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An Introduction to PARLAYING

What exactly is Parlaying?

Strictly speaking when we play a parlay we pick two or more horses and if the first pick wins we re-bet all the winnings on the next pick. We continue making bigger and bigger bets until either all the picks have won or one of them has lost.

What is the advantage of Parlaying?

Because we put all our winnings back into the next bet, our winnings are multiplied from bet to bet rather than just added as with flat bets. For example, if we had four winners at 3:1 odds, $20 flat bets would give us a return of $320 on all four bets from a bankroll of $80. If we parlayed the same $80 we would end up with a return of $20,480!! Even if we only started with a $20 bet we would still end up with over $5,000!!!

What are the disadvantages of Parlaying?

The problem with parlays is that unless all of our picks win, we lose all our bets. But if we use the example above we find that we have 64 chances to hit four consecutive winners in order to just break even. We only need one good day to make up for dozens of losing days! And with the PARLAYMASTER method you don't have to pick 100% winners to make big money on a parlay - you can miss a few and still have a great day!

What is Percentage-of-Bankroll wagering and how does it work?

The exclusive PERCENTMASTER system allows you to play round-robin parlays using simple Win bets - no parlay bet cards needed! It is used with the PARLAYMASTER system in a limited way but is taken to the ultimate in the PERCENTMASTER system.

A Crash Course in Parlaying for Profit

What is a Round-Robin and what are the advantages of playing them?
A Round-Robin is a way to play a set of small parlays within a larger group of runners. The simplest example would be a 3-Horse Round-Robin consisting of three 2-WAY parlays. For example, If there were three entries; A, B and C, we would parlay the following picks: A to B; A to C; and B to C. By playing this way it is not necessary for all three picks to win in order to make some money. If any two out of the three runners wins we will collect on one of the parlay bets and of course if all three picks come in we will all three parlays and really clean up!

What's the difference between a 3-Way parlay and a 3-Horse parlay?
That depends on the context of the question. When dealing with round-robins there are two important numbers we refer to. The first is the "Size" of the Round-Robin which means the number of different races that we are betting on. For example, in a ten race card we might have six races with standout runners that look good enough to single out for a parlay. Once we have decided on the total number of races (picks) we want to play we need to decide on the length of the individual parlays within the Round-Robin (the Ways). For example, we could play a Round-Robin with 15 2-horse (way) parlays using our six picks. This would be called a "6-race 2-way Round-Robin."

How many different ways can I play a Round-Robin?
That depends on the Size of (the number of races in) the Round-Robin. For example, with six picks we could play all of the following - 2-way, 3-way, 4-way, 5-way and 6-way parlays.

What is the difference between a 2-way and a 3-way Round-Robin?
Since a 3-way Round-Robin is made up of 3-horse parlays rather than lower-paying 2-way parlays, each completed parlay will pay more - if we hit it. Naturally, longer parlays (ways) require more winners so they are harder to hit, but the good news is that when you do, you will make a lot more profit. When playing round-robins you must weigh the pros and cons of short versus long parlays. Shorter ways are easier to hit but longer ways can pay a lot better.

Can I play more than one way in a Round-Robin at a time?
Absolutely! In fact you can play all the possible ways in any Round-Robin. That way on a mediocre day you can still collect on the short parlays and on good days you can make a killing on the long ones - and still collect on all the small parlays to boot!

With all the different types of round-robins, how can I figure out which ones to play?
Figuring out which round-robins to play is the key to being able to harness the power of the parlay. Adding to this problem is the fact that on any given day there is no way to predict how successful you will be with any given Round-Robin. In order to figure out how well a particular Round-Robin would pay you would have to play (or test) it over a series of days and see exactly how much profit if any you made. Obviously, to do this with dozens of different types of round-robins would be impractical.
To tackle this daunting task I have created my PARLAYMONTH system. As you might gather from its name it is able to compute an entire month's (30 days) worth of Round-Robins and figure the profit and other important statistics. By using the PARLAYMONTH system (and the PARLAYMONTH computer program) you can quickly compute dozens of different round-robins and instantly compare the results making it a simple matter to find the best ones for you to play.

