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1. BetAnySports - Offers up to 25 teams in a parlay, bet as low as 50 cents per bet. Also allows for Open Parlays in which you can fill in teams as you go, you dont have to make all your picks at once! Signup now and get a 30% deposit bonus Click Here Now
The parlay is easily one of the most enticing bets that one can make. The draw is simple with a small dollar amount you can produce enormous returns, much like a lottery ticket. The bigger return the lower the chances of actually hitting one, yet they are still a draw. So is there a smart approach to playing them? Before we discuss that we have to understand the basics of the parlay and start with the definition.
The parlay bet wins if every one of the individual wagers win. If any single wager loses, the entire parlay bet is lost. If any single wager is a push, the parlay bet is still good, it just reverts down to the next level. So, for example, a four team parlay bet would become a three team parlay (and the payoff would be reduced accordingly).
People bet parlays to get higher payouts. Since each individual wager must win, it is a more difficult bet and the payouts are higher than if you had simply kept the individual wagers as separate bets.
Let's look at an example of an NFL football parlay bet. You want to make a 3 team NFL football parlay bet for $100 with the following game picks: San Francisco -7, Miami +3, NY Giants -10
A three team parlay would typically pay 6 to 1. So, if all your picks are correct, you would win $600. If even one pick is incorrect, you lose the entire parlay bet. Keep in mind that the odds for a parlay are different with each sportsbook, so if you are a parlay player make sure to check the odds before sending your money to the sports book. At bangthebook.com they offer links to all of the best sportsbooks in the industry so make sure to check them out!
Typical Parlay Payouts
2 Teams 13/5, 3 Teams 6/1, 4 Teams 11/1, 5 Teams 20/1, 6 Teams 40/1, 7 Teams 75/1, 8 Teams 150/1, 9 Teams 300/1 10 Teams 700/1
Now that we have the definition out of the way lets look at some approaches to how to bet them.
They are fun: Parlays are fun and they should be played that way. In other words whenever possible you should play your wagers straight. The key is to use a minute portion of your bankroll, so if you lose you do not cripple your bankroll and when you win on a parlay wager it will build your bankroll. This way a loss would not cripple your bankroll while a win would help build it. You should never use the parlay as a bailout play.
Don’t always go for it: If you have a big parlay that is one game away from bringing in the big money, then why not make sure you make money and hedge? Some gamblers will consider it a good risk to try and go for the big money and not hedge since they put a smaller amount on the wager anyway, but if you can earn any money from a parlay wager it’s a good investment.
Home cooking and dogs that bite: Look closely at the teams you put in a parlay. When betting a parlay I try to look for home teams and underdogs. If the lines makers have set the line and they usually come close to that line then adding points to a good underdog can make all the difference. I try to stick with home teams because they rarely will quit even when they are losing because they are at home, so home teams especially home dogs are usually good parlay teams.
Baseball was made for parlays: Baseball is one of the best sports to play a parlay with. The reality of it is that baseball teams that are good often win and carry a heavy price tag with them. To subdue some of the chalk that could cost you wrapping a team in a parlay will help and increase your payouts. Unlike in other sports all you have to do is pick the winner and you don’t have to worry about the spread. Winning is easier said than done but it still proves that betting baseball with parlays can be a good way to reduce the juice.
The smaller the better: Keep your parlay to 3-5 teams. This increases your chance of winning and still gives you a quality payout. The more teams that you add the less chance that you get of getting a winner and cashing that ticket.