What is a parlay bet?

A parlay is a single sports wager that is made of two or more bets combined into one. A parlay can include bets types like point spreads, moneylines, totals, futures, and sometimes even prop bets. Each bet has to be placed on different games. The reason why those types of bets are so popular is that provides, if all selections are correct, a larger payout compared with bets with single team to win. The difficulty though is that every ‘leg’ of the parlay needs to win for you to get a return. If only one leg loses, your whole parlay loses, regardless of how many selections you have had correctly.

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In addition to larger payouts, another big attraction to gamblers is that parlay bets are very flexible. You can combine different sports, for instance, into your parlay bet. So you can pick a team from the NLF, one from the NBA and one from the NHL to win and place into a single bet. If all those teams will win, you will win. 

How to place a Parlay Bet?

Placing a parlay bet is very simple online as all the legal New Jersey sportsbooks listed on our site, allow NJ bettors to place parlays. One you have selected the ‘legs’ of your parlay, those will be on your betting ticket. All you need to do at that point is to select the amount you are prepared to wager and confirm. That’s it!

How to win a Parlay?

A parlay bet will only win when none of the of the legs selected is a loser. If a game is cancelled or ends in a tie, then the parlay can still win, as long as all the remaining selections will be successful. In this scenario, the payment will be smaller. Let’s make a small example to understand this situation better. For instance, a NJ bettor will place a parlay made of four basketball selections, but one game is cancelled due to rain. The parlay bet will only be paid if the other three selections will be win, but the payment will be based only on those three teams instead of the four originally planned. 

What are Parlay Odds, and how are calculated?

Not all the parlay payouts are the same, as different sportsbooks might have different odds depending on the number of teams bet in a parlay. This might be a bit confusing sometimes, but it is important to understand that odds and payouts might be different for the same parlay depending on which sportsbook you place the bet with. In addition to this, odds can fluctuate at any time, so bettors should compare those with different sportsbooks to get a higher payout. 

How are Parlays Payouts calculated?

When you place a parlay bet, the payouts will be fixed at that time. Even if odds and lines for one or more games will move overtime, the parlay payout won’t change and will stay the one confirmed when the bet was placed. If the odds are moving in favour of the bettor after the first parlay bet was placed, the bettor always has the opportunity to place a second wager taking advantage of the better odds. 

What are the different types of parlays available?

As we have seen, a parlay is a type of sports bet and there are many different variations of this type of wager. The most popular ones are Round Robin parlays and Teasers. 

Round Robin

A Round Robin parlay is made of multiple parlay wagers at once. It is as simple as that. The bettor will select anywhere from 3 to 8 teams or totals that he wants to include in the Round Robin. He will then combine the teams into different parlays. The payout will be the same as if the parlay bets were made individually. 

Teaser

A teaser is not too different from a traditional parlay where the bettor can select multiple teams or total. The fundamental difference is that moneylines aren’t allowed with a teaser. In this case, the bettor can move the spread or total to make these bets easier to win, even if that will mean a smaller payout. Similarly to a traditional parlay, more teams are involved with the teaser, the better will be the payoff. As we have said earlier, different NJ sportsbooks will have different odds and payouts, so worth considering that before placing a teaser. 

What are Parlay Cards?

Using a parlay card is a very popular way to bet parlays in casinos. These are long narrow cards that bettors use to fill in with the side or point spread they are willing to include in their bet. Once the card has been filled, the bettor simply provides the card to the ticket writer in the sportsbook and tells them how much they are prepared to wager. Parlay Cards are very popular during the football season, and there are several types of Parlay Cards available, some including a variety of teasers, and so on. In addition, parlay Cards are so popular that online sports wagering sites have started to add Parlay cards for their remote bettors.