Parlay Bets

Parlay bets are incredibly popular at most online sportsbooks today, and most sites heavily advertise and recommend these wagers to their players. A parlay bet is a single wager that's made of several smaller sports bets. The small bets that make up the parlay can be for unrelated sports but are often related to one another. To win a parlay bet you must win all the separate wagers, and parlays come with much larger payouts than single wager bets.

What are Parlay Bets?

Simply put, parlay bets are single sports wagers made of two or more separate wagers. To win a parlay you must win all the different wagers, making winning a parlay difficult. Parlay bets pay out significantly more money than standard wagers do, which is why gamblers are willing to take the risk that comes from choosing a parlay.

How Parlay Betting Works

Before you begin parlay betting it's helpful to understand how the process works. To

Choosing bets that appeal to you, calculating your odds, and finally placing a parlay. The best way to choose bets for your parlay is to look at wagers you would normally be interested in. Bet on the games you love, choose the players you're most interested and make the wagering as interesting as possible. It's a good idea to look at the odds when placing wagers as well, but few sports bettors place wagers on games they aren't interested in. It's also common to make a parlay out of several wagers for the same game, or for wagers that follow a series of games. This makes things interesting and easy to follow.

To calculate the odds for a parlay bet you convert the odds for each individual wager into decimal form, multiply the values together, and multiply that value by the amount you wagered. Finally, subtract your initial bet amount and you have the final odds for the wager. If that sounds like too much work you can utilize a parlay calculator to do the work for you. Once you know which wagers you want to place you choose a parlay, select your wagers, set your bet amount, and finalize the bet. Then you must wait until all the wagers are determined before you learn if you won your parlay or not.

Benefits and Drawbacks of Parlay Bets

Parlay bets are popular at online sportsbooks, but that doesn't mean they are good to use. Many gamblers avoid parlays because they suffer from poor odds when compared to more straightforward wagers. There are some benefits to parlays, however. Learn to understand the pros and cons of parlays before you use this popular form of wagering.

Pros:

Parlay bets give you a straightforward means of raising your potential payout value compared to standard wagers. When you make a parlay you can wager a small amount of money and play for a large prize, this makes parlay betting more exciting and affordable for players. This is the main appeal for parlay bets and why so many people make them.

Cons: While parlay bets give you a chance to win huge prizes, they come with a high amount of risk. It's difficult to win a parlay because if any part, known as a leg, of the bet fails the whole bet fails. If you take on a parlay you must be prepared to lose the bet and you should never wager more than you can afford because you are taking a serious risk.

Understanding the Different Types of Parlay Bets

There are many different parlay types to choose from, and you'll only be able to select an option you're happy with when you understand how they all work.

Normal Parlay

A standard parlay requires you to choose two or more sports bets and combine them together. You wager a set amount for the entire parlay and only receive a payout if all the different parts, or legs are successful. The conditions of the original wagers are not changed, the wagers are only combined together into a single bet.

Same-Game Parlay

A same-game parlay is exactly what it sounds like, a parlay that involves multiple wagers from the same game. You could wager on stats for multiple players, score-based and performance-based wagers, and more. By placing multiple wagers on the same game you're increasing your potential prize payout while still retaining your focus on a single game.

Round Robin Parlay

A round-robin parlay is an interesting form of parlay that enables you to win if some of the bets that make up your wager lose. In a round-robin format, the wagers you choose get made into countless different combinations that all include some of the wagers but not all of them. Each of the combinations is given a set payout value, and you're paid for any successful combinations. If your round-robin parlay has three wagers, you may end up with 12 to 15 combinations each with a set value. If one of your wagers fails some of those combinations will be ruled out, but many will remain in play and could pay you money if your other wagers come true.

Progressive parlays are a new type of wager offered by some sportsbooks. These parlays normally include a minimum of 4 wagers and can go to as many as 12 wagers. A progressive parlay is different than a standard parlay because not all the wagers have to be winners for the player to win. Instead, a small percentage can be losers and the bettor will still receive a small payout. For instance, a progressive parlay with 4 or 5 bets will allow a single loss, while a parlay with 10 or 11 wagers will accommodate up to 3 losses while still paying money.

Teaser Parlays

A teaser parlay is a wager that enables you to move the point line on multiple wagers. If you believe a team is going to lose, but not by as much as the bet requires, you can rely on a teaser to adjust the point requirement by 6 points on average. A teaser parlay requires you to win all the different legs of the wager to win, and your payout goes down from a standard parlay, so a teaser only makes sense if you believe a bet only works with that point adjustment. For instance, a -8 betting condition may become a -2 with a teaser, making it significantly easier to win.

Strategies for Winning Parlay Bets

Parlays are difficult to win, but there are some strategies you can use to improve your odds of success. Learning to minimize your legs, rely on same-game wagers and to hedge your parlays can give you extra tools to win with.

Minimize Your Betting Legs

Each time you add another wager (leg) to your parlay you decrease your odds off success. Most gamblers don't realize that sportsbooks do not give enough extra prize money to gamblers to justify the additional risk involved with an extra leg. Each time you add another leg to your parlay you're less likely to succeed. Stick with parlays with two or three legs for the best chances of success.

Use a Same Game Parlay

One of the best ways to simplify a parlay while improving your odds of success is to place all your wagers within the same game. If you feel good about a specific game, you can create a same-game parlay made of several related wagers. These wagers are more likely to succeed, because they are all related to the same players and team. Choose multiple wagers that rely on the same outcomes and you'll be more likely to win.

Consider Hedging Your Parlay

Many gamblers wait until the last game of a parlay to hedge their bet. This strategy guarantees you a payout if your parlay is made of multiple games and you've won all but one so far. To hedge your bet you bet half your potential winnings on the other team in the final game of your bet. Doing this gives you a payout whether your parlay is successful or not. Hedging works best when placed on the underdog team, but can still help you break even when placed on the expected winner.

Top Sportsbooks for Parlay Betting

Most online sportsbooks today offer parlay betting, but some offer better features than others. If you're going to be joining a sportsbook specifically to place parlay bets, it's best to join a site with modern features. Each of the sites detailed below offers powerful features making them a worthwhile option.

Bet365 - Offers powerful parlay bonuses and regularly has offers to claim.

888Sport - Claim free cash with a parlay and have many different parlay options to choose.

Ladbrokes - Ladbrokes makes it easy to choose a multi or parlay made up of as many or as few options as you like.

Using a Parlay Calculator

If you want to quickly determine the odds and expected payout of a parlay, you can make use of a parlay calculator. To use a parlay calculator, input your bet amount and the odds of each of your wagers. You'll be given an estimated payout immediately. You can use this information to help you choose which parlay combination to select or to avoid a parlay entirely.

Same Game Parlays

Many bettors are making use of same-game parlays instead of multi-game bets. This is because it enables them to focus on a single game and because they are more likely to be successful. If you believe one team is going to beat another, it makes sense to place multiple wagers on the game that all relate to the outcome you expect. For instance, betting on the performance of a specific player, the winner of the event, and the total over or under on the game's combined score. These outcomes are all related, and with some careful consideration, you could choose wagers that work together to help you win more. Same-game parlays are easier to win, but they often come with smaller payouts than multi-game parlays.

Latest Trends in Parlay Betting

As technology improves exciting parlay features are becoming available to make things more interesting. Modern features like advanced analytics and in-play parlays add another element to sports betting.

Some sportsbooks are now offering in-play parlays, making it possible to select a series of in-play bets that occur in a few plays and result in a parlay win or loss shortly after. With in-play parlays, it's possible to place several parlay bets within a single game while watching it. Sportsbooks are improving the analytics they offer players, giving them access to analytics that update throughout games, and offering far greater detail than they once did. Get access to more data points, analyze games and bets more closely, and improve your wagers in the future.

Conclusion

Parlay betting is an entertaining form of sports betting that gives you the ability to play for larger prizes, but parlays are not right for everyone. You have to decide how much risk you're willing to tolerate, and then choose the right type of parlay for your personal taste. Use the portal to explore different parlay betting options and start experiencing the excitement that comes from placing your first parlay.