20 Years Experience
One of the most popular bet options bookies can offer their clients are parley bets. Parleys are one of the most profitable types of bets and bettors love them. And they love them because parleys offer the potential of a big payoff from a small wager. In simple words, a parlay is a collection of teams that the bookmaker puts together and the bettor places a bet on collectively, which means all of the teams must win in order for you to pay a winning bet. If you put up a four team parlay, a bettor who guesses 3 out of 4 is as good as one who guesses none. All bets must win in order to issue a payoff.
There are basically two types of parlay bets: parlays wagered against the point spread and parlays wagered against the money line. They payoffs given to a winning bettor are different depending on the type of parlay. When parlays are made against the point spread, you set a fixed payoff, but for parlay bets against the money line you should figure out the payoff depending on the odds of each team. 
With point spread parlays, the typical odds will be 13 to 5 (a $13 payoff for every $1 bet if all teams win) for two teams, 6-1 for 3 teams, 10-1 for four teams, 25-1 for five teams, 40-1 for six teams, 75-1 for seven teams, 150-1 for eight teams, 300-1 for nine teams, and 600-1 for ten team parlays. These high payoffs are the main reason for parlays being so popular among bettors. But remember that the payoffs are only won if all individual team bets win.
Point spread parlays assume the odds of winning of each team are the same. When this is not true, you use money line parlays. Payoffs are not fixed in money line parlays but rather, they change from team to team. For example, if a bettor places a ten-dollar parlay bet on the Dodgers +160 and the Cubs -130. This means that the ten dollars will be figured out independently for each team, one at a time. If the Dodgers win, the bettor will receive a payoff of $26. Then these $26 are taken and bet on the next team, the Cubs -130. If the Cubs also win, the total payoff would then be $46.
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Michael Hill is an avid sports fan and a sports writer who has been in the betting and price per head industry for years. Michael writes about his experience and offers tips for other aspiring entrepreneurs who wish to make a living with sports bookmaking.
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