What is a Parlay Bet?
Parlay bets are wagers that involve combining multiple bets into a single bet. For a parlay to be successful, each of the individual bets must hit. If even just one bet goes awry, the entire parlay bet loses.
Due to the fact that parlays feature multiple different components, they tend to be quite a bit more risky than your traditional moneyline or point spread that only takes into account a single outcome.
That said, this increased risk also means that parlays can return quite a lucrative payout when all goes according to plan. Many sports bettors love to bet parlays because this bet type introduces an additional level of skill and apprehension when wagering on sports.
In Vermont, parlay betting is available for just about any sport, from football to tennis.
How to Calculate Parlay Odds
Calculating parlay odds is actually quite easy. All you have to do is consider the odds & lines for each individual wager in the parlay. You can think of this section as your parlay calculator.
- ✅ If the odds are displayed using the American format, convert them to decimal format.
- ✅ Multiply the odds for each leg of the parlay together.
- ✅ Now, multiply this number by the amount that you are betting.
- ✅ Finally, subtract your bet amount from this number to calculate the parlay odds.
Can Promos Be Used on Parlay Bets?
Naturally bettors would love to place a parlay bet using one of their Vermont betting promotions. The payout would be much bigger on a win; not to mention that its just a fun overall experience.
Some operators will not allow parlay betting using a promotion. This is likely to do with the large payout that could be attanched as well as many other factors. You will need to review the terms and conditions beforehand if this is something that interests you.
Types of Parlay Bets
There are in fact many different types of parlay bets to choose from. The top sportsbook apps in Vermont offer various bets and options for parlays. Keep reading to learn more.
Point Spread Parlays
A point spread parlay is when multiple point spreads are combined into a single bet. Instead of focusing on which team wins or loses, point spreads take into account the margin by which the winning team achieved victory. It is up to the bettor to decide if they believe the favorite team will win by a certain number of points or if the underdog team will lose by fewer points than the spread.
For example, if the point spread for an NFL game is -3.5 for the Green Bay Packers and +3.5 for the Chicago Bears, a successful point spread parlay would require the Packers to win by at least 4 points or the Bears to lose by no more than 3 points.
Point spread parlays are great if you are confident in the margin of victory for multiple upcoming games.
Moneyline Parlays
Betting moneylines in a parlay means you decide the outcome of multiple games at once. If your bet is successful, a moneyline parlay is often far more lucrative than a traditional moneyline bet.
A moneyline bet is by far one of the most simple bet types you can go for. That doesn't mean a moneyline isn't worth betting on.
Moneylines focus on the final outcome of the match, that is, which team or athlete will win the game.
Totals Parlays
A totals parlay is where multiple totals from various games are combined into one ticket. If your guess is correct for the total points across all games, you have yourself a winning parlay.
A totals bet is where the bettor must decide on what they believe the total combined score in a match will be. Totals bets in Vermont are fun since the winner of the game doesn't necessarily matter as much.
Specifically, with this type of bet, the bettor predicts whether the total points scored by both teams will be over or under a specified number set by the sportsbook.
Mix-and-Match Parlays
Mix-and-match parlays, in my opinion, are the most fun form of parlay betting.
In this instance, bettors have the ability to combine multiple different bet types into a single parlay wager. Instead of only betting moneylines or point spreads, the bettor has the flexibility to pick and choose from different types of bets for various sports to create a parlay that is unique and exciting.
With a mix-and-match parlay, you can bet on the winner of an NBA game, the point spread in an NFL game, and the outcome of a tennis match all in one.
Advantages & Disadvantages of Parlay Betting
Popular Sports To Parlay
Most sportsbooks offer parlay betting for a great variety of sports. No matter what teams you are a fan of, there's a high chance they'll be eligible for parlays.
Let's take a look at some of the most popular sports for parlays in Vermont.
