How to Bet NFL and NBA Parlays
Parlay betting is a popular form of sports wagering where bettors combine two or more individual wagers into one single bet. This type of bet offers the potential for larger payouts compared to betting on individual games, as the odds of all selections must be correct for the bettor to win. We’re going to explore what these parlays are, what they mean, and what they pay.
First, let’s define what a parlay bet is. A parlay is a single bet that combines two or more individual wagers, with the winnings from the first wager being used as the stake for the next wager, and so on. The bettor wins the parlay if all of their selections are correct, otherwise, the bet is lost.
When betting NFL and NBA parlays, the most important thing to keep in mind is that all selections must be correct for the bettor to win. This is a tough task; for one thing, it means that even if one selection loses, the entire parlay bet is lost.
To place a parlay bet, the bettor must first select the games they wish to include in their parlay. Once the selections have been made, the bettor must then decide on the amount they wish to wager. The payouts for parlays are determined by the odds for each individual selection, with the odds for each selection being multiplied together to determine the overall odds for the parlay.
For example, if a bettor selects two games with odds of 2.0 (+200) and 3.0 (+300), respectively, the overall odds for the parlay would be 6.0 (+600). If the bettor were to wager $100 on this parlay and both selections were correct, they would win $600 (6.0 x $100).
It is important to note that the payouts for parlays can vary greatly depending on the number of selections included in the bet. The more selections included in the parlay, the greater the potential payout, but also the greater the risk of the bet losing.
In a way, those players who wager on a parlay with a lot of selections are looking for the sports betting equivalent of winning the lottery. And it is important to remember that these are not wagers that offer “value” and that they are designed mostly for recreational (i.e., casual) bettors.
The payout for NFL and NBA parlays of different combinations will depend on the odds associated with each individual bet within the parlay. In general, the more teams or bets included in the parlay, the higher the potential payout, but also the greater the risk of losing the entire wager.
Here are some example payouts for NFL and NBA parlays of different combinations, assuming a $100 wager:
Two-team parlay: If you bet on two teams to win and both win their games, the payout for a $100 wager will depend on the odds associated with each team. For example, if one team has odds of -110 and the other has odds of -120, the parlay payout would be $264.55.
Three-team parlay: If you bet on three teams to win and all three win their games, the payout for a $100 wager will again depend on the odds associated with each team. For example, if all three teams have odds of -110, the parlay payout would be $596.43.
Four-team parlay: If you bet on four teams to win and all four win their games, the payout for a $100 wager will once again depend on the odds associated with each team. For example, if all four teams have odds of -110, the parlay payout would be $1,194.94.
Five-team parlay: If you bet on five teams to win and all five win their games, the payout for a $100 wager will depend on the odds associated with each team. For example, if all five teams have odds of -110, the parlay payout would be $2,345.68.
These would not necessarily represent the payouts you'll get in the end, but it’s going to be roughly in the neighborhood. Much will depend on what the individual sportsbooks chose to set as their parlay payouts.
When betting NFL and NBA parlays, it is also important to consider the bookmaker’s rules and restrictions. For example, if you tie a game in your parlay, you may lose the entire bet. Or, in the case where you have more than two components, it will reduce the wager to the next lowest number of plays.
And always keep another thing in mind; when you have a parlay bet, with multiple entries, the events may go off at different times. By all means, make sure you place the wager before the EARLIEST event starts. If you miss that, you will have wasted your time!