Sports bettor turns $7 into $220K after hitting 16-team parlay (2024)

FAQs

Sports bettor turns $7 into $220K after hitting 16-team parlay? ›

A Caesars Sportsbook bettor turned $6.90 into $219,746.19 after hitting a 16-team parlay. The bettor from New York on Wednesday picked the winners of 10 baseball games — including one on the run line (-1.5) and five underdogs — all four NHL playoff games and both NBA playoff games against the spread.

The 16-team moneyline parlay carried a payout of around 29,078-to-1. Typically, a 15-team parlay can pay upward of 15,000-to-1 on parlays comprised of spread bets. The bettor, however, settled for a payout of 5,320-to-1.

According to the Sportsbook, the bettor in question correctly wagered that 16 different players would get at least one hit, which is exactly what transpired as the Rays prevailed 9-5 over the A's. The bet relied on not only on an enormous amount of luck, but also on Friday's game turning into a high-scoring one.

For example, if you really like two teams to win, you can combine their moneylines into a parlay bet. Instead of betting one team at -150 to win and the other at -120, you could combine them. In a parlay, those odds would turn into +205, which means a $100 bet would pay out $305.

During the 2015 NFL season, novice sports bettor Tayla Polia won a 15-leg NFL parlay (above), according to CBS Sports.

A BetMGM bettor ended up winning $1.1 million on a ridiculous 15-leg $50 parlay that carried +22670 odds on Sunday night. And making it more impressive, the bettor utilized basically the entire sports spectrum in order to cash this ticket.

By the time the Kings and 76ers were wrapping up the NBA schedule, one bettor had somehow avoided every single land mine and stuck the landing on a 20-leg parlay. Incredible. Hitting a 20-team parlay is just about impossible, and playing them is not strategy anyone should follow.

The bettor, who remains anonymous, placed a 20-team parlay bet on college basketball games, risking $25. The parlay included money line and point spread bets; remarkably, all 20 selections won. The bettor's $25 wager turned into an incredible payout of $104,412.40.

Wyoming college basketball game. LaRose had wrapped up the first 24 legs of his 25-leg parlay at Caesars Sportsbook. The one leg that separated his $25 wager from winnings of $237,553.11 was Wyoming -8 (-110).

To calculate the potential payout, the bettor must then multiply the overall parlay odds by the original stake. For instance, if the overall parlay odds are 7.00 and the bettor has staked $100, the potential payout would be $700, including the initial stake.

Are parlay winnings taxed? ›

Your sports betting winnings are considered taxable income—specifically they are deemed ordinary income on your return.

An Example

Enter 4 in the “Number of Games” box. Enter -110 in each game line box (make sure you enter the minus sign)• Click “Calculate”. It will then tell you that the true parlay odds on this bet would be +1228, meaning you should expect a payout of $1,228.33 on a bet amount of $100.

Using the standard -110 vig for point spread and totals bets, these are the odds of winning your parlay based on the number of bets involved: Two-team parlay – 27.47 percent. Three-team parlay – 14.37 percent. Four-team parlay – 7.52 percent.

Many 21st-century sportsbooks never let you parlay two bets from the same game, like a point spread and the over, because those bets could be correlated.

3) Now multiply the above answer (3.9) by your bet amount ($50). The answer: $195. This is the total amount you would receive if you won a $50 two-team parlay with odds of +130 and -150.