Parlay Betting Online
Parlays are exciting because they offer huge payout odds to winners. Every additional event that is added to a parlay reduces the chances that the bet will win, but increases the payout odds. Many online bettors are attracted to parlays because pay outs can be many times the amount originally wagered. What Exactly Are Parlays? Parlays are becoming more and more popular. Parlays offer players to get an opportunity to receive a big payout.
It gives the bettor a chance to bet on many games, and putting them all together into one. Odds and Payouts On Parlay Wagers? Here are the odds that are typical on at most parlay betting sites. These odds are for point spread parlays. Of course moneyline odds will be different. When you are putting money down on a parlay with moneyline games, your odds certainly will differ. The favorite teams obviously give you a better chance to win, but pay less.
What do these odds mean? As you can see from the odds, your chances get smaller each time you input a result in. These odds will vary depending on what teams you select. This is the major drawback of parlays. The high payouts can seem very tempting, but there's a big question as to whether they are sensible wagers to place. It's common for at least one game to not play out as expected each weekend, and just one wrong selection means no payout at all.
This can be pretty frustrating if, for example, you've picked five selections and the other four are right. Some sites use true odds though. This doesn't mean that the odds accurately reflect the chances of a wager winning, but rather that they are calculated by multiplying together the odds for all selections.
For example, the odds for a parlay including three moneyline selections could look something like this. The payout odds here mean that, if all three selections were correct, you'd win the same amount as if you bet on each game individually and then rolled your stake and winnings onto the next selection each time. This method usually represents better value than the fixed odds method.
We previously referred to the fact that parlays can be quite frustrating if just one selection lets you down. You might like to know that there is an alternative to standard parlays that reduces the likelihood of experiencing such frustration - progressive parlays. These allow a little room for error. In exchange for taking lower odds if you get all your selections correct, you still receive a payout if just one of your selections is wrong.
You have to include at least four selections though. If you include seven or more, you'll even receive a payout if TWO selections let you down. Progressive parlays are basically a slightly safer option than standard parlays. The potential payouts are quite a bit lower though, so they're not necessarily a better option.
It ultimately depends on your attitude to risk versus reward. A lot of so-called betting experts believe that parlays should be avoided at all costs, and there is some logic to their views, but they are still a very popular type of wager.
Are they a wager you should consider yourself though? Well, there isn't really a correct answer to this question. We're not here to tell you exactly how you should or shouldn't bet, but rather to give you information and advice that will help you to make your own mind up. Parlays can be a lot of fun, and the chance of a really big win is always tempting.
So there are definitely some arguments for using them on occasion. It's important to remember a point we made earlier though. Bookmakers generally make a good profit margin on parlays.
They have to make big payouts sometimes, but those are more than covered than by all the stakes they take on losing parlays. And most parlays do lose. The simple fact is that it's enough of a challenge to get a single selection correct. Having to get multiple selections correct in order to win a wager is beyond challenging.
Our view is therefore that parlays are not wagers that you should be placing with any regularity. We're not telling you to ignore them completely, but we do advise that you use them sparingly. With that being said, there are some circumstances in which a parlay may well be the optimal wager to place. The term correlated parlay refers to a wager where you combine two or more selections that are directly related, and if one of them happens then the others are likely to happen too.
For example, you might combine a bet on a team to win the first half of a game with one on them to also win the second half of a game, and another one on them to win the game overall. Obviously if the first two happen then so would the third one. So by combining all three into a parlay you'd effectively be getting better odds than you should on an outcome. It's rare that you'll find true correlated parlays available at betting sites these days, although they do exist occasionally.
If you tried to place a parlay such as the one we've referred to above though, it would almost certainly not be accepted. It's just too obviously an attempt to manipulate the odds. Semi-correlated parlays are often allowed though. The best example of these is combining a points spread bet selection with a totals selection on the same game.
There are a few different spots where this might be advantageous. We'll demonstrate one of these, based on the following two markets for a football game. With a spread of -5, the Patriots are clearly the stronger team here. But let's say that you've taken a view on the game that the Chiefs stand a good chance of covering the spread if they can deal with the Patriots' offense well enough. If the Chiefs are going to win, it will be in a low scoring game.
So it makes sense to combine the two bets and get better odds. Your chances of winning the parlay are less than winning a single point spread bet, but the overall value is better due to the increased odds. You'll lose more often in the long run, but the payouts will be better when you do win. Another good time to place a parlay would be when there's a big spread but a comparatively low line set for the total.
If you feel that the favorite is likely to cover, there's a good chance that the total will also go over. So you'd place a parlay combining the favorite on the spread and the over. A lot of football betting sites offer bonuses in the form of "free play credits". With these, you don't actually get extra funds added into your account.