Many MLB fans love parlays as they allow you to put multiple predictions into one bet in an effort to earn a large profit. The opportunity to secure a life-changing payout from a relatively small stake is extremely exciting for many bettors.
In August 2019, a FanDuel bettor earned a $30,000 profit from a $100 bet after correctly predicting the outcome of eight different games. He backed the Cubs, Nationals, Braves, Indians and Athletics all to win on the moneyline, and the Dodgers, the Royals and the Tigers all to cover a -1.5 spread on the run line.
Every single prediction needed to prove correct in order for the bet to pay off, and the bettor rode his luck at times, the Indians won 7-3, but needed an extra inning to beat the Twins following a late Minnesota rally. The Cubs found themselves 3-0 down against the Reds after five innings, while St. Louis trailed 8-4 against Pittsburgh, but both teams pulled off fantastic comebacks and the bettor landed a huge profit.
There are examples of sports fans earning six-figure payouts despite wagering just $5, and that really boosts the popularity of parlays. This handy guide is part of our how to bet on MLB section, and it helps you join in the excitement of parlay wagering on baseball.
What is an MLB parlay?
An MLB parlay allows you to roll multiple predictions into a single bet in order to rack up higher odds. You might believe the Phillies will beat the Yankees, the Pirates will beat the Rays, the Braves will beat the Red Sox, the Brewers will beat the Cubs and the Rockies will beat the Giants on a particular day. If you have a bankroll of $80 to play with, you could divide it in four and bet $20 on each outcome. The alternative is to roll all four selections together into one parlay.
You do not have to stick to moneyline selections when compiling a parlay. You can throw in run line bets, total runs bets, first five innings bets, prop bets and more. A parlay might contain the Phillies to beat the Yankees, over on total innings when the Pirates take on the Rays, the Brewers to beat the Cubs after the first five innings and the Rockies to cover the run line against the Giants.
How do MLB Parlays Work?
MLB parlays present you with the opportunity to secure much higher odds than you would gain by simply placing bets. The catch is that all of your predictions must prove to be correct, or your bet will be a loser. It is a riskier betting strategy, as just one team could let you down and your entire wager would be busted, but the potential rewards are far greater.
For example, if you bet $20 on the Phillies to beat the Yankees at +200, $20 on Pirates to beat the Rays at +250, $20 on the Brewers to beat the Cubs at -120 and $20 on the Rockies to beat the Giants at +110, you would make a profit of $128.67 if they all proved correct. However, if you combined all four selections for an $80 parlay and all of them proved to be correct, you would earn a much higher payout of $3,154.
How are MLB Parlays Calculated?
When you place a parlay bet at an online sportsbook, it will tell you the potential return you stand to make if it pays off. However, it can be beneficial to know how they are calculated.
First, you need to convert the odds into decimal format. Many sportsbooks allow you to flick between American, fractional and decimal odds, while there are plenty of tools that covert it for you online. Alternatively, you can convert it yourself: +100 equals 2.00, +125 equals 2.25, +200 equals 3.00 and so on, while -110 equals 1.91, -120 equals 1.83, -150 equals 1.67, -200 equals 1.50, -300 equals 1.33 and so on.
Let’s stick with the above example:
- Phillies to beat the Yankees at +200 (3.00 in decimal odds)
- Pirates to beat the Rays at +250 (3.50)
- Brewers to beat the Cubs at -120 (1.83)
- Rockies to beat the Giants at +110 (2.10)
You then multiply them together: 3 x 3.5 x 1.83 x 2.1 equals 40.35. That tells you that for every $1 you wager, you earn a return of $40.35.
How Can you Create a Great MLB Parlay?
Parlays sound great to the novice bettor as they allow you the opportunity to earn piles of cash for a very low risk investment. However, seasoned bettors know that sportsbooks love taking parlay bets. You hear about all the big successes, but you seldom hear about the thousands of losing parlays placed on the same day.
It requires a great deal of strategy to be among the bettors that make a success of parlay betting. Here are some tips to help you:
- Ignore the temptation to simply combine all the favorites into one parlay on a particular day. Many favorites lose, so work out which teams deserve that status and which ones might struggle to justify it.
- Do your research before adding a selection to your parlay. Check out the MLB picks to learn what the experts think. Check the injury lists, fatigue levels, motivation concerns, morale, recent results and head-to-head results before thinking about adding a team into your parlay.
- Leave big underdogs out of parlays. There is a large chance of them scuppering your entire bet, and the odds are attractive enough to bet on that team individually.
- Try not to stick to simple moneyline bets when putting a parlay together. Look at run line, total runs and other options in order to boost your chances of success. The expert MLB predictions explore various ways to gain value, and they often look at alternatives to moneyline selections, so check them out for inspiration.
- Look out for reduced juice sportsbooks for parlays and factor in free play bonuses in order to stack the odds further in your favor.