MLB Betting: A Parlay System

A parlay, accumulator, or combo bet is defined as a single bet that links together two or more individual wagers and is dependent on all of the individual wagers winning. If a single wager on the parlay loses, the entire parlay is busted. A benefit to parlaying is that potential payouts become much higher than if each individual bet were placed separately.

Parlays are always an enticing bet, due in large part to the extremely large payout potential – only if all selections on the parlay card win. A $5 wager to win $2,000 may sound extremely tempting, which is why sportsbooks in general salivate when parlay bets are placed. With any high multiplier payout, the odds of winning correspondingly become much lower.

How To Calculate The Potential Payout Of A Parlay

The method to calculate the potential payout of a parlay should be produced in this way. For example, if I choose to wager $10 for my parlay and have selected three teams – A, B, and C with payouts of +100, +200, and +300 respectively (2.00, 3.00, and 4.00 in decimal format) – the potential multiplier is calculated as:

2.00 x 3.00 x 4.00 = 24.00

For my wager of $10, suppose I win all three individual games, my $10 would turn into $240 ($10 x 24.00), with my net profit being $230.

Below are some parlay strategies for betters interested in high-risk high returns.

Parlaying Two or More Heavy Favourites

The strategy of parlaying together two or more heavy favourites is the most popular parlay method. When it comes to heavy favourites, some bettors may not be willing to lay the extra juice for each individual bet. If the Yankees are -200 favourites, placing a wager of $100 would only net the bettor $50 if the Yankees win but the better risks losing the entire $100 if the Yankees lose. As a result, one might choose to parlay two teams. If the Yankees are priced on the moneyline at -200 and the Cubs are priced on the moneyline at -250, the potential multiplier is calculated as:

Potential Multiplier = (100/200+1) x (100/250+1) = 2.10 or +110 odds

As a result, if both the Yankees and Cubs win, a $100 wager would end up netting $110. However, if the Yankees win but the Cubs lose, the bettor loses the entire $100 amount. This is a trade-off that the bettor must be willing to take on in order to potentially obtain a higher payout.

Parlaying the Moneyline and Total

When analyzing a matchup (e.g. Yankees vs. Cubs), one naturally obtains information that can assist in determining which team to bet on the moneyline as well as the over/under for the game total. As a result, if a bettor feels strongly about a particular team winning as well as whether the game will go over or under the total, it makes sense to include both individual bets on a parlay. This method allows the bettor to save time – making decisions about two individual bets by only analyzing one matchup – and also potentially receive a higher payout if both individual bets win.

Parlaying Two Heavy Favourites On the Run-Line

In MLB betting, the run line is similar to the spread for NBA or NFL, with the exception that the run line is held constant at 1.5, with the payouts for each side being adjusted accordingly. The favourite receives the -1.5 run line while the underdog receives the +1.5 run line, with varying payouts. If one team is only slightly favoured over the other team, the -1.5 run line may see a payout of +170 or 2.70 (think two aces in a potential pitcher’s duel). On the other hand, if one team is extremely favoured over the other team, the -1.5 run line may see a payout of -150 or 1.67. As a result, it might be a good call to parlay two heavy favourites on the run-line option rather than the moneyline option, if a bettor believes that the two heavy favourites will dominate the underdogs (win by two or more runs).