How Do Parlays Work in Kansas Sports Betting?
The biggest difference between parlay bets and straight wagers is that a parlay involves more than one selection. With a single game bet, you need to get only one outcome right to see a return. However, if you believe the Kansas City Chiefs, the Kansas Jayhawks and the St Louis Blues will all win on the same weekend - even though they play in different sports and leagues - you will be able to combine them in a three-team parlay.
By placing a parlay, you can win bigger - because as each of your selections obliges, the winnings from that bet rolls on to your next pick. Parlay betting epitomizes the old cliché about the gambler who is trying to "turn a toothpick into a timber yard".
The key to understanding the allure of parlay betting is that you cover all your selections with a single stake. If you get all your bets correct, and the winnings keep stacking up, your final return could be very impressive indeed.
Building a Parlay
Once you decide that you want to combine more than one selection in a parlay bet, the only limit is the extent of your ambition and confidence.
You can combine a couple of picks in a two-team parlay or a two-game parlay. However, there is nothing to stop you placing a three-team parlay, a four-team parlay, a five-team parlay... you get the picture. Some Kansas sportsbooks online will allow you to combine as many as 15 picks in a parlay - check out your sportsbook's rules to see if they have a limit.
Check out their maximum parlay payout too, because your potential payout could be enormous. Once you have decided on your parlay picks, you should find it easy to place your parlay at a Kansas sports betting app or retail outlet.
It's also worth knowing that increasing numbers of operators now allow you to place same-game parlays. DraftKings Kansas was among the brands that pioneered this innovation, whereby you can build a parlay consisting of several outcomes from the same game. Taking advantage of the DraftKings Kansas promotions is a great way to mitigate risk with parlay betting.
Be aware, however, that many same-game parlays are correlated parlays - the result of one outcome can directly affect the chance of another happening - and as a result, the odds available on a same-game parlay can be less generous.
Winning a Parlay
So how do you win parlay bets? The simple definition of a winning parlay is a wager in which all your selections are successful. The sense of excitement as each of your picks turns out to be right, and the feeling that you might be about to win big, is genuinely thrilling. That helps to explain why parlay bets are so popular with both dedicated and casual bettors.
Of course, the risk that stacks up against the potential reward is that it takes only one of your selections to let you down, and your entire parlay loses. The only possible consolation in these circumstances arrives if the operator where you placed your parlay offers parlay insurance. This means that, in return for just one of your picks is incorrect, you receive your initial stake back as a free bet.
Understanding Kansas Parlay Odds
Parlay odds are, when it comes to each of your selections, exactly the same as the odds you find when you are going to place a single moneyline bet or a point spread. The key to understanding parlay odds is being able to work out how they combine as each of your picks obliges and you build towards what you hope is a serious payout when all your bets win.
It is possible to understand how large your payout might be by working out the return from each of your selections using moneyline odds. So if you place a $10 bet on the Kansas City Chiefs at +150, you will have $25 (don't forget to include your stake) rolling on to the next bet in your parlay.
The easiest way to calculate your possible payout, however, is to convert the odds about each of your selections into decimal odds, which include the stake. Then multiply each of those decimal odds together and multiply the figure you get by your stake. If you want a little extra assistance with your math, check out a free online parlay calculator to crunch the numbers for you.
All modern sites do the calculations for you on your betting slip - but it's still good to know how to calculate them yourself!
How Parlay Payouts Work
As you can see, unless you combine several selections at very short odds such as -400 or -500, as each of your picks wins your potential payout rises fast - because the stake going on to the following bet in your parlay is much bigger than your original investment.
Parlay bets are the ultimate risk-and-reward betting activity. The reward on offer for a successful parlay could be astronomical - but the risk is that the more teams or picks you put in your parlay, the greater the chance that one will be unsuccessful, with the result that your parlay loses.
The other factor governing your payout is the odds about each selection. If you place a three-team parlay, but the varying odds on each team are +600, +700 and +800, the chances that you will be right are more than 500 to one. Those are odds roughly double the likelihood of a five-team parlay hitting if all five selections are priced at +200.
Types of Parlays
Research shows that about a quarter of all sports wagers struck are parlay bets. This is an enduringly popular way for bettors to engage with their favorite sports and effectively place multiple bets on multiple teams through an individual wager.
When you want to place multiple wagers but don't want to have a series of straight bets, this is the ideal way to cover numerous outcomes with one bet.
That one bet can cover a variety of different styles of wager. Your two-team parlay can include a straight bet on one game and a point spread on the second. A four-team parlay might include point spreads and a range of prop bets. This flexibility applies to same-game parlays too.
However, within the world of parlay betting there are several parlay combinations that present a variation on this popular theme. Let's look at some of the ways you can place more exotic and intriguing parlays.
Round Robin Parlays
Round robin parlays are a more complex version of the most easily understood type parlay bet. The main difference here is that you cannot cover all the permutations involved in a round robin with a single bet. You will have to place two or more bets. The silver lining to that cloud is that you can still see a return even if one or more of your selections is not correct.
In a round robin, you select a number of teams you want to wager on - usually between three and ten. However, within that list of teams you can bet on any of the two-team parlays. If you pick three teams, for instance, there are three potential two-team parlays. So if you are sweet on the chances of the Kansas City Chiefs, the Kansas Jayhawks and the St Louis Blues, you can create multiple parlays within a round robin on the Chiefs-Jayhawks, Jayhawks-Blues and Chiefs-Blues.
