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US Gambling Sites / Betting Guide / Parlay Betting Strategy: Here is The Best Parlay Strategy For Online Wagers

Parlay Betting Strategy: Here is The Best Parlay Strategy For Online Wagers

Publish Date: 30/05/2021
Fact checked by: Mark Lewis

Parlay betting is a concept most bettors have encountered, but not something mastered by all. To learn more about this excellent wagering technique and how it can make a real difference, keep reading this article we’ve made for you.

Bettors who aren’t afraid to take risks are most suited for this as they can bear the loss of an entire wager, even when one bet in the group doesn’t work out. This makes them risky and avoided by non-risk takers. Learning to use bonus offers, bonus cash, and rewards is key to making the most of this wager type.

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What is a Parlay Bet?

A parlay bet is a wager on many different matchups at the same time. That means that players using a parlay betting system are actually betting that many different teams are going to win when they place that wager. This is difficult to do effectively, but can result in some nice-sized wins with enough luck.

Parlay bets can be placed on three, four, five or even more teams. Adding in additional teams only serves to increase the final result of the wager.

Parlay betting is for gamblers that aren’t afraid to take risks, and if even one of the bets in the group doesn’t work out, the entire wager is lost. This makes them risky, difficult to win and something that many gamblers carefully avoid. Players that don’t mind the risk, or that understand some of the parlay betting strategy advanced information can make the most of this wager type.

Learn more about parlay bets and how they can be beneficial in specific circumstances down below.

Why is Parlay Betting Risky?

Using a parlay betting strategy is risky for a number of different reasons that serious gamblers should be aware of before they ever decide to place these wagers.

Greater level of variance in parlay bets with the same odds

The first, and one of the most important, is that there is a much greater level of variance in parlay bets with the same odds. That means that it takes far longer to win a parlay bet while wagering regularly than a simple moneyline bet. Since the odds remain the same, players that use standard wagers can earn the same amount while enjoying more frequent wins without using parlays.

Complex to in calculate with no additional benefits

Wagering on parlays is also more difficult for players that look for options that offer a real edge. There are some betting opportunities that offer a higher payout than standard. Doing this with something like a NFL parlay betting strategy is much more work and the payouts are for the same odds. Most skilled gamblers avoid parlays because they know they are more work to calculate while offering no additional benefits.

Consumes time when finding the best sports bet offerings

Line shopping for the best deals is also nearly impossible when placing parlay bets. It can take time to find the very best sports bet offerings when looking at a single wager, and when grouping multiple wagers together it becomes much harder or even impossible to get the best deals. While one bet might have excellent odds, another in the group could have poor odds or standard odds, diminishing the benefit of the other option.

Because of all these negatives many gamblers don’t use parlays often. Instead, they rely on tools like pleasers and other advanced wagering strategies to increase the potential of a wager. For more about pleasers see our complete pleaser betting strategy here.

Alternative Parlay Betting Strategies

Parlays can be tempting for new bettors because of the high potential payouts, but they are also risky because all of your picks need to win for the bet to cash. Here are some alternative parlay betting strategies that you can consider:

Teasers

Teasers are like parlays, but they let you change the point spread or total to be more in your favor. This reduces the payout odds, but it also makes it more likely that your bet will win. For example, you could tease a favorite by 6 points or an underdog by 6 points.

Round Robins

Round robins are a type of parlay that allows you to split your picks into multiple smaller parlays. This way, if you lose one pick, you can still win some of your bets. For example, a 4-team round robin would consist of six separate bets: two 3-team parlays, three 2-team parlays, and one 1-team parlay.

Singles Betting

Singles betting is the simplest and least risky form of wagering. You are simply betting on the outcome of one event. This is a good option for new bettors or for those who want to minimize their risk.

Prop Betting

Prop bets are wagers on specific events that happen during a game, such as the total number of points scored, which team will score first, or whether a certain player will score a touchdown. Prop bets can be a fun way to add excitement to your betting experience, but they can also be risky.

Hedge Parlay bettingCorrelated Parlay betting
Hedging a parlay bet involves placing a separate bet that goes against one of the remaining outcomes in your original parlay. This is done to secure a profit when all but one of the parlay's outcomes have already been successful.A correlated parlay is when you place two bets that are connected. If one bet wins, it improves the chances of the other bet winning.
For instance, suppose you have a five-team money line parlay with the Celtics, Hawks, Kings, Lakers, and Thunder. If the Celtics, Hawks, Lakers, and Thunder have already won, you could hedge your bet by wagering on the Kings to lose to the Pacers. If you initially bet $30 on the parlay, you should bet enough on the Pacers to win more than $30. This way, you ensure a profit even if the Kings lose and ruin the parlay.

Hedging reduces the risk of losing everything due to one game. Many people hedge their parlays by spreading out the bets. For example, in an NFL parlay, you might bet on a Thursday night game, three Sunday games, and a Monday night game, giving you more opportunities to hedge.
For example, there's no connection between betting on Stephen Curry to score over 29.5 points in a game and Patrick Mahomes to throw for over 300 yards in a game. These bets are unrelated.

However, if you bet on Stephen Curry to score over 29.5 points and Draymond Green to get over 7.5 assists, there's a strong positive correlation. If Draymond gets more than 7.5 assists, it's likely that many of those assists will go to Curry, making it more probable that Curry will score over 29.5 points.