What if my track does not have parlay wagering?
No problem. In addition to the PARLAYMONTH system I have also created the exclusive PARLAYMASTER percentage-of-bankroll wagering method. This betting technique breaks down the dozens of individual parlay bets within the Round-Robin into a series of dynamic flat bets. The size of these bet will vary depending on how well the Round-Robin is doing and will vary depending on whether or not the previous pick won or lost its race. and how much they paid.

What exactly is percentage-of-bankroll wagering?
Percentage-of-bankroll wagering is a betting method where you start with a pool of money - your Bankroll, and bet a portion (percentage) of it on each successive race in the Round-Robin.

When using percentage-of-bankroll wagering how do I know what percentage to use?
Knowing the Best percentage is the same as knowing the best type of Round-Robin to play. Once you've found a particular Round-Robin that works best for you, the PARLAYMASTER system will let you easily figure out the Best percentage to use in a PARLAYMASTER wager.

If my track takes single parlay bets can I use them to play round-robins?
Sure. A Round-Robin is simply a group of inter-related single parlays. So I have created a series of "Round-Robin Breakdown Tables" which make it easy to put together a complete Round-Robin using regular track parlay bets.

Can playing a parlay make a profit from a set of flat bet losses?
Yes and No. The bad news is that if you have a losing day, a parlay might actually make things worse. It turns out you really can’t make a silk purse from a sows’ ear. The power of the parlay is to make a good day great. The good news is that when played over time, parlays actually can take a series of winning and losing days that produced an overall flat bet loss and actually create a decent if not huge profit from the same set of bets!

Choose from three great systems...

Before you decide which book is best for you, please read the material below as it pertains to all three books. Once you are totally convinced that you can make some serious money using my Parlay System, then check out the three different ways to play the system either on line or at the track - even if your track doesn't have parlays!

Attention Pick-6 & Pick-9 Players!

Do you keep missing the “Big One” by a nose or two?

Do you almost always hit just two in the Daily Triple?

Ever wish you could have played your picks to place?

Are you tired of getting back nothing for being close?

Well, your frustration is over!

Here is an example of how, in one month’s time, my PARLAYMASTER system can greatly improve your profits. Each day you would play 7 horses in a Show "round-robin." The list below shows how many times (days) per month you would have to hit 7-out-of-7, 6-out-of-7, 5-out-of-7 and so on, to show.

6-Race Show Parlay
Avg. Payoff = $3.80

7-out-of-7...3
6-out-of-7...5
5-out-of-7...9
4-out-of-7...6
3-out-of-7...4
2-out-of-7...2
1-out-of-7...1
0-out-of-7...0

Now check out these results...

Straight Bet Profit = $716.00
4-Way Parlay Profit = $6,624.00
5-Way Parlay Profit = $10,376.00
Daily Bankroll = $100.00

The results are based on an average mutuel show payoff of $3.80 over the entire 30-day period, and a daily bankroll of $100.00.
So if you were able to do exactly this well you would make a paltry $716.00 profit on flat bets. If, however, you played a 4-Way parlay you would end up with $6624.00 profit and had you played a 5-Way parlay you would have made $10,376.00 profit for the month!


Turn Losses into Profits?

The experts say it can’t be done.
But I’ve got news for them – There’s a new expert in town...
PARLAYMASTER!

And Here’s the Proof!

Take a look at this Win Parlay scenario. The average mutuel payoff is $6.00 with only 12 days where more than one place horse was picked. The flat bets produced a loss of $701.00 for the month, yet the 4-way round-robin produced a profit of $19,066.00 and the 5-Way parlay made a profit of $37,450.00!

6-Race Win Parlay
Average Win Payoff = $6.00
** Daily Bankroll = $100.00 **

6-out-of-6...1
5-out-of-6...2
4-out-of-6...4
3-out-of-6...3
2-out-of-6...2
1-out-of-6...1
0-out-of-6..17

Now look at the results...

Straight Bet Loss = $ –701.00
4-Way Parlay Profit = $19,066.00
5-Way Parlay Profit = $37,450.00

This sounds impossible, but the fact is that the parlays produce so much more profit on the few good days that they more than make up for the majority of bad days and thus create a good profit. Flat bets fail to do this, so they produce a loss.
After all, you keep playing the pick-6 because you believe that if you ever finally hit it, it will make up for all of your losses up to that point. But why wait? Start making some of those big bucks right now!

