Are you looking for a way to turn your small winnings into big payouts?
Parlay betting offers a risk-free way to turn your usual betting strategy into a more lucrative method. Also referred to as a parlay, you can increase your payout with the right combination of wagers. Yet, this can be confusing.
You may be wondering, “What is a parlay?” The way that it works varies based on the sportsbook you choose. To increase your chances of success, you can start by understanding the best parlay betting strategy and how parlays work.
Keep reading to learn more.
What Is Parlay Betting?
It is a type of wager in which two or more bets in a single wager. It combines the excitement of betting with the potential for larger returns than traditional single bets.
There are online sportsbooks like TheRx that offer large sign-up bonuses, regular odds boosts, a range of weekly promotions, and competitive rewards programs that you can visit online if you want to start betting right now.
Parlay betting is usable on almost any sport, as long as there are multiple options to bet on. As a beginner, it is important to understand the basics of parlay betting to ensure you make an informed decision when placing your wagers.
Here are the basics that you need to be aware of:
Decide How Many Selections You Wish
Consider the risk versus reward associated with the bet. The more selections you combine in one bet, the greater the potential reward, but the greater the risk too.
For example, a two-selection parlay will return a lower amount than a six-selection parlay. However, it will come with a much lower risk. It is possible to combine a large number of selections. However, it is best to stick to combinations that you are confident in.
If there are many selections that you feel uncertain about, it may be advisable to stick to a lower selection amount and avoid taking too much risk associated with the bet.
Calculate How Much You Are Willing to Invest in Your Bet
Consider your bankroll size, your wealth of knowledge about the sport or specific teams you are betting on, and the probability that you will make a return on your bet.
You should always bet within the limits of your bankroll, as this will protect you from becoming too heavily invested if the results don’t turn out as expected.
Your knowledge of the sport will inform your risk-taking, as the more knowledge you have, the better decisions you can make when it comes to putting your money on the line.
Research and Understand the Outcomes
Research and analysis of the teams and players that are part of the bet are also important. This will allow you to understand team and player performances and their probabilities of winning.
Understanding the odds and how they affect the bet is very important. This will allow you to examine the potential payouts if the bet is successful.
Exploring the Benefits of Parlay Betting
Since parlay bets require the bettor to have a deep knowledge of betting odds and the potential biological or psychological factors that could affect the outcome of a given sporting event, it serves as an intense learning experience for anyone interested in sports betting.
When compared with other forms of wagering, parlay betting tends to build skill as well as reward loyalty and knowledge.
As an added bonus, there are often opportunities for bettors to take advantage of bonus offers or promotions with certain websites or sportsbooks that specialize in parlay betting.
Parlay betting may be more labor intensive than traditional single-outcome betting, but the rewards are greater and the experience of a successful bet is far more rewarding.
The Different Variations of Parlay Bets
Now that you understand the fundamentals let’s look at the kind of bets you’ll be combining to earn your fortune! Here are some of the best types of Parley Bets that you can play:
These are a type of parlay bet in which the gambler pays a premium for taking on more risk. The wager consists of two or more bets in which the bettor must correctly predict the outcome of each individual wager for the overall wager to win.
Pleasers typically offer much larger payouts than traditional parlay bets, but they are more difficult to win.
The different variations of parlay bets pleasers are distinguishable by the number of events included, the type of leg (e.g., point spread, or total), and the size of the premium paid.
Some pleasers can even contain two teams in the same game, allowing a bettor to combine the two odds together in a single wager.
It is important to remember that the higher risk involved in the wager always means that the higher potential reward for a successful wager will be much larger than traditional parlay bets.
It’s a wager on who will win and who will lose the event. It’s you saying, “I don’t care about all those figures and other nonsense; I think my team will win, and that’s that!”
If you can forecast upset, Moneyline bets can be quite beneficial. The reward will be lower if you wager on the favored Moneyline team. How much less depends on how heavily favored the team is.
Moneyline and point spread bets can be together in a single parlay. However, they cannot be with teaser/pleaser bets. If one wager is teaseable/pleaseable on those cards, you must tease/please them all.
These are a variation of the traditional drive, parlay and spread bets in sports betting. These bets are designed to offer a larger potential payout than some of the more common bets, but with a greater risk.
The objective of Over/Under bets is to accurately guess the total of an outcome in a given game. The result determines if adding or subtracting a predetermined line from the actual final score.
The gambler who places the parlay bet on the Over or Under stands to win if the total is greater or less than the line accuracy. Over Under parlay bets, can include multiple games, offering a much greater potential payout than single-game bets.
