A 12-leg parlay (also known as a 12-team parlay) is a type of sports bet where you combine the outcomes of 12 different games or events into a single wager.
In order to win the bet, all 12 selections must be correct. This means that if just one of the selections loses, the entire parlay bet is considered a loss.
How Does a 12-Leg Parlay Work?
A 12-leg Parlay is one bet comprised of 12 individual bets. The payout for this type of bet is significantly larger due to its high risk. This high-risk, high-reward nature is why so many sports bettors play these types of parlays.
In a 12-leg parlay:
- Winning is tougher: Since you need to be correct on every individual bet, winning a 12-leg parlay is incredibly difficult. The more teams you add, the smaller your chance of winning becomes.
- Big payouts: If luck and the right amount of data analysis are on your side and you do manage to win, the payout can be enormous.
How many combinations does a 12-leg parlay have?
A 12-leg parlay has 4096 possible combinations. Here’s how I worked out what the total amount of combinations is for a 12-leg parlay:
- Step 1: Identify all the possible outcomes for each game. Since we’re looking at team sports/events, there are only two possible outcomes – Team 1 wins or Team 2 wins.
- Step 2: After that, you need to multiply the possibilities together. That means two multiplied by itself twelve times, given that we have 12 legs in the parlay.
- Step 3: The calculation will result in the total number of combinations in a 12-leg parlay, which is 4096.
For example:
| Step | Calculation | Result |
| 1 | Detect all possibilities for each game (2) | 2 |
| 2 | Multiply the possibilities together (2^12) | 4096 |
| 3 | Final outcome | 4096 combinations |
What are the odds of hitting a 12-leg parlay?
The odds of winning a 12-leg parlay can vary based on the underlying odds of each of the bets involved. To calculate the odds for a 12-leg parlay that you’re betting on, you would multiply the odds of each individual bet together.
Let’s say each leg of your parlay is at -110, your odds would look something like this: +222662.44
This means that the probability of winning a 12-team parlay with +222662.44 odds is approximately 0.001205 or 0.1205%. or 1 in 82,947, which is extremely low.
Statistically speaking, you would expect to win such a parlay once every 82,947 attempts.
To calculate the total odds in a 12-team parlay where all of the bets are -110 or any other number, it’s best if you use a parlay calculator. The calculator that I use can be found on OddsJam.
How Much Does $1 or $100 on a Standard 12-Leg Parlay Pay?
Using the -110 example above: A $1 bet on a standard 12-leg parlay at -110 odds for each bet would pay around $2,227.62, while a $100 bet would pay around $222,762.44.
So with a -110 odds on all of the bets in your parlay, you’re getting back about 2,227 times the amount of money that you bet.
These are, of course, theoretical payouts and actual payouts can vary based on the odds attached to each individual leg of the parlay you’re making.
And truthfully, I personally would never bet more than $10 on a parlay. Back in the day I probably would have bet a lot more, but now I understand that betting on parlays is like buying lottery tickets.
Advantages and disadvantages of a 12-leg parlay
There are advantages and disadvantages of betting on a 12-leg parlay, some of these include:
Advantages
- Higher potential payout: 12-leg Parlay bets offer the potential for a much larger payout compared to single bets, due to the higher risk involved.
- Excitement boost: With a 12-leg parlay bet, every game day becomes more exciting because you might be more likely to watch different games. Your outcomes are more wide-ranging, keeping you invested throughout the day.
- Low initial investment: A 12-leg parlay allows you to potentially get a high return even with a low initial bet, something that’s attractive for budget-conscious bettors.
Disadvantages
- Higher risk: All individual wagers must win for the parlay to pay out. Even if you’re correct on 11 out of 12, you’ll still lose the bet.
- Difficulty in predicting: A 12-leg parlay can be difficult to accurately predict, considering the number of variables involved.
- Rarer wins: Due to their odds and nature, winning a 12-leg parlay bet is less frequent than winning a single bet.
Has Anyone Ever Hit a 12-Leg Parlay?
Though hitting a 12-leg parlay is challenging due to the complexity and unpredictability of the game, there are some bettors who have managed to win their 12-leg parlays.
