Learn How To Bet Parlays: Dos and Don’ts

How to bet Parlays? Parlay betting is a popular option for sports bettors because it offers the potential for big payouts. By combining multiple bets into one wager, a small investment can turn into a large win.

However, parlays are much harder to win than single bets. Understanding key strategies can help you improve your results.

Everything you need to Know about How to bet Parlays

Parlay bets are attractive because they multiply the odds of each individual bet. This creates the chance for large payouts, but it also adds significant risk. Even one incorrect pick will cause the entire parlay to fail.

To improve your chances of success, it’s important to follow some basic strategies. Knowing what to do — and what not to do — will help you avoid common mistakes and make smarter betting decisions.

Parlays are especially popular with casual bettors because they offer excitement and the chance for big wins with small wagers. However, this excitement can lead to risky betting habits. Understanding the right approach to parlays can help you balance excitement with smart decision-making.

What is a Parlay Bet and How Does It Work?

What is a Parlay Bet?

A parlay bet combines two or more individual wagers into one single bet. In order for the parlay to win, every bet included must be successful. If one selection loses, the entire parlay fails.

The biggest draw of parlays is the potential for large payouts. Because each added bet increases the overall odds, even a small wager can result in a major return. For example, two -110 bets parlayed together will pay about +260. Adding a third pick raises the payout to nearly +600.

Parlay bets can involve different types of wagers. Bettors can combine point spreads, moneylines, totals, and even prop bets. Most sportsbooks allow a mix of different bet types within the same parlay.

Some sportsbooks also allow bettors to create cross-sport parlays. This means you can combine picks from different leagues, like the NFL, NBA, or NHL, into one ticket. While this adds flexibility, it also increases the risk of unexpected results.

What Sports Can I Include in a Parlay Bet?

Parlays can be created across a wide range of sports. Popular options include NFL, NBA, MLB, NHL, and college sports. Soccer, tennis, and golf are also common in parlay betting.

Most sportsbooks now offer Same Game Parlays (SGP). These allow bettors to combine multiple bets from the same game. For example, you could bet on a team’s point spread, the total score, and a player prop in the same contest. SGPs are popular because they allow bettors to build a storyline around a single event.

However, Same Game Parlays often have reduced payouts. Because sportsbooks account for the correlation between bets in the same game, they adjust the odds to protect themselves. This makes SGPs harder to win than standard parlays.

It’s important to understand which sportsbooks allow Same Game Parlays and which limit your options. Some sportsbooks have stricter rules about combining correlated outcomes. Researching each platform’s rules can help you build smarter parlays.

What Are the Advantages and Disadvantages of Parlay Betting?

Advantages:

• Parlays offer the potential for big payouts, even with small wagers.
• Bettors can combine bets across different sports or games for variety.
• Parlays can add excitement to games, giving bettors multiple outcomes to root for.
• Certain sportsbooks offer parlay bonuses, such as boosted odds or risk-free parlays.

Disadvantages:

• Parlays are harder to win than individual bets. Even one wrong pick results in a loss.
• The house edge is often higher with parlays, reducing long-term profitability.
• Sportsbooks often reduce payouts for correlated Same Game Parlays.
• Because parlays require every pick to win, even a strong parlay can fail due to one bad break.

For casual bettors, parlays can be fun and exciting. However, serious bettors should use them carefully to avoid losing money over time.

Do’s of Parlay Betting

Do Understand Parlay Mechanics

Before placing a parlay, it’s important to understand how payouts are calculated. Each bet in a parlay has its own odds, and those odds are multiplied together to create the total payout.

For example, if you bet three games at -110 odds, the combined payout will be close to +600. This means a $10 bet would return $60 in profit if all three picks win.

Parlay calculators are useful tools for checking payouts before you place a bet. Knowing the expected return can help you make better decisions.

In addition, some sportsbooks may reduce the payout for heavily correlated outcomes. Understanding these adjustments can help you spot overvalued parlays versus those that provide fair payouts.

Do Limit the Number of Legs

Limiting your parlay to fewer selections will improve your chances of winning. While large parlays may look tempting, they are very difficult to win.

A two- or three-leg parlay provides a balance between reasonable odds and potential profit. Adding five or more bets dramatically lowers your chances of success.

Successful bettors focus on quality over quantity. Select strong picks instead of trying to build a large parlay with too many selections.

If you decide to build larger parlays, consider adding a combination of heavy favorites and underdogs to create balance. This can improve your odds without relying too heavily on risky picks.

Do Use Parlay Calculators

Parlay calculators are essential for planning your bets. These tools allow you to enter each selection’s odds and calculate the total payout.

By understanding the odds, you can decide if the potential return is worth the risk. Parlay calculators also help you compare payout differences between two- and three-leg parlays, helping you manage risk better.

Many sportsbooks provide built-in parlay calculators within their betting platform. Using these tools helps bettors make informed decisions.

Do Consider Correlated Parlays Carefully

Correlated parlays involve bets that are linked to one another. For example, betting on a football team to win and its quarterback to throw for over 300 yards is considered correlated.

While sportsbooks often reduce the payouts for these types of bets, they can still offer value if priced correctly. Finding correlated bets that align with a game’s narrative can improve your chances of success.

