Parlay Betting Strategies
Betting on sports is a fun and entertaining way to add more excitement to any sporting event. However, not all types of bets are equal. This is because some have higher payouts while others are not even worth using. Thus, today we go over Parlay Betting Strategies and whether they are the right types of bets for you.
A Parlay Bet is a popular type of sports bets that gives gamblers higher sports betting odds of return. However, they are more difficult to win. This is because a Parlay bet is a combo bet. Thus, a gambler must win a series of bets to win the overall bet. The payout is of course higher and the risk is less but all teams in the parlay must win.
The Math Behind Parlay Bets
A parlay bet involves combining two or more individual bets into a single wager. The key is that all the individual bets within the parlay must be successful for the overall bet to win. The trade-off for the increased risk of linking bets together is the potential for a higher reward. Parlay payouts offer significantly greater rewards compared to standard bet payouts.
However, Bookie Pay Per Head experts, not all Parlay Bets are equal. This is because some parlays pose greater challenges compared to others. For instance, a parlay consisting of three NFL spread legs is notably more challenging than successfully predicting the outcome of a three-leg money line parlay featuring 7-to-10-point favorites.
When placing a bet on the spread or total, the odds are usually -110 (Risk $110 to win $100), indicating an implied probability of 52.38%. On the other hand, a regular two-pick parlay with an NFL point spread or total offers a payout at +260 odds (Risk $100 to win $260).
A two-selection parlay carries an implied probability of 27.78%. Meanwhile, a three-team NFL parlay bet comes with odds of +600 (Risk $100 to win $600) and a probability of 14.29%.
On the other hand, placing three separate $100 spread bets at -110 odds would result in a $91 win for each bet. Thus, it is clearly different from the potential outcome of a three-team NFL spread parlay with +600 odds.
This is an important factor to consider when developing your parlay betting strategy.
Parlay Betting Strategies – True Odds Parlays
First off, the general consensus is that a Parlay Bet is not a very good type of bet. This is because they are seen as foolish bets with the odds against the bettor. However, is this really the truth since they continue to be very popular amongst bettors despite being difficult to win.
The main problem with Parlay Bets is that they are hard to win. However, the second problem is that they do not usually offer true odds. This is because most sportsbooks charge a higher commission then the actual odds for parlay bets.
However, there is a way to get true odds when you make a parlay bet. All you have to do is shop for betting odds. This is done by picking a bet that is not at -110. Thus, by adding a bet at -115 or -105, it will force the system to give you better odds.
Another great parlay strategy is to make Correlated Parlays. This is where you include in your parlay one bet on the spread and one on the over/under. Of course, it does not always work but it gives the bettor more value than a straight bet.
According to Bookie Interaction forums, another great way to use parlays is by using your free play bonus. This is because a free play is a one-time use free bet that has a rollover. When you use your free play on a normal bet, you only get the same payout from rolling your win. However, in a 3-team parlay, you get that plus your initial stakes two more times!
Thus, if you use your free play in a 3-team parlay, you get the same payout from rolling your win and your initial stake two more times.
Parlay Betting Strategies – Hedging
One effective approach to parlay betting involves hedging bets by incorporating a combination of favorites and underdogs in the parlay.
For instance, if a bettor is confident in the outcomes of two games but wishes to hedge the parlay wager in case one of them does not go as expected, they could include one favorite and one underdog in the parlay. This particular strategy is widely regarded as one of the most optimal parlay strategies.
In the event that the favorite emerges victorious, the underdog selection helps to offset the loss from the other game.
Another aspect of hedging involves making choices based on the timing of the games. Often, parlay bets come down to one final game, so saving the Sunday Night Football selection for the last leg of a parlay allows the bettor to hedge and potentially secure a win regardless of the outcome.
If the bettor has successfully predicted the outcomes of all earlier games on the ticket at 1PM ET and 4PM ET, and is now facing a potential payout going into the final leg of the parlay, they may want to contemplate hedging the parlay ticket by placing a bet on the opposing side to ensure a profit.
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