A parlay wager is a bet on two up to 8 teams or selections. It is one of the more versatile forms of sports wagering. The player can combine different sports, point spreads and money lines. In a parlay wager the original stake and winnings are re-invested on the next game, and all selections must be correct, that is, one loss and the parlay loses.
In the event of a push (tie), game cancellation, or a pitcher who you have specified as not starting, actually starts, the parlay reduces to the next lower number, e.g. a four team parlay becomes a three team parlay. A winning parlay wager will pay many times greater than the initial wager.
No parlay wagers will be accepted where propositions, quarters or different periods of the same game are connected. The parts of a parlay wager are deemed to be connected, for example, if one leg of a parlay is for Sampras to defeat Henman in the 4th round of Wimbledon, and the second, or additional, part of the parlay is for Sampras to win the Wimbledon title. The match forms part of the overall tournament and is, therefore, connected.
In the same way, you cannot parlay the over of the first half of a football game with the over of the total game, because the two are connected.
Football and basketball point spread parlay odds are as follows:
| Number of Teams | Odds |
| Two | 13/5 |
| Three | 6/1 |
| Four | 10/1 |
| Five | 25/1 |
| Six | 40/1 |
| Seven | 75/1 |
| Eight | 100/1 |
| Nine | 150/1 |
| Ten | 300/1 |
| Eleven | 500/1 |
| Twelve | 750/1 |
| Thirteen | 1000/1 |
| Fourteen | 1500/1 |
| Fifteen | 2000/1 |
Football and basketball Parlays are MAXED at the following odds:
| Number of Teams | Odds |
| Two | 13/1 |
| Three | 30/1 |
| Four | 50/1 |
| Five | 125/1 |
| Six | 200/1 |
| Seven | 375/1 |
| Eight | 500/1 |
| Nine | 750/1 |
| Ten | 1500/1 |
| Eleven | 2500/1 |
| Twelve | 3750/1 |
| Thirteen | 5000/1 |
| Fourteen | 7500/1 |
| Fifteen | 10000/1 |
Baseball, Soccer and other sports parlays are determined using a different set formula. Because of the money line used in those sports, there are no set payoffs for tying a number of teams together in parlays.
Payoffs are determined by a simple formula that changes the money line into a decimal number and combines it with the other lines in the parlay. The first step is to change the money line into its decimal value. Use the following chart to convert a money line into its’ appropriate decimal value:
| -1.05 = 0.95 | -1.10 = 0.91 |
| -1.15 = 0.87 | -1.20 = 0.83 |
| -1.25 = 0.80 | -1.30 = 0.77 |
| -1.35 = 0.74 | -1.40 = 0.71 |
| -1.45 = 0.69 | -1.50 = 0.66 |
| -1.55 = 0.64 | -1.60 = 0.62 |
| -1.65 = 0.61 | -1.70 = 0.59 |
| -1.75 = 0.57 | -1.80 = 0.55 |
| -1.85 = 0.54 | -1.90 = 0.53 |
| -1.95 = 0.51 | -2.00 = 0.50 |
| -2.10 = 0.48 | -2.20 = 0.45 |
| -2.30 = 0.43 | -2.40 = 0.42 |
| -2.50 = 0.40 | -2.60 = 0.38 |
| -2.70= 0.37 | -2.80 = 0.36 |
| -3.00 = 0.33 | -3.25 = 0.31 |
| -3.50 = 0.29 |
Follow these simple steps to calculate baseball parlay payoffs:
Step 1: Select the number of teams you want to tie together in a parlay wager.
Step 2: For each price or odds quote on your teams look at their respective payoffs listed in the decimal conversion chart on the last page.
Step 3: Note the decimal conversion payoffs for all teams selected.
Step 4: Add $1.00 to each of these payoffs.
Step 5: Multiply your wager ($) times (x) the products of the payoffs to calculate your potential parlay return.
For example, Let us say you select two teams, the New York Yankees and the Montreal Expos, for your baseball parlay. And let us say that at this particular time of the season the Yankees are listed to payoff at (-1.60) and the Expos at(-1.40). The conversion chart shows that the payoff for the Yankees would be (0.62) and the Expos (0.71). You decide to wager $50.00. The formula to calculate your payoff would be:
50 x 1.62 x 1.71 = 138.51
or, in other words, $50.00 (your parlay wager) times Yankees payoff of $1.62 (0.62 + $1.00) times Expos payoff of $1.71 (0.71 + $1.00) = $138.51
The payoff would naturally include your original parlay wager of $50.00
More About Money Line Betting
The team wagered on just has to win the game. The amount you lay or take for each game may vary. The money line that is read to at the time of your wager is the money line you keep regardless of any line movement.
Example:
The player wagers on Miami -160 at Buffalo +260. If Miami wins then the player would lay $160.00 to win $100.00. If the player bet on Buffalo then the player would lay $100.00 to win $260.00