Sports betting is so popular because of the variation within. Ordinary straight and spread bets are fun, but why not spice things up with some exotic bets?
Bets like the parlay have the potential to lead to life-changing money if they come through. The parlay is easily the most popular exotic sports bet around. While the chances of success are low, there’s nothing like seeing one come in.
With so many apps for sports parlay betting, you’re likely wondering what a parlay bet is and what the strategy is for placing one.
What is a parlay wager?
A parlay wager is simple enough to understand. You place multiple single bets, and to win the bet, every one of them must win. If even a single bet loses, you lose the entire wager.
In exchange for this low chance hit, you have the opportunity of making a massive profit because of every stake and win rolls over onto the next bet.
If your first wager had odds of 3.00 and you placed a $10 parlay, it would work like this: your first winning wager would yield a profit of $30. That $30 would then roll over to the next leg of your parlay, which may have odds of 4.00.
A $30 bet on odds of 4.00 would yield $120 in profit. That $120 in profit would then move on to the third leg of your parlay, which may have odds of 5.00. Should your third wager come good, your profit would be $600.
As you can see, the money can rack up extremely quickly. People have made six and seven-figure sums on parlay bets before.
In the event of a push, the parlay will revert to a smaller number of wagers. A push is not a loss in parlay betting.
How many legs can a parlay have?
There are no artificial limits imposed on a parlay bet. Any bet with two or more wagers is classified as a parlay bet.
With some online sportsbooks, a two-leg parlay may be known as a double, whereas a three-leg parlay may be known as a triple, and so on.
You’ll be happy to know there’s no maximum ceiling when it comes to your parlay. Place an unlimited number of bets and watch your profits soar.
This is gambling at its heart, but there are things to keep in mind before trading and betting with high-leg parlays.
The best strategy for parlay betting
Parlay betting is the most popular exotic bet, and with $27bn wagered in the first seven months of 2021 in America, there’s a lot of money to be won.
The most profitable strategy for parlay bets is known as the correlated parlay. These are typically two-legged parlays where if the first bet wins, it increases the likelihood of the second bet winning.
For example, let’s say you choose an NFL running back to score two touchdowns, and place a second bet that they will run for more than 100 yards.
The chances are if they manage two touchdowns or run for more than 100 yards, they will ultimately do both. Technically, this is a riskier type of correlated parlay, but there are simpler ones. Let’s take a look at another example.
Let’s say that the LA Lakers make the NBA finals. You may decide to wager that the Lakers will win the championship, and place a second bet that LeBron will also win MVP. The chances are if one happens, the other will too, as he is the star player.
You can use this same principle for other major finals, such as the Super Bowl. Since the winning quarterback usually wins Super Bowl MVP, it makes sense to place this type of two-legged parlay.
In some cases, it’s possible to add legs to your correlated parlay.
To use the example above, you may decide to place a bet that the Kansas City Chiefs will win the Super Bowl, Patrick Mahomes wins MVP, and he will throw for more than 300 yards. Naturally, the odds of all this happening are lower, but if one occurs, there’s a good chance the other two legs will also occur.
Parlay betting can be profitable, but you need to place your bets strategically. Randomly throwing some wagers onto your betting slip will not help you to be profitable in the long run.
Smart parlay bettors know that knowledge is power in this game. Do your research and make sure you choose the right teams before committing to any wager.
What’s your most enormous parlay win?