With this kind of power, why would anyone waste their money on flat bets?


AN ALTERNATIVE TO THE PICK-6

Think of all of your old pick-6 tickets that would have made you a profit if you could have played them to place or show instead of to win. Of course, the payoffs would not be as large as Pick-6 winners, but they would at least be payoffs.And besides, how many months do you make over $10,000 in the pick-6? And remember – you get to pick and choose your races, so your results should be even better!


Need more proof? Well here it is!

To put my PARLAY system to the test I decided to take the picks of the L.A. Times handicappers and run them through several types of parlays to see if the flat bet payoffs could be improved. I used the same six races out of the nine daily races each day and ran them through 2, 3, and 4-way round-robins. This was done for all 90 days of the 1990 Santa Anita meeting using the top pick of the three staff handicappers, the Racing Form consensus and the consensus of the four. The final results are reproduced below. The figures are based on $20.00 bets per race or a parlay bankroll of $120.00. From experience I did not believe that Win parlays could be played successfully, so they were not tested. As you will discover, determining the right parlay is the whole idea here.

Parlays vs. Flat Bets for the 1990 Santa Anita meeting.

Bob Mieszerski
Curtis Crayon
Pat Ray
Racing Form
Consensus
Totals
BETS
Place | Show
Place | Show
Place | Show
Place | Show
Place | Show
All
FLAT
-1349 -1317
-949 -1674
-2677 -2190
-1731 -1735
-1277 -1500
-16,410
2-Way
+1118 +1483
+3108 +795
-618 +211
+731 +657
+1547 +1039
+9,982
3-way
-1657 -787
-1522 -1673
-2704 -1688
-1033 -1389
-724 -1168
-11,301
4-way
-4822 -3314
-1037 -4508
-4626 -3309
-2765 -3292
-3240 -3484
-34,398

As you might expect, none of the handicapper's selections produced a flat bet profit. The best results were a $949 loss by Curtis Crayon’s picks to place. But playing the same picks in a 2-way parlay produced a profit of over $3,100.00! In fact all but one of the losses were turned into profits by the same parlay and the one that wasn't reduced the loss by over $2,000.00! You will notice that the longer (3 and 4-ways) did not produce a profit and in many cases only made matters worse. Obviously, knowing which parlay to play is very important, and this is what 80% of my book is about – helping you to find the right parlay.


“You can beat a race but you can’t beat The Races”

This old adage implies that although you may win a race here and there, that in the long run, the ‘odds’ will eventually get you and you’ll end up losing overall.......Wrong!!
With my parlay systems, all that is changed. In fact, the opposite is true. While you may not be able to be insure a profit on any given day, you will know that those ‘good days’ are bound to come around, and by using parlays to turn them into ‘great days’ you will have insured yourself of a profit over time.
The only trick is in picking the right parlay. Frankly, some can make matters worse. But the right one can send profits right through the roof! Rest assured, before you ever go to the track and invest a penny in parlay bets you will know for sure what to expect in real play. You will know before you start what you can expect from any parlay you intend to emulate.

Round-Robins - the key to big profits...

This innovative, yet simple to use wagering system is based on the time-proven but complicated Round-Robin betting method currently only offered to professional bettors in Las Vegas race books.
Why Round-Robins? Professionals have long recognized that straight parlays, like pick-6 and pick-9 wagers, may pay very well, but they are too hard to hit on a regular basis because if you have even one miss you lose it all. By playing Round-Robins - large groups of smaller parlays - you can hit as few as two picks out of six and still make a decent profit. And more hits means more profit - a lot more! By adjusting the size of each of the parlays within the Round-Robin it is possible to maximize one’s profit while insuring a good percentage of winning days.
Another advantage of playing Round-Robins over the pick-6 or pick-9 is that you can play them to place or show, and you can play only the races you like. You may play five horses to win one day and eight to place the next.
But if these bets are only available at a few racebooks in Las Vegas or Reno, how can you use them to make more money at the track?

In the process of writing my books I have developed two completely different ways of playing round-robins. One uses multiple single parlay bets to cover all the possibilities. The other uses a percentage-of-bankroll technique to simulate various round-robins. Each method has its own advantages and I strongly recommend learning both systems, especially if your track or betting service already accepts parlay bets.


