Imagine a computer software program that makes your parlay picks and tells you exactly how much money those picks will payout? Note: This piece was originally published in 2008
I guess you would need to be a bit lucky to win, but the Parlay Wizard Parlay Calculator tool at Parlaycalculator.com is one of the coolest tools to help you beat the Sportsbook for the upcoming Pro and College football season. But you need to be a bit lucky!
I asked the CEO of Bookmaker.com Mickey Richardson what kind of parlay payouts they offer and which league gets you the most parlay action; College or Pro Football?
Richardson stated; "All of our parlays calculate in true odds. We also have a parlay card with fixed odds. Its hard to say which sport get the most parlays because some parlays have both NCAA and NFL in them, but if I was to guess I would say the NFL because it's the end of the week and every is trying to get even....a toothpick for the lumber yard."
Furthermore, we asked Gary Thomson who's the affiliate manger of JustBet Sportsbook, if he receives allot of parlay bets and what do you find is the normal parlay bet from Joe public and how many teams do they normally pick in their parlays?
Thomson stated; "Yes, we do get a lot of parlay bets; as a matter of fact, sometimes the ratio between parlays and straight plays is 3 to 1. The most common parlay is the 3 teamer followed by the 2 teamer". When we asked Thomson which sports gets him the most parlay action, he said; "Since there are a lot more college games than NFL, more action comes in on the college games. "Joe public" commonly plays the favorite by more than 2 TD's, and over in the total."
Sports' betting is about being an informed bettor, but most of the time it's about being lucky. Plain and simple! I've always said; "you can't control something that is out of your hands." How do you explain a goal line fumble, a missed pop fly or when a hockey player misses an open net with 3 seconds left in a game with the goalie pulled?
Winning a 5 or 10 team parlay bet is like winning the lottery in some ways; you need a bit of luck or tomorrow's newspaper on your desk! Before we get into talking parlays and payouts, what exactly is a parlay?
According to Wikipedia; "Parlay bets are paid out at odds higher than the typical single game bet, but still below the "true" odds." For instance, a common 3-team NFL Parlay at SBG Global will pay out 6-1 odds.
Here's an example of a 3-team NFL payout when one teams ties or pushes.
Push Patriots/Falcons OVER 40.0 -110
Win Baltimore Ravens +9 ½ -110
Win Milwaukee Bucks -4 ½ -110
Using the above example, this wager on the Patriots vs. Falcons game resulted in a push. In a Parlay bet, a push at some Sportsbooks means your Parlay bet reverts to a lower Parlay wager. In this case, you now have a two team Parlay that won. Therefore, you won $260 instead of the $600 you potentially could have won if all 3 would have connected.
Therefore, now that you understand the "meat and potatoes" of Parlay betting, what are some of the tools of the industry to help you win or calculate future earnings?
The website Parlaycalculator.com has a parlay calculator tool that will tell you exactly how much you're Parlay wager would payout if you connected on all your winning picks. You can enter the price on each pick and how much money you would spend on your Parlay and it will tell you exactly how much money you would win.
For example, let's use today's baseball card. Let's say I liked the following picks and money prices.
Chicago Cubs -140
Minnesota UNDER 8.5 -110
If I were to lay $25 on this 5-team parlay and all 5 picks won, I would cash in $1,566.20 dollars on that $25 bet. Keep in mind, winning one game is hard enough, winning 5 is mostly luck!
Here's how Bookmaker.com explained their Parlay Payouts;
Parlay Payoffs Two or more teams or totals can be combined to make one wager. Circled games cannot be parlayed. Proposition plays, and future bets cannot be parlayed.
You may estimate Parlay Payoffs by following steps (example provided):
Let's say you play the Pirates +150 and the Pirate game over 8 -120 in a two team parlay and you bet $100. Use the following steps to determine your winnings or should we say potential winnings.
1. Calculate Parlay Factor for each piece: if the price of the piece is positive - simply add one to get factor, if the price of the piece is negative v calculate reciprocal, multiply by -1, and then add one. 1.50 + 1 = 2.50 -1.20 (take reciprocal or divide one by the negative price) 1/1.20 = 0.83 + 1 = 1.83 2. Multiply all factors - then multiply this factor times the bet amount - the result is the payoff (including your bet) 2.50 x 1.83 = 4.57 (now multiply this times your bet) x 100 = 457 $457 is your total return if both pieces win (including your bet amount) 3. Subtract your bet from the figure calculated in 2 - Result is your winnings. 457 - 100 = 357 Winnings This will also work for three, four, five,... team parlays, simply follow the steps. Note: This is will provide you with a rough estimate; actual winnings may differ due to rounding.
In case of tie or no action the parlay will revert to lower level payoff, except in a 2 team parlay where a tie reverts to a straight bet. (!) All parlays are based on a true odds format except for parlay cards. PARLAYS PAYOFFS
2 Teams 2.645
3 Teams 5.958
4 Teams 12.283
5 Teams 24.359
6 Teams 47.413
7 Teams 91.424
8 Teams 175.446
9 Teams 335.852
10 Teams 642.082
11 Teams 1226.701
12 Teams 2342.793
13 Teams 4473.514
14 Teams 8541.254
15 Teams 16306.940
Note: Maximum parlay payout is $ 150,000
Furthermore, Bookmaker has fixed parlay cards and consolation parlay cards, where if you lose one of your parlay picks, they will pay you different odds.
SBGGlobal Sportsbook Parlay Payout
4- Teamer pays12/1 odds.
5- Teamer pays 24/1 odds.
6- Teamer pays 47/1 odds.
7- Teamer pays 91/1 odds.
8- Teamer pays 175/1 odds.
9- Teamer 335/1 odds.
10- Teamer pays 642/1 odds
SBGGlobal.com have a few rules, they do not allow Parlays on any of the following:
Soccer Favorite goal line and total OVER of the same game
Hockey Favorite goal line and total OVER of the same game
Football Favorite side and total OVER of the same game when ratio between the side and total is less than 3/1
Basketball Favorite side and total OVER of the same game (manager's discretion)
I've been a professional handicapper and online bettor for 12-years now, going back to 1996 and I've heard from many of my colleagues on where they stand with parlay betting and most don't take it seriously, but I see it from a different point of view. I'm a "Law of Average" handicapper and will encourage my clients who enjoy making a Parlay bet to mix up the amount of favorites and underdogs in your wager, because you will need those underdogs to cash you a big ticket, because it's always an underdog that crashes your dream in the long run!
Use the Parlay Wizard at Parlaycalculator.com and keep an eye out on the running earnings total at the top of the page to see how much money the wizard has made its visitors.
Ron Raymond, Special Contributor to Gambling911.com