The slow betting period has come to an end. The things are heating up with the new College Football season, while the 2019 NFL season starts next weekend. Likewise, the 2019 MLB season enters the final quarter, bringing plenty of interesting markets.
Hereof, we have shown you all need-to-know facts about the NFL and College Football teasers. Now, we’ll take a look at parlays, and down below, you will find out all the important things about betting parlays.
What’s a Parlay Bet and How It Works?
A parlay bet allows you to combine two or more wagers, and you need to win them all to get a payout. The odds of one event multiply with the odds of the other one, and that’s the allure of a parlay.
Sign up for a FREE Consultation to start working with Legendary Sports Bettor Jon Price
For example, if you take two -200 favorites to make a parlay, your odds are +125 (-200 x -200). If you add the third wager at -200 to this parlay, your odds will be +237. Hereof, a parlay bet is the most common way to earn a large payout with a small stake.
However, taking a parlay decreases your chances of winning the bet. We’ve mentioned this when we’ve talked about teasers. The sportsbooks make the vast majority of their profit out of parlays. Mathematically, taking straight bets is the best way to wager on sports.
You have fifty-fifty chances to win a straight bet. Of course, if your game has two eventual outcomes. With a two-game parlay, you have 25% chances to win a bet. With a three-game parlay, your chances are 12.5%, and it goes down with every game added.
On the other hand, parlays offer the excitement of huge payouts on a modest investment. Also, some betting strategies can make parlay profitable.
Parlay Betting Strategies
If you want to make a profit with parlays, try not to take more than two games. You can live with 25% chances if you choose games wisely. Sometimes, three games can make a nice parlay, but the fourth game is almost always a bust.
Many bettors take parlays when they want to get decent payouts on strong favorites. They often combine money line odds around -250, hoping for realistic outcomes. However, the point of a parlay is to find two strong picks regardless of their odds.
Each week of the NFL season brings 16 games. Some weeks will be full of intriguing picks and markets, and some will be quite tricky to bet on. When you have five or six picks in a week, it’s reasonable to take two or three parlay bets.
There is a catch with this parlay strategy. You randomly combine those strong picks, following your guts or some kind of statistics and trends. For example, if you take three two-game parlays and get burned on two games, you can win one or two bets. And, it can be just one all the time which will leave you in red.
However, if you track the situation during the season, you will find good opportunities. There will be days or weeks with a few strong picks. In those situations when you are pretty sure what will happen, but the odds are not attractive for straight bets, go with a parlay.
Also, you can combine the NFL and CFB games or even different sports. There are a lot of unattractive money line odds during a basketball season that can be used in a parlay.
Finally, try to avoid a spread if you can take decent money line odds. Each team plays to win, not to cover a spread. Often, the bettors get burned by a point or two, and you don’t want that in a parlay. If you fancy a three-point fave, go with money line odds around -165.
Parlay vs Straight Bet – Pros and Cons
If you want to earn thousands of dollars with a few bucks, you definitely need a huge parlay. However, if you want to make a profit, stick with straight bets. Occasionally, you can go with two and three-game parlays, but you cannot beat the math.
A huge parlay is a huge risk, even if you combine seven or eight favorites at -1000 odds. Hereof, if you want to have fun, take a huge parlay with reasonable odds on each game and hope for the best.
Also, parlays can be very painful. You will often miss just one game, enough to lose money and waste a few nice picks. When you pick two or three games around +100 odds, you don’t need a parlay. If you believe in your selection, go with straight bets.
With huge parlays, you can win 80% or more of your games and still lose money. With an 80% efficiency, you can make a nice profit with straight bets. Especially if the odds are around +100 odds.