These types of bets are a popular way to increase potential payouts and reduce the risk of losing a significant amount of money. Point spread parlays involve combining two or more wagers, or sets of wagers, into one wager.
A point spread is a number assigned to each team that establishes the favorite and the underdog for a given match or game. A point spread parlay is selecting a team or teams from different point spread lines, with the goal of creating a greater return on investment.
For example, if one is betting on an NFL game, select a point spread based on one team that has a 3-point spread and one team that has a 7-point spread and parlay them into a 10-point spread.
Different variations of parlay bet point spreads can be hard, with some teams and their corresponding point spreads having a better chance of winning.
Teaser parlays are the best thing to happen to sports betting since the internet casino. A teaser bet allows you to change the point spread outlined above in a way that benefits you, the bettor (typically between 6 and 7.5 points).
If you win a teaser parlay, your payoff is reduced, but your chances of winning are increased.
So, in the previous scenario of the Colts and the Chiefs, we had the Colts favored by three points. If you “teased the line” by 6 points, the Colts’ spread would rise from -3 to +3.
You add 6 points to the already-given spread. You now have a wager on the team that is already favored, and you win whether they win outright as predicted or lose by fewer than three points.
What’s more, you don’t have to tease only the point spread; you may even tease the total or over/under! So, if the point spread was 53.5, like in our previous example, you could tease it all the way down to 46.5 (7-point teaser), and then bet the over.
You may also wager the under by raising the over/under to 60.5. It’s like stealing sweets from a baby.
Overcoming the Challenges of Parlay Betting
Parlay betting can be exciting and profitable, but it can also be challenging. In order to be successful in parlay betting, it is important to be knowledgeable about the team you are betting on, and the odds they are facing.
Stay disciplined with your betting amounts and stick to your bankroll. Avoid favoring home teams in your bets, as they often have higher odds against them.
Research is key, as you need to have an understanding of the performance of the teams you are considering betting on. Additionally, don’t be scared to cut your losses or to hedge so as not to be stuck with an ever-increasing liability.
It is also important to focus on the value of the bets and look for lucrative spots to make the most of your wagers. Lastly, maintain your discipline and stick to your strategies, as this is the only way to consistently make big wins.
Pro Tips and Tricks for Parlay Betting Success
Parlay betting is a great way to increase the potential payout of any given bet. However, there are a few parlay betting tips and tricks that can help you improve your success. Here are a few:
More Is Less
This includes selecting a smaller betting range, with more bets falling at the lower end of the range, to increase the chances of successful returns.
Betting more than one game in a lower range can help with increasing the chances of a return without being too risky. Additionally, it is important to take a long-term approach, using different betting strategies to identify and capitalize on the right opportunities.
Finally, to be successful with parlay betting, it is essential to research teams and analyze stats and trends in order to gain insight into potential betting scenarios that could lead to success.
Anchor Parlays With Large Bets
By betting a large sum on the opening event in a parlay, you reduce the accumulative effect of the additional line items and, in turn, reduce the risk of losing. It allows you to secure a profit even if one of the other parts of the bet does not pay out.
The large bet at the beginning of the parlay provides an insurance policy of sorts should the other legs of the bet not pay out. It provides some form of a price floor should other bets fail, ensuring some reward for your betting efforts.
While it is recommended that parlays be kept to three legs or fewer in order to increase your chances of winning, utilizing large bets on the anchor event of any parlay is a great way to secure some kind of return on your investment.
When in Doubt, Buy Points
This can be done by moving their current bet up in percentage, or by moving their current bet down in percentage, a move that can be beneficial in situations where the better is worried that the opposing team may eventually tie.
All in all, buying points will help the better increase their chances of success and make sure that their settling amount is at least equal to their original bet.
Tight Contests Should Not Be Included
Bettors should only include games they feel confident they can handicap accurately. Too many times, parlay bettors will take a shot in the dark and guess on a game with a 50/50 chance of winning.
Furthermore, bettors should stay disciplined and only bet on games where more than two outcomes are unlikely. Otherwise, the chance of winning the parlay is greatly decreased.
They should stay away from excessive betting on parlays and only wager a manageable amount.
Parlay Betting Info You Should Know
Overall, parlay betting can be a great way to potentially win much larger amounts. However, it is suggested to be prudent and disciplined when parlay betting, as the risks can be considerable.
With the information in this beginner’s guide, one can now feel more informed to make a decision on where to place their parlay bet. Why not give it a try today and see if the big rewards can be yours?
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