What is Parlay Betting?

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Betting is a fun way to make money. However, most frequent betters don’t place bets because of the money, they gamble because of the adrenalin rush that comes with it. The winnings are just a bonus. Whether you’re betting for fun or money, it always helps to increase your chances of winning in any way possible. Parlay betting is one of the methods used by professionals to boost their chances of winning big. It involves placing a sports bet on two or more teams instead of just one as you would usually bet. Making multiple wagers gives you an edge over others because you’ll get larger payouts if more than one team wins. With the higher chance of winning comes more risk. You’ll need to spend more money placing parlay bets than placing single bets.

What is Parlay Betting?

Everything You Need to Know About Parlay Betting

Typically, during regular sports betting, you have to pick one winning team except when you’re wagering on both teams having a draw. It’s not usually easy to pick a winning team when needed. Even when you use all the research at your disposal, there is still a chance that you will lose the wager. So, imagine how much pressure you will feel when you have to pick more than one winning team. The good thing is that the payout from picking many big moneyline underdogs is usually large. Gambling operators are usually happy with parlay betting because it gives them more profit when players lose. The difficulty of this form of betting is what makes it profitable for them. Statistics have shown that sportsbooks in Nevada have been enjoying a 31.17% win percentage since 1992. This is rather impressive since they reportedly haven’t gotten more than 7% from other types of sports bets.

There are two ways to place parlay bets. The first one, which is also the most common method, involves submitting the names of all the teams you’re betting on to the ticket writer. You also have to write the amount of money you intend to place on the bet. The higher the wager, the more money you’ll get if you win. The second method is similar to the first method. However, instead of submitting a list to the ticket writer, you will request the parlay card and fill out your details. After filling the card, turn it in and pay to place your wager. Most sportsbooks offer both methods. So, the one you choose should depend on your convenience.

Keep in mind that all the teams don’t need to win for you to win a parlay bet. While you’ll win the wager when all the teams win, you will also win the wager when there is a tie, and when the game is canceled. The only difference is that the payout is usually highest when all your chosen teams win. If a majority of the team wins and one is canceled, you’ll get paid. For example, if you place a bet parlay on five soccer teams and four of these teams win while one game gets canceled, you will win the bet. The amount you will get will be what you would have gotten if your original bet was placed on just four teams. The last game that was canceled will be excluded. If one out of the five teams you picked as winning teams loses the game, you will lose the bet.

The parlay payout depends on the odds set by the sportsbook and it varies from game to game and from sportsbook to sportsbook. When you’re using an online sportsbook, you need to be careful to avoid getting confused and making a mistake. The odds are also subject to change as long as the game hasn’t started. This is why most professional bettors wait until a day before the game to place their bets. It’s also wise to confirm the odds from the ticket writer before you make your final choice. For online sportsbooks, you can contact support to confirm the odds before you bet.

As soon as you have placed your parlay bet, the payout amount will be fixed. It isn’t going to change during the game so you don’t need to worry about this. It doesn’t matter if the odds or the lines for an individual game changes after you have successfully placed your bet, the payout will not change. This is a good and bad thing at the same time. On the one hand, the odds might become more favorable but it will not influence your payout. On the other hand, the odds might become less favorable but it will not have any negative impact on your payout since it is a fixed amount.

Types of Parlay Bets

Parlay betting has evolved over the years but two common variations happen to be the most common in the sports betting industry. These two are Teasers and Round Robin parlay. These are the two variations of parlay betting that you’ll most likely see online.

Teasers Parlay

The teaser parlay is a variation of parlay that is almost the same as the original version. You have to pick multiple teams and totals. The only difference is that there are no actual moneylines when you’re playing this variation instead of the standard parlay. Also, instead of setting a specific point, you have the right to move the point spread either higher or lower than a specific point. Since you have a wide range of points to choose from, your chances of winning this variation of parlay betting are higher than winning the standard version. However, the payout is usually lower. The totals and point spreads can usually be changed by anything within 6 to 10 points. As long as each leg is assigned the same number of points, the teaser bet can hold. The payout amount still depends on the number of teams and the amount wagered.

Round Robin

As stated above, parlay betting involves betting on multiple teams at the same time. The Round Robin variation of parlay involves making more than one parlay bet at the same time. So, instead of betting on 3 teams, you can bet on 9 teams in sets of 3. Those sets will be tied to each other. So, their faiths will be linked. It makes it simple for you to make multiple parlay bets. You’ll spend more money when you add more teams to this type of parlay. The amount depends on the sportsbook and the odds. If you win the multiple parlays, your payout will be incredible. It often offers more payout than the teaser parlay.

How to Boost Your Chances of Winning Parlay Bets

The most important thing to do when you’re trying to place parlay bets is to understand how these bets work. The content above is simply an introduction to parlay betting. You should learn more about it before you start using your money to bet. If you already have experience with single sports bets, getting a hang of parlay bets will be easier for you. When you understand how it works, make sure that the bets you place are informed. Don’t go with the crowd. Research thoroughly and trust your gut.

High risk usually means high results. This is normal in every form of betting whether it is parlay betting or not. However, you should not take unnecessary risks. Take only calculated risks and make sure that you don’t wager too much money at a time even if you have a lot of money at your disposal. Gamble responsible and don’t make it a habit. It also helps to watch the sports in question. The most passionate people who engage in sports betting always bet on sports that they watch and love. It makes it more exciting and it helps you make more informed choices.

Bottomline

If you stay in a place where gambling is legal, finding a sportsbook isn’t going to be difficult. A simple Google search will get you to where you want to go. If you watch live sports, you’ll find ticket writers in the auditorium or field. Otherwise, you can stay in the comfort of your home and place a parlay bet online with no stress at all. Just make sure that the online sportsbook is a reputable one. The last thing you want to do put your credit card information in a scam site.

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