Parlay betting is a popular way for bettors to maximize their wins. Although it is very popular, it requires strategy, calculations, and overall experience to produce a positive result.
In this article, we'll discuss what parlay betting is, how to place parlay bets, and how to develop a personal strategy for this task.
Let’s get started!
What is a parlay bet?
A parlay bet is a type of betting where a user makes multiple bets on a single wager. The trick is that for the bettor to win, all elements have to win. Otherwise, the parlay bet is considered lost. Yet, the overall win will be higher if your selections are successful.
Higher profits are the main reason parlay betting is popular. It is often used to combine picks that promise small wins but have higher chances of winning (for example, overall favorites). This way, parlay bettors receive bigger money in cases where separate wins would be unimpressive.
In parlay betting, you may also place bets on teams from different leagues or sports.
There is also a special language for parlay terms. For example, if you place a bet on three teams, it is called a treble. We'll discuss it in detail in the next section.
What are the types of parlay?
Based on the number of teams or players you include in the parlay bet, there are different types of this bet:
Two-team parlay
The two-team parlay bet, also called a double, is the simplest form of parlay betting. If there are only two teams in the selection, the statistical possibility for the parlay to win is the highest, but it doesn't promise the highest wins.
Three-team parlay
If you bet on three teams, it's called a treble. If your picks have short odds, your parlay has a high chance of winning. What is more interesting is that your chances of winning are considerably higher with a three-leg parlay.
Four-team parlay
As the name suggests, you increase the number of picks in the four-team parlay. This way of betting is attractive because it offers higher wins, yet it is risky because there are bigger chances that one of your selections will disappoint you.
What goes next? It's a five-team parlay, a six-team parlay, and on. You can bet on multiple teams, but every time you add a new pick to your slip, you also increase your risks.
Why is parlay more profitable?
In parlay betting, the winnings and stakes from one team roll over to the next in case of a successful game result. A $10 bet can bring over $40 in wins.
This is how it works: For example, if your bet of $10 is successful for the first team, you get $6.94 in winnings. Then your stake for the next game is not $10 but $16.94 ($10 + $6.94), which will generate another $10.52 in winnings in case of success. For the third team, the stake will be $27.46 ($16.94 + $10.52) , and it can generate $23.29 in winnings. As a result, you will return a decent sum of $40.75 ($27.46 + $23.29).
If you include more teams in your parlay bet, it will be challenging to calculate your wins, so you can use a special software called a parlay calculator to estimate your possible winnings.
What is the same game parlay bet?
Previously, it was impossible to place a parlay bet for one game. For example, bettors wanted to place a bet for the team to win and for the most successful player to score a goal. Now, it's possible. You can bet on the game winner and on the personal results of different players, maximizing your wins.
How to place a parlay bet?
To make a parlay bet, you must follow the same procedure as other sports betting. Your method will consist of several steps.
Step 1. Select a reputable sports betting website
There are multiple sports betting websites online, that may be fraudulent. Therefore, you have to select a reputable resource with good reviews and an established media presence.
Step 2. Register
Some sites require personal information like home address and identification documents to prove your age, while others only require your email and a password.
Step 3. Fund your account
In this step, you must transfer money from your banking account to your betting account.
Step 4. Pick your parlay
A special option in the menu usually allows you to make a parlay bet and select your picks from the available teams.
Step 5. Confirm your parlay
The bets you select will be added to your bet slip. You must choose the parlay tab in the menu and confirm your parlay.
How to make a parlay strategy?
Every experienced bettor usually prefers to develop a path of their own. It usually starts with making calculations.
Make calculations
Calculating your possible wins when you select different options before making bets is a great idea. It helps you try out all of your chances.
Consider hedging
It is an interesting strategy that allows you to secure your bet. For example, you placed bets on five teams, and four have already won. While waiting for the last game's result, you can make an additional bet against your team. This way, you will be sure you'll be rewarded in any scenario.
Sportsbook features
Sportsbooks today also offer numerous features to protect your parlays.
Summing up
Parlay betting is a great way to increase your wins if you play smart and develop a strategy. Yet, for this, you have to be literate in the principles of sports betting. Learn more about how to win your bets!