What You Need To Know About Parlay Betting
Every sports bettor has heard the stories of the guys that hit on parlays of anywhere from 10, 11, 12, 13, 14 or even 15 teams and win $500,000 on just a $3 bet. While there is no denying that all it takes is one of those massive parlays hitting to completely change someone’s life, the reality is that those lottery tickets are nearly impossible to hit on. While there is an obvious level of intrigue to betting those massive wagers, the better approach to playing parlays is to combine anywhere from two to four teams and hope to hit on those wagers to steadily build up a bank roll. Here is a closer look at parlay betting and what it takes to become a steady winner.
What Are Parlays?
The parlay wager is also known as an accumulator bet. Essentially, you are placing one bet on multiple results happening with anywhere from two to 15 selections made on a single ticket. If all of your selections hit, then you win the ticket. However, if even one of those picks loses then your ticket is deemed a loser. The fact that you are adding multiple selections to the same ticket means that the potential payout will be bigger based on the number of options on each ticket.
What Are The Payouts?
To calculate a parlay, you simply multiply the odds of each outcome by the stake to get the payout. While that might seem complicated, it’s not. There are parlay calculators online that can help. However, almost every sportsbook does this automatically for you when you punch in your selections. It’ll spit out the odds and the amount you’ll win if your parlay cashes.
Big Win, Big Risk
While the potential for a big win is extremely enticing, it’s important for bettors not to take too many big shots and completely ignore the slow build approach. If you are constantly firing off eight-team parlays, the odds are much smaller that you will win anything at all since the risk is consistently so great. However, if you constantly roll out three or four-team parlays for $50, then your chances of winning improve and you could still land a decent payout based on the odds. Of course, this is the point where it probably makes sense to point out the fact that most professionals don’t use parlays often because they would rather make straight up bets and hit on one win at a time than increase their risk of losing with multiple teams on one ticket in exchange for a higher potential payout.
The Benefits Of Parlay Betting
The biggest benefit to betting parlays is the ability to make substantial money in a short period of time. For example, you have two NFL teams that you think are locks to win this upcoming Sunday. The basic option is to bet on them individually. However, you also have the option of combining them on a parlay ticket, which significantly raises your potential payout. Betting parlays, like any other type of bet, comes with its share of risk. However, if you take a responsible approach and opt to slow build rather than trying to always hit the big home run, you could seriously improve your bottom line in a short period of time. Consider parlay bets as an alternative option that can accelerate the process of building up your bankroll in the right situations.
