How Does A Parlay Bet Work
Few things jump out at us punters like a moneymaking betting strategy put into words by an expert. With our take on parlay betting, we hope to shed light on your questions about this widely-used technique. With our exhaustive guide you’ll quickly gain ground in the field of betting strategies.
- How Can You Make Parlays Work? Parlays can be an effective style of betting and you can make money betting them. If you are ready to turn your parlay betting into one of the great strengths of your betting then you MUST read this article: 14 Tips for a Winning Parlay The Game Starts Now! Betting parlays is not some sin for which you need to repent.
- Parlay Betting Pros and Cons The biggest drawback with parlays is the added risk that comes from needing to select two or more sides. Everyone knows how difficult it can be to pick just one winner.
- Payouts on a 2 team parlay are standard throughout the industry at 13/5. Sportsbooks will pay $2.64 for every $1.00 wagered.
Over/Under bets (or bets on the “total) are wagers made on the total amount of points that will be scored during any given game by both teams. The sports book sets the “line,” which is the number you will be basing your decision on. You bet on whether you think the total amount of points scored will be over or under that number. Over/Under, or Totals, bets are very common in betting parlays because they allow y.
We’ll outline the chief reasons so many players depend on parlays to build their bankrolls, see how thing work in reality, and while the iron is still hot, we’ll wrap everything up with a few pro tips. Join the ranks of rational bettors, and start wagering smart.
What is a Parlay in Sports Betting?
You’re most probably asking yourself what else parlays can offer besides a weird-sounding name. This iconic wager from the past is ever so present nowadays, as its idea is very straightforward. Combining any two odds in a single bet is considered a parlay, also called “accumulator”. Adding more predictions (selections) to the betslip boosts the payout but also increases the risk of failure.
This brings us to our next point – a traditional accumulator yields no return if any of the predictions is incorrect. You’ll have to tick all the boxes to win the bet, though some betting systems allow for a mistake or two, but they will be the subject of another review. That right here is the foremost drawback that dissuades punters from stacking up too many selections.
Against this backdrop, there’s still room to maneuver. Aside from the number of selections, you can exert control by cherry-picking odds. Guessing a few low-odds selections seems like a feasible goal and at the end, your winnings won’t suffer either because of the multiplication. On the other hand, putting more than one underdog in the same betslip is pushing it a notch too hard – better not overreach yourself, but stay somewhere in the middle
Placing a Parlay – What’s the Holdup?
Your typical accumulator constitutes a large percentage of the bets placed on sports events. Some can argue all they want, but the truth of the matter is that placing a Parlay is easy and undemanding. It doesn’t require much calculations and there is only one possible win scenario, so the stake you enter will be the total you’re going to pay. What you see is what you get, there aren’t any strings attached or contingencies. That’s why the average player concentrates on waging parlays as opposed to single bets.
How Do Parlays Work?
Now we know that for your bet to be considered a Parlay, first you have to combine two or more selections. The potential return is calculated by multiplying the odds off all picks. This is the neat thing about parlays, you don’t have to dip into your savings to crank up the numbers. For example three selections, priced at 1.5, times a $10 bet yields $33. Not too shabby again considered the relatively small bet and number of selections.
Alternatively, you can opt to go for quite the number of picks with the idea to aggregate bigger potential winnings, but nailing more than three predictions straight up is a bit of a stretch. Not that it isn’t possible, and the pay will surely be worth it, but it’s just not considered common sense to try such a challenging move. However, the bookies are quite fond of seeing big accumulators being played and usually award additional incentives to encourage this risky endeavour.
- Over 25,000 live events monthly
- Real time stats at your fingertips
- In-Play Betting
- Cash Out option available
- Special mobile deals
- $25 Free Bet
Will Winning a Parlay Give You a Bonus?
The staple ingredient in the diet of any parlay lover is the bonus money most bookies generously dish out. This perk sometimes goes under the name Acca Boost and is meant to enhance your pay by a certain percentage. The margin increases progressively as the number of legs mounts up. In some cases going as high as a 10 – fold bet could earn you a 25% on top of your base winnings. The maximum number of legs that qualify for the promotion normally coincides with the general rules of the operator regarding parlay use. By and large, opt-in isn’t required, but the offer might be restricted to a specific market or events – most often than not, that being football fixtures.
How Many Selections Can I Add?
As far as common sense is concerned, anything more than a 4-fold will raise eyebrows – there’s just too many things that could go wrong. Anyway, we’re determined to get a little extreme in the interest of showing you where the sportsbooks draw the line. We’ve tested the limits many times and with many top-level bookies and we have to say the better part of them set the limit at around 14 legs, which is still a nice elbow room if you’re going to play vabanque.
