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What is a Parlay Bet

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What is a Parlay Bet

Sat Aug 27, 2022 10:26 am

What Is a Parlay Bet

Parlay bets can offer impressive, even life-changing payouts, which is why many punters consider this bet type enticing. However, it's an open secret that parlays are much harder to win than regular bets. So how to turn a profit with this popular betting strategy? Let's unlock the secrets of a parlay below.

Introduction to parlay bets

Known also as an accumulator, multi, or combo bet, a parlay bet ties together several smaller bets, creating a potential for a higher win than if each bet was placed individually (assuming each side's total betting amounts are equal). For a parlay bet to win, all wagers must win. That is, the entire stake loses if any individual wager does. If one or more selections are a tie, incomplete, postponed, rescheduled or cancelled, the wager reverts to the next lowest number. So, if you place a parlay with five teams but end up with four winners and a tie, your wager pays out as a four-team parlay. In the case of a two-team parlay where one team wins and one ties, the wager becomes a straight bet. Since all selections need to be correct, it's not easy to win a parlay bet. Luckily, this inconvenience is counterbalanced with remarkably high payouts awaiting successful bettors.

An exception to the rule

These last years a number of bookmakers are offering a different type of parlay bets. Let's suppose your parlay bet consists of 5 individual bets but you only manage to win 4 of them. The bookmaker will pay these 4 reduced by a factor that is set in advance. These types of parlay bets are offered as promos from several bookmakers, but it is again maths that will determine the value of each promo.

How to win a parlay bet?

Understanding the market on a sportsbook will increase the odds and result in more money if your wager hits. While little risk can yield a considerable return in the case of parlay betting, keep in mind that if you include ten legs or wagers into a parlay but only nine of them hit, you lose your stake. That's why it is crucial to focus on developing a betting strategy instead of getting distracted by potential wins. A part of finding the best parlay betting strategy is getting to know different parlay bet types and how to use them to our advantage. Parlay bets have over/unders, point spreads, teasers, pleasers, and moneylines.

The more teams you add to a parlay play, the higher the odds against you to win. Needless to say, the payouts also get considerably higher with more teams or totals selected. Bettors can include two to eight teams or totals for a single parlay ticket. But regardless of the thrill and envisioned splendour of a victory, avoid the temptation of picking three or more teams in a parlay. Of course, it is mind-bogglingly exciting to imagine the 91.42/1 return of your seven-team parlay hit, but staying grounded is vital. Despite what your ecstatic mind might be telling you at that moment—winning this parlay has a probability of a lottery ticket.

Whether betting moneyline parlays for baseball and hockey or point spread parlays for football and basketball, take time to properly handicap each game as an individual pick before grouping them. For instance, if you go with a two-team NFL parlay at 13/5 odds, break down three or four games to come up with your top two plays. Gain confidence in each of your picks separately before you decide to group them.

Finally, have you ever wondered why sportsbooks are willing to give you such a generous return on multiple team parlays? Ensure you have a sound money management system, as the odds were already stacked in bookmakers' favour before you even decided to hit the parlay party. You are more than likely to lose one of your picks, even in a two-team wager.

Check out any parlay calculator to count the possible payout, or do the maths yourself. First, convert the odds on your lines to decimal format, then multiply those decimal odds together for the overall odds for that parlay. For instance, if the result of multiplying legs of a parlay bet is 6.97, and a stake is $100, you can win $597 (6.97 x $100 minus your initial $100 stake).

When to place a parlay wager?

This type of bet isn't considered an investment (unless an emotional one—as noticed by BetKansas) but rather recreational activity. So bettors should learn when to kick it off and when to restrain themselves from going full steam ahead.

Consider employing a parlay when, for instance, you want to place simple moneyline bets on three matches happening on the same night. Why not give yourself a chance for a massive payout? Of course, calling all three bets correctly on one parlay is tougher than calling three separate moneylines, but it may be worth the candle. Yet, keep in mind that there will be no other two bets to fall back on if one leg of your parlay fails.

Parlays—pros and cons

The central argument in favour of parlays is that you can get a seriously impressive payout for a relatively small stake. Punters can place a little risk and turn it into a highly satisfying payout. These heightened odds from multiple parlay legs can become as surreal as turning $10 into $11 million. Knowing how hard it is to win a single sports bet, it's clear that hitting a parlay with multiple outcomes is quite challenging. Parlays are very tough to win but not impossible. They require a mix of skill and luck.

Secondly, placing a parlay is easier than dealing with two or three bets or a host of individual bets on the sporting action, especially if you want your emotional experience to flow unbothered straight to the imagined triumph.

Another advantage is that big money is at stake, even though your success rate can be lower with parlays than with other betting types. You don't have to hit as many to create a significant profit. So, while we advise not to expect regular wins, parlays are your go-to wagers for winning big.

The major downside of this type of betting is the difficulty of making a series of winning selections. On the one hand, the more selections you pick, the bigger your potential parlay payouts. On the other, the harder these wins are to pull off.

Parlay bets and arbing, an advanced technique

We saved the best for last. It might puzzle your mind how parlay bets fits arbing but the answer is, they really do. Notice, this is an advanced technique and you need to think out of the box in order to unlock the full potential. It was firstly mentioned in our forum, and we noticed 100s of members coming back to it in order to start using it.
Have a look and let me know what you think: isn-t-the-arb-game-dead-t7469/79133#p79134

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