Other than straight bets, betting parlays has to top the list of popular sports bets. Most use parlays because you can win more with a smaller wager. For novice bettors who are unsure exactly what a parlay is, a parlay is a bet of two or more straight bets, such as point spreads, moneyline or total, that will payout higher than if you had bet each individual bet separately. Worth noting is if any part of the parlay results in a push, the parlay is reduced by one.
I’m not going to get into the exact potential returns, you can visit your sportsbook for that, but it’s important to know odds exponentially grow every time you add a game. In other words, if you won a parlay of 7 sides, the payout from those 7 wagers bet separately would seem trivial compared to the massive parlay payout.
Humans are lazy, not all, but as whole, we’re lazy…and a parlay should be considered lazy because little effort is needed for a potential payday. Let’s not forget though that a winning percentage of 55% is considered very good when it comes to sports betting, is putting multiple bets in one, needing to win them all really a smart bet?
Three team parlays are almost always set at odds of six to one, but the odds of winning a three team parlays are not six to one. There are actually eight different outcomes, meaning 7 losses and one winning result, the true odds. Do the math and work out that edge sportsbooks have. While the strategy of betting parlays looks really good on paper, be sure you know what you’re getting in to before you do.
Don’t get me wrong, I’m not saying never to bet parlays. When used correctly, parlays can be very effective. If after doing your research for games that day you feel extremely confident on multiple games, a parlay could be the way to go.
Pay Per head – Successfully Competing as a Private Bookie in Changing Times
Although odds will vary greatly, betting moneylines is another way to get the most out of parlays. Point spread betting can be difficult, but going with the moneyline lets you pick a side to win. The spread is supposed to be an imaginary point where there’s a 50/50 chance that both sides win. The chance of a good team beating a mediocre team in professional sports is much greater than 50%.
Your goal would be to pick teams whose moneyline odds were -125 or better, ensuring you are getting a reasonable payout on your parlay. Working in an underdog team, at say a +125 is a great way to get the odds more in you favor. Find any value and edge you can, because you can be certain your sportsbook is doing the same.
Sports Handicapping – Money Management for Sports Bettors
Parlays are often looked at in the betting community like the red headed stepchild, but those views are unfounded. In reality, there is some great value to be had in parlays. Parlays are so attractive to the recreational bettor because of the potential rewards. If you are a successful sports bettor, there’s no reason if you are doing your homework, and using the correct strategies, that you can’t profit from parlays.