When you place a round robin parlay, each of the two-team parlays will appear as an individual bet on your bet slip. Round robin parlays may not be ideal for novice players, but the greater flexibility - offset by the fact that your initial investment is higher - makes them popular with more experienced bettors.
A teaser bet is similar to a parlay, in that you are invited to combine several selections and cover them with a single stake. Where the two types of wager differ is that with a teaser, you can tweak the odds in your favor.
That means you get extra points on your side of the bet in a point spread. Teasers may occasionally apply to other types of prop bets too. The result is that your chance of winning increases - however, inevitably, your possible final payout is smaller as a result.
Teasers are particularly popular when it comes to football betting. More than one-third of NFL games over the last decade were decided by a winning margin of seven points or fewer, which means that the ability to move the point spread in your favor can make a significant different to the outcome.
Parlay cards are a great way for sportsbooks to make it easy for you to place your parlays. If you go to a casino with a sportsbook, you can find parlay cards on which you can make your picks from a pre-selected list.
Although the list is pre-selected, there should be enough choice for you to make a selection that accords with your thinking about the games in question. You also have the flexibility of being able to choose how many selections to include in your parlay, and will have physical evidence of your wager in the form of parlay tickets.
The concept of the parlay card has now been adopted by several online sportsbooks. You can now find a parlay card on many websites and apps that will make it easy for you to place your parlay bet through your desktop or mobile device.
Pros and Cons of Parlays for Kansas Bettors
There are several pros and cons to weigh up when you are considering placing parlay bets. The biggest argument in their favor is that you can put yourself in line for a seriously impressive payout by having a parlay bet that costs you a relatively small initial stake.
Placing a parlay is simple and far easier than placing two bets, three bets or a host of individual bets on the sporting action you are about to enjoy. And every experienced bettor has a great story about the day they saw a parlay bet pay handsome dividends.
However, those same bettors will also have many a tale about occasions when one losing selection in a multi-team parlay caused the entire parlay to crash and burn. The major downside to a parlay bet is that it is not easy to make a series of winning selections - and the bigger your potential parlay payouts, the harder it is to pull off those wins.
Ultimately, it is hard to justify placing a multi-team parlay from an objective, mathematical point of view. Every wager you place has an expected value, and it is particularly hard to compile a parlay with a positive expected value. Nevada sportsbooks historically have a 31% margin on parlays, as opposed to 5% on straight bets.
A parlay bet is an emotional investment rather than a logical one. But as everybody who likes to bet parlays will tell you, the excitement when it looks as if your many-team parlay might just hit is almost worth the money on its own.
Tips for Parlay Betting in Kansas
If you are new to placing sports bets, it may be wise to stick to individual wagers - using the generous Kansas sportsbook bonuses available to new customers - in the early stages. However, as you develop your own betting style, you may be tempted to forsake individual bets and be intrigued by the prospect of bigger payouts that can be attained with several winning selections on the same bet.
As you try out various bets, and become more experienced as you place more bets, you may become more comfortable with the idea of a parlay bet. Start by combining a couple of selections, rather than trying to pull off a seven-team parlay. Keep placing individual bets as well. The more bets you place, the more confident you will feel about the different styles of wagers available. FanDuel Sportsbook Kansas is a great option for newer parlay bettors, as the operator offers a wide variety of parlay options to choose from.
Learn More About Online Parlay Betting with Kansas Sportsbooks
All the Kansas sportsbooks are reputable companies that encourage people to bet responsibly. It does them no good if a customer develops a gambling problem.
As part of their commitment to treat customers fairly, you should find plenty of advice on their online platforms if you want to know how to place a parlay bet there.
The best advice we can give is to enjoy a parlay for the fun it brings, rather than as a serious investment designed to make you lots of money. A multi-team parlay is a great way to feel more involved in lots of different events - and you never know, you just might be the one who turns a toothpick into a timber yard.
Kansas Parlay Bets FAQ
Yes and no. Parlays are fun, a great way of covering several selections with a single stake, and they hold out the prospect of a good payout if all your picks are correct. However, it is difficult to get every single prediction right and the chances of winning a big parlay are slim. It all depends on your betting style.
Parlays are legal in the state of Kansas. Now that the KS sports betting industry has officially launched, bettors can bet parlays however they see fit. Just be sure to check to see each operator's rules on parlays, as they'll likely vary from book to book.
Online betting, and, more specifically, parlay betting, has launched in Kansas. Everything went live on September 1, so bettors looking to place parlay bets should have no trouble finding an operator in Kansas.
The only way to win a parlay bet in Kansas, or in any other state, is for all your selections to be correct. The only exception to this occurs when your sportsbook offers parlay insurance; that means if just one of your picks lets you down, you get your initial stake back as a free bet.
No, but at the same time you don’t lose either. If one of your selections finishes as a tie, also known as a push, and all your other legs win, it is usually discounted from the calculation of your payout.
To know how much your parlay pays out, you need to multiply all the odds of your selections, then multiply the total by your stake. The easiest way to do this is using decimal odds. Your online bet slip will do the numbers for you so you can adjust your picks and bet size to get the odds and payout you're looking for.
Yes, you can. You should be able to place all types of parlay bets through your mobile device. Kansas bettors just need to do a little research to figure out which KS sportsbook is the best option for their betting needs.
Martin Booth is the senior betting analyst for BetKansas.com. He is an award-winning contributor and expert in sports betting and casino gaming around the world. From legislative updates in Kansas to breaking down the top betting apps, Martin Booth covers a gambit of topics surrounding Kansas sports betting. He is one of the most trusted voices in online gambling and will continue to be a leading voice in the Kansas sports betting market.