In online sports betting, a parlay is a multi-selection wager where the player gets to combine different individual wagers into a single bet. For a parlay to be graded as a winner, all the different individual bets included in the parlay must win.
Steps to Bet a Parlay
To bet a parlay, follow these steps:
- Choose the individual bets you want to include in your parlay: This will typically involve selecting the teams or individuals you want to bet on, as well as the type of bet you want to place (e.g., moneyline, point spread, over/under).
- Select the parlay option at your sportsbook or betting platform: Most sportsbooks and betting platforms will have a parlay option that allows you to combine multiple individual bets into a single bet.
- Enter the amount you want to bet: Enter the amount of money you want to bet on the parlay.
- Review and confirm your bet: Review the details of your parlay bet, including the individual bets included, the odds, and the potential payout. If everything looks correct, confirm your bet.
- Wait for the outcome of the games or events: If all of the individual bets included in your parlay win, you will win the parlay bet and receive the corresponding payout. If any of the individual bets lose, the entire parlay bet will be lost.
It’s important to note that parlay bets carry a higher level of risk due to the fact that all of the individual bets must be successful in order for the bet to win. It’s also important to set a budget for your betting and to carefully consider the individual bets included in your parlay.
Parlay Betting: Why Is A Good Option
The parlay can be a good option for bettors who want to potentially win a large payout by combining multiple individual bets into a single bet.
The potential payout for a parlay bet is determined by multiplying the odds of each individual bet together, which means that the payout can be significantly higher than the payout for a single bet.
For example, if you make a parlay bet that includes three individual bets with odds of +150, -200, and +110, the odds for the parlay bet would be calculated as follows: +150 x -200 x +110 = -33,000.
This means that if you bet $100 on the parlay bet and all of the individual bets are successful, you would win $33,000 in addition to your original $100 bet, for a total payout of $33,100.
Another advantage of parlay betting is that it allows you to place bets on multiple games or events without having to place multiple individual bets.
This can be more convenient and may also be more cost-effective, as you will only have to pay a single transaction fee (if applicable) rather than multiple fees.
Parlay Betting vs Straight Bets
In sports betting, a parlay bet is a single wager that combines multiple bets into one. The bets are typically related to one another in some way, such as all being bets on the same game or all being bets on different games but within the same sport. For example, you might make a parlays bet that includes a bet on the moneyline for a basketball game, a bet on the point spread for a football game, and a bet on the over/under for a baseball game.
To win a parlays bet, all of the individual bets included in the parlays must be correct. If any of the bets are incorrect, the entire parlays bet is lost. Because of this, parlays bets generally have higher payouts than individual bets, since they are more difficult to win.
On the other hand, a straight bet is a single wager on a single outcome, the favorite or the underdog.
For example, you might make a straight bet on the moneyline for a basketball game, or on the point spread for a football game.
To win a straight bet, you only need to correctly predict the outcome of the single event that you have bet on.
Straight bets have lower payouts than parlays bets, but they are also easier to win.
Parlay Betting Tips
Here are a few tips for making successful parlay bets:
- Do your research: Before making a parlays bet, it’s important to thoroughly research the individual bets that you’ll be including in your multi bet. This will help you make informed decisions about which bets to include and increase your chances of winning.
- Be selective: Don’t try to include too many bets in your parlays. The more bets you include, the harder it will be to win your parlays. Instead, focus on selecting a small number of bets that you are confident in.
- Consider the odds: Pay attention to the odds for each individual bet in your parlays. If the odds are particularly low, it may not be worth including that bet in your parlays. On the other hand, if the odds are higher, it may be worth including the bet even if you’re not completely sure it will win.
- Use good money management: Don’t bet more than you can afford to lose on a single parlays. It’s important to manage your money wisely and not risk more than you can afford to lose.
- Don’t chase losses: If you lose a parlays bet, don’t try to make up for it by placing another large parlays bet. This can lead to even bigger losses. Instead, take a break and come back to sports betting with a clear head and a solid game plan.
Thank you for reading our article on parlay betting, best of luck with your future action.