What does 7 leg parlay mean? A comprehensive guide for new bettors
Hey there! As your resident betting expert Terry Williams, let‘s dig into everything you need to know about the 7 leg parlay. I know parlays can seem complicated for beginners, but stick with me and you‘ll be a pro in no time!
Defining the basics: What is a parlay bet?
Simply put, a parlay combines multiple bets into one single wager. All the individual bets are called "legs," so a 7 leg parlay has 7 bets tied together.
The catch is every leg must win for the whole parlay to win. One wrong pick means the entire parlay loses. But get all 7 right, and the payout is huge!
Now let‘s look at a quick example:
Say you bet a 4 team parlay with all NFL matchups at -110 odds (bet $110 to win $100). It would look like:
- Eagles beat Cowboys
- Patriots beat Jets
- Steelers beat Bengals
- Packers beat Bears
If you go 4-for-4, you win the parlay and get a big payout. But if the Packers lose, you lose everything even if the other 3 hit.
This "all or nothing" structure is the hallmark of parlays. The more legs you add, the tougher it gets but the higher the potential rewards!
How parlays work: Odds and payout calculations
Let‘s crunch some numbers so you really understand how parlays boost your payouts.
For a simple 2 team parlay at -110 odds, the payout calculation is:
- Bet 1: -110 odds = 91% chance to win
- Bet 2: -110 odds = 91% chance to win
- 91% x 91% = 83% chance to win both
- So the total parlay odds are around +120
For a $100 wager, that 2 team parlay would pay out $220 (bet $100 to win $120).
Now let‘s say you add a 3rd -110 leg. The math gets spicier:
- Bet 1: 91% chance
- Bet 2: 91% chance
- Bet 3: 91% chance
- 91% x 91% x 91% = 74% chance to win all 3
- The total odds become around +260
That 3 leg parlay on a $100 bet now pays $360
You can see how stacking up teams juice the payouts exponentially! But hitting all those picks also becomes tougher.
Here‘s a table with estimated payouts on standard -110 moneyline parlays:
| Parlay Legs | Total Odds | Payout on $100 Bet |
|---|---|---|
| 2 teams | +120 | $220 |
| 3 teams | +260 | $360 |
| 4 teams | +600 | $700 |
| 5 teams | +1200 | $1300 |
| 6 teams | +2500 | $2600 |
| 7 teams | +5000 | $5100 |
| 8 teams | +10000 | $10100 |
Now we‘re talking big boy money! But choose those legs wisely…
Pros and cons: Should you bet parlays or straight bets?
Let‘s break down the good and bad of parlay wagering:
Pros
- Big payouts on small wagers – get 1000/1 odds on as little as $5
- Fun way to get skin in multiple games with one ticket
- Adds excitement by jacking up risk/reward
Cons
- Very low probability of winning – hitting 80% on a 5 team parlay still loses
- Chasing losses likely as players get sucked in by potential payouts
- House advantage much higher compared to straight bets
The bottom line is that while parlays offer tantalizing rewards, they come with extreme risk. If you must parlay, doing so sparingly and for low stakes is wise.
Personally, I limit parlays to no more than 3 or 4 legs max. Anything above that is just a sucker bet!
Swinging for the fences: Biggest parlay wins
Despite the challenges, some gutsy gamblers still take down huge parlays. Some recent famous wins include:
- Unnamed bettor at FanDuel hit a free $5 16-leg NHL parlay, turning it into over $730k!
- Another bettor nailed a 20-team parlay at BetMGM, winning $100k off just a $100 wager
- One Vegas visitor scored big with a 15 team parlay progressive jackpot over $130k
Even getting 10+ legs right can produce life-changing scores. Back in 2019, one sportsbook saw four different 10+ leg parlays hit on a single Sunday!
But for every one of those miracle winners, thousands of other parlays crash and burn. Don‘t let the big numbers blind you.
Strategies and tips for smarter parlay betting
Now that you understand the basics, let‘s get into some next-level parlay strategy. Here are my 5 proven tips:
1. Pick correlated lines
Choose bets where results are tied together, like Chiefs -3 and the over on total points. If KC wins big, both have a better chance of hitting.
2. Hedging your bets
When possible, make bets on both teams in a matchup. That way you have a winner either way.
3. Focus on early legs
Knocking out the first couple legs gives you some profit and lets you hedge later ones.
4. Buy teaser points
Moving the spread makes hitting multiple legs easier. Just watch those payouts drop.
5. Stay disciplined
Never chase losses. Stick to your strategy even after some parlays lose.
Proper bankroll management is critical too. Only bet an amount you‘re comfortable losing entirely. Keep parlay wagers a small % of your total action.
Common parlay questions answered
Let‘s wrap up with some FAQs:
Do all legs of a parlay need to win?
Yes, every individual bet must win for the parlay to cash out. One loser kills the entire wager.
What‘s the max legs you can have?
Most books allow 10-15 team parlays. I‘d cap it around 4-5 for best odds.
Can you combine sports on a parlay?
You sure can! As long as all bets win, mixing sports is no issue.
Why are parlays sucker bets?
The huge advantage for sportsbooks makes them more profitable off parlays than straight bets.
Should you parlay or bet straight?
Statistically speaking, making straight wagers has better odds than parlays. But parlays can be fun on the side.
Let‘s bring it home…
Whew, that was a lot of info! Let me wrap up with some key takeaways:
- A 7 leg parlay combines 7 individual bets into one mega wager
- Every single bet must win for the parlay to cash out
- With each added leg, the payouts rise exponentially but so does the difficulty
- Big parlays have produced some huge jackpot wins but most end up losing
- Stick to 3-4 team parlays max and use smart strategy to maximize your chances
I hope breaking down the ins and outs of the 7 leg parlay was helpful! Let me know if you have any other sports betting questions.
Your pal,
Terry