Parlay bets are a great way to cash in and win a big payday if everything goes right. However, there are some pretty long odds for a reason, so winning with any type of consistency can certainly be a challenge.
What does a $100 3 team parlay pay? It all depends on the odds of the three teams winning. With that said, even taking three favorites in a parlay bet will still provide some great odds because all three need to win for a payout.
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Breaking Down a 3 Team Parlay Bet
Gamblers looking to place a parlay bet first need to do plenty of research. This is a more intricate bet than betting on just one contest. Instead, players must examine at least two contests in a parlay. With a three-team parlay, three contests must work out.
How to Calculate Parlay Odds
It might seem complicated to calculate parlay odds at first, but they are pretty easy once you get more and more familiar with it all. All it takes is multiplying the odds of taking each team to come up with the parlay odds. What people will end up realizing is that they get much better parlay odds than they would by betting separately with the same amount of money.
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In the first example, let’s keep it simple that all three picks have the same odds. They are all pointspread picks, so it’s even odds. However, because of the vig that goes to every sportsbook, the three teams all have -110 odds.
Team A – (-110)
Team B – (-110)
Team C – (-110)
=
+596 for the parlay
That means with a $100 wager on a parlay bet, it would = $696. The total profit would be $596.
Placing $33.33 on all three teams separately would payout like this:
Team A – $30.30
Team B – $30.30
Team C – $30.30
=
$90.90
There is certainly less risk betting on all three separately, but the total winnings are not quite as eye-catching. It’s easy to see the comparisons, and why people are so intrigued by parlays. Parlays pay out a lot more if all three win, but if just two teams win, it’s a different story. The parlay gambler wins nothing and is sitting out -$100. The individual game gambler is sitting at +$93.93.
Now, let’s have three mock team selections with multiple odds. These three teams are all underdogs, so the payouts will be high either way:
Team A – +150
Team B – +200
Team C – +250
=
+2525 for the parlay
That means with a $100 wager on a parlay bet, it would = $2625. The total profit would be $2525.
Placing $33.33 on all three teams separately would payout like this:
Team A – $50
Team B – $66.66
Team C – $83.32
=
$199.98
Winning $199.98 is not nearly as exciting as $2525. It’s an all-or-nothing approach though. With three underdogs, the odds of the parlay winning big money like this are very slim. In the above scenario, if just Team C wins with individual bets, that person comes out with a net profit of $50. If Team A and Team B wins, but Team C loses, they come out with a net profit of $50 as well.
How many teams can be involved in a parlay bet?
A parlay bet can theoretically go up to as many teams as a person wants. Of course, hitting on a 10-team parlay bet is going to be next to impossible, unless a bunch of heavy favorites are selected. If they are huge favorites, even a 10-team parlay is still going to pay out fairly favorably. It’s tough to correctly predict 10 contests even when only selecting favorites.
Most gamblers will look at parlay bets around the 3-team to 8-team range. Anything more than that is usually wishful thinking in the end. It might be fun to put a few dollars down on huge longshot parlay bets, but it’s not a great, consistent winning strategy.
What Do Average Gamblers Think About Parlays?
There are mixed feelings about parlays and sports betting. Some are very adamant about staying away from them, while others feel less pressure to win because of the big paydays when everything lines up perfectly.
What some advanced gamblers will do is look at the expected value. That is comparing the correct odds at 50% and the odds payout at a sportsbook. Most look at parlay bets as possible opportunities to win if there’s a 55% chance of winning.
What are the Parlay Payouts for Toss-Up Games?
No two parlay bets are going to be the exact same. Looking at a 50/50 bet is a good way to see how parlay bets become bigger and bigger with payouts. When placing a $100 bet with each team listed at -110, here’s how the numbers look with each added team.
2-team parlay – $264.46
3-team parlay – $595.79
4-team parlay – $1228.33
5-team parlay – $2435.91
6-team parlay – $4741.27
7-team parlay – $9142.43
8-team parlay – $17544.64
Parlay Variations
Just about all parlay bets use straightforward lines to get the odds. However, there are other types of combination bets related to parlays in general. Not every sportsbook offers them, but it adds a different element to the game.
Teasers
In the NFL and NBA, teasers have become more and more popular. They can only be used with pointspreads and totals, which is why high-scoring games like these two sports work.
The way teasers happen is that extra points are assigned to each spread, or each over/under. It’s a way to sway the odds a bit more in the gambler’s favor. The drawback is that the payout isn’t nearly as large.
To better understand teasers, consider the pointspread for these three teams in a hypothetical parlay.
Dallas Cowboys -7.5
Green Bay Packers -3.5
Cleveland Browns -1.5
Now a person decides that they want to do a seven-point teaser. This would shift every line by seven points. Now, the teaser parlay bet looks much different.
Dallas Cowboys -0.5
Green Bay Packers +3.5
Cleveland Browns +5.5
With this teaser, the Cowboys game becomes a virtual toss-up. The Packers and the Browns, favorites on paper, are now getting underdog odds.
Pleasers
Pleasers are the exact opposite of teasers. This is designed more for those who are either confident that a favorite will kill their opposition, or that an underdog has a chance of keeping things close. Maybe the parlay odds are not paying out that well, so going all-in with a pleaser makes it much more exciting.
Not that many sportsbooks indulge people looking for pleaser beds. The most important thing to remember is that even though the payouts are outstanding, pleaser bets have a very low chance of actually winning. These would be the new odds with a 7-point pleaser.
Dallas Cowboys -14.5
Green Bay Packers -10.5
Cleveland Browns -8.5
Round Robins
Round robin parlay bets, at least with three teams, simplify everything by offering two-team parlay matchups. For example, with the three teams listed above, a round robin would break down into these two team parlays:
Dallas Cowboys -7.5, Green Bay Packers -3.5
Dallas Cowboys -7.5, Cleveland Browns -1.5
Green Bay Packers -3.5, Cleveland Browns -1.5
There’s less risk involved, but also a limited ability to win big. Round robins have become quite a bit more popular in the last few years, but they aren’t for everyone.
Additional Risks with a Three-Team Parlay Bet
Most gamblers are already well aware of the dreaded last-minute scratch for team sports. It becomes disastrous in football if a quarterback can’t play, or in basketball if the star player has to sit out. It becomes an even bigger issue when locked into a parlay.
The damage is much less with individual bets compared to parlay bets. It’s always recommended to wait as long as possible to place bets on a team, but is particularly important with parlays. It just takes one team to severely throw off the entire parlay.
A Final Word On Parlay Bets
Parlay bets do come with considerable risk, but a three-team parlay is still within reason to some degree. It’s just a matter of how confident gamblers feel when putting money down. If it seems like an opportunity to make consistent money, bigger paydays come with a parlay over individual bets. With that said, if it’s as easy as it seems, everyone would be into parlay betting.
Interested in giving it a try? Start with very low amounts and start working up. As someone gets more and more confident, they can begin to take more risks with their money. A bankroll can disappear in a hurry if people are not careful with parlay bets. Since winning opportunities are fewer and further between, the bankroll could diminish before getting a chance to come up with a feasible strategy.