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NFL Parlays The NFL is often cited as the most popular sports league in the country. It is only natural that parlays are widely available for NFL games throughout the season. The beauty of NFL parlays is the range of options available to you. For example, a bettor could place a same-game parlay bet on the Chiefs to win their game and cover the spread. -
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NBA Parlays The fast-paced nature of basketball makes NBA parlays an exciting betting option in Vermont. There are a variety of different ways to parlays on the NBA, with many solid two-team and three-team parlay possibilities. For instance, in an upcoming Celtics vs. Heat game, you could select an over/under for points scored by Malcolm Brogdon and add a moneyline wager. -
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MLB Parlays If you're looking to make betting on baseball more profitable, betting on MLB parlays could be for you. MLB parlay betting is a fun way to mix and match your favorite individual baseball bets, like picking the winner of a game, the total runs scored, or a player's home run count. -
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NHL Parlays Hockey fans will love parlay betting. The unpredictability of hockey adds an additional layer of thrill when adding multiple wagers into a single NHL ticket. From the final score in a game to the number of penalties received by the team goon, you can add just about anything to your NHL betting parlay.
Five Expert Parlay Betting Strategies
Since parlays are inherently one of the riskiest bet types, it's important to keep in mind some simple strategies to help you become a more successful parlay bettor. While none of these techniques can guarantee you a winning parlay bet, they will certainly help you be a better sports bettor in the long run.
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Stick to Two or Three-Team Parlays Sticking to a three-team parlay or two-team parlay is best. A two-team parlay simply means only adding two individual bets to the parlay card, while a three-team parlay refers to a parlay that contains three wagers. It's best to limit the number of bets in the parlay. While adding four or more can produce a greater potential payout, fewer individual outcomes at stake reduce the risk. -
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Select Correlated Bets Choosing individual bets that are related to one another for your parlay picks can increase the likelihood of success. Consider betting on a QB to throw a certain number of touchdowns and a specific WR to score a TD in a same-game parlay. These picks increase the chances of both bets being successful, as each relies on the success of the other. By identifying and combining such correlated bets in a parlay, it is possible to increase the probability of a successful bet overall. -
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Avoid Longshot Parlays A longshot parlay is a selection that includes numerous unlikely outcomes but has a substantial potential payout. Some sports bettors find these bets enticing. At the end of the day, however, longshot bets are rarely worth it. While an impressive potential payout is undoubtedly attractive, you're far better off focusing on realistic combinations. -
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Capitalize on Bonus Offers Sometimes, sportsbooks will offer promos that are specific to parlays, such as parlay insurance deals or boosted odds. Parlay insurance, for example, is a promo that refunds your initial stake if one bet within the parlay loses. Such promotions can greatly reduce the risk involved in betting parlays making them more profitable in the long run. -
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Do Your Research This is perhaps the most important strategy when it comes to betting parlays. By getting a solid background on the teams, players, statistics, and other relevant factors, you can make better-informed decisions when placing your bet. The better you know a sport or a team, the better you will be able to predict parlay outcomes, whether it be for a single game or multiple games.
Get Started with Parlay Betting
Parlay betting is by far one of the most exciting bet types available in Vermont. Parlay betting leaves it up to you and your creativity to achieve a big win. Instead of focusing on a single bet type or outcome in sports, parlays give bettors the flexibility to combine many different wagers into a single bet.
A parlay can focus on various outcomes in one event or span across many different games and sports. Thanks to the fact that parlays include numerous different bets, a single parlay has a way larger payout than other bet types.
That said, parlays are also quite a bit more risky, so remember to always bet responsibly. If you remember some of my tips and tricks from this article, you'll be on track to bet parlays successfully.
Parlay Betting FAQs for Vermont Bettors
Author
Stefan Krysa is an expert sport betting writer for BetVermont.com. Born in the U.S. and raised in Canada, he is an avid fan of both American and Canadian sports, and is committed to the best information for Vermont sports bettors.
