One of the most popular types of bets among veteran bettors is the Parlay. In this article we will learn everything there is to know about the Parlay.
There are many ways to bet on a sport, each form of betting has its pros and cons. Bettors should know each form of betting well to make the best decision and fill their pockets. Whether you’re looking for the safest way to bet or the most lucrative, there is something for everyone.
What is a Parlay?
One of the more popular types of wagers is the parlay. A parlay is a wager type in which two or more bets are merged together to create one bet with a greater payout. But all the selections must-win for the bet to cash.
Parlays can be used to increase potential winnings, but also increase risk exposure by requiring all selections to win for it to cash out.
The more games you add to your parlay, the smaller probability of winning becomes. This is because with the more teams you add to your bet, the higher the chance that one will lose. A sportsbook will give you a bigger payout for adding more games in order to decrease your odds of winning.
The word “parlay” comes from the phrase “to play on a longshot.” A parlay is an investment that pays out more if it wins, and has the potential to pay off big if all the best in the parlay come through. You can put inside a parlay betting options like point spreads, moneylines, over/unders, player props, and more.
Parlays in Action
Think you’re good at picking games? If you’re looking to make some money from this weekend’s action, new research from WalletHub has found that betting Parlays can be a more profitable decision than betting on either side individually. As of Thursday morning, the Packers were favored by 4 points over the Chicago Bears and the Ravens were favored by 6 points over Cleveland Browns. Let’s say you thought they would both cover their spreads.
You then set up a Parlay with both teams which has a payout rate of 2.65x your bet.
This is what you could win depending on the final outcome of each game if you bet $10 on the parlay.
- Both teams cover: Win ($26.50)
- Packers cover, Ravens do not: Loss (-$10)
- Ravens cover, Packers do not: Loss (-$10)
- Both teams do not cover: Loss ($-10)
As you can see, the parlay involves a higher risk, but also offers a better return. It is for this reason that they are popular with veteran bettors who know how to identify which teams will cover the bet.
It is important to remember that no matter how many teams you have in the Parlay, everyone has to cover the bet in order to win. If only one of the teams fails, you lose all your money. It is best if you are meticulous when putting together your bet, as well as understanding the rules and what might happen if things go wrong.
Calculate Parlay Payouts
For all of you gambling enthusiasts, calculating potential parlay winnings has never been easier.
Sportsbooks are always taking into account the complexities of betting on multiple games at once, but its very easy for them to calculate the amount that you could potentially win.
And if you’re unclear on any of the rules or want to know how much you stand to win with a certain bet, most sportsbooks will provide an online form so that you can calculate it yourself.
It Pays to Bet with Parlays
While parlays can be an enticing wager, given that they offer a potentially high payout for little initial investment, they are not as beneficial as they seem. Parlays require you to bet on multiple potential outcomes of a game. While theoretically, you could make money if all of those individual games were won, the odds of doing so are very slim.
Parlaying has been a popular strategy for gamblers ever since the fine art of betting on combinations of horses and doubles odds were invented. Many gamblers see it as a long-term money-making technique, but the unfortunate reality is that most people don’t win enough to make it worth their while.
However, if you feel lucky and are willing to take a big risk then you can try a Parlay. Our recommendation is that you do not make a Parlay of more than 3 teams and make sure you choose very well who you bet on to increase your chances of success.