As a sports bettor, we are sure that you know that there are a TON of different sports betting options for every single sport that is available out there to you. One of the most popular types of bets that is offered is a parlay, and it is offered in almost every sport that you are able to bet on out there. Parlay betting essentially makes it so that you are choosing your favorite bets from throughout the day or the week, and combining them (with their odds if you are betting teams straight) into one massive bet with some massive odds that will pay you out quite nicely if you hit it. The idea behind parlay betting is that you can have as few as two teams, and as many as the site will allow you to have (typically 15 to 18 is what is most common), BUT in order for you to get paid off on your bet, EVERY single bet that is included in the parlay must win. This means that if one single bet loses, but you win the other nine bets, then you will still lose your initial bet.
The reason why parlay betting is so popular though is because of the huge payouts that do hit for however large your bet is. Bettors can make hundreds off of just a few dollars in a single bet if they have enough teams in a parlay, mainly because it can be very tough to put together that many winning teams in one bet! If you are able to do it though, then be prepared for a nice chunk of change coming your way at the end of the day.
We are going to get a bit more in-depth with parlay’s, not only to explain how they work, but mainly to explain how they can be incredibly beneficial to sports bettors, and also to give some tips and strategy behind betting on a parlay.
Bet Sizing on Parlays
This is SO important, that we really can’t stress it enough. Remember that betting on a parlay is NOT like betting on a standard bet when it comes to the sizing of it! You definitely will not be hitting parlays as often as you will with standard bets, which means that you should be betting a much smaller amount on each of them. The size of your parlay bet should be based off the size of your sports betting bankroll at the time, but most people try to keep it pretty consistent. If you have $100 in your sports betting account then you really shouldn’t be betting more than $1 per parlay. It is also important to point out that if you are betting huge parlays (more than ten teams typically), then you should keep the bet sizing down as well because these are ridiculously hard to hit!
Going With Your Favorite Bets
You should NEVER put in bets that you don’t consider “five star” bets when it comes to a parlay. Parlays should include the best of the best when it comes to your bets for the day or the week, which means that when you are going through and labeling your bets as three, four, or five stars, you shouldn’t even consider anything that is less than a five star for your big parlay. Keep parlays as your favorite plays of the day, because if you stray away from that then you are simply asking for trouble, and probably getting a bit greedy with the parlay odds! (see below)
Don’t Get Greedy
This goes hand in hand with going with your favorite bets, because you want to make sure that you are never throwing in additional teams just because of a higher payout. We all see that number go up as you start to add additional teams to a parlay, but that definitely doesn’t mean that it’s a good idea! The best tip that I can give to avoid putting yourself in a spot where you might get a bit greedy or get “up-sold” by the higher payout, is simply to avoid looking at that higher payout for more teams all together! If you don’t look at it then you won’t know exactly what it is, and this way you can focus on making sure that your parlays have only your best bets on the night included in them.