The Role of Technology in Sports Betting: A Look at the Latest Innovations

In a parlay bet, the bettor makes two or more bets and ties them together into a single bet. Also known as accumulators or multis, parlay bets have the potential for a huge payout. In case you win the parlay odds, all bets in the parlay will pay you. But the disadvantage of parlay bets is that if any bet in the parlay loses, the entire parlay is lost. Parlay bets are popular because you can have a big cash payout for a little bit buy. The sportsbook will give you bigger and bigger payout for your parlay odds, as you add more games to your parlay. However, the more games you add to the parlay, the harder it becomes to win, and your risk is also increased, which is reflected in parlay odds.

Add to this, sports betting technology has made it possible to take more informed strategic decisions for their parlay odds, and other bettings. However, before pondering over how technological innovations are redefining sports betting, let’s understand how parlay odds and parlay payouts are calculated.

Parlay odds can be calculated by dividing the total return amount (win + wager) by the wager amount, to get a decimal multiplier for each bet of the parlay. After that, you will times those multipliers, also known as European odds, by each other, to get the parlay odds.

How parlay odds are calculated

Parlay betting is a high-risk, high-reward wager. The more bets added, the slimmer the parlay odds of winning. Using the standard –110 vig for the point spread and total bets, parlay odds can be calculated. Based on the number of bets involved, parlay odds for different bets in parlays can be calculated. These come out to be as:

Two-team parlay: 27.47 percent

Three-team parlay: 14.37 percent

Five-team parlay: 3.94 percent

Seven-team parlay: 1.08 percent

10-team parlay: 0.15 percent

Calculating parlay payouts

The size of your parlay payout will depend on the bets involved in the parlay, and individual odds for those parlays. Using the standard –110 vig for total and point spreads, parlay payouts for a $100 wager come to be as:

Two-team parlay: $264.46

Three-team parlay: $595.79

Five-team parlay: $2,435.90

Seven-team parlay: $9,142.43

Ten-team parlay: $64,208.16

Let’s understand this with an example:

Suppose you have a three-team moneyline parlay which involves bets of –120, -130, and +115, for which you will have multipliers of 1.83, 1.77, and 2.15, respectively, for a wager of $100. Multiplying those parlay odds will give 6.96, and you will get 6.96 x $100 = $596 for a $100 wager on that parlay!

Sports betting technologies that are redefining betting

However, sportsbetitng technology has changed the way how bets are placed in sports, including parlays. Big data is playing an increasingly important role in the online wagering industry. By collecting and analyzing the vast amount of data, sportsbooks can gain valuable insights into the performance of teams and players. Artificial Intelligence (AI)-based systems collect user data and use it to predict bettor behavior and interests, allowing sportsbooks to provide a personalized experience to the bettors.

Blockchain and cryptocurrencies

Blockchain technology has already taken the fintech industry by storm, and more betting sites are accepting digital currencies as payment. The technology is safe as once completed, the transaction cannot be replicated, reversed, or falsified. Most cryptocurrencies don’t even include a rate, making it even more profitable for sports bettors and parlay odds. Because of the anonymous nature of the blockchain, gamblers can keep their gambling lives separate from their personal lives.

Tracking bets in real time

The technology has also made it possible to track bets and see how your bets and parlay odds are performing in real-time. This means you can make adjustments to your parlay odds as required, and improve your betting strategy. Mobile betting apps are used by bettors to place the right bets at the right time. The bettors can use the data provided by betting apps to make more strategic decisions. Live streaming has made several previously unavailable betting opportunities available to bettors who love gambling on in-play events.

Sports betting technology has made sports betting more accessible and convenient than ever, providing bettors with more opportunities, and also flexibility when it comes to parlay odds and wagering on sports games. if you are interested in learning more about parlay, sport betting and more then you should get in touch with Winible today.