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What Is A Parlay Bet? Top Betting Strategies You Should Know Before Betting On Parlays! - YouTube
Channel: Safest Betting Sites
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A parlay bet is a single sports bet that includes
multiple individual wagers that all must win
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for the bet to be graded as a winner.
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Even though it appears to be one the most
lucrative sports bet you can make, unless
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you use some kind of parlay strategy, it can
be one of the toughest bets to actually earn
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a profit.
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You can learn how parlay bets work, true parlay
odds, and how you can take advantage of them
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when placing sports bets.
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2 team parlay betting examples
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Here is a basic example of a parlay.
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We have two NFL teams and their point spread
bets.
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Letâs compare betting on them individually
vs betting on them in a parlay.
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If we bet these games individually with a
bankroll of $100 we would get our $100 original
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stake back and receive $100 dollars in profit.
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A $100 wager on this games as a parlay would
pay out $360.
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Bettors would get their $100 original stake
returned and receive $260 in profits.
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The parlay bet in this example is giving us
more than double in profits, as if we were
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making these bets individually.
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Itâs pretty clear that parlay bets have
the potential to be more profitable than individual
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wagers.
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However, in order to win a parlay bet, you
have to win each of the individual bets that
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are in the parlay.
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If you lose one individual bet, then you lose
the entire parlay wager.
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You get a bigger payout for the higher risk
you take!
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3 team parlay strategy
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When betting 3-team parlays, there are a few
strategies you can use.
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Going beyond three teams - or selections - in
parlays is one of the biggest mistakes bettors
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make.
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The sportsbookâs edge is far too high once
bettors move past three teams.
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Many sportsbooks still have a +595 price when
most sites have +600.
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If youâre going to be betting a lot of 3-team
parlays, make sure to line shop and be sure
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to place your bets at +600.
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A parlay push
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In the case of a push, parlays revert to the
smaller number of teams.
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For example, if we bet a 3-team parlay, and
one of the bets push, the wager becomes a
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2-team parlay with an adjusted payout.
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If one leg of a 2-team parlay pushes and the
other bet wins, sportsbooks differ on how
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they handle the wager.
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Some may revert the parlay into a straight
wager and grade the bet a winner while others
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will return all stakes and grade the bet as
a push.
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Sportsbooks that grade pushes in parlays as
losses (there are very few that do this) should
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be avoided.
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Forcing true odds
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True odds pays the same as if you bet each
team individually and rolled the profit forward
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each time
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Parlay bets are often charged with a higher
commission by the sportsbooks, they donât
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usually offer true odds.
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They use the following odds to calculate parlays
when all legs or wagers of the bet have -110
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vigorish or juice.
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You should be able to identify these based
on the fact that sportsbooks always have an
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edge when it comes to parlays.
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However, if we look closely, their margin
is much smaller on 2 and 3-team parlays than
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say a 7-team parlay.
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There is a little trick you can use to force
sportsbooks to use true odds instead of their
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manipulated odds.
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At most online sportsbooks in the US market,
bettors can add a single selection to the
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parlay that isnât the standard -110 to force
a fair calculation.
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Forcing a true odds calculation is one of
the best ways to improve your winning percentage
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when it comes to betting parlays.
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You should not be betting more than 2-3 team
parlays, but getting a wager in there that
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has odds different than -110, such as -105
or -115, will undoubtedly improve your bottom
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line profits.
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Due to the gargantuan payouts that bigger
parlays have, the books increase their edge
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on these wagers by lowering the payouts.
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We can quickly draw from the true odds that
parlays above four teams are almost never
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worth considering.
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The higher the number of teams, the bigger
the end is held by the oddsmakers.
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Recreational bettors love wagering large parlays,
and the bookies are happy to take their action.
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They make so much money off of gamblers every
year on parlays, that they will often publicize
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when someone hits a big parlay payout in hopes
that others will follow their lead.
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A well-known strategy to incentivise more
bettors to get in on the action.
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Calculating true odds parlays.
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Bettors should almost never bet more than
2-3 team parlays, but we do recommend forcing
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a calculation if youâre going to bet on
a higher number of teams to get a fairer price.
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If we are calculating for a 5-team parlay
strategy assuming that weâre betting $100
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, the first thing you need to do is convert
the moneyline odds on each individual bet
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to decimal odds:
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This calculation can be done using some formulas,
however, you can always use our handy betting
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odds calculator to make it easier.