Obviously, you’ll need a fair bit of luck betting a 14-fold, but that’s not it, it’s not the ultimate, uppermost limit for accumulators. For the sake of counter argument, some bookies would set the cap stupendously high – at 15-16. All by itself, the multiplier of a betslip this big will take you to the three or maybe even four-figure number expected payouts, albeit you’ll have to trust this one to luck. There’ you have it, though we digressed slightly from the main point, now you know what a one-quid wager can yield in theory.
Accumulator Jackpots
A labour of love, it’s almost impossible nowadays to come across a sportsbook that disregards the nearly century-old tradition of football pools. While most of the operators add their own spin to it, the goal is one and the same – to predict the outcome of a large number of events. Normally the buy-in is low enough to give more punters the chance to participate. If more than one player has accomplished the winning conditions, they all receive a share of the big prize. So, if you’ve set the heart on that allusive 10-fold accumulator that’s been bugging you for years, you’ll find a lot more value taking part in the football pool or jackpot event organized by your bookie, than simply combining your own fixtures.
How to Win Parlays?
As with everything about parlays, the winning conditions are pretty obvious too – make all the correct predictions and stay out of trouble. A cancelled event won’t hurt your bet though, its odds will be considered equal to 1.00, so that when multiplying by them the total doesn’t change. How to win big on parlays without pushing the envelope too hard is the million-dollar question. This is a multi-layered problem which we believe can be solved by adding another component to the equation, namely – in-play betting.
Did you know that accumulator boosts also play in the live betting markets? This is such a nice extra to have, though it’s not why we pointed out live betting as a stomping ground for sensible parlay bettors. Without a doubt, it’s easier to place bets once you’ve gathered first-hand info, but in-play does you one better. You get to wager many different lines for the same event and still form a nice accumulator without spreading yourself too thin on several fixtures.
What Does “Parlay” Mean to the Bettors?
First off, we saw the matter isn’t skin-deep and there’s many things you must perfect before accumulators start paying your bills. Secondly, if you don’t approach it with the right frame of mind it can bite you in the rear. Still, this betting type affords notable latitude to those punters, who are looking to speed up their game without putting much at stake. From the dream jackpot to attractive bonuses, Parlays have it all. They definitely live up to the hype as this betting style is extremely well-received in the renowned sportsbooks. If nothing, you ought to give it a try for the fair amount of related bonuses.
Sport Betting Guides
How Does Draw No Bet Work In A Parlay
Its an age old question that is not easily answered. Parlays are a high risk, high reward style of betting so they cannot be compared directly to other forms of betting. To make an effective judgement on the worth of parlay betting, you first need to understand how to use them effectively. When employed at the right time and in the right way they are a powerful betting tool. When used indiscriminately, they are ineffective and expensive to a bettors bottom line.
Our Stance
Is a Parlay Bet a Good Bet? Yes, if used correctly they can be an effective way for a bettor to stake smaller than usual but access a potentially large payout through the power of compounding. Often Parlays are misunderstood, used incorrectly and leave the bettor exposed to undervalued odds when compared to the actually probability of winning.
Why Do Some People Think Parlays Are Bad?
There are a number of reasons why bettors think they are bad. Here are two of the most common reasons:
The Wrong Bet Types Are Used
The most common belief is that Parlay offer a negative expected value. That is; the final parlay odds offered are usually less than the true probability of all the legs winning.
This is of course the case if you link together parlay legs that are in their own right poor value. The multiplier effect of parlays means that a poor ‘buy’ on a bet is carried through and magnified as it is combined with other legs.
There are two particular bet types that regularly offer negative expected value to bettors. These are the point spread and over/under totals betting. Accepting odds of -110 on a 50/50 outcome is a risky past time. Nevertheless bettors are fascinated with these types of bets, so much so that they then link them together into parlays.
I mean think about it for a second. Willingly accepting -110 on a 50/50 outcome means you must win at 52.38% to break even. Blind Freddy can see that is a supremely tough ask. I still bet those markets, but I do so with the knowledge that if I don’t see an edge on the number (Handicap or Points Total) then really I am just flipping a coin. If that’s what I am doing, then I don’t like my chances of winning 52.38% of the time.
Now armed with that knowledge go and throw those bet types into a parlay and you are creating a mountain to overcome just to break even.
The Wrong Staking Strategy is Used
Parlays are a different breed and require a different staking strategy. The Risk/Reward ratio can vary greatly from parlay to parlay depending on the included legs. Bettors who have a poor grasp on bet sizing will typically over bet on parlays, enticed by the carrot of a large bankroll boosting payout. Sadly this critical error can lead bettors on the short path to bust city.
The stories of going bust lead bettors to think Parlays betting is the issue. In actual fact the staking strategy is to blame but self reflection is hard, so that gets overlooked.
