MLB Parlay Betting Explained

An MLB parlay is a type of MLB bet where two or more picks are combined into a single wager.

The allure of a parlay bet lies in its potential for a larger payout (albeit at a higher risk) at a since every leg (or sigle bet) of the parlay must win for the parlay to be successful.

Understanding MLB betting basics and how MLB parlays are calculated is important for any serious MLB bettor looking to make the best of their MLB parlay bets and the enhanced odds that they offer.

MLB Parlays

In Major League Baseball betting, a parlay allows you to bundle two or more games into one bet.

If you’re betting on the moneyline, run lines, or totals, you can combine these bets to increase your potential return.

The key to a successful parlay is that all the selections must win; if even one leg loses, the entire parlay is lost.

What Are The Benefits of MLB Parlays

The biggest upside of MLB parlays is the chance for a larger payout compared to single bets.

By combining multiple bets into a parlay, the odds for each game multiply, leading to higher returns. This also comes with increased risk, as the probability of winning decreases with each added bet.

How to Calculate Parlay Odds

Most sportsbooks calculate parlay odds by converting the moneyline odds of each selection into a decimal format, multiplying these decimals together, and then converting back to moneyline odds.

Here’s a simple way to understand this:

1. Convert the moneyline to decimal odds:

For positive moneylines:

• $\text{Decimal odds }=1+(\text{moneyline}/100)$

For negative moneylines:

• $\text{Decimal odds }=1+(100/\text{moneyline})$

2. Multiply the decimal odds of all selections together.

3. Convert the final product back to a moneyline to get the overall odds for the parlay.

Examples of MLB Parlays

Let’s check out examples to see how MLB parlays might work with actual games:

Example 1: Two-Team Parlay

• Bet 1: New York Yankees (-150) vs. Boston Red Sox
• Bet 2: Los Angeles Dodgers (+120) vs. San Francisco Giants

Converting these to decimal odds:

• Yankees: $1+(100/150)=1.67$
• Dodgers: $1+(120/100)=2.20$

Total Decimal Odds = $1.67\times 2.20=3.67$

Potential Payout for a $100 bet = 3.67 \times 100 – 100 = $267 profit.

Example 2: Three-Team Parlay

• Bet 1: Chicago Cubs (+150) vs. Milwaukee Brewers
• Bet 2: Houston Astros (-200) vs. Oakland Athletics
• Bet 3: Tampa Bay Rays (-130) vs. Baltimore Orioles

Decimal odds:

• Cubs: $1+(150/100)=2.50$
• Astros: $1+(100/200)=1.50$
• Rays: $1+(100/130)=1.77$

Total Decimal Odds = $2.50\times 1.50\times 1.77=6.64$

Potential Payout for a $100 bet = 6.64 \times 100 – 100 = $564 profit.

MLB Parlay Risks and Strategies

While the high rewards of MLB parlays are very tempting, they come with much higher risks.

Since the likelihood of multiple outcomes all winning decreases with each added leg, parlays should be approached with caution.

Strategic Considerations

1. Research Thoroughly: Understand the teams, pitchers, and recent performance, as well as external factors like weather.
2. Manage Bankroll: Due to their high-risk nature, it’s wise to bet only a small portion of your betting bankroll on parlays.
3. Keep Parlays Small: It’s tempting to add many legs for a huge payout, but the best strategy is often to stick to two or three selections.

MLB parlays offer a chance for punters to win big from a small outlay. Those who take the time to do some homework and manage their risk appropriately have a chance to win in the lon-run, and that’s what it takes to become a sucessful bettor.

Check out our daily MLB picks and parlays for some expert betting advice.