While it may not be the norm, these examples prove the possibility and potential that exists when a bit of luck and skill is on your side.
Football & Misc. Sports winning Parlay
An example found on Bleacher Report introduces us to a bettor who took $50 and made it into a five-figure $12,970 payout on BETMGM by betting on a combination of NFL, NBA, and college basketball games.
The bettor selected the right teams correctly including underdogs that most people wouldn’t have considered and won a staggering $12,970.
Soccer-heavy 12-Leg Parlay
Another story from Yahoo Sports talks about a bettor who relied heavily on Swiss Super League soccer games for their 12-leg parlay and won $51,175 on BETMGM.
This courageous bettor managed to win his bet successfully with odds stacked at 341 to 1, displaying clear knowledge of the teams that played.
The $93k Preseason Parlay
As indicated by a piece on BETFTW, a bettor took the bold decision to bet on 12 preseason games. Shockingly, his outlandish strategy paid off immensely as he won $93,000 on BETMGM.
The Suspenseful Parlay
Finally, a suspenseful tale from The Action Network where a $40,000 winning from Fanduel was resting on a single game between Cowboys and Eagles. This example shows the risky nature of 12-leg parlays and how one game can affect the overall outcome.
Lady Luck doesn’t always favor the brave but when she does, the stories are nothing short of inspirational.
Key Strategies These Bettor Used
From these examples, here are some strategies successful parlay bettors utilized:
- Picking favorites over underdogs, contrary to typical parlay staking.
- Focusing on a particular league or sport where they are likely more knowledgeable.
- Staking a comparatively down-to-earth amount to balance the risk.
Strategies for Betting on A 12-Leg Parlay
- Research: When it comes to sports betting, doing your homework is important, don’t expect to win just because you make some picks. Research the teams involved, their performance, and their stats before placing your bet.
- Knowledge of the Game: Understanding the game and the rules goes a long way in making accurate predictions. The more you know, the better your chances of making a winning parlay.
- Bankroll Management: Set a budget for your betting activities and stick to it. This helps to prevent losses. Don’t get carried away betting on parlays because the odds of winning are not really in your favor. Bet responsibly, with a good bankroll strategy.
“The key to winning any parlay is to have patience and discipline. You must be willing to bet on a game that may not be happening for a week”
Tips for Winning A 12-Leg Parlay
Tip Action Start Small If you’re new to parlays start with smaller, more manageable bets and work your way up as you get comfortable and more knowledgeable. Choose Wisely Don’t just pick teams haphazardly. Be selective and deliberate about the teams you invest in for your parlay. Every bet you make must tell a story. Why you think it will win. Stay Disciplined You may be tempted to change your betting strategy midway. Resist the temptation. Stick to your plan. How Do I Create a 12-Leg Parlay?
Most sportsbooks make creating a 12-leg pretty straightforward, but let’s break it down together. Here’s how to do it step-by-step.
- Select your Sportsbook: First and foremost, select a reputable sportsbook that offers parlay betting. Make sure the sportsbook is fully licensed, regulated, and offers a variety of betting markets.
- Choose your Games: You are required to pick teams from twelve different games. It can be from the same league or various sports and leagues; it’s up to you. Remember that the odds on each pick can significantly impact your potential payout.
- Choose your Bet Type: Depending on the sportsbook, you will have options to choose from such as points spread, over/under, moneyline.
- Select your Picks: Select the team or outcome you believe will occur in each of the 12 games.
- Enter your Stake: Input the amount you want to bet on your 12-leg parlay.
- Confirm your Bet: Review all the choices made, ensure everything is correct then confirm your bet.
12-Leg Parlay Tools
If you want to get serious with your wagering efforts using top-notch betting tools like the ones offered by OddsJam is a great place to start.
They offer a Parlay Builder and a Parlay Calculator, among other betting calculators to help improve your betting strategies.
Their Parlay Builder helps you find positive ev bets that helps you become more profitable in the long term.
This simplify and elevate your betting experience with their advanced algorithms and intuitive interface. Make informed strategic decisions, analyse outcomes and maximize your returns all in real-time!
Combining these functional tools with the insights you’ve gained about 12-leg parlays can give you the advantage you need to have a higher chance on getting one of those big payouts.