Of course. Parlays are great and should be enjoyed as part of your betting strategy. However, there are some things you need to know about parlays, so read on a bit farther before you call in that bet.
Parlay bets significantly increases the amount of risk you are exposing your bet to. While they pay off at a much higher rate, they do not payoff as often. Parlay bets are fun and should be a part of how you enjoy the games. However, the majority of your betting money should be directed towards payouts with a higher probability of payout. Simply set aside 25% of what you plan to bet during a day for parlay betting. If you focus too much on parlays, the odds will catch up with you and you will simply not enjoy betting as much as you should. Just like a good investor diversifies, you need to too as a wise sports bettor.
Want to calculate your potential winnings from a parlay bet? It's easy and you do not need to be a math professor to do it, although it will require you to do simple division and multiplication.
First, you must convert the money line into the pay out decimal. This is easy, just take the positive money line and divide by 100. Have a negative money line? Take 100 and divide it by the negative money line.
Need examples? No Problem. Assume a two team parlay:
Positive Money Line +137
137/100 = 1.37
Negative Money Line -120
100/120 = .83
Second, add 1 to each payout decimal. In our example we would now have 2.37 and 1.83.
Third, multiply the amount you are betting times each. So, if you were betting $100 it would be 100 X 2.37 X 1.83 = 433.
Fourth, subtract the amount you risked and you have the payout amount. Here it is $333 (433-100).