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You can find the link at the description of
this video.
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Then, you need to multiple all decimal odds
together:
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We subtract 1.0 from our 27.28 decimal odds
to account for our stake that includes the
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amount risked to 26.28.
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These decimal odds are easily converted into
US Odds, which comes out to +2528.
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If we compare these odds the usual +2435 payout
for a 5-team parlay, although we donât hit
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the true odds, we have a substantial advantage
over the fixed payout.
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Substituting one bet that doesnât have -110
odds will force a calculation from the sportsbook.
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For larger parlays, with 7-8 teams, a -115
or -120 attached odds for one wager will still
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offer a better calculation than all -110 bets.
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Bets that are -115 or higher are simply more
likely to win compared to -110 wagers.
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Advanced Parlay Strategy When Betting
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If youâre going to be betting a lot of parlays,
the first thing we recommend is that you get
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the best possible odds available.
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You may see small variations in parlay odds
between sites, so remember even a 10-20 cent
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difference adds up in a big way over the long
run.
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This is an area where some bettors, even those
who are excellent line shoppers on their straight
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wagers, forget to line shop for the best price.
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Clearing Sportsbooks Bonuses
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We touch on this a lot more in-depth in our
safestbettingsites.com article on sportsbook
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deposit bonuses, but itâs worth touching
on briefly here.
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3-team parlays are always the best way to
clear freeplay bonuses because bettors will
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get the chance to apply free stakes to three
different wagers instead of a -110 straight
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bet.
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We mention this specifically for football,
because at the start of football season, sportsbooks
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offer a large list of bonuses, including reload
bonuses for players that already have accounts.
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Circumventing Betting Limits
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One of the best ways to get more money down
on a bet you like is to parlay it with another
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wager.
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For instance, say youâve bet the maximum
amount allowed on a point spread permitted
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by the sportsbook.
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Parlaying that wager with another bet would
let you tobet more on that selection.
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Bettors might parlay it with a heavy favorite
moneyline or another bet or two that they
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feel strongly about.
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Remember, since 2-team parlays pay +260 or
better, they only need to win one of these
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wagers to turn a profit on their bet, provided
their main max market wager is a winner.
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Thatâs the only tricky part, but doable
nonetheless.
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Disguising Your Account
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Betting a few parlays here and there may also
help your account from being limited or âcut
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off.â
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Every account is profiled and those that lose
at sports betting often bet a lot parlays,
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especially those with 4 teams or more.
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If you throw in a few 2-3 team parlays, this
may give risk management a second thought
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on limited your account if youâre a successful
or winning player.
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If you happen to start winning at sports betting
- losing accounts to being limited is something
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that will undoubtedly happen.
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Parlay Bets Variations
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While most parlays are straightforward when
it comes to choosing your bets and when it
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comes to grading by the sportsbooks.
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There are a few variations that are available
at most online betting sites.
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Some of these have more value than others
and are worth considering as an option if
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theyâre available at your sportsbook.
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1.
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Progressive parlays
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Progressive parlays are unique in the sense
that you donât need to win all your bets
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for the parlay to be profitable.
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For example, you may get a portion of your
winnings back or make some profit if you pick
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three or four out of five bets correctly on
a progressive parlay.
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This option is rare at online betting sites,
but it is still available at some.
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2.
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Multi-Chance parlays
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Multi-chance parlays are similar to progressive
parlays with a critical difference.
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Instead of progressive payouts depending on
how many legs or bets you get correct, multi-chance
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parlays have the same payout, whether you
get every bet correct or hit the minimum number
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of wagers needed for a payout.
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So, while you do not need to win all your
selections for a multi-chance parlay â the
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payout does not change based on how many bets
you get right.
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3.
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Open parlays
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Open parlays offer the most value out of all
the parlay variations.
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Open parlays allow bettors to pick several
games in a parlay and then add more games
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to the parlay at a later time.
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For instance, if you want to bet on two games
in the evening, but want to add another bet
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to the parlay, then you can create an open
parlay.
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If you win both of your bets that evening,
you can then add more bets to your parlay.
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Most betting sites will allow you to add more
legs to the parlay individually or fill all
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the slots at once.
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Open parlays can be valuable if you want to
pair two bets with what you perceive to be
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another strong wager at a later date.
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Conclusion: Are parlays worthy gambles?
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