A parlay bet is a wager in which multiple teams are bet as one. In order for a parlay bet to win, all parts of the wager must be winners. No matter how many teams are listed in the parlay, if one team loses, the ticket is a loser. The reason why so many bettors play parlays is the allure of betting a little bit of money to make a lot.
The odds can vary wildly based upon the vig associated with each team, or leg, of the parlay. Although parlay payouts vary from sportsbook to sportsbook, the standard domestic is payout is as follows:
If this type of wager seems to be too good to be true, it is probably because it is. Las Vegas has a hold of over 30% of all parlay tickets. No other type of bet has more than 7%. So yes, wagering a small amount of money to make a lot sounds like a great idea, but in reality, it often is not.
Let's suppose you have a three team parlay. If you hit two out of three plays you still lost the parlay, yet you were 66% correct. If you could pick winners at a 66% clip, with good bank roll management, you could get rich quick. Yet, if you parlayed all three plays, you are a loser.
Round Robin Parlays
Round Robin Parlays are simply a quick way to bet multiple parlays simultaneously. Lets suppose there are three teams: Team A, Team B, Team C. A Round Robin Parlay would be as follows:
Parlay 1: Team A and Team B
Parlay 2: Team A and Team C
Parlay 3: Team B and Team C
If Team A loses, both Parlay 1 and 2 lose.
Although betting parlays is often a fool's endeavor, there are exceptions to the rule. A parlay in which an outcome of one play significantly impacts the outcome of another play is known as a correlated parlay. For example, imagine Team A is a high flying, high octane offense. Team B is a pound it out, run-first, rely on the defense type of team. If Team A wins, it will most likely be a high-scoring game. If Team B wins, it is most likely that it will be a low scoring affair. Betting Team A and the over or Team B and the under would be correlated parlays.
Much like a parlay, a teaser bet combines multiple plays into one wager. A teaser bet adjusts the spread or total and then parlays it. Different sportsbooks allow you to move the line anywhere between 4-14 points. However, the traditional teaser is between 6-7 points.
Imagine taking an 8.5 point favorite and changing the line down to 2.5. You would win that game significantly more frequently than laying the original 8.5. Of course this would require paying additional vig. A teaser takes some of the vig away by combining two plays into one parlay wager. A traditional 6 point teaser has a vig of -130 at most sportsbooks.
NFL teasers that pass through the key numbers of 3 and 7 are known as advantage teasers. These types of teasers give the gambling a distinct advantage because of the value moving on/off and through those key numbers. It is highly suggested that a vast majority of your teaser plays are advantage teasers.
When analyzing teaser options, keep in mind the addition vig associated with each spread. When teasing teams, the individual vig is dropped and only the teaser vig is in play. For instance, a two team 6 point teaser traditionally has -130 vig, although this can vary from sportsbook to sportsbook.
If Team A is -8 (-125) and Team B is +2.5 (-120) the teaser vig is still -130. The teaser bet would be Team A -2 / Team B +8.5 (-130). The additional vig associated with each leg of the teaser is dropped and only the -130 is applied. This gives even more value to your play.
Note: Betting NFL teasers is more profitable than NCAA. College football provides high volatility in the outcome. It is not uncommon for an underdog or the favorite to cover the spread by double digits. NFL spreads are much more predictive of the game's result. More NFL games end in a six point swing of the spread in either direction than college, which makes NFL teasers more profitable.
A pleaser bet is a wager that allows the bettor to give points back to the sportsbook for better odds. A pleaser is the exact opposite of a teaser in the sense that it is a parlay bet in which the book is getting the better line instead of the bettor. Because of the worse odds, pleaser bets are very difficult to win. It is important to note that not all sportsbook offer this type of wager.
SEE THE REST OF OUR BETTING 101 SERIES