How to Bet Parlays

  Parlays and Sports Sports betting has gotten much more complex over the years, and one of the special types of bets that has become extremely popular over time has been the Parlay. You should all know the basics about a parlay bet. It is when you group 2 or more single bets together, and place a larger bet on that said group. Here, we will go over the basics of what a parlay bet is, as well as some great tips and strategies you can use when betting on a parlay.   The Basics of Parlays As mentioned above, a parlay is a group bet, where you would place two or more single bets into one larger bet.   Parlay   The general rule that you need to remember about parlays refers to winning the parlay. In order to win a parlay bet, ALL bets that are included in the parlay must win. So, if even one of multiple bets loses, you will not get a payout from the parlay. With this great risk, why would anyone place a parlay? Well, with the increase in risk, also means that there is a substantial increase in the potential payout. For those of you that actually do win a parlay, will be getting paid a good amount of money. This is thanks to the odds that are given, which also depends on how many bets you are including in the parlay.   Parlay Odds We need to compare the number of plays, or bets, in order to see what the odds are of winning and getting paid.  
Number of Bets Odds Real Odds
2 13 – 5 3 – 1
3 6 – 1 7 – 1
4 10 – 1 15 – 1
5 20 – 1 31 – 1
6 40 – 1 63 – 1
7 75 – 1 127 – 1
8 150 – 1 255 – 1
9 300 – 1 511 – 1
10 700 – 1 1023 – 1
  You can see that there are the Odds and the Real Odds. The Odds are the odds that are given to bettors on the sportsbooks. In other words, the payout amount they would receive if they won a particular parlay bet. The Real Odds are the actual chances of the bettor winning the parlay bet in conjunction with the number of bets they place. So be careful when betting on parlays, as the chances of losing go up as you place more plays in the parlay.   Parlay Tips Parlays are extremely hard to win, especially when you place more bets into the parlay. However, seeing as how good the odds are in terms of payouts, a bettor can still wager a small amount and get a large payout in return. It will depend on each of you bettors on how much risk you want to take. These are some general tips that successful sports bettors use when they place bets on parlays.   Inverse Ratio Betting There is a standard tip that is floating around that involves the number of bets vs. the amount wagered. It basically involves making the amount that you are going to wager on a parlay inversely proportional to the number of bets that you are making. In other words, the more bets you place in a parlay, the smaller the amount of money you should wager on it. This is due to the fact that the payout odds increase, but so does the risk of losing. It is to maintain a healthy balance between what you can risk with what you can afford to lose.   Keep the Number of Bets Low Keeping the number of total bets between 2 and 4 will help you minimize the chances of losing. As you bet on more plays, the higher the chances get of losing. Don’t worry though, as you can place multiple parlay bets of low numbers of bets. This way you can still get some good payout odds, and have a little more security on your chances of winning.   Never Exceed Bankroll Limit When you see the potential payout for a parlay, you may be tempted to use more of your bankroll than you have set aside for each bet. You should never place a wager that is more than what you have allowed yourself to place on each bet. A parlay is one bet, so treat it like that.   Parlay Rules Sportsbooks tend to have different rules regarding the parlays and the bets when they tie. Look for sportsbooks that continue the parlay even if a bet has tied, as these give you the best odds of winning. Some sportsbooks have rules that give you one tie per parlay; while others simply state that a tie is considered a loss on your part. Be sure to check out the parlay rules, as you can use them to your advantage.   Point Spread Bets When you are including point spread bets in your parlay, be sure to try and pick out point spread that contain a ½ or .5 value in them. This is extremely helpful if the point spread is showing a common point spread of that particular sport. For instance, in the NFL (Football) the most common point spread tends to be 3 points. This means that if you place a bet on a spread of 3, you have good chances of having a tie. However, if you find one that states 3½, it will make sure that you either get a win or a loss. This is a great tool to use when the parlay rules state that a tie is a loss; instead of having two ways to lose, you only have one.   Parlay Strategy There are no real betting systems that you could possibly use to ensure winning a parlay. Instead, you should make sure that each individual bet that you place has the best chances of winning. That way you eliminate some of the uncertainty behind your bets. There are, however, some strategies that can be useful for you when you place a parlay. The one big strategy that a lot of bettors use is Hedging their Bets.   Hedge your Bets This strategy works best when you place a large parlay; usually of five or more bets. In order for this to work, it has to be on the last bet of the parlay. Remember that the parlay goes in scheduled order, not the order you placed the bets in. in other words, the last bet is whichever bet that comes last in date and time of when the match is played. For those that do not know what hedging a bet means, it is when you place an opposite wager on the same bet you have already made in hopes of minimizing the amount you could lose, and at the same time being able to still win some money.  
Original Bet / Payout Hedged Bet / Payout Amount If Original Loses Amount If Original Wins
$30 / $750 $400 / $380 (380 – $30) = $350 ($750 – $400) = $350
  The way you calculate each is the following:  
Amount if Original Loses Hedged Payout (Minus) Original Bet Amount
Amount if Original Wins Original Payout (Minus) Hedged Bet Amount
    This shows that you will still be able to make a good profit regardless of how that last game in the parlay turns out. Remember though that this will only work when you hedge the bet on the last bet in the parlay. If you try and hedge two or more bets, the odds will decrease and you will not get paid as much.   Example of Hedging Understanding it like that is difficult to do, so we have a visual representation for you so you can actually picture hedging your last bet.   Hedge-Example   We can see that our last bet in the parlay is our bet on the Pittsburgh Steelers beating the spread of -1½. This is the last bet, since the match is scheduled to play after all of the other bets are over. So if you see that all of your previous bets have won, and you are now down to your last bet. You need to go to the betting line and find that particular bet and place a wager that will be allow you to still get a profit either way.   Hedge-Example-2   Now, take each of the totals of each wager and see how much you will lose or win.  
Original Bet / Payout Hedged Bet /  Payout Amount If Original Loses Amount If Original Wins
$20 / $928.21 $400 / $363.64 (363.64 – $20) = $343.64 ($928.21 – $400) = $528.21
  We have now accurately and efficiently hedged our last bet in the parlay, and have been able to assure ourselves that we will get a profit regardless of how the final bet runs out.