- Progressive Parlay Wagers – Elite Sports
- Bovada Progressive Parlay
- Progressive Parlay Rules
- 3 Team Parlay Payout
Denver fans will be able to 'go long' on a regular parlay that can include up to 15 Denver games or try out the EXCLUSIVE Denver Progressive Parlay up to 12 legs. For example, if you can predict the outcome of 12 Denver Football games on the spread during the regular season you would win a cool $9000 from a simple $10 wager.
A parlay, accumulator (or acca), combo bet or multi is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately, since the difficulty of hitting all of them is much higher. If any of the bets in the parlay lose, the entire parlay loses. If any of the plays in the parlay ties, or 'pushes', the parlay reverts to a lower number of teams with the odds reducing accordingly.
Odds and payout[edit]
Parlay bets are paid out at odds higher than the typical single game bet, but still below the 'true' odds. For instance, a common 2-team NFL parlay based entirely on the spread generally has a payout of 2.6:1.[citation needed] In reality however, if one assumes that each single game bet is 50/50, the true payout should instead be 3:1 (10% expected value for the house). A house may average 20-30% profit on spread parlays compared to perhaps 4.5% profit on individual sports mix parlay bets.
Progressive Parlay Wagers – Elite Sports
- This form of parlay also allows you to win as long as you correctly pick a certain threshold of games on your ticket. The difference here, though, is that you get the same amount no matter how far over the threshold you are. In the above example of a progressive parlay, you received more money the more correct picks you got.
- A progressive parlay is a joint wager on multiple events, for example team sports or horse races. Generally a progressive parlay involves a joint wager on four to twelve separate events. Should all the selected bets win, the bettor receives a relatively large payout, because of the sizable odds against this happening.
- 2 days ago Super Bowl 2021: Tom Brady's progressive improvement is the main reason for Buccaneers' turnaround, title bid Now, late in the year, we're finally seeing why Tampa Bay went big to.
- The Progressive App. Forget fumbling around for your ID card, or worrying that you missed a payment. The Progressive App makes insurance quick and easy. Quick tips to manage your policy online. We make managing your Progressive policy online super easy.
Aside from 'spread' parlays, another way to parlay is to bet on two or more teams simply winning straight up. In order to calculate the payout of this parlay, one must multiply out the payout for all games. For example, if 3 teams are -385 favorites, a successful parlay on all 3 teams winning would pay out at a ratio of approximately 1/1. This is because (385/485)^3 is approximately 50%.
Examples[edit]
Typical payouts for up to 10 team parlay bet[edit]
The following is an example of a traditional Las Vegas Parlay Card at William Hill Sports Book, which shows the typical payouts for an up to 10 team parlay bet based on -1.10 prices (amount won is assuming $100 is bet)[citation needed]:
| Number | Odds | Amount won | Payout |
|---|---|---|---|
| 2 Team Parlay | 2.6 to 1 | $260 | $360 |
| 3 Team Parlay | 6 to 1 | $600 | $700 |
| 4 Team Parlay | 11 to 1 | $1,100 | $1,200 |
| 5 Team Parlay | 22 to 1 | $2,200 | $2,300 |
| 6 Team Parlay | 45 to 1 | $4,500 | $4,600 |
| 7 Team Parlay | 90 to 1 | $9,000 | $9,100 |
| 8 Team Parlay | 180 to 1 | $18,000 | $18,100 |
| 9 Team Parlay | 360 to 1 | $36,000 | $36,100 |
| 10 Team Parlay | 720 to 1 | $72,000 | $72,100 |
Profitability of parlays in sports betting[edit]
Many gamblers have mixed feelings as to whether or not parlays are a wise play. The best way to analyze if they are profitable in the long term is by calculating the expected value. The formula for expected value is: E[X] = x1p1 + x2p2 + x3p3…xkpk . Since the probability of all possible events will add up to 1 this can also be looked at as the weighted average of the event. The table below represents odds.[citation needed]
Column 1 = number of individual bets in the parlay
Column 2 = correct odds of winning with 50% chance of winning each individual bet
Column 3 = odds payout of parlay at the sportsbook
Column 4 = correct odds of winning parlay with 55% chance of winning each individual bet
| Number of individual bets | Correct odds at 50% | Odds payout at sportsbook | Correct odds of winning parlay at 55% |
|---|---|---|---|
| 2 | 3 to 1 | 2.6 to 1 | 2.3 to 1 |
| 3 | 7 to 1 | 6 to 1 | 5.0 to 1 |
| 4 | 15 to 1 | 12 to 1 | 9.9 to 1 |
| 5 | 31 to 1 | 24 to 1 | 18.9 to 1 |
| 6 | 63 to 1 | 48 to 1 | 35.1 to 1 |
| 7 | 127 to 1 | 92 to 1 | 64.7 to 1 |
| 8 | 255 to 1 | 176 to 1 | 118.4 to 1 |
| 9 | 511 to 1 | 337 to 1 | 216.1 to 1 |
| 10 | 1,023 to 1 | 645 to 1 | 393.8 to 1 |
| 11 | 2,047 to 1 | 1,233 to 1 | 716.8 to 1 |
The table illustrates that if a 55% chance of winning each individual bet were achievable, parlays would be profitable in the long term. Compare the expected value you receive on an individual bet at a typical price of -110 with a 55% chance of winning: ((100/110+1)*.55)-1 = .05 (exactly 5 cents won for every dollar bet on average), multiplied by 11 = .55, to the expected return on the 11 game parlay ((1234/717.8)-1) = .719 (72 cents won for every dollar bet on average). In this case a parlay has a much higher expected value than individual bets with greatly increased variance in outcomes.
See also[edit]
A Progressive Parlay Bet is a bet on four to twelve events to win. Even if some of the events in the bettor's Progressive Parlay lose, he may still win the wager.
Progressive Parlays are accepted only on the Point Spread, not on the Money Line or Totals. Progressive Parlay rules are as follows:
A tie or no action is considered a loss for that particular event.
If there is a loss, the parlay reverts to the next lowest number for payout.
The bettor cannot bet on connected events on the same parlay card. For example, one leg of a parlay is for Sampras to beat Henman in the 4th round of Wimbledon and an additional part of the parlay is for Sampras to win the overall Wimbledon title. The match forms part of the overall tournament and is therefore connected. In the same way, the bettor cannot parlay the over of the first half of a football game with the over of the full game because the two are connected.
Progressive Parlay Bet Payouts
Each type of Progressive Parlay uses different odds to pay out winning wagers.
All Teams | 1 Team | 2 Teams | 3 Teams | |
4 Teams | 5:1 | 1:1 | -- | -- |
5 Teams | 11:1 | 2:1 | -- | -- |
6 Teams | 20:1 | 9:2 | -- | -- |
7 Teams | 40:1 | 4:1 | 1:2 | -- |
8 Teams | 75:1 | 10:1 | 2:1 | -- |
Free blackjack. 9 Teams | 150:1 | 20:1 | 5:2 | -- |
10 Teams | 250:1 | 25:1 | 3:1 | 1:1 |
11 Teams | 400:1 | 60:1 | 5:1 | 1:1 |
12 Teams | 900:1 | 80:1 | 10:1 | 3:1 |
The parlay payout table above is valid if all selections within the Progressive Parlay are based on the standard point spread line of -110 (bet $110 to win $100). A '--' in the table above indicates a losing parlay. Payout odds are subject to change without prior notice.
Bovada Progressive Parlay
Types of Sportsbook Bets
Sportsbook Betting Tips
Progressive Parlay Rules
3 Team Parlay Payout