Similarly, if you bet on Mahomes to throw for over 300 yards and the Chiefs to score over 27.5 points, these bets are also positively correlated.

On the other hand, a negative correlation would be betting on Mahomes to throw over 2.5 touchdowns and also betting that Travis Kelce won't score a touchdown. If Mahomes throws 3 or more touchdowns, it's likely that at least one would go to Kelce.

To be successful, you want to find positive correlations without paying extra for them.

Remember, no matter what strategy you choose, it is important to always gamble responsibly. Only bet what you can afford to lose, and never chase your losses.

Is there a Time to Use Parlay Bets?

Even though there is a pretty good argument against the parlay betting system, there are times when it makes sense to place parlay bets. For instance when presented with special offers that only benefit parlay bets. Also when making use of free bonus money from a sportsbook. Knowing how to recognize these different times, and how to leverage them is an important step toward being successful and making the most of the parlay betting system.

Look for Special Offers

There are frequent special offers that apply to parlay bets specifically. These special offers are designed to make parlay bets more attractive by minimizing the cut the sportsbook gets from a winning wager. These benefits are given out in bigger rewards, special bonus cash or in other ways. When parlay bets are present with higher payouts as cash it can make sense to use these wagering opportunities instead of more standard wagers. While basic parlays are often a bad deal, the enhanced parlay offers can be valuable and worth leveraging.

Making the Most of Free Play Bonuses

The other time when a parlay betting strategy can be very valuable is when using bonus cash from a sportsbook. In these instances it’s more useful to place a three-team parlay bet than it is a standard moneyline bet. By using those bonus funds on a parlay bet it’s a way to use the bonus money on multiple wagers instead of being limited to just one. Since most of these bonus offers also only reward players with what they win from their wagers it makes sense for that reason as well. Parlay betting opens up the chance of unlocking much larger wins from the wager than a standard moneyline wager would. That means that players can unlock greater wealth from the bonus funds using parlays.

Well-versed gamblers know that they should be utilizing parlay bets in these situations and in very few other situations. By recognizing that fact it’s easier for gamblers to place effective wagers and to win as much as possible from parlays.

How a Push Affects Parlay Bets

When gambling with parlays it’s important to understand the concept of a push. This is when one of the matchups involved in the wager ends in a tie rather than a win for your selected team.

A single push does not transform the entire parlay bet into a non-winning wager. At most sportsbooks a single push just reduces the payout of the wager instead. Players are paid as if they placed a wager on a parlay bet with one fewer team than normal when a push occurs.

If a push occurs between more than one set of teams involved in a player’s parlay bet, and this has happened before, then the bet is lost. While a push is rare, it’s something that gamblers need to be prepared for and something that players must account or when placing wagers to avoid being surprised when it happens.

Win Big with Parlays

The main draw to parlay bets is that the offer the potential to win larger amounts than standard wagers do. Even though parlay bets are simply scaled up wagers that match standard wagers in terms of odds and payout, they still offer one significant benefit for gamblers that want to win big without risking a huge amount of cash to do so.

It’s possible to place parlay bets with more than 15 different team matchups in some instances and select sportsbooks. When these sorts of wagers are placed the potential payout from the parlay bet becomes enormous.

Players that want to win in a very big way sometimes take part in these wagers knowing that they are very unlikely to come away with a win. These wagers are exciting, and they can make players rich if they are fortunate enough to guess all the teams right when putting together the wager. It’s not easy to do, winning isn’t likely, but some parlay bets offer sports bettors the only way to get rich off a single wager.

Start Betting and Leverage Parlays at a Sportsbook

Even with a good parlay betting strategy there are going to be times when using parlays doesn’t make sense or doesn’t pay off. Take the time to learn about the different quality sportsbooks available today and all that they have to offer, and join a top-quality sportsbook to start practicing with parlays. Many of these sportsbooks offer impressive bonus offers for new players, and that bonus cash can be used with parlay bets for bigger and better wins. Start wagering today and try to make the most of parlays.

Looking for a great bonus to boost your bets? Take a look at our PointsBet sportsbook bonus code guide.

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Conclusion: Parlays Help Generate Profits

Parlay betting, while risky, can be a strategic tool for sports bettors when used carefully. The key to leveraging parlay bets effectively lies in understanding when and how to use them. Typically, parlay bets are not recommended due to their high variance and difficulty in winning.

However, they can be beneficial in specific scenarios, such as when using bonus cash or taking advantage of special offers that enhance their potential rewards. By carefully selecting the right moments to place parlay bets and utilizing the bonuses and special promotions offered by sportsbooks, bettors can maximize their chances of achieving substantial payouts.

Mastering parlay betting requires a deep understanding of the risks involved and the ability to identify the optimal opportunities for making these high-stakes wagers.

Parlay Betting Strategy FAQs

🏆What is a parlay bet?

A parlay bet is a wager involving multiple team matchups. It offers larger prize payouts but carries higher risk. Despite being generally discouraged, it can be lucrative in specific circumstances, especially when using bonus offers or special rewards.

🏈Why is parlay betting risky?

Parlay betting is risky due to increased variance, difficulty in finding odds, and limited line shopping options. Most skilled gamblers avoid it, sticking to more dependable wagering strategies like pleasers.

💎When should parlay bets be used?

Parlay bets should be used strategically, such as when special offers minimize sportsbook cuts or leverage free play bonuses. 

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