Accumulators are multiple bets combined on the same ticket.  The bettor wins his bets only if all of the picks on that ticket are winners.  If even one bet on the ticket is a loser, the entire ticket is a loser.  Accumulators are used to increase the overall payout.  Hitting a 3-game accumulator for a win pays better than having a single straight bet on each of those games individually.  There are two general types of accumulators: parlays and teasers. Parlays are a combination of single bets grouped together for a common outcome.  Stanford Wong opines that they arose when a bettor told his bookie, “If my first bet wins, take the entire payout and place on this second bet.” The enterprising bookie then realized that he could offer the same odds to bettors on contemporaneous events – and the parlay was born. It is sometimes possible to parlay wagers on the same event. For example you may be able to parlay a winning side with a totals bet on the same game. (Some books may not allow this, however.)

PARLAYS ON SPREADS AND TOTALS

Looking at a parlay on spreads and totals at -110 juice, we can see that is a bettor put down $110 on the side, and it won, he would be paid out $210 (bet + winnings). This $210 is then parleyed onto the Total at -110, and if it wins the payout is $400.91 (bet + winnings). Thus $290.91 profit is made on $110 investment, or it is as if the original $110 bet was made at approximately +264.4. Most books will pay off two team parlays at 13/5, or +260. Try not to be too shocked that the book adds a little extra juice to a parlay bet. For the bettor, however, there is no other way to get accumulated effects on contemporaneous events, so each bettor must decide if the advantage of the bets outweighs the extra house advantage of the increased juice.

Extrapolating to a 3 pick parlay on sides and totals at -110, our bettor reinvests his $400.91 after the second bet at -110, and wins, receiving a payout of $765.37. This makes $655.37 profit on the $110 original bet, equating to putting the original $110 on a +596 wagering line. Most books pay off 3-pick parlays at 6/1, so you actually get a slight break on the juice with a 3 pick parlay. Your odds of winning are, however, greatly reduced.

Extrapolating to a 4 pick parlay, the $765.37 is reinvested at -110, and when it hits there will be a payout of $1461.16. The profit on the $110 bet is $1351.16, or odds of roughly +1228 on the $110 bet. Unfortunately, most books pay only 10/1 on the 4 team parlay, adding a huge house advantage that is virtually impossible to overcome in the long run. Further extrapolations to 5, 6 and more pick parlays just get worse as far as the house advantage.

MONEYLINE PARLAYS

Moneyline parlays are normally calculated based on the true odds. If you take a two pick parlay with a line at +110 and a line at +150, a $100 bet returns $100(2.1)(2.5) = for a $525 payout. ($450 profit on a $100 bet). A $100 bet on a pick of two favorites of -200 and -200 yields ($100)(1.5)(1.5) = for a $225 payout. ($125 profit on a $100 bet).

Rules on betting parlays can vary widely between sportsbooks, so make sure you fully understand the rules for the book where you are contemplating playing parlays.

THE SPORTSBOOK'S ADVANTAGE

The sportsbook's advantage in parlay bets is that they can not offer true odds for the bets, which increases their juice and  house advantage.  This is particularly true in situations where four or more picks are included on the parlay card.  Bettors should also be certain about the rules at the book where they are making parlay wagers as some books offer reduced odds for two and three pick parlays, and / or have specific rules about acceptable bet combinations and the use of bonus money in parlays.  Read the fine print.

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