You may have heard the term “parlay” in reference to someone combining one asset with another to achieve success. “I bought a new propane grill, and combined with my shopping skills I parlayed that into a great family cookout.”

NFL Teaser Odds When betting NFL teasers, the most common football teaser varieties are selecting two or three teams and teasing NFL lines by 6, 6.5 or 7 points. As an example of a football betting teaser, let’s say you like Pittsburgh -4.0 and Los Angeles +6.0, but are worried that the Steelers might only win by a field goal or the Chargers. A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected. This means that if the Jets bring the final score of the game within 7.5 points, you would win betting on them as the underdog. In the world of NFL picks, there are many variables that elude even the most seasoned odds makers. That's where OddsChecker comes in.

At the casino or on a sports book, to parlay means something similar. Easily the most popular of all exotic wagers in sports betting, a parlay (or “combo”) is a collection of 2 or more sides or totals that you place a wager on and all of them must win in order for you to cash in.

MLB, NFL and NBA Parlay Rules

Most bettors love the idea of having a chance at a big payoff from a small wager. But parlays are hard to win, and come with a strict set of rules. Let’s look at some of the ins and outs.

Bookies offer this category of wager to lure the gambler into a tough situation. For instance, on a 4-team parlay, going 3-1 is no different than going 0-4. You lose in either case. However, if you’d placed 4 individual bets and won 3 while losing 1, you would make a decent chunk of change. But you would have saved yourself a lot of money by betting the combo instead of placing 4 individual bets if you went 0-4.

“Correlated” outcomes are strictly against the rules, which means you cannot benefit from results that are related to one another. For instance, a finesse passing team might be pitted against a strong defensive unit in the Super Bowl. If you pick the latter squad, you cannot place a combo bet on the “under,” since that outcome is more likely to occur if the strong defense controls the contest.

Below is a table that lists the chances of hitting a combo if all wagers are “pick’em,” or evenly-matched “coin flip” scenarios – what sports books give you for each ratio, and the chance of a winner if you hit 55%. Obviously, if you’re a 55% handicapper, then there are good deals in the offing. This table shows the odds for 2-team combos all the way up to 11 teams.

# of Teams	Your chances at 50%	Payout in Vegas	Your chances at 55%
2	3/1	2.6/1	2.3/1
3	7/1	6/1	5.0/1
4	15/1	10/1	9.9/1
5	31/1	20/1	18.9/1
6	63/1	40/1	35.1/1
7	127/1	75/1	64.7/1
8	255/1	150/1	118.4/1
9	511/1	300/1	216.1/1
10	1,023/1	700/1	393.8/1
11	2,047/1	1,200/1	716.8/1

As you can see, for the normal bettor who only hits on 50% of their wagers, trying for a 4-0 (or 3-0, or 2-0) record on the same day is a bad idea. It gets worse the more wagers you add. A 2-teamer isn’t terrible because you expect to hit 1 out of each 3 you bet, and you get rewarded 2.6 to 1. A 3-teamer isn’t that bad either because your expected chances are 7-1, while you get paid 6-1.

Avoiding “Sucker” Bets On Sports Book Parlays

Where you really see the biggest sucker bets are the 4-team combos. These wagers only work 1 out of every 15 times, yet you only get paid 10-1. Picking 8 winners and 0 losers only scores a hit once in every 255 times, but you only get paid 150-1 if successful. The 11-team parlay hits 1 out of every 2,047 times, and the payout is based on only just over 50% of that ratio.

7 Game Parlay Odds Wild Card

Most of the general betting public doesn’t realize that 55% is an excellent winning percentage when it comes to sports betting. But the table also illustrates that if you pick 55% victorious teams/athletes, then every single combo listed is a profitable wager over the long term. The chances of hitting an 11-teamer drop from 2,047-1 to 716.8-1 when you pick 55%. Considering you get paid out 1,200-1, it actually isn’t a bad deal for the 55% handicappers.

The Lines Don’t Always Favor Betting Parlays

In conclusion, I almost never recommend betting parlays for newer cash players. There are times when I’ll put out a 2-team combo on a football game if 2 favorites are being under-valued, but only a of couple times a year. Your best move is to stick to straight bets in football and basketball with the point spreads and totals.

