If you don’t know how to bet parlays, you should. It’s a way to maximize bigger payouts. As with any bet, there is risk involved and parlays are even riskier than a single bet. If you want to get started with parlays, there is a way to go about it that will not crush your bankroll.
Key Points
– Learning how to bet parlays starts with understanding risk and odds.
– Parlay bets are a good option some of the time.
What Is a Parlay Bet
If you’ve been betting for a while, chances are you’ve heard the term “parlay” thrown around. But what exactly is a parlay bet and how does it work?
Simply put, a parlay combines multiple individual bets into one larger wager. The catch is that all of the individual bets must win in order for the parlay bet to pay out.
While it can be riskier than placing individual bets, a successful parlay bet can lead to a substantial payout due to the increased odds.
Whether you’re a seasoned bettor or just getting started, it’s important to understand how parlay bets work and when they fit into your overall betting strategy.
ICYMI: COMMON SPORTSBOOK RULES
How to Bet Parlays – Odds
There are odds associated with every sports bet. Part of understanding this growing industry is simply understanding odds.
Parlay bets have odds too, but since a successful parlay is much harder to obtain than a single bet, the payouts are higher.
If you take a simple NFL point spread bet, the standard odds are -110. That means a bettor would wager $110 to earn $100. If you combine two NFL point spread bets with odds of -110, the odds will not remain at -110.
In fact, two bets at standard odds carry odds of +260 as a parlay bet. That means a bettor wagers $100 and wins $260. Now, both legs of the bet must win in order for the bettor to cash. Since this is more difficult than winning a single bet, sportsbooks are willing to offer the higher odds. A common type of parlay bet is the NBA teaser.
The odds for parlays will increase as more legs are added. For example, adding a third bet at -110 to our parlay would increase the parlay odds to +596. Adding more bets to a parlay increases the risk, which results in higher odds.
Choose Your Bets Carefully
Bettors have to understand their own risk tolerance. They have to take into account factors such as financial stability, previous betting experience, and overall comfort with risk.
Parlay bets are risky. Learning how to bet parlays will introduce you to how risky they are. Keep in mind that the higher the risk, the higher the reward. That higher risk does mean that there is a greater likelihood of the parlay bet losing.
Because of this, it’s essential to carefully assess each betting opportunity and choose the ones that align with your risk tolerance. For example, you experience success in betting on the NFL. It may make sense to put together a parlay bet made up of individual NFL bets. You may be more comfortable with such a bet.
By doing so, you can increase your chances of success while minimizing your risk of financial loss. Bettors can also increase their winnings on parlays by shopping at multiple online bookies. Different books will have different pricing on the same parlay bets.
Factors That Affect How to Bet Parlays
When it comes to parlays, there are numerous factors that are worth taking into account. Just like you would with a single-game bet, you must analyze all legs of a parlay.
First, look at the performance of the teams or players involved. Their recent performances and any injuries may play a role in how they will perform. Other external factors like weather and where the event is being played must also be analyzed.
Find two (or more) bets that you think have a high probability of being successful and put them together into one wager. This will increase your chances of making a better decision and ultimately walking away with a successful outcome. Never place a parlay bet on a whim. It’s a recipe for disaster.
Putting Together Different Parlay Bets
Bettors can combine pretty much any bet into a parlay. Newer bettors should make sure they understand the different types of bets before trying to have success combining them into parlays.
A parlay bet can be made up of all moneyline bets, all point spread bets, all totals bets, all prop bets, or any combination of bets. Now, there are rules at sportsbooks that will not allow certain bets to be combined. Make sure you can combine the bets you are looking to parlay.
Some bettors try and bet on correlated parlays. These are bets that go together like an NFL moneyline or point spread bet and a game total. For example, the Chiefs are a -7.5-point favorite over the Broncos and the game total is 45.5.
The Chiefs are expected to win big. In order to do so, they will need to put more points on the board. After researching the game, a bettor may decide to back the Chiefs -7.5 and the Over 45.5.
If both bets had odds of -110, the bettor could parlay these bets and get +260 odds. Now instead of betting $220 in order to win $200, the bettor can wager $100 and win $260.
Consider Bet Size
When learning how to bet parlays, it is crucial to decide on the size of your wager. This decision can have a significant impact on your potential payout. It is important to consider the odds of each individual leg and adjust your bet size accordingly.
In most cases, the parlay bet is simply considered as any other single bet. That means the smart bettor will use a bet size that is equal to 1 to 5 percent of the total bankroll. If extremely confident in the bet, the bettor wagers 5 percent. If not, the wager is 1 percent of the bankroll.
Parlay bets are fun and exciting. They are, however, risky and should not be considered something that you do regularly. It’s like a diet. You shouldn’t eat pizza and ice cream every night, but having them every now and then is fine. It’s the same with parlay bets.
