how to bet on parlays
How to Bet on Parlays
Betting on parlays is simple. Choose two or more individual bets (legs) from different games or markets. Add them to your bet slip. Most betting platforms have a dedicated section for building parlays. Enter your desired stake. Before confirming, you’ll see the potential payout based on the combined odds; If all your selections win, you win the parlay!
What is a Parlay Bet?
A parlay bet, often referred to as an accumulator or multi-bet, is a popular form of sports betting that involves combining multiple individual bets (known as “legs”) into a single wager. To win a parlay bet, all of your selected outcomes within the combined bet must be correct. If even a single leg loses, the entire parlay is lost.
For example, you might create a parlay bet that combines⁚
- The Dallas Cowboys to win against the Washington Commanders
- The Los Angeles Lakers to cover the point spread against the Boston Celtics
- Over 2.5 goals scored in a match between Manchester United and Liverpool
To win this parlay, all three of these outcomes must occur. If the Cowboys win but the Lakers fail to cover the spread, the entire parlay loses, even if the Manchester United vs. Liverpool match goes over 2.5 goals.
Parlay bets are popular because they offer the potential for significantly higher payouts compared to placing each bet individually. This is because the odds of each leg multiply together, creating a larger potential return. However, the trade-off is increased risk. The more legs you add to a parlay, the harder it becomes to win, as all selections must be correct.
Parlay Betting Strategies
While parlays are inherently riskier than single bets, employing strategic thinking can help improve your chances of success. Here are some parlay betting strategies to consider⁚
- Focus on Smaller Parlays⁚ While it’s tempting to chase massive payouts with large parlays, sticking to smaller parlays with 2-4 legs significantly increases your probability of winning.
- Research and Value Bets⁚ Don’t just pick random games. Thoroughly research teams, players, and statistics to identify value bets where the odds might be slightly in your favor.
- Correlated Parlays⁚ Look for bets within a game or across different games that are somewhat related. For example, if you believe a team will win by a large margin, parlaying their moneyline bet with the “over” on total points could be a correlated strategy.
- Shop for the Best Odds⁚ Odds can vary slightly between different sportsbooks. Use multiple sportsbooks to compare odds and ensure you’re getting the best possible payouts for your parlays.
- Manage Your Bankroll⁚ Parlays can be tempting, but it’s crucial to manage your bankroll responsibly. Only wager what you can afford to lose and avoid chasing losses with increasingly larger bets.
Remember, parlay betting should be viewed as a form of entertainment. While winning a big parlay can be exhilarating, it’s essential to approach it with a strategic mindset and realistic expectations.
Calculating Parlay Odds and Payouts
Calculating parlay odds and payouts might seem complex, but it’s actually quite straightforward. Here’s a breakdown⁚
Decimal Odds⁚
Multiply the decimal odds of each leg together, then multiply that number by your stake to get the total payout. For example, a 3-team parlay with legs at 1.80, 2.10, and 1.60 would be calculated as 1.80 x 2.10 x 1.60 = 5.44 (rounded). If your stake was $10, your potential payout would be $54.40 (5.44 x $10).
American Odds⁚
Calculating with American odds involves a slightly different approach. It’s often easier to convert them to decimal odds first. However, if using American odds directly, the process involves calculating the potential winnings for each leg based on a $100 bet, then carrying those winnings forward to the next leg. The final payout will depend on whether the odds are positive or negative, and the calculations can become complex for larger parlays.
Online Calculators⁚
The easiest and most accurate way to calculate parlay odds and payouts is to use a parlay calculator, readily available online on various sports betting websites; These calculators allow you to input the odds for each leg of your parlay and your stake, instantly providing you with the potential payout.
Remember, understanding how parlay odds and payouts are calculated is essential for making informed betting decisions and managing your bankroll effectively.
Types of Parlays
Beyond the basic parlay structure, where you combine multiple bets for a higher payout, several variations exist, each offering unique twists and potential advantages⁚
Round Robin Parlays⁚
Instead of requiring all your selections to win, Round Robins create multiple smaller parlays from your chosen bets. This increases your chances of winning at least some money, even if not all your picks are correct.
Same Game Parlays (SGPs)⁚
These popular parlays let you combine multiple bets from the same game, such as the point spread, total points, and player props. SGPs offer a focused way to leverage your insights on a single matchup.
Teasers⁚
Teasers allow you to adjust the point spreads or totals of your selections in exchange for lower odds. This can be beneficial when you want to give yourself a cushion on close games, but the potential payouts will be smaller.
Pleasers⁚
The opposite of teasers, pleasers involve moving the point spreads or totals against yourself for higher odds and potentially bigger payouts. These are riskier but can be rewarding for bettors seeking substantial returns.
Understanding the different types of parlays empowers you to choose the best option for your betting style and risk tolerance. Each variation presents unique opportunities and challenges, so explore them carefully to find the ones that suit your strategy.
Managing Risks in Parlay Betting
Parlays are alluring for their potential high payouts, but they also come with increased risk. It’s crucial to approach parlay betting with a responsible strategy to manage potential losses and enjoy sustainable betting⁚
Bankroll Management⁚
As with all forms of gambling, responsible bankroll management is paramount. Only wager a small portion of your bankroll on parlays, as their long-term success is statistically less likely. Treat them as a fun, high-risk element within a balanced betting portfolio.
Limit the Number of Legs⁚
While tempting to chase massive payouts, each additional leg in a parlay significantly decreases its chances of winning. Stick to smaller parlays with 2-4 legs, where the odds are more manageable.
Research and Value Bets⁚
Don’t just randomly combine bets for the sake of a parlay. Thoroughly research each leg, looking for value bets where the odds offered are slightly better than you believe they should be. This increases your potential edge.
Shop for the Best Odds⁚
Different sportsbooks offer slightly different odds, even on the same parlay. Take the time to shop around and compare, as even small differences can impact your potential winnings over time.
Avoid Chasing Losses⁚
It’s easy to get caught up in the excitement of parlays, especially after a near miss. Avoid chasing losses by increasing your bets or making impulsive decisions. Stick to your strategy and bet responsibly.