Sometimes, conference vs conference match-ups are a good opportunity for a successful combo wager if 1 of the 2 conferences is under-valued. For instance, ACC football went 4-0 vs the SEC on a Saturday in 2014 – nobody expected that except a few savvy gamblers. Georgia Tech over Georgia was just one of the upsets that took place on that November day as bookies lost out to the ever-popular SEC hype train driving the lines. Another opportunity for this kind of combo bet occurs during early-season conference vs conference “challenge” tourneys in college basketball.

I know it’s tempting to try and strike it rich on a big “trifecta,” but the chances are less in your favor as the number of picks goes up. So have fun, but proceed with caution!

Week 7 features several big games and other contests with huge point spreads. That is going to make parlays even more difficult to hit with tricky lines among this week’s best NFL betting options.

Below, we will be creating a 5-bet NFL parlay for Week 7. This bet includes a few favorites and a few underdogs to increase the odds. Let’s take a look at our top Week 7 NFL parlay.

NFL Week 7 parlay picks and predictions

Odds via BetMGM; access USA TODAY Sports’ betting odds for a full list. Lines last updated Friday at 3:27 a.m. ET.

Leg 1: Cleveland Browns -3 (-110) at Cincinnati Bengals

Cleveland was embarrassed last week at the Pittsburgh Steelers, but it might just be the best team in the AFC. The Browns get a much easier opponent this week as they will take on the Bengals in Cincinnati. Cleveland is getting healthier and should have a few of its top safeties in this game. Look for the Browns to run all over the Bengals and win by at least a touchdown Sunday.

Leg 2: Atlanta Falcons -2.5 (-110) vs. Detroit Lions

Atlanta picked up its first win of the season Sunday and its offense looked good. In Week 7, it will take on one of the worst pass defenses in all of the NFL and shouldn’t have any problem scoring. Take Atlanta to win and cover at home against the 2-3 Lions.

Special NFL Week 7 Betting Promotion!

Bet $1 on ANY TEAM’S money line Sunday, WIN $100 (in free bets) if any team scores a touchdown during Sunday’s NFL action.

Place your legal, online sports bets in CO, IN, NJ and WV at BetMGM, The King of Sportsbooks! Terms and conditions apply. Bet now!

Leg 3: Green Bay Packers -3.5 (-110) at Houston Texans

One of the stranger lines of the week features the 4-1 Packers as only 3.5- point favorites over the Texans. These odds don’t make a ton of sense, but don’t overthink this one. Green Bay is the far better team and QB Aaron Rodgers will want to dominate after a poor showing in Week 6. Take the Packers to easily win this game against a bad Texans’ roster.

Leg 4: San Francisco 49ers (+110) at New England Patriots

Both the 49ers and Patriots have disappointed some to start the season, but injuries can be used as an explanation for both. The 49ers are +110 underdogs to win this game outright Sunday and it appears their offense is starting to look like what we saw last year. With TE George Kittle and WR Deebo Samuel back in the lineup, this is one of the most explosive offenses in the NFL. Look for the 49ers to find a way to beat the Patriots in New England.

7 Game Parlay Odds Poker

Leg 5: Chicago Bears (+210) at Los Angeles Rams

The Bears are 5-1 on the season, yet they are +210 underdogs at the Rams Monday night. That doesn’t quite add up and the Bears have the defense to match up with Sean McVay’s offense. It’s too good of a line to pass up and Chicago should be able to keep this game close. Take the Bears to win outright on Monday Night Football.

Vegas 5 Team Parlay Odds

5-TEAM PARLAY Bet $100 to earn a profit of $4,429.61

Want action on these NFL games? Sign up and bet at BetMGM. If you’re looking for more sports betting picks and tips, visit SportsbookWire.com. Please gamble responsibly.

Also see:

Green Bay not underestimating challenge of facing QB Watson and 1-5 Houston (Packers Wire)3 keys for Chicago’s offense vs. L.A. Rams (Bears Wire)

8 Team Parlay

Follow @Marcus_Mosher on Twitter. Follow SportsbookWire on Twitter and like us on Facebook.

7 Game Parlay Odds Calculator

Gannett may earn revenue from audience referrals to betting services. Newsrooms are independent of this relationship and there is no influence on news coverage.