Understanding Parlay Wagering in Canada: Your Comprehensive Calculator & Guide
Interested in placing a parlay bet while in Canada? Our detailed guide provides all the essential information youāll need. Parlay betting involves making multiple sports wagers that consist of at least two 'legs,' where each leg is treated as a separate bet. To win your parlay, every leg must win. While the odds can be challenging, the potential rewards are significant. The more legs you add, the higher the potential payout, but the lower your chance of winning.
How Does Parlay Betting Function in Sports Gambling?
You can assemble a parlay by grouping together two or more different sports bets. These bets can include straight bets, totals, moneylines, and prop bets. Additionally, youāre free to mix wagers from various sports within the same parlay.
For instance, if you want to place a parlay bet on the New York Giants +7.5 against the Dallas Cowboys, the total being under 48.5 on the Kansas City Chiefs versus the Tampa Bay Buccaneers, the Boston Celtics moneyline at +180 against the Milwaukee Bucks, and Jacob deGrom achieving over 8 strikeouts against the Yankees. Despite how complex this may appear, it forms a completely legitimate parlay.
Top Rated Parlay Betting Platforms in Ontario
The Ins and Outs of Winning A Parlay
In a successful parlay bet, all individual wagers must win. To illustrate, in the previous example, there are four legs involved. Out of these legs, three are even odds, while the Celtics moneyline offers slightly better than even odds, leading to an approximate 4% chance of winning this parlay.
However, if you do succeed with a parlay involving four legs, the payout can be substantial. Keep in mind that if any one of your bets fails, your entire parlay bet is lost.
Understanding Parlay Odds
The final payout for a parlay bet is influenced by the number of legs included and the odds associated with each bet. Betting sites set parlay prices closely aligned with the odds of the individual wagers.
For example, a straight bet priced at -110 indicates you need to win 52.3% of the time to see a profit (calculated as 110/(100+110)).
In the case of a two-leg parlay with each leg priced at -110, most sportsbooks will offer a payout of +264, which translates to a roughly 27.5% chance of winning (0.523 multiplied by 0.523).
When you introduce more legs or select legs with different odds than -110, the parlay odds will shift, but the core principle remains the sameāthe sportsbook will set the pricing based on the individual bets that constitute the parlay.
How Parlay Payouts Work
Parlay bets come with inherent risks because the lure of large payouts often hides the fact that hitting the right combinations is quite difficult. The more legs involved in a parlay, the greater the possible reward, which is part of the excitement. Including some moneyline underdogs can yield significant profits when a parlay is successful.
On the contrary, achieving success across all legs is challenging. As you add more legs, the bookmaker gains a higher advantage due to compounding the juice from each individual bet. While transforming a small investment into impressive parlay winnings can be thrilling, itās essential to exercise caution and avoid placing too many aggressive parlay bets.
Sports betting platforms based in Ontario, such asBetMGM Ontario provide a wide range of markets for placing parlay bets.
Types of Parlays
There are several different types of parlay combinations available. Below are some of the most frequently utilized.
Round Robin
Round Robin parlays consist of multiple smaller parlays created from a larger parlay. For example, consider the parlay that included the New York Giants at +7.5, the under 48.5 on the Kansas City Chiefs game, the Boston Celtics moneyline, and the Jacob DeGrom prop bet.
A round-robin parlay would break it down into four distinct three-team parlays and six two-team parlays, or any combination of the 3-leg and 2-leg parlays alongside the original four-leg bet.
The advantage of this structure is that it provides more opportunities for additional wins. You could see profitable returns if at least three of the legs succeed. However, keep in mind you have to pay for each of the individual parlays, which amounts to eleven separate bets in this instance.
Teasers
A teaser typically combines between two and five wagers, allowing you to adjust the lines in your favor for each leg. To win your teaser, all legs must be successful.
In a standard two-team parlay teaser, you can adjust a football spread by 6 points for each game and a basketball teaser by 4 points each game.
Totals can also be teased with similar point adjustments. Larger teaser options allow for even more significant changes to the spreads/totals, but require a higher number of legs to succeed, eliminating any true benefit of expanding beyond two legs.
Teasers are generally priced at -110, which means youāll need to wager $110 to earn a profit of $100. The term āteaserā comes from the fact that adjusting the spreads favors each leg, yet winning every leg remains a challenge even with this advantage.
