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# PARLAY FORMULA BETTING

**By Paul Segar**

*Parlay Formula betting is
one of the new bet types available on the TAB that gives the punter an edge
when multiple betting. The parlay calculator at the end lets you calculate the costs...*

Follow the daily tips from the Pureform database

Check out the Parlay Basics article

**CONTENTS**

Parlay Formula Ready-Reckoners

## Parlay Betting Basics

The parlay bet has been avaible now for some time on Tabcorp's two websites and is a bet type that can produce some massive returns, especially during major carnivals.

The bet can be taken on one or more races and can consist of Win, Place, Win and Place and/or Quinella bet types or any combination of these bets (in up to 6 events at the same meeting).

Unlike a straight all up wager, some profit can be made from a series of successful results without all the wagers having to be successful.

The final amount returned is based on the initial stake and the dividends paid from successful wagers. These amounts are reinvested onto the next race in the series and so on, with again up to 6 possible series (races) at the same meeting being incorporated into one parlay bet.

Unlike some other multiple
bet formats (e.g. running or daily doubles, quaddie), the return is based
solely on the TAB dividends. The return is therefore often not as profitable
but flexibility more than makes up for this shortfall.

## Parlay Combinations

Parlay bets are all about multiple betting. The formula number as it is called,
indicates the length of the potential series. For example, if you take a formula
3 bet over 4 races, the TAB computer will automatically generate all possible
bets of the 3 race combinations. Now combinations can become quite complicated
and so only some simple examples are used in this article.

The beauty of the
latest TAB website is that the cost of the wager can be calculated *before* taking the bet. Experiment with the website to try some complex combinations. Be very certain of the bet before placing as there are no refunds for user errors.

Again it is very important that you check and double check the parlay bet before placing the bet as it easy to confuse the race or TAB number (or any combination of the two or some other random error).

The following example of a Formula 3 wager highlights one possible scenario.

Your bets:

Race 3 No. 1 Win

Race 5 No 5 Win

Race 6 No 7 Place

Race 7 No 9 Win

In the formula 3 wager, the following combination of bets will be taken on
the one ticket:

Race 3W, 5W, 6P (W=Win, P=Place)

Races 3 W, 5W, 7 W

Races 3 W, 6P, 7 W

Races 5 W, 6P, 7 W

So there is a total of 4 bets and so for a $1 investment the total cost will be $4.

To collect a dividend, three or more of your 4 selections must be successful.

The following table highlights some possible winning/losing combinations:

R 3 N 1 Win |
R 5 N 5 Win |
R 6 N 7 Place |
R 7 N 9 Win |
Parlay Result |

P | P | W | P | Lose |

Unpl | W | P | W | Win |

W | W | W | Unpl | Win |

P | P | W | W | Lose |

Unpl | W | P | P | Lose |

W | P | W | W | Win |

As can be seen, there are many possible combinations and outcomes. Each outcome will result in a different dividend. Dividends can be collected from more than one wager and in fact if all four results are successful then you will collect on all four bets. Calculate the return by multiplying the dividends together then multiply by the stake (or download the free software - click the link at the top of the page for more details).

**Results:**

1 Successful bet | no return |

2 Successful bets | no return |

3 Successful bets | 1 winning result |

4 Successful bets | 4 winning results |

These selections can be taken in a Formula 1, 2, 3 and/or 4 bets. Formula 1 bets are just like individual bets on each runner. Formula 2 creates a series of “doubles” on each pair of races. Formula 3 has already been discussed while Formula 4 is like an all up wager on the four selections.

For this example, the result would need to be W, W, Pl, W respectively to collect the Formula 4 wager (W,W,W,W would also be successful). There is little point in taking a formula 1 wager. Limit your bets to Formula 2 upward.

Number of Bets

The number of bets increases quite rapidly as more runners are taken or more “Formulas” are combined together.

## Parlay Formula Ready-Reckoners

The following tables highlight the combinations available offering you a greater
variety of winning options, the possibility of larger than normal dividends
and the ability to stay in the game longer.

*Win, Place, Quinella*

The following table is based on a single selection in up to 6 races for $1 Win,
Place or a 2 runner Quinella. Use the table as a ready reckoner to determine
the cost of different parlay combinations.

NumberOf Races |
Formula1 |
Formula2 |
Formula3 |
Formula4 |
Formula5 |
Formula6 |
Total Combinations= Total Cost |

2 | 2 | 1 | 0 | 0 | 0 | 0 | 3 |

3 | 3 | 3 | 1 | 0 | 0 | 0 | 7 |

4 | 4 | 6 | 4 | 1 | 0 | 0 | 15 |

5 | 5 | 10 | 10 | 5 | 1 | 0 | 31 |

6 | 6 | 15 | 20 | 15 | 6 | 1 | 63 |

*Each Way*

The following table is based on a single selection taken each way for $1 in
the various formula formats. Using the table as a ready reckoner you can determine
the costs of different parlay combinations.

