As the sports betting industry continues to take off throughout the United States, parlay betting is one of the options that has become extremely popular. This option is great for both beginners and experts of sports betting, and it is definitely a bet that comes with more risk.
There are several other popular betting options offered in the U.S. sports betting industry, but a parlay bet is a compilation of those offers. This isn't a betting type that will confuse most bettors, but it is one that will take a while to make.
This guide will walk you through the details of parlay betting, and give you some tips to use when building a parlay. If you have never tried building a parlay bet, this guide should give you the confidence to do just that.
What is a parlay bet?
A parlay bet is simply a "combination" bet that includes several smaller bets into one large wager. Each individual wager is known as a "leg" when making a parlay bet, and that is a phrase or term that you will hear used often in the sports betting industry.
With a parlay bet, this is an "all or nothing" wager, and all of the legs must hit for the parlay to be successful. This is where it becomes one of the most difficult bets to win, but there is a reason that it is so popular.
The odds continue to multiply with each new leg that is added onto the parlay, and those odds can then add up in a hurry. Bettors are usually in the sports betting industry to make money, and that can be accomplished quickly by making a parlay bet.
There are many different options when making a parlay bet, and that is another reason that it is so popular. A parlay bet has started to gain some serious traction over the last few months, and it will continue to be a popular option for sports bettors.
Sportsbooks encouraging parlays
One of the biggest reasons that parlay betting has become so popular is the fact that sportsbooks are encouraging this type of wager. Sportsbooks know that this is a difficult wager to win for bettors, and they are willing to risk the threat of a massive payout.
There are plenty of sportsbooks that are now offering some sort of parlay insurance to customers as a way to entice them to make a parlay bet. Each site is different, but it is clear that these methods are getting more people to make a parlay bet.
Example of a parlay bet
It is hard to come up with a good example of a parlay bet, as this is really up to each sports bettor to determine how the bet works. Here are a few examples of some bets that could be included on a parlay wager, and you will see the potential odds as well.
Duke Blue Devils -4.5 vs. North Carolina Tar Heels | (-110)
Carolina Panthers ML over Jacksonville Jaguars | (+175)
Carolina Hurricanes -1.5 vs. Winnipeg Jets | (+215)
Instead of making three single-game wagers, the odds would be combined to create a three-leg parlay with the potential for a massive payout. All three of the results would have to go the right way, but it is this hope that brings bettors back to making parlay wagers.
Pros to betting parlays
Can score a massive payout with one wager
You are in control of building a parlay
Plenty of "insurance" options offered from sportsbooks
Cons to betting parlays
Must hit ALL legs to win the bet
Canceled games/draws reduce overall odds
Can be overwhelming with so many options
Tips for parlay betting
Making a parlay bet is pretty straightforward, especially if you understand all of the information above. You are in complete control when building up a parlay bet, and that should feel empowering.
Even though you are in control of building your parlay bet, that doesn't mean that this is a betting type that is easy to win. If you are someone that is looking into making a parlay wager, then there are some tips that you should use when doing so.
Limit number of legs
The biggest tip or strategy to use when parlay betting is to limit the number of legs that you include in your wager. There is plenty of temptation to continue adding on new legs to your parlay, but you are also making this bet even more difficult to win.
Building up a parlay that has three to five legs is perfectly fine, but anything more than that is simply too risky. The payout will continue to rise with each new leg that you add, but that doesn't mean that you will see any of that money.
Focus on only selecting the picks that you are confident in rather than looking at how much money you can win if the parlay hits.
Hedge your bets
One reason that parlay betting has become popular is that experienced sports bettors know how to hedge these bets. In short, bettors play the opposite side of a few of the wagers in the parlay to give them some protection against the parlay losing.
This is a strategy that can be difficult to understand, and beginning sports bettors are not likely to be great at this. If you know and understand how to hedge your bets, though, then it can take some of the risks out of making a parlay wager.
Use different betting types
Another strategy to use when building up a parlay bet is to include legs from several different betting types. This means that you should be looking at the moneyline, spread, and totals when trying to find the best options to include in your parlay.
Not only will using different betting types increase the potential payout of your parlay, but it will also give you more options. Don't get boxed into just one betting type, and explore other options before hitting the submit button on your parlay.
