What is Parlay in Baseball Betting?

Many people know what a lay bet is in sports betting. Essentially, a lay bet orders the sportsbook to send the bettor the money won on the wager, regardless of the outcome of the game. For example, if a bettor bets on a team to win the World Series and his team wins the Series, he will get his money back plus some winnings.

However, few people know what a parlay is in baseball betting. Simply put, a parlay is when you combine two or more bets into one wager. For example, let’s say you want to make a parlay with a friend on the Red Sox/Yankees World Series Game 5. You can do this by stating your lay bet on the Red Sox and your parlay bet on the Yankees. In this example, you are essentially combining two bets into one. You are laying off on the Red Sox, but you are also betting on the Yankees to win the game.

So, essentially, a parlay is when you order multiple bets to make one wager. It is essential that these are placed in a timely manner, as the bettor has to wait for the results of the combinations before he can get another response from the sportsbook. Sometimes, this requires several hours of waiting. Hence, why many people avoid placing parlay bets, as they can sometimes take hours to settle.

Advantages of Using Parlay Bets

Although there are many disadvantages to using parlay bets (as we will discuss below), there are also several advantages to using these bets. Let’s discuss a few of them.

  • It is typically easier to place a parlay bet than it is to place individual bets. This could be due to the fact that you do not have to enter the outcome of each game when placing a parlay bet. Instead, you provide your stake for each team and the sportsbook calculates the winning teams for you. This is much easier for most people.
  • Parlay bets are often accepted in larger amounts. This makes them easier to place, as you do not have to break down the amount you want to bet per game. You could very well place a $100 bet on the World Series, and if your team wins the World Series, you will get your $100 back plus your $200 winnings from the Red Sox/Yankees parlay bet.
  • Parlay bets sometimes offer better returns than individual bets. This is particularly true for the Super Bowl, as there are many different betting combinations for this game. If you want to make the most out of your money, you should place all your bets on the Super Bowl. And yes, in some situations, you can get back a lot more money when betting on the Super Bowl than you can when betting on the individual games.

Disadvantages of Using Parlay Bets

Although there are many advantages to using parlay bets, there are also several disadvantages to using these odds. Let’s discuss a few of them.

  • Parlay bets take longer to settle. This is because the sportsbooks have to calculate the outcomes of all the parlay bets you make. Depending on how many teams you are backing, this can take a very long time. In some situations, this calculation can take several days or even weeks. During this time, you are not allowed to make any other bets. This is not ideal, as you could win or lose money on other wagers while your parlay is being settled.
  • Parlay bets attract a lot of attention from law enforcement. Although this is usually not a problem for most people, if you are doing this on purpose (to commit fraud or other illegal activities), then you will surely run into trouble. For example, if the IRS were to examine your gambling activities or a government authority were to launch an investigation into your activities, then it would be much easier for them to examine your parlay betting than it would be to examine your individual bets.
  • Parlay bets are not available in all places. Due to legal reasons (for example, in Nevada), you cannot combine multiple bets on the same team. For this reason, you are not able to make parlay bets in certain states. Some states, like New York and Delaware, do not allow parlay bets at all.

How to Place Parlay Bets

Now that you know what a parlay is in baseball betting, it is time to discuss how to place these bets. Like many other sports, the rules for placing parlay bets are fairly straightforward. However, due to the nature of these bets, it is very important that you approach them the right way. Let’s discuss how to place parlay bets in a step-by-step manner, so you can get the most out of this wagering opportunity.

STEP 1: Research the games you want to bet on carefully.

It is critical that you research the games you want to bet on before making any kind of wager. You should do this both before you make the bet and also after you make the bet. In doing so, you will be able to determine whether or not you actually won or lost the bet, as it is very easy for someone to fake the results of a game that has not yet been played. Additionally, if you win or lose money on a game, you have to report this to the IRS. Make sure you keep all your records, as this will make things much easier for the IRS and legal authorities should they investigate your activities.

STEP 2: Place your individual bets.

Now that you have your game(s) chosen, it is time to place your individual bets. You can place bets on the game itself or on the total number of runs or wins that this team will produce during the course of the game. You should place your individual bets in the same amount per team that you betted on the parlay. For example, if you backed the Red Sox with a $100 wager and the Yankees with a $200 wager, then you should place a $300 wager on the Red Sox/Yankees World Series Game 5.

STEP 3: Calculate the wins and losses of your parlay.

After placing all your individual bets, it is time to calculate the results of your parlay. This is simply done by adding up the total number of wins and losses for each team. If your Red Sox team had a winning record, then you would simply add up all the wins on that team. If your Yankees team had a winning record, then you would add up all the losses on that team. Finally, you would add the number of wins for the Red Sox and subtract the number of losses for the Yankees to get your final results. If you bet on the Red Sox, then you would have to divide your winnings by two (as there were two teams you bet on), and if you bet on the Yankees, then you would have to multiply your winnings by two (as there were two teams you bet on).

STEP 4: Check your winnings and send payment.

Once you have calculated your winnings from the parlay, it is time to send payment and declare your winners. You can use many different methods to send payment, including online transfer, PayPal, or credit card. Like any other type of betting, you can use sportsbooks to check your winnings and send payment. However, it does not hurt to verify your winnings independently, as you can sometimes experience situations where a bookmaker has “shorted” a bet, or in other words, given the bettor more winning chances than they are entitled to. In this case, you will have to wait for the results of your bet to be settled before you are able to get your winnings.

Hopefully, this was an informative lesson on what parlay is and how to place these bets. Now that you know the basics, it is time to get betting! Good luck out there.