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There are several different options when it comes to online sports betting, including spreads, moneylines, teasers, and, of course, parlays.
A multi-game or Same Game Parlay combines multiple bets (aka “legs”) into one wager. In doing so, the odds climb, as does the potential payout if all the bets hit.
What Are Parlays?
A parlay is a high-reward opportunity that provides extended entertainment over the course of an afternoon, entire day, or longer, parlays aren’t limited to one type of bet (e.g., moneyline or spread) or one sport; bettors may build a parlay of three NBA moneyline wagers or a parlay of eight moneyline, spread, and over/under wagers across NFL, NBA, and NHL games.
Another option at BetMGM is the Same Game Parlay, which allows you to add multiple bets within one game.
What is a Same Game Parlay?
Instead of placing a single $10 bet on the Philadelphia 76ers’ moneyline (-250) in a game against the Detroit Pistons for a $14 payout (including stake), you can add several additional bets to increase the entertainment value and potential payout.
A Same Game Parlay for a Sixers-Pistons game might be:
- 76ers moneyline
- Joel Embiid over 12.5 rebounds
- Tyrese Maxey under 17.5 points
- Cade Cunningham over 1.5 3-pointers
If all four legs hit, your $10 bet – i.e., the same amount staked on one Sixers’ moneyline bet with a total return of $14 – may return $105.
But, if any of the four legs lose, the entire bet is considered a loss.
Pros of Betting Parlays
The biggest draw of betting parlays is the potential for much higher payouts compared to individual bets. Since the odds of all the bets in the parlay are multiplied together, the potential return increases significantly, sometimes leading to massive winnings from a small stake.
In the previous example, a bettor could win over $100 on a $10 bet. Parlays allow bettors to risk a relatively small amount of money for the chance to win a large payout.
Parlays can make games more exciting because bettors have a stake in multiple outcomes.In a single moneyline bet, it’s just whether a team or loses. With a parlay, more outcomes are on the line, which increases the excitement.
Lastly, some sportsbooks offer promotions specifically around parlay bets.
Cons of Betting Parlays
The biggest con of betting parlays is simple: an increased risk.
In a parlay bet, all selections must win for the bet to win. If even one leg of the parlay loses, the entire bet is lost. This makes parlays riskier compared to single bets, as the chances of hitting all selections decrease as more bets are added.
This also means there’s a lower probability of winning.
With each additional leg, the probability of winning the parlay decreases. For example, a two-team parlay might have a 75% chance of winning, but a five-team parlay could drop to 3-5%, depending on the odds. The more teams or bets involved, the lower the chance of success.
Getting Started with BetMGM
When you’re ready to lock in your picks, check out BetMGM Sports – new players will receive a welcome offer, and all players have access to regular promotions!
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