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Parlays

Overtime is taking another bite out of centralized web2 sports markets with the release of Parlays! Users can now string together multiple positions and experience a whole new dimension for trading sports markets.
Parlays are available on both
:optimism:
Optimism and
Arbitrum Networks.
Parlays are a common feature in centralized sports markets that allow traders to expand their positions to multiple markets with one potential payout. A parlay combines multiple wagers into one position by rolling over the winnings from each individual wager into the next leg of the wager. Each “leg” or individual position in the parlay must win for the parlay to be deemed a winner.
Thanks to TIP-72 Parlay AMM, Overtime traders can combine markets by composing multiple tokenized positions into a single ERC-20 position with an automated market maker.
This is all made possible thanks to the Parlay AMM, which is a market making smart contract built on top of Overtime’s Sports AMM contract. This new AMM is the next major advancement in permissionless, decentralized sports positioning technology, and it’s fully transparent on-chain and does not use fractional collateralization. Every position is always fully collateralized. This is achieved by utilizing the Sports AMM’s individual game liquidity to create it’s own additional collateral pool that covers the potential leveraged parlay payouts.
Now you can chain positions together just like Zebro!

Same Game Parlays

Traders can combine positions from a single game with Same Game Parlay positions. This means you can choose one position that includes outright winner (HOME or AWAY) combined with the Total Points spread (OVER or UNDER total point for both teams for that market). Same Game Parlay positions include the following:
  • 1 and O (HOME team win and total points OVER the spread)
  • 1 and U (HOME team win and total points UNDER the spread)
  • 2 and O (AWAY team win and total points OVER the spread)
  • 2 and U (AWAY team win and total points UNDER the spread)
Same Game Parlay positions can be purchases as single positions or as part of a parlay. These positions are currently available for NBA (Basketball), NHL (Hockey), MLB (Baseball) EuroLeague (Basketball), Champions League (Football/Soccer) and the English Premier League (Football/Soccer).

Guidelines for Parlays

  • Parlays incur an additional fee of 3%, plus the normal Safebox fee of 3% and skew Minimum
  • Buy-in is a minimum of 3 USD
  • Parlays are limited to 10 positions
  • A single parlay can’t have the same team/player/fighter in the same parlay, even with a different date
  • Only 1 motorsport market is allowed per a single parlay
  • Buys only right now
  • The minimum price quote is 0.01 (or 100x) combined quote for each market Combined Price Quotes for Parlay's
Each position added to a parlay updates the combined price quote. For example if you start with a position at 0.70, then add another market at 0.10, you end up with 0.07. Markets with price quotes of 0.5, 0.3 and 0.6 (0.5 x 0.3 x 0.6 comes to a combined quote of 0.09). A parlay with 4 positions will come to the combined quote by multiplying the first quote by the second quote, then that by the third quote, and that by forth quote.
You can view your parlays from the Profile page, with open positions listed under Open/Claimable and completed positions included in your Transaction History

Market Cancellation

If a market included in your parlay is cancelled, that market's quote is effectively removed. If you have 4 markets and 1 of them is cancelled, your initial collateral is essentially now applied to 3 markets instead of 4. The calculation for your total parlay’s quote replaces the cancelled market with 1. If you have a parlay with 0.5, 0.3 and 0.6 (0.5 x 0.3 x 0.6 comes to a combined quote of 0.09) and the game with 0.3 odds is cancelled, the new calculation is 0.5 x 1 x 0.6 (and a combined quote of 0.3).