Parlay betting guide: What a parlay bet is and how it works

Just consistent, transparent picks — built for bettors who actually bet. The odds of each leg are multiplied to create the total payout. Each part of the bet is called a “leg,” and you must win every leg to win the full parlay.

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Used wisely, parlays can complement your overall betting strategy. But if approached recklessly, they can quickly deplete your bankroll. Combine these tactics with earlier tips on identifying favorable parlays to maintain a balanced and effective betting strategy. On the flip side, parlays make bankroll management a challenge. The high variance means you’re likely to face longer losing streaks and more dramatic swings in your betting account.

Step 2Add them to your bet slip

• If you notice a weak line at a sportsbook, using that bet in a parlay can boost your potential returns.
• If only one of your selections has the odds longer or shorter than -110, you will force the sportsbook to calculate your payout using true odds.
• However, more experienced bettors know the value of diversifying their portfolio by mixing single bets and parlays.

But if the Crimson Tide win, you’d have the potential to earn more than a single straight bet depending on other results. But even with the lower win frequency, parlaying this positive EV wager would increase your overall profit with a $100 wager. Placing a parlay bet online is a relatively straightforward process, which we’ll walk you through in this step-by-step parlay betting guide below. This psychological cycle – where rare big wins encourage riskier bets – can quickly spiral out of control, especially for bettors working with limited funds. One of the biggest pitfalls is using parlays as a way to recover losses.

Unfortunately, no strategy can be guaranteed a profit from parlays. You’re relying on luck rather than expertise with so many matches on the slip. Alan hails from Northern Ireland and is an avid fan of all sports. He has been with us since 2017 and serves as SBO’s Editor-in-Chief. Alan passionately covers everything from the latest regulatory developments across the globe to tips on the latest football matches.

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Despite the massive house edges, parlay betting has become incredibly popular. Creating a parlay bet is the same as placing a straight bet, but with multiple legs. Let’s say a bettor has already identified the four legs to include in a parlay. The bettor can then accept the parlay odds and place the wager or decline the odds and cancel the wager. The odds in parlay betting are determined by multiplying the odds of each individual selection. The more selections you add, the more the odds increase exponentially.

Top Tips for Maximizing Parlay Success

Some of the most popular types of parlays are same-game parlays, SGP+/SGPx, teaser parlays and round-robin parlays. The parlay arbitrage betting strategy or hedging a parlay bet is one of the best techniques to stay under the radar while winning in sports betting. That said, not all of them are perfectly suitable for parlays. In most cases, the parlay betting system is used in American football, basketball, soccer, baseball, or events involving more teams or players. Parlay bets pay at odds higher than the typical single moneyline wager. Bookies average 20-30% profit on spread parlays compared to around 5% juice on individual sports bets.

Let’s say you back the Kansas City Chiefs, Miami Dolphins, and Tampa Bay Buccaneers in a three-team parlay. In a regular parlay, the Chiefs losing, will cost you your ticket. Just like any bet, the parlay holds significant pros and cons. One of the most obvious advantages is that you stand to win a great sum of money.

As an arbitrage or matched bettor, getting your accounts limited or gubbed is the most common reason why you can’t succeed in the long run. In this case, you need to cover the outcome of your last bet once again at Pinnacle. Now that we’ve covered what a parlay is, let’s look at how to set one up. For most people, gambling is entertainment – a fun activity that can be enjoyed without harmful effect. But for some, it’s not just a game – it’s a serious problem that continues even after the fun has gone. When it comes to free bets, the longer the odds of the bet, the higher your expected value.

They are in dafabet india a cutthroat competition for new signups, so don’t sell yours away cheaply. Be wooed by bookies that give good bonuses for mix parlay punters. Also, look out for such nifty features as cashback on losing parlays. Some bookies will return part of the stake (sometimes part of any accumulated return) when a parlay is lost. It is a considerable boost compared to the whole accumulator because of one or two predictions gone wrong. Almost every sportsbook offers promotions for their new customers.

However, this comes with the added challenge of needing every leg to hit. Parlay betting involves combining multiple individual bets into a single wager for increased odds and higher potential payouts. Imagine you have $20 to spare and you place individual bets on three NBA games with odds of +200, +150, and -110. If you win all three bets, you’d make a profit of $40, $30, and $9. But if you had combined these bets into a parlay, your $20 wager could yield a profit of $360.

The winning chances of a bet on a non-favorite are already low, so having more than one pushes one’s luck. The best mix parlays are formed by combining several high-probability predictions and generally avoiding bets that are harder to win. It is imprudent to throw bets into the parlay without doing due sports betting diligence. Consider each prediction’s probability, weighing that against the prices offered. It is the information every punter must use to decide whether any bet deserves to go into the parlay.

However, they come with higher risks, and it’s important to understand the pros and cons before diving in. Parlays are undoubtedly exciting, offering a potential path to large payouts, but they come with a significant level of risk. While they can be enjoyable to bet on and may sometimes lead to big wins, they shouldn’t be relied upon for consistent profit. Approach parlays with caution, understand the odds, and bet responsibly.

To win a parlay bet, all the selected bets within the parlay must be successful. To figure out a parlay payout, sports betting sites multiply the decimal odds of each leg together and then by your wager. The parlay odds for this example is +484 , so if you want to bet $10 the total is $58.39 minus the $10 stake for a profit of $48.39, which is pretty solid. Still, you have to win all four of the games for the parlay to win. I know many bettors personally who succeeded in making insane amounts of profits with arbitrage or value betting on parlay bets. Bookmakers are taking parlay bets as a direct sign of being a bettor who loses in the long run.