What is Parlay Betting?

A parlay is a single bet on two or more games at the same time. Unlike the straight wager, where the player bets a certain amount on the outcome of a single game, with parlay betting the customer wagers on multiple games. The more games that are played on a single parlay bet, the higher the payout odds.

Parlays bet using point spreads (football and basketball sides and totals) will follow affixed odds based the number of games you play. These odds will vary by sportsbook, quite a bit in some cases. The chart below lists the parlay payouts from three popular online sportsbooks.

What are the pros and cons of parlay bets ?

There are plenty of reasons to try parlay sports betting. Consider the following positives to trying your hand at these types of bets:

• Small risk can lead to a large reward.
• Parlays can provide a rooting interest of multiple games.
• Can combine multiple sports/leagues into the same wager.
• Allows bettors to use moneyline favorites that have no value as a single bet.

While the positives can make parlays the perfect option for some bettors, it’s also important to note the downside to placing parlay bets:

• Difficult to win consistently because all sides need to win.
• Each added selection makes it harder to win, even if the payout increases.
• Depending on the site, certain markets aren’t included.

Parlay betting strategies and tips

– Stagger the starts of games

If the sports schedule allows it, consider parlaying games that don’t all start at the same time. At the least, try to ensure that the final game of your parlay stands alone and starts after the rest.

This way, if you make it to the final leg of your parlay, you’ll have an opening to hedge your bet and secure profits of some kind. It would make sure your parlay counts for something, even if it doesn’t ultimately win.

Staggering the starts of games in your parlay can also keep your rooting interest alive for a longer period. This method is especially important for casual bettors, and this will keep you from chasing bets all day long and mismanaging your bankroll.

– Keep parlays small

Because parlays can be a way to earn a huge payout doesn’t mean you need to go for broke every time. How about boosting your odds while giving yourself a realistic chance to win without breaking the bank?

To achieve this feat, keep your parlays small — both in terms of the amount wagered and the total number of legs you include in the bet. Sure, a seven-leg parlay will pay you a pretty penny, but the likelihood of actually winning is very low. A two-leg bet won’t have such lofty odds but has a much better chance of earning you profit, even if it’s a bit more modest than a long-shot bet.

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