For example, if a team is expected to dominate, betting on their win margin and their quarterback’s passing yards might be a smart correlated parlay. Additionally, strong defenses often produce valuable correlated parlays by pairing under totals with defensive scoring props.

Don’ts of Parlay Betting

Don’t Rely Solely on Parlays for Profit

Parlays should not be your primary betting strategy. While they offer high payouts, they are difficult to win consistently.

The best betting strategy involves mixing straight bets, small parlays, and other methods. Relying on parlays alone will likely lead to long-term losses. Experienced bettors use parlays as a way to boost winnings on rare occasions, rather than a core betting strategy.

Don’t Ignore the House Edge

The house edge is much larger with parlays compared to straight bets. While sportsbooks hold roughly 4-5% on standard bets, parlays give them a much higher advantage.

Parlay payouts are often reduced to ensure sportsbooks maintain an edge. This makes it critical to identify valuable betting opportunities rather than placing random parlay combinations.

Some sportsbooks provide better parlay odds than others. Comparing multiple sportsbooks for the best payout can help you find more value in your parlays.

Don’t Chase Losses with Bigger Parlays

Many bettors make the mistake of increasing their parlay size after a losing streak. This is known as “chasing losses” and often leads to bigger financial setbacks.

Instead of placing a risky five- or six-leg parlay, focus on solid two- or three-leg bets that offer better odds of success.

Staying disciplined and avoiding emotional betting decisions will help you manage your bankroll more effectively.

Don’t Overestimate Your Predictive Accuracy

Predicting multiple outcomes correctly is extremely difficult. Even professional bettors struggle to consistently win parlays.

Many bettors fall into the trap of believing they can accurately predict five or more outcomes at once. In reality, even strong picks can fail due to unpredictable game factors.

To improve your chances, focus on smaller parlays with well-researched picks instead of relying on lucky guesses.

If you are new to sports betting, here are some Dos and Don’ts on how to bet Parlays

Of all the ways you can bet on sports, parlays are considered the “Sucker Bet,” because it is a way to bet on multiple teams at the same time, with the promise of a very big payout, but all the teams you pick must finish as you predicted, or else you lose the bet, that’s why exist the Dos and Don’ts.

For that very reason, it is a very popular way to bet on games for those that are new to sports betting, but it isn’t very popular with the experienced professionals, because they know better.

No matter how tempting it may be, try not to risk a lot of money on a parlay with more than three or four teams. This is easier said than done, because a $5 parlay on seven teams can win you over $1,000, but the truth of the matter is that the chances of you winning all seven games are slim to none, and you don’t get any compensation, even if you are right on six out of the seven games, which makes it even more frustrating, and can tempt you to keep betting on more parlays until you are broke.

Dos and Don’ts – Parlay Options

Instead of a seven team parlay, you can bet on a parlay with two to four teams, because the chances of you winning this type of parlay are way better than your chances of winning a seven team parlay. The winnings may not be as much as the winnings you would get if there were more teams in the parlay, but it is still going to be more than you would have won by placing single bets on the teams you have in the parlay, which isn’t too bad.

Different Sports

When betting parlays, you can increase your chances of winning by spreading it across several sports. Most sportsbook will allow you to pick teams from different sports when picking a parlay, so instead of forcing bets by picking teams from the same sport, you will increase your chances of winning by picking from any of the different sports, playing at the time, and you can even pick teams that don’t play the same day, as long as the betting lines are open. By doing this, you can pick the favorites from the different sports, and if they all win their games, you will win a nice little payout.

Look at the Odds

When placing a parlay bet, you should bet the minimum possible every time you are picking more than 10 teams. It is true that you will make significantly more if you place a $100 bet on a 10 team parlay than if you place a $1 bet, but the odds of the bet winning are the same, which is very low. If you know that you enjoy placing parlay bets, there is no point wasting a lot of money on a bet with miniscule odds of coming through, which is why you should place $1 parlay bets, because it doesn’t really affect your bottom line when you lose, and can still give you payouts in the thousands if you win.

Dos and Don’ts – Keep an eye on Trends

Another parlay strategy that has proven to work over the years involves keeping track of the trends. Every week, there is a day when all the home teams win, or all the underdogs win, which means that there is a trend going on that day. For some reason, this is more common in football than any other sport, so if you want to win a decent amount on a parlay, pay attention to the trends that are going on with the early football games on a weekend and follow the trend when betting in the evening games. Sooner or later, you will accurately predict the trend, and get a big payout from your parlay. As previously mentioned, you shouldn’t put a lot of money in these parlays, because it might take a while before you finally pick it correctly, so it isn’t worth wasting too much money on.

These are a few ways that you can bet on parlays, and a few things to avoid when betting on parlays. If you follow the instructions provided, you should be able to bet on parlays successfully.

Conclusion

Parlay betting can be an exciting way to increase your potential payout, but it requires smart strategy. Understanding the mechanics of parlays, using calculators, and avoiding risky decisions can improve your success rate.

Focus on limiting the number of legs in your parlays and avoid relying on large bets to chase losses. Treat parlays as a fun betting option rather than your primary strategy.

By following these dos and don’ts, you can enjoy parlay betting responsibly while maximizing your chances of success.

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