If you are now convinced that you can make some serious money from parlay wagering, its time to decide which books or books will best suit your individual needs. Here is a quick comparison:

PARLAYMASTER

My original book: PARLAYMASTER: The Art & Science of Parlay Wagering explores the Round-Robin parlay and all the different ways it can be used to improve your flat bet profits at the track. It introduces my original PARLAYMONTH concept to allow you to determine which types of Round-Robins will make the most money for you. Then it goes on to show you how to make either track parlay bets (if available) or how to use my special PARLAYMASTER method of percentage-of-bankroll wagering in order to simulate the Round-Robin using flat bets for most common and likely to be played types of Round-Robins.

Playing the Percentages

After releasing my PARLAYMASTER book I decided to explore the concept of percentage-of-bankroll wagering that I developed for the system but take a new look at it from a totally different perspective. I totally ignored Round-Robin parlays and explored the betting technique as a method unto itself. The result is my PERCENTMASTER system which takes the original PARLAYMASTER concept to its limits, offering ten times as many types of wagers to try. It is the ultimate tool for tweaking profits and has the advantage of working with flat bets anywhere.
Please note that PERCENTMASTER is a complete system - it is not required that you understand the PERCENTMASTER method in order to use Let-It-Ride.

Let-It -Ride!

When I wrote my PARLAYMASTER book, no track in the U.S. yet offered parlay bets, which is why I was forced to come up with my original PARLAYMASTER wagering method. As more and more tracks around the country began offering parlay bets I decided to write a new book specifically for playing these on-track parlays. It is not necessary that the track takes true Round-Robin bets - simple straight parlay bets are all that is needed. As with my Percentages book, I decided to take parlays to their ultimate limits. Let-It-Ride covers parlays ranging from the very smallest to the most humongous imaginable. If you decide that you only wish to play true Round-Robin parlays then check out Let-It-Ride!.
Please note that Let-It-Ride! is a complete system - it is not required that you understand the PARLAYMASTER method in order to use Let-It-Ride.

A comparison of Advantages...

If you are still not quite sure which of the two betting methods you want to use, here is a brief outline of the advantages of each method over the other:

Advantages of Percentage wagering: (Including PARLAYMASTER)

1. Since each entry is bet on individually, it's possible to make changes at the last minute. For example, you could switch your pick in case of a scratch or if the horse looks bad in the post parade.

2. It is possible to adjust the type of bet at the last minute. For example if late money goes down on your second choice you might want to switch to a place bet rather than a win, just to be safe.

3. You can adjust the bet amount for each pick. For example, if you are super impressed by your pick in the post parade, you could up the bet 10 or 20 percent.

4. You can quit the bet early. For example, if it starts to rain and you're not sure how the mud will affect the rest of the days races.

Advantages of track Round-Robin wagering:

1. Since all the bets are placed before the first race of the wager, it is not necessary to be at the track or on line for the entire day. You can place your bets then go home or concentrate on the rest of the days wagers.

2. You avoid the tendency to chicken out when it comes to making huge bets at the end of a good day. For example, if you happen to hit four or five winners in a row, your last couple of bets could easily be in the thousands of dollars. Many bettors would tend to pocket most of the current winnings thus cutting down potential huge profits if the win streak continues.

3. There are absolutely no calculations to do. Once you've determined the type of Round-Robin you want to play (that's the first part of my system) with Let-It-Ride! all you need to do at the track is fill out the bet cards.

What do I recommend?

For beginners or casual players I would look into the original PARLAYMASTER book first. It contains basic versions of the other methods and will probably be all you need for your venture into parlay wagering. If later you decide to concentrate on one of the methods more heavily, then you can always get the more advanced version later on.

If you are already somewhat familiar with parlays or are a super serious bettor looking for the best and most complete system available, it would look at the Playing the Percentages and Let-It-Ride books right off the bat. You would probably be better off buying both of these books, especially if they are purchased together they are only a little more than the PARLAYMASTER book by itself.

And if you are really serious you can buy Playing the Percentages and Let-It-Ride at the regular price and get PARLAYMASTER for free!

But You Decide!

Please take some time to check out these systems in detail. Click on the links below to learn more...