Parlay Betting Ultimate Guide

Parlay Betting Ultimate Guide – What Is Parlay Betting & How Do Parlay Bets Work?

Online betting is here to stay, and if you enjoy it, you should become familiar with all of the many types of betting available to you. Parlay betting is a popular bet that you should try to master. So, you’ve heard about parlay betting and want to give it a shot. 

Maybe you’ve never heard about it but would appreciate some pointers on how to go about doing it so that you have a higher chance of winning. Most people are hesitant to participate in parlay sports betting because they have heard it is a high-risk bet. But what most of them don’t realize is that as risky as it is, Parlay betting has resulted in higher profits.

If you’ve probably heard of parlay betting, but you’ve probably never tried it, this guide will teach you all of the steps you need to take. It will not only tell you this, but it will also tell you everything you need to know about hand-picking winning parlays.

We have put together this guide because most bettors find parlay betting overwhelming, so we’d like to help. We will discuss everything you need to know to be confident when you place your next parlay bet. 

What is Parlay Betting?

Parlay wagering has been around for decades and has recently gained popularity among bettors worldwide. It’s a great way to make more money for sports betting.

But what exactly is it?

Parlay betting is a type of wagering in which bettors find several related events or outcomes and place their bets on a single ticket. In parlay betting, the bettor aggregates multiple bets and puts them all simultaneously. The advantage is that the bettor receives a higher payout than placing each bet individually. Parlay betting is also referred to as “accumulator betting.”

Parlay betting information includes tournaments, leagues, and games with various outcomes. 

Parlay betting has grown in popularity in recent years, thanks to online casinos and sportsbooks that provide a diverse range of games and tournaments that you can combine into a parlay.

It allows you to increase the payouts on their bets while also placing multiple bets simultaneously.

You can use parlay betting to spread risk because it allows you to back more than one team in a single bet. You can also boost your winnings by betting on both teams to win a game and then using the odds format to increase your payout.

Think of parlay betting as bringing together baby bets and combining them into one monstrous giant bet.

Parlay betting is a great way to increase your returns on your wagers. It gives you more chances to win, but it is not without risk. Keep in mind that all of your predictions must be correct to win your parlay bet.

Where To Place A Parlay Bet

Parlay betting is an excellent way to increase the value of your wager and potentially win more than you could on a single game. However, there are a few things you should be aware of before placing your first parlay bet!

If you don’t know where to look, finding a list of sites that offer this type of betting can be challenging. This makes it difficult for casual sports fans to get started in this type of betting.

This is why you should look for bookmakers who have been offering parlay bets for years and have experience and a good track record with parlay bets. Some of the best sites for parlay betting that we recommend are as follows.

How To Get The Best Out Of Parlays

Place Parlay Bets Using Bonuses

Parlay betting provides excellent opportunities for bettors to increase their winnings, but as with any form of betting, you should only consider doing it if you understand how it works and how to get the most out of it. In this case, we recommend taking advantage of the always-available free bonuses provided by bookmakers.

A bonus is essentially free money given to you by a bookmaker when you sign up with them. Most bookmakers offer bonuses ranging from $50 to $500, typically credited to your account when you deposit enough money to qualify for the bonus.  

Use Correlated Parlays

Correlated parlays are a sports betting strategy that entails placing multiple bets on correlated teams. Correlated parlays, also known as combo bets, are ideal for those who want to wager on multiple games but only have a limited amount of money to do so.

In addition, they are advantageous for those who enjoy placing parlays because they allow you to include more games in your parlay.

You can win some money with correlated parlays if you get a couple of wins but still lose the bet overall. 

Assume you place a two-team correlated parlay, and one team wins, but the other loses. You will not win any money on this bet. However, you will profit if you win one game and lose another in your correlated parlay.

Consider correlated parlays to be a collection of correlated bets.

Correlated parlays are a collection of correlated bets on the outcome of a single event. For example, if you want to bet on a football game and use a correlated parlay to get better odds, you can bet on the favorite team in the first game of your parlay and underdogs in the remaining games.

Tennis is another sport in which correlated parlays can be beneficial. If you believe one player will win his match but aren’t sure about his opponent, you can place a correlated parlay on both players. You’ll win your correlated parlay if Player X wins the first set and Player Y wins the second.

Apply the Reduced Juice Phenomenon

Reduced juice betting is a strategy for lowering the cost of wagering on sports. You can use it when you place a parlay or accumulator bet. A parlay requires that all bets in the parlay win for the parlay to win as a whole. An accumulator requires only that one of the bets win, and it will payout even if the other bets lose.

Reduced juice betting has the advantage of allowing a sports bettor to increase their profit margin on any given wager.

