In the world of gambling, you have to be well versed with all the technical terms. You play with real money, so you have to make sure that you know how it’s going to leave your pockets. In sportsbetting, you can try the parlay betting strategy. Before you bet your money, you have to learn everything about parlay betting first. It is in knowing the terms that you can ride the waves in gambling.
Most sports bettors are familiar with the parlay bet. It’s popular and easy to understand. In simple terms, a parlay is a combined bet. Instead of betting several different teams, you place them in one wager. Through this option, the risk is low and your payout is bigger. The only thing you have to worry about is for all your teams to win, for you to win the bet.
One example of this is the following:
You bet on Packers -4, Broncos +3, Colts +2.5, and Lions -7. If you have a limited bankroll of 100 USD, you can bet on the teams straight with 25 USD for each team. Each bet can win you 22. 73 USD. If you feel very lucky, you could bet all four teams into a 4-team parlay. In this bet, the stakes are 100 USD to win 1,000 USD at the very least. You have to go 4-0 to win this bet. If at least one game pushes as all others win, you get a smaller payout. Any other outcome leads to losing the bet.
Parlays = Sucker Bets?
Because most sports bettors are not very familiar with parlay bets, they often refer to them as “sucker bets”. They do not know how to bet them the right way or how they work. Below are some of the parlay odds is Vegas sportsbooks:
- For 2 teams, 2.6 to 1
- For 3 teams, 6 to 1
- For 4 teams, 10 to 1
- For 5 teams, 20 to 1
- For 6 teams, 40 to 1
- For 7 teams, 80 to 1
- For 8 teams, 150 to 1
When it comes to online sportsbetting, the odds are similar to the given above. Remember that these odds are fixed. They are based on a wagering proposition of 50/50. When you engage in a parlay bet, you get good odds until you reach the 4-team parlay. Two- to three-team parlays pay better and they are not sucker bets.
The True Odds Parlays
In calculating true odd parlays, you have to convert each bet into a multiplier. You can do this by taking a winning ticket’s possible return and dividing it by the risked amount. Below is an example:
At an odds of -110, a 110 USD bet gives 210 USD (110 USD bet + 100 USD win). You divide the return by the risk: 210/110. The multiplier is 1.91. If the odds are -115, then the multiplier is 1.87 (215/115).
Why Avoid Parlays?
Here some reasons you should avoid parlay bets:
- Parlays are progressive betting systems. They have poor strategy for bankroll growth and management.
- Parlays have higher level of variance than the usual straight bets. You get the similar odds in parlays, but you have a higher risk at losing.
Money Line Parlay Bets
The odds of every team winning varied greatly. That is why money line parlays do not make use of fixed odds. This type of parlay does not assume that each team has a 50-50 chance of winning. Money line parlays place your bet entirely on only one team. If ever the team wins, it recalculates the amount you wagered on the next team you choose.
Parlays do not always pay well because the odds increase as you go for more teams. If you feel brave and lucky, then go ahead! Go for parlay bets. Just be prepared to face the consequences of a high losing risk.