Beginners Guide to Parlays in Sports Betting

March 1, 2024

Beginner’s Guide to Parlays in Sports Betting

What is a Parlay?

A parlay is a type of sports bet where you can combine multiple wagers into one, increasing your potential payout. However, the catch is that all of the wagers must be correct for you to win. In other words, if one of your picks loses, the entire parlay bet is lost.

Parlay Example

Let’s say you’re betting on three games:

Game 1: Team A (-200) vs. Team B (+180) Game 2: Team C (-150) vs. Team D (+130) Game 3: Team E (-120) vs. Team F (+100)

You could place a straight bet on each game, or you could put them all together in a parlay. For example, if you think all three teams will win, you could place a $100 parlay bet and potentially win $300 (if all three teams win).

Parlay Payouts

The payout for a parlay depends on the number of games you’re betting on and how much you’re risking. Here are some examples:

2-game parlay: If you bet $100 on two games, you could win $200 if both teams win.
3-game parlay: If you bet $100 on three games, you could win $300 if all three teams win.
4-game parlay: If you bet $100 on four games, you could win $400 if all four teams win.

Parlay Rules

Here are some key rules to keep in mind when placing a parlay bet:

All picks must be correct for the parlay to win.
If one of your picks loses, the entire parlay bet is lost.
The odds for each game are multiplied together to determine the payout for the parlay.
Some sportsbooks may offer reduced juice or other bonuses for parlay bets.

Parlay Strategy

Here are a few strategies to consider when placing parlay bets:

Focus on underdog teams: Understanding that all picks must be correct, you may want to focus on underdog teams that have a good chance of winning. This can increase your potential payout and reduce your risk.
Hedge your bets: If you’re feeling confident about one or two games, you could place a hedge bet to mitigate your risk. For example, if you think Team A is a sure thing, you could place a smaller straight bet on Team B to offset your parlay bet.
Shop for the best odds: Different sportsbooks may offer different odds for the same games. Make sure you’re getting the best value for your money by shopping around and comparing odds.

Conclusion

Parlays can be a fun and exciting way to bet on multiple games at once, but they also come with increased risk. Before placing a parlay bet, make sure you understand the rules and payouts, and consider your strategy carefully. Good luck!