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Why You Should be Careful When Betting Parlays?

Publish Date: 10/06/2024
Fact checked by: Mark Lewis

 

As legal sports betting spreads across the United States, you may have noticed that sportsbooks are running more commercials to promote their offers and special bets. One of those is the parlay.

Why Sportsbooks Love Parlays

Sportsbooks love the parlay. They love it so much they created the “same game parlay.” They also have parlay builders and parlay odds boosts. Sometimes, new players are eligible for a bonus parlay wager. It’s parlay, parlay, parlay, all day, all day, all day.

But are parlays a smart betting choice? What measures should sports bettors take when considering a parlay bet?

  • Playing parlays can be an exhilarating aspect of sports betting, offering the allure of turning a small wager into a substantial payout.

However, caution is crucial when engaging in this form of betting, especially through a mobile sports betting app. While the potential for large returns is enticing, the risks and complexities associated with parlays require careful consideration.

If you want to learn more about how parlay betting works, check our Parlay Betting Explained section.

The NFL and the Temptation of Parlays

When is comes to the NFL parlay betting, bettors often find the multitude of available games each week to be a tempting opportunity to create parlay bets. Combining multiple games into a single wager can significantly amplify the potential payout.

For example, instead of placing individual bets on three different games, a bettor might choose to parlay them. If all three selections win, the payout is much larger than if each bet were placed separately.

However, this also means that if even one game loses, the entire parlay bet is lost. This all-or-nothing nature of parlays underscores the high-risk aspect of this betting strategy.

  • The same principles apply to the MLB betting. The long season and daily games provide numerous opportunities to create parlay bets. Bettors might parlay several games together, hoping to capitalize on favorable matchups and odds.

Yet, the unpredictability of baseball, with its myriad variables such as pitcher performance, weather conditions, and unexpected injuries, makes it challenging to win consistently with parlays. Even a single unexpected outcome can ruin a potentially lucrative bet.

Don't forget to check the latest sports betting promos to take advantage of the best deals.

The Convenience of Mobile Betting Apps

Mobile sports betting apps have made placing parlay bets more accessible and convenient than ever. With just a few taps on a smartphone, bettors can select multiple games, set their wager, and place their bet.

This convenience, while beneficial, can also lead to impulsive betting decisions. The ease of access means bettors might be more inclined to chase losses or place hasty parlay bets without thorough research and consideration.

To mitigate these risks, it is essential for bettors to adopt a disciplined approach. Here are some key strategies:

Limit the Number of Selections

While it might be tempting to include many games in a parlay to increase potential payout, limiting the number of selections can improve the chances of winning. Fewer selections mean fewer opportunities for one to go wrong.

Research and Analysis

Thoroughly researching each game included in a parlay is crucial. Understanding team form, player injuries, and other relevant factors can provide better insights and improve the likelihood of making successful selections.

Manage Your Bankroll

It is vital to set a budget for parlay bets and stick to it. Avoiding large wagers on parlays can prevent significant losses.

Stay Objective

Avoid the temptation to bet on your favorite teams or make emotional decisions. Objectivity is key to making rational and informed bets.

The Bottom Line

  • While parlays offer the potential for substantial rewards, they come with significant risks.

Bettors using mobile sports betting apps to engage in betting on the NFL or MLB should exercise caution, employ thorough research, and maintain disciplined betting practices to enhance their chances of success and minimize losses.

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