Same-Game Parlays
A same-game parlay encompasses several bets from one game or match. The initial bet usually focuses on the gameās winner via spread or moneyline. Following bets often revolve around player props, team props, over/under totals, or other related options.
For instance, when the Toronto Raptors play, a bettor could combine several individual wagers like the Raptors moneyline, Fred VanVleet to score more than 22.5 points, and Pascal Siakam to achieve at least 9.5 rebounds. If all three bets are correct, the financial reward can be substantial. However, if only two of the three bets succeed, the entire parlay is forfeit.
Parlay Cards
A parlay card originally referred to a pre-made parlay that bettors could choose. It literally took the form of a card at the betting venue showcasing a pre-selected parlay.
You could simply pick up the card and your stake to approach the betting window. Typically, parlay cards include three legs at even odds, offering a payout of +550. Itās crucial to recognize that the 'fair' odds for this type of 3-leg parlay amount to +700.
As online betting has gained prominence, many betting sites now create virtual parlay cards at the start of the day or football week. This presents potential advantages due to fluctuating odds. The lines on these parlay cards may lag. For instance, if a quarterback sustains an injury after a parlay card for a football game has been posted, one of the individual bets may be mispriced, resulting in the entire card possibly holding unexpected value.
What Bets Can Go In Parlays?
Practically any type of single-game wager can contribute to a parlay, including straight bets, totals, moneylines, and props. However, there are certain restrictions regarding correlated parlays.
If two or more bets in the parlay are interrelated, some betting sites might not permit the parlay or will discount the payout. There exists an advantage when you identify correlated bets and can construct parlays with standard payouts, so it's wise to seek out such opportunities.
Pros And Cons of Parlays
The most significant benefit of parlay betting is undoubtedly the potential reward. The downside is the harsh reality that if just one leg fails, the entire parlay collapses. While the allure of substantial payouts exists, your odds of successfully completing a multi-leg parlay are considerably lower.
Should I Bet on Parlays in Ontario?
For those who enjoy casual betting, parlay betting can be entertaining. Hence, if you place smaller bets without expecting miracles, why not give it a try? While the probabilities of winning parlay bets are less favorable compared to typical straight bets, an occasional parlay with a modest stake wonāt cause much trouble; just be cautious not to engage in these bets too often.
Key Takeaways of Parlay Betting Tips
One strategy to enhance your parlay's effectiveness is to focus on correlated parlays. For example, in the NFL's later season, outcomes from earlier games may affect the playoff positioning for teams in subsequent matchups.
Consider a scenario where the Dallas Cowboys suffer an early loss, thereby ensuring the Tampa Bay Buccaneers secure home-field advantage before their game. In this instance, combining bets against these two teams creates a hidden correlation.
Moreover, teasing bets in the NFL can yield a positive expected value if you are able to adjust the point spreads through crucial numbers. In the NFL, these key numbers are 3 and 7. Therefore, a 2.5-point underdog teased up by six points results in an +8.5 point spread.
Conversely, teasing down an 8.5-point favorite by six points would adjust the favoriteās spread to -2.5 points. Focus on teasing NFL games during these instances and seek bookmakers that offer teasers at -110.
Ultimately, whether you opt for parlay bets or other forms of betting, make sure to do so with aOntario mobile betting app that fulfills all your requirements for sports betting.
Ontario Parlay Betting FAQ
A parlay comprises two or more individual bets or 'legs.' To win, all legs must succeed; otherwise, the whole parlay is lost.
A '+ ' moneyline indicates the amount you would secure for every $100 wagered. A +200 moneyline, for instance, signifies you would earn $200 from a $100 bet.
A parlay bet pays out only if every single leg is successful. For example, a two-leg parlay rated at +264 yields a total of $264 on a $100 wager if both included bets are victorious.
The answer often relies on the betting site and the specific rules associated with the parlay. Usually, in such cases, the parlay adjusts downwards. Consequently, the bet that pushed is removed, and the overall payout is recalculated as if that bet never influenced the spread. A four-leg parlay is adjusted to a three-leg parlay, while a two-leg parlay simplifies to a single bet, and so on.
A three-leg parlay, or a three-team parlay, consists of three individual bets. The parlay wins only if all three components succeed; if any one leg fails, the entire parlay is lost.
Recognized by leading news organizations such as:
