Parlay wagers are among the most popular types of bets for casual sports betting fans since they provide them with the opportunity to win big money on small wagers. Parlay bets require making two or more individual wagers as part of the same ticket in an effort to win more money at once. However, the catch is that every individual wager on a given parlay must win in order for the ticket to be considered a winner so one wrong pick eliminates any chance at winning. Here is a look at how to bet on parlays and win.
The Parlay Concept
The reason why the sportsbooks push parlays is simple: the more teams on one ticket the less likely the ticket will win. Consider that the standard payout for a three-team parlay is 6/1. Well, the reality is that in terms of the actual odds of the ticket winning the payout should probably be around 7/1, which means that despite appearing to be a strong value bet the sportsbooks are actually getting the better value on the parlay wager. The larger the margins get the more this statement is true. This doesn’t mean the bettor with an edge shouldn’t bet parlays as those that know what they are doing could still make some serious profits. However, you can definitely increase your odds of winning and overall value by following these key strategies.
Betting Correlated Parlays
The best approach that a bettor can take is using correlated parlays in order to have two bets on the same game. For example, if you think one team is going to win by a large margin then you could take that team to cover the spread and the game to go over the total in the same matchup. Not all sportsbooks will accept two wagers from the same game as part of a parlay and the reasoning behind it is simple. If Team A beats Team B by 10 points and they are both reasonably high scoring teams then there is a very good chance that the total will go over the number. It’s important to remember to shop around and find the best available odds in order to maximize the potential to win big.
Betting Round Robin Parlays
The other smart approach to betting parlays is to use the Round Robin form of betting, which requires making multiple parlays at one time. For example, you can take three teams and with those three teams you can have three two-two parlays. If all three teams win then all three parlays win. However, if only two teams win then you still win one parlay while losing the other two. In theory, you are somewhat hedging your bet to win while also putting yourself in position to make a big profit if all three bets hit. The majority of sportsbooks will allow you to pick 3-6 teams in multiple parlays and you can spread a small amount of money across the board in order to set up for a potential big profit if all three hit.