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What is a Moneyline Parlay?

A moneyline parlay is a single wager that combines multiple moneyline bets into one. Each selection (or “leg”) must win for the parlay to payout. The appeal lies in its potential for exponentially higher payouts compared to betting on each selection individually.

For example, instead of placing $10 on three individual teams to win at -150, +200, and -110 odds, a parlay combines them into one bet, multiplying the odds and boosting your potential payout.

However, the risk increases significantly. If even one leg of the parlay loses, the entire bet is lost. This makes careful selection and strategy crucial when placing moneyline parlays.

How to Calculate Moneyline Parlay Odds

While parlay calculators make it easy to quickly get the expected profit and odds for your parlays, you can also do the calculations by hand. 

Let’s look at how to calculate moneyline parlay odds and find the potential payout:

Convert Moneyline Odds to Decimal Odds

Moneyline odds come in two forms: positive and negative. To calculate parlay odds, you first need to convert these into decimal format, which makes them easier to multiply.

For positive moneyline odds, we use this formula:

• Decimal = (moneyline / 100) + 1

Example: Converting +150 to decimal

• (150/100) + 1
• (1.50) + 1 = 2.50

For negative moneyline odds, we use this formula:

• Decimal = (100 / moneyline) + 1

Example: Converting -200 to decimal

• (100/200) + 1
• (0.50) + 1 = 1.50

Multiply the Decimal Odds

Once all the odds are in decimal form, multiply them together. This step combines the individual odds into a single value that represents the total payout multiplier for your parlay.

Example: You bet on three games with decimal odds of 2.50, 1.80, and 1.50. Multiply them:

• 2.50 X 1.80 X 1.50 = 6.75

This result, 6.75, means your payout will be 6.75 times your original wager if all the legs win.

Convert Back to American Odds

Most sportsbooks display odds in American format, so you’ll need to convert the decimal result back into American odds:

For decimal odds greater than 2.0 (positive moneyline), use this formula:

• Moneyline = (decimal – 1) x 100

Example: Convert 6.75 to American odds

• (6.75 – 1) x 100
• (5.75) x 100 = +575

For decimal odds less than 2.0 (negative moneyline), use this formula:

• Moneyline = – 100 / (decimal – 1)

Example: Convert 1.90 to American odds

• -100 / (1.90 – 1)
• -100 / 0.90 = -111

Calculate the Payout

Finally, determine your potential payout by multiplying your wager by the total decimal odds. This shows how much you’d receive, including your original wager, if the parlay wins.

Example: If your total decimal odds are 6.75 and your wager is $10:

• Payout  = 10 X 6.75 = 67.50

Subtract your original wager to calculate your profit:

• Profit = 67.50 – 10 = 57.50

Strategies for Using Moneyline Parlays

The moneyline parlay is pretty simple once you know how to calculate odds and payout. The core principle to remember is that the more wagers you stack up, the less likely you are to win the parlay. 

Here are a few more strategies to keep in mind when formulating your straight parlays:

General Tips:

1. Limit the Number of Legs: The more legs, the greater the risk. Stick to 2-3 legs for a balance of risk and reward.
2. Mix Favorites and Underdogs: Including one or two underdogs with strong potential can boost payouts.
3. Do Your Research: Analyze team performance, injuries, and matchups to make informed selections.

Expert Tips:

1. Target Low-Margin Games: Look for games where the moneyline odds are close, indicating tighter competition. These games often yield better value.
2. Correlate Your Picks: For example, in NFL betting, choose teams with complementary outcomes, like Team A winning because Team B struggles offensively.
3. Use Bonus Funds Wisely: Many sportsbooks offer bonuses or promotions that can reduce risk or enhance payouts on parlays. Leverage these to experiment with riskier bets.

Pros and Cons of the Straight Parlay

As with any kind of wager, the straight parlay has its advantages and disadvantages. Here are a few of the relevant concerns:

Pros:

1. Higher Potential Payouts: By multiplying the odds of each selection, parlays can lead to much larger payouts compared to individual bets. 
2. Low Initial Investment: Since the potential payout is so high, you can place a parlay with a relatively small bet amount and still have the opportunity to win big. T
3. Exciting and Engaging: Parlays add an extra layer of excitement as each game contributes to the outcome of your bet. 

Cons:

1. High Risk, Low Win Probability: Even one loss means the entire wager is lost, making it a riskier option compared to straight bets.
2. Potential for Overconfidence: The allure of high payouts can lead bettors to include too many legs in their parlay, increasing the difficulty of winning. 
3. Lower Expected Value: Sportsbooks typically include a higher house edge on parlays compared to individual bets, meaning the odds are slightly less favorable. 

Parlay vs Straight Bets: Which is Better?

While parlays offer the allure of big payouts, straight bets are often a more consistent option for long-term success. Straight wagers allow you to isolate individual matchups, reducing risk and increasing your chances of a steady profit.

Example: You have $30 and are considering betting on three teams:

• Team A (-150)
• Team B (+200)
• Team C (-110)

If you place $10 on each team as straight bets:

• Potential total payout: ~$47.33

If you combine them in a parlay:

• Potential payout: ~$156.75

However, if even one team loses in the parlay, you lose the entire $30. With straight bets, you can still win on the other games, minimizing losses. For bettors looking to build their bankroll steadily, straight bets are often the smarter choice.

Find Moneyline Parlay Picks To Boost Your Winnings

Struggling to put your own moneyline parlay together? Check out some of the picks our team has put together to help you maximize profit and reduce risk. 

Our team of handicappers are always searching for the best wagers on the market, so you can rest assured their picks are formulated for building bankroll.