Parlay Betting Strategy: Increase Your Winnings with This Simple Guide

Parlay Betting Strategy: Increase Your Winnings with This Simple Guide

Whether you’re new to the world of sports betting or a betting master, there are always new ways of improving your betting strategies.

One of them might be placing parlay bets; but what is a parlay bet and how dow does it work exactly?

In this article, we’ll teach you everything you need to know about parlay betting and give you tips for the best parlay betting strategy. 

Keep reading!

PROS:

  • There’s a possibility of winning a good amount of money from minimal stakes.
  • Placing a small risk that could turn into an enormous payout.
  • No need for consistency to make money.
  • Combination of multiple sports/leagues into the same wager.

CONS:

  • Winning all the time is difficult because all sides need to win.
  • Correlated parlay bets are not accepted.

What is Parlay Betting?

A parlay bet includes combining two or more bets into one single wager. In other words, it is something like grouping several singles into one larger bet. 

In order for a parlay bet to be successful, you must win all “legs” (single bets). If not, you risk losing your entire stake. Therefore, the more legs you choose, the higher the payout will be. There’s only an exception in the case of a “push” (in simple words, a draw), which means that if one game comes out as a draw (push), the wager will be removed from the parlay. 

Types of Parlay Bets

When planning your parlay betting strategy, you should know that you can include different types of bets in your parlay. These include:

Over-Under

These wagers are made on the total amount of points scored in a given game; you’ll have to bet on whether you think the total number will be over or under that prediction.

Point spreads 

These bets include a projected margin of victory where the favourite team has to win by more than the determined number of points projected for you to win the bet. If they still win the match but score the exact projected number of points or fewer, you will lose the wager if you placed your bet on the favourite. 

You can also bet on the underdog and place win, lose, or push bets.

Teasers

These wagers allow moving the point spread up or down by several points to suit a bettor’s wager. It does increase the odds of winning, but bookmakers usually lower the payout. You can select multiple teams or totals with no moneylines allowed. Teasers change the point spreads or totals from six to ten points.

Pleasers

In a pleaser, the sportsbooks adjust the spreads in their own favour. So you can make a combination of multiple point spreads or totals wagers into one single bet and all of them must be correct.

Moneyline

Moneyline bets are based on the winner and the loser of the game. In the team wins, the amount is recalculated to place the new wager on the second team. They can be mixed with point spread bets but not with teaser/pleaser bets.

Round Robins 

These bets actually include multiple parlay bets within one parlay. This is the only type of parlay bet where you can still win some cash even if some parts of your wager lose. However, if you’re planning on using this parlay betting strategy, you should know it’s very risky. It does increase the chance of success, but it also affects the payout.

How to Make a Parlay Bet

Making a parley is pretty easy with the best UK sportsbooks; some of them also offer in-game, live parlays. These are the four simple steps to make a parlay bet:

  1. Navigate to your desired sport (or multiple sports for parlays) on your chosen betting site.
  2. Select two or more games at any odds convenient for you.
  3. Go to your Bet Slip and click “Parlay” once the games are added.
  4. Lastly, submit your wager by entering the amount of your bet.

Best Sports for Parlay Betting

One of the best parlay betting tips is betting on sports you have good knowledge of. For example, the following sports might be the best option:

  • Parlays in Football – it’s easier for regular football fans to predict the outcome of a football match rather than any other sports match. Also, some popular markets like over/under might lead you to a profitable bet.
  • Parlays in the NFL – when betting on the NFL, two essential things are having good knowledge of the game itself and the betting markets you can place your bet on. This could be ideal for parlay bets due to the short period of time happening of the matches.
  • Parlays in Horse Riding – predicting the winner in a horse race can be pretty complicated. This kind of betting might not be convenient for everyone, but if you’re quite familiar with how the horses have performed during recent races, you might be able to place a good wager.
  • Parlays in E-Sports – this could be easy when you have a strong knowledge of the game but hard if you don’t. Because the winners are not as consistent as in any live sport, predicting the outcome of a match can be more difficult, as it depends on certain formats.

Additional Parlay Betting Tips

  • Search for online bookmaker promotions.
  • Beginners should focus on lower-odds outcomes.
  • Combining two favourites is a good idea for short-term success.
  • Try including multiple sports into your wager.
  • Stick to three to five-leg parlays as this increases the chance of winning.
  • It’s better to place the legs that are on the same day or over the course of one weekend.
  • Keep your stakes to one or two dollars and calculate the odds, until you’re sure enough that you can bet more money.

Conclusion

Whether you’re a newbie or an experienced bettor who wants to place a parlay bet, it’s always a good idea to plan your parlay betting strategy carefully. 

We hope you found these parlay betting tips useful. Make sure to check out what online bookmakers offer, and don’t be discouraged if you don’t succeed in winning on the first try!

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FAQ:

How does a parlay bet payout?

A parlay bet payout is based on the number of legs in a parlay. The sportsbooks make all the calculations, so you will know in advance what your payout will be. You can also do it with an online calculator.

Are parlays a good betting strategy?

Parlay bets are considered to be a good strategy because they are giving many chances to win an enormous amount of money. But you should also play with carefulness because you need more scenarios in order to be successful and because of the different rules and odds sportsbooks have.

What happens to my parlay bet if the game gets cancelled?

It depends on the sportsbooks and their rules for parlays; most of them will remove the cancelled game from the bet, so you will be still in play. However, the odds will be recalculated with lowered payouts, so make sure you know this when planning your parlay betting strategy.

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