Parlay betting, also known as accumulator betting, is a popular form of sports betting where bettors place multiple bets on different games. In this comprehensive guide, we will discuss everything you need to know about parlay betting, from its basics to advanced strategies.
What is Parlay Betting?
Parlay betting is a popular form of sports betting that offers the potential for big payouts by combining multiple bets into one. In a parlay bet, the bettor must correctly predict the outcome of two or more individual events, such as the winner of multiple games or the outcome of different plays within a single game. If all of the selections in the parlay are correct, the bettor receives a significantly higher payout than they would have with each individual bet.
The key advantage of parlay betting is the potential to win big with a relatively small wager, as the odds of multiple events all being correctly predicted are much lower than the odds of a single event. However, this increased potential for payout also comes with increased risk, as a single incorrect prediction will result in the entire parlay bet being lost. It is important to carefully consider the odds and potential payouts before placing a parlay bet, and to use strategies such as limiting the number of events included to minimize risk.
Understanding Parlay Betting Odds
The odds for each individual bet in a parlay are multiplied to determine the overall odds of the parlay bet. For example, if you place a parlay bet on two individual bets with odds of +200 and +300, the overall odds of the parlay would be +600.
Types of Parlay Bets
There are several types of parlay bets you can place. Let’s take a closer look at them.
Standard Parlay: This is the most common type of parlay, which involves combining two or more bets on different games into one larger bet. Each individual bet, or leg, must win for the parlay to be successful.
Progressive Parlay: This type of parlay allows you to win even if one of your legs loses. The payout for a progressive parlay is smaller than that of a standard parlay, but it offers more chances of winning.
Teaser Parlay: A teaser parlay allows you to adjust the point spread or over/under line for each individual bet in a parlay, giving you a better chance of winning. However, the odds and payouts are lower than those of a standard parlay.
Pleaser Parlay: A pleaser parlay is the opposite of a teaser parlay, where you bet on a team or a total to lose by more points than the original line. It offers higher payouts but is also riskier than other types of parlays.
Round Robin Parlay: This type of parlay involves betting on multiple parlays at once. For example, if you place a Round Robin bet with three teams, you will be betting on three two-team parlays. The payout for a Round Robin bet is smaller than that of a standard parlay, but it offers more chances of winning.
Parlay Betting Strategies
To increase your chances of success in parlay betting, it is important to have a solid strategy in place. Here are some popular parlay betting strategies:
Keep it small: It can be tempting to place a large parlay bet with high odds, but the chances of winning such a bet are low. It is better to place smaller parlay bets with a maximum of three or four legs.
Focus on Favorites: Betting on favorites can increase your chances of winning parlay bets, but the odds may be lower.
Look for Value: Betting on underdogs with a good chance of winning can offer higher odds and increase your chances of winning bigger payouts.
Don’t Chase Losses: Parlay bets can be risky, so it is important to avoid chasing losses by placing larger bets to recover losses. Stick to a set budget and avoid overextending yourself.
Use Teasers: Teasers allow you to adjust the point spread or over/under line for each individual bet in a parlay, giving you a better chance of winning.
Another essential tip for parlay betting is to manage your bankroll wisely. Remember, a parlay bet is a high-risk, high-reward type of bet. You are essentially combining multiple bets into one, which means that the chances of winning are lower than if you placed each bet individually. Therefore, it is essential to be careful with your bankroll and only wager what you can afford to lose.
It’s also important to shop around for the best odds when placing a parlay bet. Different sportsbooks may offer different odds for the same event, and finding the best odds can significantly increase your potential payout. You can use online odds comparison tools to find the best odds quickly.
In addition, it is important to stay informed about the teams and events you are betting on. Follow news and updates related to the teams and players, and keep up to date with any injuries or other factors that could affect the outcome of the event. This information can help you make more informed decisions when placing your parlay bets.
Lastly, be disciplined with your betting strategy. Don’t chase losses by placing larger bets or adding more events to your parlay. Stick to your betting plan and avoid impulsive decisions. Remember, parlay betting can be lucrative, but it requires patience, discipline, and a solid understanding of the sports you are betting on.
Dos of Parlay Betting
Now that we have discussed the basics of parlay betting, let’s take a look at some dos of parlay betting.
Manage Your Bankroll: One of the most important aspects of parlay betting is to manage your bankroll. You should never bet more than you can afford to lose, and you should also set a budget for your parlay bets.
Research: Before placing a parlay bet, it is important to do your research. You should analyze the games and the teams, and look for any relevant news or injuries that may affect the outcome of the game.
Use Different Types of Bets: To increase your chances of winning a parlay bet, you can use different types of bets, such as moneyline, point spread, and over/under bets.
Keep It Simple: It is better to keep your parlay bets simple by placing small bets on two or three games instead of trying to hit a big parlay with ten or more legs.
Use Bonuses and Promotions: Many online sportsbooks offer bonuses and promotions for parlay bets. You can take advantage of these offers to increase your chances of winning and maximize your profits.
Don’ts of Parlay Betting
While there are many dos of parlay betting, there are also some don’ts you should keep in mind.
Don’t Chase Losses: It can be tempting to try to recover your losses by placing larger parlay bets. However, this is a risky strategy that can lead to even bigger losses.
Don’t Place Too Many Legs: Placing too many legs in a parlay bet can increase your odds of winning but also increases the risk of losing the bet. It is better to keep your parlay bets small and simple.
Don’t Ignore Bankroll Management: Proper bankroll management is essential for any form of sports betting, including parlay betting. You should never bet more than you can afford to lose, and you should also set a budget for your parlay bets.
Don’t Bet on Too Many Favorites: While betting on favorites can increase your chances of winning a parlay bet, it also lowers the odds and payouts. You should look for value bets and avoid betting on too many favorites.
Parlay betting can be an exciting way to bet on sports, but it also requires a sound strategy and understanding of the odds. By following the tips and strategies outlined in this guide, you can increase your chances of success and enjoy the thrill of parlay betting responsibly.