What is a "parlay," and why make it?

[emp1346]

So I understand sports betting, lines, and all that fun stuff. I guess I learn something new everyday, because one guy I know said he only bets "parlays." I've never heard of this.

He tried to explain it, but after listening to him I'm surprised he even knows what he's talking about. He started talking about pulling from the parlay pool only when he needed it, and some other stuff that didn't make sense.

Can someone explain what a parlay is, and why you would make it?

[johnd192]

A parlay is a multi team bet offering higher paybacks.
I think Sklansky recommends parlays if you get better a
better point spread also.

[Iceman]

[ QUOTE ]
So I understand sports betting, lines, and all that fun stuff. I guess I learn something new everyday, because one guy I know said he only bets "parlays." I've never heard of this.

He tried to explain it, but after listening to him I'm surprised he even knows what he's talking about. He started talking about pulling from the parlay pool only when he needed it, and some other stuff that didn't make sense.

Can someone explain what a parlay is, and why you would make it?

[/ QUOTE ]

A parlay is a bet on two or more results, where you have to win all of your bets to win the parlay. Two team parlays normally pay 13-5, while three team parlays normally pay 6-1. There's usually a rule that a tied bet on an N team parlay doesn't ruin your parlay if you win all the other games, it just knocks you down to the payoff for an N-1 team parlay. The problem with two-team parlays is that they raise your variance sharply over just betting the two games individually. Three or more team parlays are almost always terrible bets, since they have higher juice than bets on individual games as well as much higher variance. Some people who bet sports for entertainment like parlays because of the potential high payoffs on parlays of three or more teams, but if you're betting sports to win money you should avoid them.

[emp1346]

Ok that makes sense.

I've always just look at single game bets of varying types. Now that I know what these things are, it sounds enticing but not worth the risk. I'll stick to what I know and what works for me.

Thanks.