Many sports bettors love the parlay wager due to the fact that it offers, supposedly, such great odds. As an example, a three-team parlay provides a payout of 6-1. Many bettors look at that and think that it’s more advantageous to bet $30 on the three-team combination than make three individual wagers of $10 each. Imagine, if you hit the parlay, you’ve won $180, but if you get three individual bets correct, you’ll win only about $30.
However, the truth is that any parlay involves substantial risk. If you are wrong on any of your bets, you see no cash. Most professional sports bettors rarely play a parlay because the odds are very much against them winning. Of course, whether you decide to utilize the parlay is entirely up to you.
Parlay payouts vary from among sportbooks. With all parlays, however, the more teams you include, the greater your risk, and the higher your payout.
Here are some basic parlay odds:
• 2-teams: 13-5
• 3-teams: 6-1
• 4-teams pay: 10-1
• 5-teams pay: 20-1
• 6-teams pay: 40-1
• 7-teams pay: 75-1
• 8-teams pay: 150-1
The payouts just about double with each team that you add. That’s a good indicator of just how difficult it is to get a parlay correct. Imagine how much more difficult that one additional team makes it for you if a bookmaker, who is in the business of making money on bets, is willing to go from paying 75-1 all the way to 150-1.
When to Bet a Parlay
There are a few times that it’s actually a good idea to bet on a parlay. The first would be when you’ve been on a hot streak and have some extra cash. That’s a good time to enjoy yourself and have some fun. If you like playing the parlay, then play one or two at the most. Don’t bet everything on them, however. In fact, risk very little. Consider it an amusement and not part of your normal betting practices.
The other time you may want to bet a parlay is when you have two or three teams that you are sure are quality picks. If you are about as positive as you can be, then you should go for it. Again, don’t stress out your bankroll in doing so.
When Not to Bet a Parlay
For many sports bettors, especially those new to the game, the parlay has a special allure that screams at them, “I can make you rich instantly!” Most of those bettors end up losing their cash on these very exciting wagers.
It’s a very bad idea to bet the parlay in an attempt to make up for losses. Any type of desperation wagering usually has a negative effect, and trying to score a 150-1 hit on a $100, eight-team parlay has disaster written all over it. Also, betting primarily parlays or only parlays, even those that include only two teams, will quickly eat up your cash.
Steady, Solid Betting Practices Wins the Day
Those who make money on sports betting are in it for the long haul. They carefully choose the teams on which they bet by first doing their homework. Successful professional sports bettors tend to almost exclusively play spreads, money lines, and totals. They engage in parlays minimally, if at all.
Whether people make the parlay a staple in their sports betting repertoire is totally up to them. It is their money, and they can do with it as they please. However, a steady diet of parlays will usually lead to a bankroll that’s suffering from malnutrition. Use your money wisely; if you perform the work you need to do prior to wagering, you’ll be rewarded.