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Thinking about betting a baseball parlay, but don’t know if it’s a smart play? Here is a look at how baseball parlays work and the returns you will receive if you win your bet.
For starters, baseball parlays are a little different than other parlays. For instance, in basketball and football there are fixed payouts for the number of plays you make. The reason for that is in those sports, the majority of the betting is done on the spread, where the same odds can be found on the favorite and the underdog. In baseball, the majority of the bets come in on the money line, where the favorite could be listed at -200 and the underdog at +175. If there were fixed payouts in baseball, everyone would simply load up on all the big favorites and win at a pretty high rate.
Instead of fixed payouts, your money is built progressively through each bet. For example, say you had a $50 three team parlay on the Yankees -150, Dodgers +115, and Braves -135. The initial $50 dollars would be bet on the Yankees -150, if that wins then you would be up t0 $83.33. That $83.33 would then be bet on the Dodgers +115, if that wins you would be up to $179.16. As you might have guessed, the $179.16 would then be placed on Braves -135, if that wins you end up winning your parlay and walking away with $311.87. Not a bad $261.87 profit ($311.87 -$50) on your $50 bet. It doesn’t matter what order you calculate the odds, as long as all three cash the winnings will be the same. However, if any of the three bets happens to lose, you lose your $50 and walk away with nothing.
The next thing I want to explain is how to calculate the returns so you know how much money you are looking at winning with your parlay bet. This can be a little tricky at first, but I will include an example later that should make it easier to understand.
How to Calculate Your Return on Favorites
The first thing you want to do is take 100 and divide it by the money line value. For example, if the money line was -150, you would take 100/150 and get .666667. The .666667 is the amount of money you receive for every $1 you bet. There are two ways you can go about figuring out how much you will walk away with.
1) Take the .66667 (profit/$1) times the amount you bet and add that to your initial bet. Again, let’s say you bet $50. You would take the .666667 (profit/$1) x $50 (initial bet) and get $33.33 (winnings). Simply add the $33.33 (winnings) to your initial bet ($50) and you get $83.33 (money received after winning bet).
2) Take the .66667 (profit/$1) and add 1 to it. By adding 1 you no longer have to add your initial bet in the end. So for a $50 bet you would take 1.666667 x 50 (initial bet) and get $83.33 (money received after winning bet).
How to Calculate Your Return on Underdogs
With underdogs, it’s just the opposite of the first step. This time you take the money line value and divide it by 100. So, for an underdog listed at +150, you would take 150/100 to get 1.50. The 1.50 is the return you would get on each $1 you bet. The way to figure out how much you will walk away with is the same as with favorites. To make things easy we will again use $50 as our sample bet.
1) 1.5 (profit/$1) x $50 (initial bet) = $75 (winnings). Then take your $75 (winnings) + $50 (initial bet) to get $125 (money received after winning bet).
2). Take 1.5 (profit/$1) + 1 = 2.50. Then take 2.50 x $50 (initial bet) = $125 (money received after winning bet).
Quick 2-Team Parlay Example
Parlay: Rockies -140 and Cubs +125 (We are going to use the Rockies play first then the Cubs, but remember you can do it in either order)
Bet: $50
Step 1) Figure out your return/$1 on the Rockies -140
- 100/140 = .71 (return/$1)
Step 2) Figure out your winnings on $50 bet
- .71 x 50 = $35.71
Step 3) Figure out your total money with initial bet
- $35.71 + $50 = $85.71 (Note this now becomes your initial bet for the Cubs +125)
Step 4) Figure out your return/$1 on Cubs +125
- 125/100 = 1.25 (return/$1)
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Step 5) Figure out your winnings on your $85.71 bet
- 1.25 x $85.71 = $107.14
Step 6) Figure out total money won for parlay
- $107.14 + 85.71 = $192.85 (amount received if parlay wins)
When it comes to gambling on sporting events, there are many different types of bet you can place. A quite common one is the parlay. This is a bet that consists of two or more individual wagers. For a parlay to win, each of the individual wagers that make up the parlay has to win. If anyone of them doesn’t win, you won’t win the bet. Generally speaking the more wagers there are that make up the parlay, the lower the odds of winning are, and the higher the payout is. The main reason why these bets are so popular is that the parlay payouts can be quite large indeed.
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A parlay bet that covers two wagers is often known as a double. Likewise, one that covers three wagers is often referred to as a treble. Due to their lower odds and higher payouts, these bets are great for players who have more cash to spend and enjoy taking a risk. Budget players can still get in on the parlay action by placing bets covering a smaller number of wagers.
It’s important to point out that you can still win a parlay even if not every individual wager results in a win. If one of them is a tie or is postponed, rescheduled or even cancelled, you can still receive a payout so long as all others win. You won't win the full amount, however. If you place a four-team parlay, and three out of four wins with one tie, your bet will pay out as a three-team parlay instead.
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Odds for sporting events can get quite complex, especially for those new to sports betting. Combining different odds for different events can get even more confusing. That’s why many people use a parlay odds calculator. This is simply a sort of betting odds calculator that takes the odds of different wagers and puts them together to determine the overall odds and the total amount of money you stand to win based on your bet.
When it comes to using a parlay calculator, you’ll find that there are lots of different ones available to use online. Most of them are set up in different ways, but they all basically just need you to input the odds and payouts of all the wagers that make up the bet. If you’re thinking of placing a parlay bet, it’s always a good idea to use a calculator to see exactly what the payout is.