How do parlay bets work?
You have probaly heard stories of people hitting massive parlays. While they are possible to hit there is something you need to keep in mind. Most parlays lose. Before you start making 10 20 and 30 team parlays lets take a look at what is happening.
Parlay bets are also known as “Accumlator” bets and that better describes what is happening. The risk capital and the winnings from the first bet are used to bet on the next bet. This continues down the chain depending on how many bets you have. Since you are risking 100% of the starting capital and 100% of the winnings on each bet then if you lose one of the bets in the parlay you end up with zero. Let´s take a look at an example:
Check it out an 8 team parlay 100$ to win over 17,000$! Sounds great! On the right side you can see how it works bet for bet. The fist bet is risking 100$ at -110 (1.90) odds. Then the risk (100$) + the winnings (90.91$) is being used as the risk for the next bet. Now we have 190$ to win 173$ and then take those two and put them together and go all in again 364$ to win 331$ and the cycle continues like that if the bets keep winning untill you get to 17k on this bet. As you can see on the right side, you do not have to use a “parlay” bet type in order to effectively have the same result.
“-500 nah man, you can only put that in a parlay”
A lot of times you see parlays that look different to the one in our example. Above I used only -110 (1.90) odds for each bet. Typicaly people look for a lot of low odds that they think will win, put them on a massive parlay and prey that it will win. Also people are sometimes unwilling to bet on something like -500, 1.20 or -1100 odds in a single bet with the additude “that doesnt pay anything” but are more than willing to throw it in a parlay. Let´s have a quick look at why this logic is flawed.
If you wouldn´t bet on it in a single bet, then you shouldn´t bet on it in a parlay. It is that simple. Just adding it in a parlay does not give it more value. If you pile shit on shit, it is still shit. Risk 100$ to win 29$, risk 129$ to win 41$ damn you can see quickly that we are taking massive risks for low returns. Each time we are going all in on these really low odds. Also check it out, in order to get anywhere near the first parlay I had to make it a 15 team parlay and it only pays 2k vs. 8 team parlay that pays 17k. The 8 team parlay doesnt have any underdogs just straight up -110 odds. If you are unwilling ot bet 129$ to win 41$ and then bet 170$ to win 30$ ect then you shouldnt be making parlays with these odds. Or maybe, maybe we shouldnt be using parlays at all.
Im not totaly bashing parlays. Some people do well with them, others not. It is just a different style of betting. What is important is that you know what is going on when you place parlay bets. You can also just make a parlay by hand and roll over 100% of your risk and win into the next bet. Try that out and see if you feel the same as when you make a parlay. If you cant do it by hand then maybe think if it is worth it in the first place. Make up your own mind.
Test it out
Right now Nitrogen Sports has an offer for March Madness. Make an 8 team parlay 4 bets have to be NCCAA Basketball the other 4 can be mixed sports,0.01 BTC and then share your slip on twitter @nitrogensports and get a 0.01 BTC freebet. Not a bad deal to try out a parlay.
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