• Open Parlays

    Sports betting is very popular as participants are drawn by the lure of making money by watching and wagering on sports. Because of this attraction, the most popular exotic bet is the parlay even over teasers. The parlay allows for the sports betting fan to lay a small amount with the chance to get back a big return.

    A Parlay is a wager that consists of two or more bets that can include straight bets, totals or money lines. For the parlay to be graded as a winner all of the teams on the wager must come in.  The more straight bets, totals or money lines included on the wager the bigger payout. To collect the full amount all bets have to win, however a payout is still possible with a tie.

    In case of a tie the parlay is reduced by one team. So for example in a four team parlay if the result is 3-0-1, then the bet would be paid off as though it is a 3-team parlay, instead of a 4-team parlay.

    The parlay odds are adjusted depending on the components of the parlay. In parlays involving point spreads, the payoff are fixed, while money line parlay payoffs are graded using the odds of each team or money line included in the money line.

    Here is an example of the fixed odds for a parlay using point-spreads or totals.

    Parlay Odds: 2 teams 13-5, 3 teams 6-1, 4 teams 10-1, 5 teams 25-1, 6 teams 40-1, 7 teams 75-1. These odds vary at different sports books so check out the list of top-ranked sports books to find an out that offers great parlay odds.

    Parlays do offer a chance for a big payday but they also offer risk. The more teams that are included in the parlay the more risk that is inherited. Parlays are popular but it is important to have a sound strategy when playing them.

    More On Parlays:

    • Open Parlays - Basically the Open-Parlay is a regular parlay with one end of the parlay left open. The sports bettor can leave it open and fill the parlay with a game when they find one that they like
    • Multi-Chance Parlays - A Multi-Chance Parlay works much the same way as a Progressive Teaser. However, the payouts do not increase with more correct selections.
    • Progressive Parlays - A Progressive Parlay, there is a consolation payout for having wrong selections included in the parlay
    • Second Chance Parlays - Second Chance Parlays, are parlays where the Sports book is willing to forgive a certain amount of losing picks in the parlay