If a person were to bet three games in a row let his money run with each bet. It would pay close to 6 to 1 assuming he won. Of course you would only need to lose once to return zero. A parlay allows a person to let his money run even on concurrently played games.
If you have to lay 110 to win 100 the parlay would be calculated by dividing 100 by 110. With money lines the same principle applies.
For example a three team money line parlay based on the following teams:
Crap +135
Piss -180
Maggots +260
1 x 135/100 = 1.35+1 returns 2.35
2.35 x 100/180 = 1.31+2.35 returns 3.66
3.66 x 260/100 = 9.5+3.66 returns 13.16
odds = 13.16-original 1 = 12.16 the 12.16 odds will be the result irregardless of the order in which you run your calculations.
Just because the odds say you should be paid x number of dollars does not mean the casino actually pays it. Normally they round down. You are already compounding your juice, plus they round down on top of that. The one exception is typically the three game parlay. This one is normally rounded up by .04 of 5.96 or less than a percent.
Parlays can be a mixture of straight bets and moneylines. You may also blend multiple sporting venues. Just tell the person behind the counter you want a parlay and then rattle off the team number and state moneyline each time you prefer the money line.
There is no law on how much a casino pays on a parlay and they do very a lot. If the name of the casino draws in the tourist - They normal don't pay well. The ones off the beaten path will sometimes bump the payoff up a bit. Fremont Street normally pays better than the Strip. Two of my favorite books are The El Cortez on Fremont Street and the Las Vegas Hilton on the Strip.
If you throw a money line into the parlay often the sportsbook will revert to the formula calculation. For those of you going for a large number of teams I strongly advocate a moneyline pick. For example. With a 6 team parlay you might win 40 to 1. But if there is a team that has a line of -1 1/2 or a money line of -120. If you bet all 6 teams straight you would get the 40 to 1. Take 5 teams straight and the moneyline at -120 and your odds are 45 to 1. You increase your payoff, plus increase your likelihood of winning, since now your ticket would be a winner even if that 6th team squeaks by with a one point win. But again there are no laws. Some places even have formulas to round down the money line picks. If you are a sports bettor, there is no reason to be in the sportsbook of the typical casino you would see in the movies.
The spreadsheet I have above can quickly be setup by any simple idiot. I'm sure you can figure out how to replicate it. Another quick way to check what is a fair payoff. Is to look on the internet. Intertops.Com lets you play with your wagering options even if you don't have an account. If you are in a sportsbook that talks in terms of payoffs instead of odds. A red flag should be trip. 12 to 1 odds means you win 12 plus get your 1 back. A payoff of 12 for 1 means they pocket your dollar and you only get 12 back.