Another advantage is that it allows the sports bettor to hedge their bets by reducing loss potential while still retaining the ability to profit from a good bet; in essence, you’re betting more efficiently and avoiding overbetting. This is especially useful when dealing with large amounts of money.

Parlay Insurance 

Many bookmakers will refund your money if you lose your parlay bet with a single bet.  This is known as “parlay insurance.” Most bookmakers offer up to $25 parlay insurance per parlay.

Parlay insurance is more common in American football and basketball sports, where picking a winner for every game in the parlay is more complicated. However, bookmakers will provide this service even in sports where there are frequently multiple winners in a day, such as horse or greyhound racing.

It is essential to check whether your particular bookmaker offers this option because not all do. It’s also worth checking the terms and conditions for the service – for example, some bookmakers might require that your parlay has at least two or three games before they payout.

Also, remember that even if you use this service, it is still possible to get a losing payout – perhaps if they offer two-way moneyline betting and your game finishes as a draw or no-score result. Some bookmakers will only give you the money back if your parlay wins – so again, make sure to check your slip before committing any bet. 

Parlay Contests

Parlay contests are an excellent way for sports bettors to win big. Some bookmakers offer bettors season-long parlay contests to compete with other bettors for lucrative prices. These contests have specific rules and regulations you must follow to participate and win.

Some contests are free, while others you must pay to participate in. The best part is that no one stops you from participating in these contests as long as you meet the criteria specified by the bookmaker.

Types Of Parlay Bet

Point Spread Parlay

The point spread parlay is a popular parlay betting among bookmakers today. This type of parlay betting aims to create even odds between the teams. Combine multiple wagers with an all-or-nothing approach if you want to increase your payout using this technique.

Totals Parlay

Because bookmakers host contests throughout the year for bettors to compete in, you can use totals parlay to your advantage to win big. Furthermore, you can bet on and choose from multiple contests.

Moneyline Parlay

The Moneyline parlay is another profitable type of parlay betting. The best thing about it is that you can place a bet without worrying about the margin. Instead, you can mix favorites and underdogs to find the best combination and win big.   

Other Exciting Forms of Parlay Betting

-Parlaying heavy favorites

-Teaser parlays

-Underdog parlays

-Same game parlay 

-Multisport parlay

-Futures parlay

-Pros Of Parlay Betting

Big Wins

The pros of parlay betting include that it is possible to win big because you can combine bets and make selections from various contests, including NFL football games and other sporting events.

If you want to try a new way to wager, parlay betting is your best bet. And, if done correctly, the odds will be on your side, and you could walk away with a large cash prize. However, like any form of gambling, parlay betting is risky.

Cons Of Parlay Betting 

Parlay betting is a form of gambling that can be fun but very stressful and even demotivating.

The thrill of this kind of betting comes from the possibility that you can win big if all your bets come off. But if any one of them fails, you lose everything.

Risky

The most obvious con of parlay betting is the risk. Putting all your eggs in one basket dramatically increases your risk. As a result, you could end up winning nothing or a lot less than you expected.

Stressful

Another con is the game’s stress factor. If you find placing multiple bets stressful, parlay betting is not for you. Having said that, if you are disciplined and have a strategy, then it becomes much less stressful and more fun.

Demoralizing

Parlay betting can also become very demoralizing quickly if your bets don’t pay off. So it’s understandable that if you win a few bets straight off the bat in quick succession, you may become carried away with your success and make risky bets that don’t pay off, which can be very disheartening.

Parlay Payout

Calculating your parlay bet total payout can be confusing when combining so many bets into one parlay. 

Once you finish combining your favorite teams, your bookie of choice should provide you with detailed odds and payout for your bet. This way, you can see your total wager and possible profits. Most bookies display these numbers at the bottom of your bet slip. 

But sometimes, you want to be sure by calculating your odds yourself. You can achieve this by converting the fractional odds provided by the bookie into decimal form to make calculating them easier. Once they are in decimal form, multiply all the odds in your bet slip.

After that, take the total and multiply it with your stake to see your expected earnings. Then, multiply the total by your stake to determine your expected earnings.

Wrap Up: Place A Parlay Bet Today

To summarise, parlay betting entails simultaneously placing multiple bets on different games and sports teams. You select your wager ticket and begin placing bets on your chosen matches or sporting events. 

If you are interested in parlay betting, you should learn as much as you can before starting. The parlay betting strategy can be a little confusing for the average bettor. 

That is why we created this parlay betting guide to help you understand what parlays are and how they work. I hope you found this guide to be beneficial. And good luck with your parlay betting. Want to learn more about What Is Parlay Betting? Follow us on Twitter.