NumberOf Races |
Formula1 |
Formula2 |
Formula3 |
Formula4 |
Formula5 |
Formula6 |
Total Combinations= Total Cost |

2 | 4 | 4 | 0 | 0 | 0 | 0 | 8 |

3 | 6 | 12 | 8 | 0 | 0 | 0 | 26 |

4 | 8 | 24 | 32 | 16 | 0 | 0 | 80 |

5 | 10 | 40 | 80 | 80 | 32 | 0 | 242 |

6 | 12 | 60 | 160 | 240 | 192 | 64 | 728 |

Each way bets take the bet for the win and the place which adds a multiplyer of 2 into each of these wagers. So for four different races when taking a formula 3 wager produces 32 bets. The each way format appears too costly for multiple wagers and so generally takeeither a win or a place.

*Multi Quinella*

Table 3 is based on a three horse Quinella bet for $1. Using the table as
a ready reckoner you can determine the cost of different parlay combinations.

Number Of Races |
Formula 1 |
Formula 2 |
Formula 3 |
Formula 4 |
Formula 5 |
Formula 6 |
Total Combinations = Total Cost |

2 | 6 | 9 | 0 | 0 | 0 | 0 | 15 |

3 | 9 | 27 | 27 | 0 | 0 | 0 | 63 |

4 | 12 | 54 | 108 | 81 | 0 | 0 | 255 |

5 | 15 | 90 | 270 | 405 | 243 | 0 | 1023 |

6 | 18 | 135 | 540 | 1215 | 1458 | 729 | 4095 |

Costs blow right out as the numbers increase but some serious returns can be generated on the right day from this multiple bet type.

## Betting Strategies

**Quaddie Hedge **

There are probably as many strategies to apply this format to as days in a month but the parlay wager can be used as both an approach to multiple betting and also as a hedge for the quadrella. The hedge for the quaddie is the topic for now.

Consider a 3 x 3 x 3 x 3 quaddie which normally costs $81 for a $1 stake (flexi bet if you like). How many times have you picked 3 of the four winners, tripod, and end up with, basically, a hard luck story. You get the first leg favorite at $3.50 and manage to fluke the $20 winner in the second leg but miss the all important third leg only to snare the winner in the last leg at around $8.

The Parlay wager allows a hedge for this situation. A Formula 3 wager for the same 4 races with 3 selections in each race will cost $108 (again flexi bet as required). So for basically twice the stake, you can get a trio bet if you can get 3 winners. If you get four winners you not only get the quaddie but also collect on the parlay wager (4 trebles to be precise).

The treble with the affore mentioned 3 winners would return $560 for a $1 stake. Clearly the parlay hedge is of little value if the winners are likely to start at short prices but can work as an effective way of making some money from some solid (but not perfect) selections.

**Fortune on Four and More**

There was a method by this name touted some years ago which basically revolved around taking four place bets all up. The parlay bet allows a variation of this method, with a variation on the Yankee bet that is 6 doubles, 4 trebles and one four runner all up wager (again there is little point in taking the Formula 1 bets).

There is also little point in taking the doubles (Formula 2 bets) when taking four place bets. Two runners finish in the placings, you only collect one double which is not enough to cover the outlay for the parlay and often the results will be four "duck eggs" on any bad or perhaps normal day.

For four place bets, the wager is to take the Formula 3 and Formula 4 bets only. This will cost $5 for a $1 unit.

Taking a random series of place bets:

$1.60 | $2.20 | $2.50 | $1.80 |

These dividends are quite achievable but longer/shorter odds can be taken. It all depends on your objective. If the four runners all finish in the money then the return for $5 will be $48. Not a bad return for four place bets. Three successful placegetters will return a varying amount but given the first three finish in the money returns $8.80. If two or less place then no return for a loss of $5.

Extending the bet to 5 races and taking only the Formula 3, 4 and 5 bets will cost $16 and given another $1.80 placegetter will return $178. Get 3 placegetters, around $9 as before and 4 placegetters perhaps again around $48 (depending on which runners are successful). 2 or less placegetters, no return.

You may quickly see the possibilities. Take the four horse wager with your best chances for a larger amount, extend it with your next best for the 5 runner parlay and push it even further for the 6th wager (assuming 6 good selections can be found at the same meeting). Use the table to determine the costs or the online system to finalise costs.

## Laying Off Using Betfair

Clearly there are great opportunities for profit using parlay betting and Betfair. Let's consider an example.

You have taken a 6 horse place parlay with all the formula 4, 5 and 6 combinations for a $10 stake, using the Pureform Parlay Calculator you know this will cost $220 (so you want to be fairly sure of the selections, larger and smaller amounts can be wagered).

All bets are paying $2 for the place and with some solid punting have five placegetters after the first 5 races. All that is needed is one more placegetter for the total return of $4,960. Not a bad result for a $220 outlay (odds of over 20-1).

But what happens if the last runner finishes unplaced? The return reduces to $1,120. Still a good result from some placetters. But clearly that last place bet is the most crucial and can give that maximum profit. Enter Betfair.

At this time, you can decide to lay the place bet on Betfair and guarantee a higher return. Basically the last place bet will return $4960 - $1120 = $3840. The question is then how much to lay off for the place and this depends on your level of confidence. If very confident only lay off say $300. If very confident the runner will finish unplaced, lay off almost the total, say $3,000.

Let's lay the bet for $1,500 for the place at $2:

**Returns: **

Runners Places :

$4,960- $1,500 - $220 =$3,240

Runner finishes unplaced:

$1,120 + $1,500- $220 = $2,400

So from 5 placegetters and some clevel manipulation, a very nice profit is returned. Many other possibilities exist

Check out the PPP - the latest from Pureform |