Car Insurance Calculator Quickly estimate auto insurance coverages and limits for you and your vehicle. Simplify car insurance before you quote. Your policy’s coverage selections depend on what your state requires, how much you have to protect, whether your vehicle is financed, and your risk tolerance. NBA Progressive Parlays This is a special type of wager on multiple events more forgiving than the harsh moneyline parlay. Getting back to our fourfold, if the Pistons loses but the Lakers, Mavs, and 76ers win, the bettor could still win with a progressive strategy. Over the course of the 12 team parlay, the improved odds added a lot of value to the total win. The average odds handed out by sportsbooks for an 11-team parlay is estimated to be roughly 1,100/1.

The word “parlay” derives from the Latin term “par,” meaning equal. Since medieval times, it has been used in gambling to refer to the practice of risking a stake plus its winnings in successive wagers. A successful bet of £2 on a team this week wins £2 and leads to a £4 bet the following week. Another win yields £4, which is added to the stake to make a wager of £8 the following week. Should the parlay be successful once more, the bettor collects at total of £16 for the original £2 bet—a profit of £14.

This kind of parlay is effective as long as the choices made are independent events and there is sufficient time between results to collect winnings and make the next wager. Such successive betting is not possible, however, when contests are being held at the same time, such as three football matches on the same afternoon, or when multiple bets are wagered on a single event, such as team to win, total score over/under, first goal scorer, and so on.

Bookmakers came up with an innovative way to remedy this situation by introducing an alternative form of parlay betting, sometimes referred to as a “parlay card.” All of the selections that are made are treated as a group. Instead of rebetting after each result is known, only a single wager is required. A table of special odds is offered, with payouts dependent upon the number of selections made.

For example, if all selections are made at even odds, the parlay table below would apply. True odds are indicated for reference only to show how they would accrue if winning bets were made in succession:

As the difference between parlay odds and true odds shows, bookmakers have reserved substantial margins. In order for the bettor to win and claim a return, each and every one of the selections must win. If just a one selection fails, the whole stake is forfeited.

An interesting variation on standard parlay betting is known as the “progressive parlay.” It allows some losses to occur among the selections made, and the parlay still pays out as a winner, as shown in the following chart:

Many bookmakers do not offer progressive parlays, but those who do frequently limit them to major events. Obviously, the bookmakers have designed even higher margins into the odds paid on progressive parlays versus the true odds. The advantage to the bettor is that the entire wager is not automatically lost if the very first selection fails.

Both bettors and bookmakers need to be aware of what happens in the event of a draw. The terms and conditions have to be quite in order to protect both parties. Sometimes, a “must win” rule applies, meaning the entire parlay bet is forfeit in the event of a single draw.

A more fair solution is for draws to be treated as non-events and the number of picks selected to be reduced by the number of draws that occur, with a corresponding reduction in odds. In other words, a five-selection parlay bet with one draw becomes four selections and is paid out accordingly. Other bookmakers have introduced “ties win” parlay betting at reduced odds, while some offer “half-point” spreads, which precludes the possibility of any selection resulting in a draw.

From a betting standpoint, the only difference between parlay betting and the type of combination wager called an “accumulator” bet other is the odds paid. Accumulator odds are usually determined as a function of the individual odds on each selection. Parlay odds more often involve “spreads” so that every selection pays even money.

What Is Parlay Betting?

Progressive Parlay Calculator

Let's start by answering the question of “what is parlay”. Parlay is a special type of bet and is mostly seen in sports betting. However, it is possible to enter such bets in all kinds of games of chance. Simply put, it means that you bet on more than one “win” possibility at the same time. In order to make a profit, all of these possibilities must result in a winning. If only one is lost, all bets are deemed lost. In case of a tie, less payment is made.

For a parlay sports betting, you must place a bet on at least two teams. This number can be increased, and for example, it is possible to place a bet in favour of 11 teams at the same time. The higher the number, the higher the payout rates. This is why players choose this type of bet: Even with a limited budget, you can get maximum payout rates. Using a betting odds calculator, it is possible to find out what the actual payout amount will be. Click here for an example parlay odds calculator.

Basically, it is possible to say that there are two types of parlay bet. These are:

• Point-spread parlay: Odds are fixed.
• Moneyline parlay: There are no fixed odds.

Point-spread parlay bets are simpler and the probability for each outcome is 50%. However, there is no fixed payout table for money line parlay bets because this is a progressive betting system. If you win a bet, you'll spend all your winnings to bet on the next match and this goes on and on. In theory, moneyline parlay bets have the highest payout rates.

Parlay Payouts

Progressive Parlay Calculator Formula

You can see the payout rates for point-spread parlay bets in the table below.

Progressive Parlay Calculator Solver

How To Calculate Parlay Payouts

So, theoretically, if you bet on 11 teams and they all win, you can invest $ 1 USD and win $ 2,047. However, the likelihood of this is very low. Parlay bets really help you win a lot, but your chances of winning are not as high as you might think. If you have just started sports betting, we recommend you to stick to simpler bets.