The Bottom Line: Parlays are not bad. Bettors are bad at using them. Learn how to use them effectively and they suddenly become a key piece of any bettors repertoire. After all sharp bettors who make a living from betting still use parlays. They just have the know how.
If Parlays are Bad, Then Why Are They Popular?
1 ) Undeniably Fun
There is no doubting Parlays are a lot of fun. Action is spread across a number of events so bettors feel invested in many outcomes. A well timed parlay can turn a Sunday afternoon NFL slate into an 8 hour long betting ride.
Parlays also offer a roller coaster ride of emotions. Those bettors with a love (maybe even addiction) to the extreme emotions that come with betting on sport, go looking for opportunities to get it all on the line to win big. Parlays provide that in a fun and entertaining way.
What can be more fun than having the last leg of a parlay live and being able to watch every play unfold. The big plays feel so much bigger and small moments become parlay altering events.
2) Lure of a Big Payout
Big payouts truly are the stuff of dreams. I mean why else are lotteries so popular. It has everything to do with the big prize and nothing at all to do with the probability of winning. After all if you looked closely at the true probability of your numbers coming up you might think again about buying a ticket in the lottery.
The lottery has some similarities with parlay betting (although done right you can certainly push the odds in your favor). The chance at hitting double figure times returns, or higher, can be enough to get a bettor to throw that money down.
To a bettor who is having a tough run, a big payout can be the thing that gets their bankroll back on track. The magic bullet, the panacea, the secret sauce. Parlays appear to provide bettors with an opportunity to chase losses without staking above the norm. Of course more often than not the execution leaves the bettor short handed anyway.
A poorly executed parlay makes it more like a hail mary than a strategy, again much like the lottery. Nevertheless the lure big money is the drawcard.
3) Small Stakes Equals Low Entry Level
The ability to get action on a parlay for a relatively small stake (eg a quarter of a unit) but not sacrifice the chance of a big return provides bettors with a cheap entry point to this form of betting.
The small stake entry point equates to a low risk high reward scenario. Something all bettors are constantly on the looking for.
For a bettor who simply can’t afford a lavish bankroll parlays are the way to get action on many events affordably. For instance across 4 college football games at the one time when the bankroll simply doesn’t have the capacity to cover those four games individually.
Small stakes makes parlays the bet type of the people!
4) Parlays are Actively Encouraged by Sportsbooks
Sportsbooks are in the business of making money and lets be honest, they are very good at it. They know that parlay betting is misunderstood and misused by the general betting public. Therefore they actively encourage bettors to invest in this bet type.
There are constantly promotions available on parlay betting at virtually every online or mobile sportsbook. In fact they are usually very generous promotions that I recommend you make the most of.
Promoting parlays is a way for sportsbooks to give bettors experience with these kinds of bets so that they continue to bet them when the promotions are not offered. They are a way to lure recreational bettors and bettors who are true ‘every now and then’ type clients to bet them.
Active promotion of parlays has the desired effect, if makes them a high traffic bet type.
5) They Make a Good Story
This my friends is almost the biggest reason why parlays are so popular. At the end of the day a bettor who lands a big one has bragging rights for days. They have a war story to tell that points to their ‘expertise’ as a bettor.
I mean, surely if someone is talking about how they pulled of a 5 leg parlay on last night’s games then they must be a master bettor right? Well probably not but it makes a great story!
Come Super Bowl or NBA Championship time the media loves to find a fairytale story of someone needing the big game to fall their way as the last leg of some life changing parlay. It creates some hype and it certainly encourages average Joe to get out there and invest in a parlay or five of his own.
Big parlay wins are also a huge talking point on social media like Reddit or Twitter. Social media is an ego driven platform at the best of times so pulling of a huge parlay is great ammunition for some ‘look at me’ posts. This alone makes them popular.
Heck, even a bad beat parlay makes a good story. A story of heartbreak is a ticket to the sports betting club. A battle scar to show that you have been to the front line and earned your stripes. Much like falling of your horse makes you a bona fide member of the pony club, an unbelievable parlay bad beat is a story worth telling.
The Parlay Mistake To Avoid
Betting Parlay Odds
There is one huge error that many bettors unknowingly make when betting parlays. Check out this video and avoid making that error yourself!
How Can You Make Parlays Work?
Parlays can be an effective style of betting and you can make money betting them. If you are ready to turn your parlay betting into one of the great strengths of your betting then you MUST read this article:
The Game Starts Now!
Betting parlays is not some sin for which you need to repent. Like all betting styles once you get your head around how to bet them effectively they can be a positive addition to your betting repertoire. Check them out just be smart about the way you do it.
How A Parlay Bet Works
Good Luck and as always Bet Responsibly!