows:
Parlay odds = odds of bet 1 x odds of bet 2 x odds of bet 3 x... X odds of bet n
For example, let's say you place a 3-leg parlay with odds for Chelsea at 2.16, Liverpool at 1.99, and Manchester United at 2.09. If your parlay wins, your potential payout will be 2.16 x 1.99 x 2.09 = 8.9837. This means that if you wagered 100,000 VND, your parlay bet would yield 898,370 VND.
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Calculating Parlay Odds When There's a Push/Half Win/Half Loss
In parlay betting, you might encounter situations where there's a push, half win, half loss, or any combination thereof. So, how do you calculate parlay odds in such cases? Theoretically, your parlay odds will still be a product of the individual odds.
However, there are some variations to consider:
For a push or voided bet, the odds for that bet will be 1.
For a half win, the odds will be [1 + (individual odds - 1)/2].
For a half loss, the odds will be 1/2.
Tips for Parlay Betting
Here are some important tips for parlay betting that every player should know to increase their chances of success:
Avoid including bets from the same match within a single parlay.
Feel free to mix in selections from other sports you enjoy, such as basketball, soccer, or volleyball.
Don't make your parlay too long, as the odds of winning become very challenging. Stick to parlays with 2 to 4 legs for optimal results.
Some bookmakers offer additional bonuses for parlay bets. Consider researching different bookmakers to find the best option for your parlay bets.
For parlay bets with more than 3 selections, some bookmakers allow you to create multiple parlays from the individual bets you've chosen. For instance, if your bets include selections A, B, and C, you can also place separate parlays like A-B, A-C, and B-C.
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These are valuable insights into parlay betting, how to calculate parlay odds, and important tips for successful parlay betting. This type of betting offers the potential for high winnings and attracts many participants. Best of luck in your parlay betting endeavors
