Sportsbook Bet Types Parlay
A parlay is a type of cumulative sportsbook bet where the player can bet on 2 and up to 15 selections and the payout will increase as the odds and selections get higher. The player will be given the choice of selecting multiple sports, spreads, totals or moneylines. In the case of a Tie, Push or cancellation, a parlay can roll back to the previous number and up to a straight bet where the risk amount of the parlay will be the same as the risk amount of the straight bet.
No parlay will be accepted where one or more parts are correlated with each other, as in the 1st half of the Game to the Game Itself, or where there is a 30% ratio within the Spread and the Total of the same game. At the same time in the case of Baseball and Hockey, no sportsbook bet will be accepted when betting the Spread to the Total of the same game.
In the case of Soccer, no sportsbook bet will be accepted when betting the Draw to the Under of the same game for the same reason.
Parlay payouts in the case of Basketball and Football work of a Table, and the payouts 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 |
These parlays will be maxed at:
| 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.
Just follow these simple steps to get your payoffs:
Step 1: If it is a Negative Moneyline: (100/ml) +1.
Step 2: If it is a Positive Moneyline: (ml/100) +1.
Step 3: Multiply all Decimal Prices times each other.
Step 4: Subtract 1 to the resulting number from Step #3.
Step 5: Multiply the Risk amount times the resulting number on Step #4.
A Round Robin Parlay is all possible combinations of 3 or more selections resulting in multiple parlays. The most common combination of a round robin is A 2 team combination.
The number of resulting 2 team parlays can be calculated with a simple formula:
N X (N-1) x (N-2)/6
Same as in Reverses there will be a Max Payout and a Max Risk for Round Robins where the Max Risk is equal to the Risk amount times the number of parlays and the Max Risk is the Sum of the payouts of all the resulting Parlays.
