Parlay betting is a concept most sports bettors have encountered at least once, but not something most have mastered. To learn more about this excellent wagering technique and how it can make a real difference keep reading. Parlay betting is generally a poor idea, but there are times when it makes sense and can be profitable. Learning about how to make use of bonus offers, bonus cash, and special rewards is key to making the most of this specific wager type.
Parlay Betting Key Facts
- Parlay bets are wagers on multiple team matchups
- Parlay bets offer much larger prize payouts
- They are generally a poor idea
- Parlay bets can be the best option in select circumstances
Parlay bets are something that many gamblers are familiar with, but few know about advanced parlay betting strategy or about how to maximize the potential of this wagering tool. Most of the time placing a parlay bet is a bad idea, because they make wagering effectively more difficult without offering enough of an added payout in the process. There are times when parlay bets should be used though. To learn more about parlay bets and how they work, and how to really leverage them, keep reading down below.
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 payout 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. 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.
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. Players that find these opportunities regularly over time can be profitable with sports betting. 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.
Line shopping for the most profitable 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 payout potential of a wager. For more about pleasers see our complete pleaser betting strategy here.
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 the profits they earn from their wagers it makes sense for that reason as well. Parlay betting opens up the chance of unlocking much larger profits 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.
Parlays offer Massive Win Potential
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. Parlay bets are a way for interested gamblers to go for absolutely massive prize payouts with a lottery-style wager. 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.
Conclusion: Parlays Help Generate Profits
Parlay bets are a simple concept to understand, but they take time to master and to learn how to use effectively. It’s not good to place parlay bets all the time, but when used at the proper times parlays can be powerful tools for winning in a bigger way. Get familiar with these powerful bets, learn when to use them and start leveraging them for better payouts and more exciting wins.