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Understanding Parlay Betting: What is it and How to Calculate it Easily

In the realm of sports betting, understanding parlay betting, particularly among betting enthusiasts in Vietnam, is in high demand. However, many articles across blogs and forums still lack comprehensive explanations, potentially leading to confusion among players. In this discussion, win soccer tips aims to thoroughly address the concept of parlay betting and provide the easiest method for calculating parlay bets.

Deciphering Parlay Betting: What is it?

First and foremost, let's delve into the concept of what parlay betting is. Parlay betting is one of the most common types of wagers in the realm of sports betting, widely utilized in both casinos and online bookmakers. To place a parlay bet, the bettor must wager on at least two different events within the same betting ticket.

There are various types of parlay bets, such as parlays of 2, 3, 4, or even 9, 10 events, depending on the number of wagers placed on the same betting ticket.

Simply put, a parlay of 2 involves betting on two different events, while a parlay of 3 entails betting on three distinct events, and so forth, where 'n' represents the number of events bet on.

Bettors can choose to wager on all sorts of events with different odds, including Asian handicap, European handicap, over/under, corner kicks, yellow cards, etc. However, the condition is that these events must not occur simultaneously within a single match. Although, currently, many bookmakers have begun offering parlay bets for events within the same match, this type of parlay betting is still not widely popular in Vietnam.

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Example of Parlay Betting

An illustrative example of parlay betting is when a bettor wishes to wager on both the match between Manchester United and Chelsea and the match between Barcelona and Real Madrid. The bettor can place bets on both matches, and if both wagers win, the bettor will receive a significantly larger payout than betting on just one match.

However, along with the substantial profit potential, parlay betting comes with a very small chance of winning. The more events you bet on simultaneously, the lower your chances of winning become. If any of the selected events fail, the entire parlay bet is considered lost, and the bettor loses the entire amount wagered. Hence, bettors need to carefully consider before placing parlay bets and should only wager a moderate amount when engaging in this highly profitable but risky betting line.

How to Calculate Parlay Bets Easily

To calculate the odds of a parlay bet, bettors need to know the odds for each individual event and then apply the following calculation formula. The most accurate method for calculating parlay odds is as follows:

Parlay Odds = Odds 1 x Odds 2 x Odds 3 x Odds 3 x......x Odds N

Where Odds 1 is the winning odds of the first event, Odds 2 is the winning odds of the second event, Odds 3 is the winning odds of the third event, and so on, until Odds N represents the winning odds of the Nth event.

Note: These winning odds can be either the European odds or Hong Kong odds, meaning these odds are always greater than 1.

Next, we apply the calculation formula for parlay bets in the following cases:

  • Full win: Calculation factor = odds of that event (or the respective odds)

  • Half win: Calculation factor = 1 + ½ x (odds – 1)

  • Draw: Calculation factor = 1

  • Half loss: Calculation factor = 0.5

  • Full loss: Calculation factor = 0

For a clearer understanding of how to calculate parlay bets, let's take an example of a parlay 4 bet with the following odds:

  • Match 1 – Bet A – odds = 1.9

  • Match 2 – Bet B – odds = 1.8

  • Match 3 – Bet C – odds = 1.9

  • Match 4 – Bet D – odds = 2.1

If at least 1 out of the 4 matches in this parlay bet results in a full loss, then the calculation factor for that event = 0, meaning when multiplying all the calculation factors of the 4 events together, the result returns to 0, and the bettor loses the entire wagered amount for that parlay bet (regardless of whether the other 3 matches win or lose).

Conversely, let's consider the following scenario:

  • Match 1 – Bet A wins half, then the calculation factor = 1 + ½ x (1.9 – 1) = 1.45

  • Match 2 – Bet B wins in full, then the calculation factor = 1.8

  • Match 3 – Bet C loses half, then the calculation factor = 0.5

  • Match 4 – Bet D draws, then the calculation factor = 1

In this case, the parlay odds calculation formula yields 1.45 x 1.8 x 0.5 x 1 = 1.305, meaning with a parlay 4 bet, if this scenario occurs, the bettor will receive 130,500 VND for every 100,000 VND wagered (including the original 100,000 VND wagered). Thus, the bettor gains 30,500 VND for this parlay 4 bet.

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Tips for Effective Parlay Betting

  • Choose matches with reasonable odds to minimize risks.

  • Focus on matches with accurate information available.

  • Select an appropriate number of events for your parlay bet to reduce risk.

  • Time your parlay bets wisely, considering market trends.

  • Always protect your capital when betting on parlays.

By adhering to these tips and understanding the intricacies of parlay betting, bettors can engage more effectively in this highly rewarding yet challenging betting form.

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