Parlays are one of the most common betting types for recreational bettors who are looking to get the most bang for their buck. Bettors use parlays as a way to win big with a smaller amount of risk.
Betting Parlays
If you are unsure what a parlay is, it is a wager that combines two or more bets into one, increasing the odds and your potential payout. All sides of your parlay bet need to be correct or it is a losing ticket.
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Some in the sports betting industry call parlays “sucker bets”, but if used in the correct way, winning parlays can provide you with a great return on your investment. These potential profits are exactly the reason why they are so attractive to recreational bettors, making them well used across most sports. Top online sportsbooks allow parlays from 2 to 15 teams.
While some betting shops will vary, common odds paid at sportsbooks for parlays are +260 for a two-team parlay, +600 for a three-team parlay and +15000 for an eight-team parlay. Let’s look at the difference between placing three straight wagers as opposed to placing a parlay with the same three games.
Increased Odds – Bigger Payouts
It’s Week 2 in the NFL and there are three games you like. You place three straight wagers:
- Carolina Panthers +6-110 – risking $110 to win $100
- LA Chargers -7-120 – risking $120 to win $100
- SF 49ers -6-110 – risking $110 to win $100
With these three straight wagers, you are risking $340 for a chance to win $300. Now lets put those same three bets together on a $100 parlay wager. A $100 wager gives you the opportunity to win $559. Now lets throw in a little wrinkle, and include an underdog in the mix.
- Carolina Panthers +192 – risking $100 to win $192
- LA Chargers -7-120 – risking $120 to win $100
- SF 49ers -6-110 – risking $110 to win $100
Betting these three in straight wagers has you risking $330 to win $392, however, a $100 parlay gives you the opportunity to $921. You can see by this example that there truly is major value to be had betting parlays.
Betting parlays can be tough, but by focusing your handicapping efforts in the right areas, parlays are a great source to turn around your betting budget. If you do not have the time to properly handicap games, paying for a quality pick service to bet parlays can be worth the investment.
Strategies When Betting Parlays
There are a few strategies to consider in an effort to maximize your chances of being successful when betting parlays. When I bet parlays, I like to find one dog to add to the mix, just as I did in the above example when picking the Carolina Panthers on the moneyline +192. You really need to take your time to decide which underdog you will include, because remember in order to cash a winning parlay ticket, all sides of your bet must be correct. But by adding an underdog increases your payout exponentially, providing great ROI.
Buying points can be a great way to maximize parlay value, especially if you are a half point from a key number. This strategy is not for beginners, but by learning more about it could be very beneficial in the long run.
America’s Bookie gives you even more information on betting parlays
One last thing to keep in mind is your free plays. Most top online sportsbooks will offer a free play bonus on all deposits. While these free plays are a great way to help stretch your betting dollar, they always have restrictions and limitations on them. One thing that is normally allowed with free plays is your ability to bet parlays with them. Use some of your free play bonus to bet parlays to get the most out of them.
I hope this helped you, whether you are thinking about using parlays as part of your betting strategy or you were just looking for a little more insight on them. When used correctly, parlays are a great way to get the best return on your investment, but like any other wager, do your homework and use games you feel most comfortable predicting the outcome.