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Parlay Betting Strategy

Parlay Betting Strategy

While outrights and moneylines will always be favorites, the online betting industry offers many opportunities. Besides singles, punters can put their money on doubles, trebles, and parlays. Parlay betting strategies are much riskier than singles betting, but they offer greater rewards too.

In this guide, we’ll tell you more about parlay betting and why seasoned punters should go with this strategy.

Parlay Betting Explained

How does the parlay betting system work? According to the guide to parlay betting, this type of bet, also known as an accumulator, allows punters to put wagers on several matches on one slip. Parlay payouts depend on all stakes to win. By grouping several singles into one massive bet, punters can earn a stunning payout while paying a small price. Of course, a lot of luck is involved in winning parlays, but for what it’s worth, it has made many punters millionaires.

Parlay Betting Advantages and Disadvantages

Just like any bet, the parlay holds significant pros and cons. One of the most obvious advantages is that you stand to win a great sum of money. Plus, it’s much more fun to play and a better option for high rollers looking to score big with their bets.

Pros of Parlay Bets

  • Much higher returns than singles
  • A great option for free bets and other types of bonuses
  • The winning potential is huge
  • Much more thrilling than other bets

Cons of Parlay Bets

  • Riskier than any other bet
  • This bet favors the bookies

How Does a Parlay Bet Pay Out?

When using parlay betting systems, all the events on the slip must win for you to win your parlay. They are multiplied by one another and by the stake. If one loses, you lose it whole. The payout depends on the odds on the slip.

Here’s an example of a 3-team parlay:

  • Wager $100 on an NBA parlay
  • Lakers win @ 2.00
  • Nuggets win @ 1.90
  • Heat win @ 2.30

If all 3 teams win, the payout on this bet is a whopping $874. The sports betting parlay strategy is a fantastic choice for those who aren’t afraid to risk some money. Of course, profit is not guaranteed, but if the bet wins, it pays big.

Parlays and Profit

You don’t need to calculate the parlay profit yourself. All online bookies have automated calculators that will give you a clear idea of what you can expect. Just keep adding odds on the slip and enter the stake, and the system will calculate for you.

Unfortunately, no strategy can be guaranteed a profit from parlays. You’re relying on luck rather than expertise with so many matches on the slip.

Difference Between Conventional and True Odds in Parlays

Parlay bets pay at odds higher than the typical single moneyline wager. However, they’re still below the “true” odds. Bookies average 20-30% profit on spread parlays compared to around 5% juice on individual sports bets.

Parlay Betting Strategy

Punters most commonly place moneylines on parlays. However, other bet types, including spreads, can be used to build parlays. You can mix them on a slip and try to get a big payout or use a strategy that combines weak numbers with strong ones.

That’s the beauty of a parlay. It allows you to mix things up the way you want to. It means you’ll end up with many different odds that raise or lower the chances of winning.

Moneyline Parlay Strategy

Big moneylines as a series of parlay wagers is a commonly used strategy. It works great for NFL matches, especially in the playoffs when the going gets tough. Most punters combine sure with riskier odds to get the most out of their parlay.

Another parlay sports betting strategy is to go all-in with risky bets. Just put as many high-odds wagers as you want and a smaller stake. That way, the risk is high, but the payout is incredible too.

Types of Parlays

Depending on the bet type, we can divide parlays into different categories. Listing them all is pointless, but below you can see the most common parlays punters play today/

3-Leg Parlay Bets

3-leg parlays are most common among punters nowadays. As the name suggests, this parlay contains 3 legs, essentially 3 bets. For example:

  • Arsenal to win @ 2.40
  • City to lose @ 4.00
  • Chelsea to win @ 1.80

For this bet to win, you must get all your legs right. The 3-leg parlay is often called the best parlay strategy, minimizing the risk as much as possible compared to parlays with more selections.

4-Leg Parlay Bets

No big surprise here – this one is a parlay consisting of 4 separate picks. The risk is higher than in a 3 team parlay, but so is the potential payout.

Round Robin Parlay Bet

If you’re not one for all-or-nothing bets, you can make a round-robin bet out of 4 selections, for example. It groups those bets in smaller parlays, creating 2-leg parlays with more possibilities. Choose 4 wagers, and you have 6 picks in a round-robin parlay:

  • AB
  • AC
  • AD
  • BC
  • BD
  • CD

This type of bet is common for events such as the Champions League during the knockout stages. It can pay well, but it’s quite a risky investment.

How to Make a Parlay Bet

You don’t need to do anything special to build a parlay. Every online bookie’s system automatically creates a parlay when you add the minimum number of selections (2+) on your slip. From there, you can enter the stake to calculate the returns instantly.

How to Calculate a Parlay Bet

Bookies nowadays have calculators that do the math for you. Build a parlay, enter your stake, and voila! You’ll have the returns spelt out right away.

How Do Parlay Odds Work?

All the odds in a parlay are multiplied once again with the stake. There’s no minimum requirement – you can place any odds on your parlays.

What Happens in Case of a Tie?

If one leg of your parlay loses, your whole slip loses. In the case of a tie, the parlay reverts to a lower number of legs and payout.

How Do You Buy Points for a Parlay?

Using a sports betting strategy parlay, you can buy points or alternate odds (props) once the lines are posted. These points are also available on cards issued by the bookie.

What Sports Can Parlay Betting Be Used For?

There’s no sport that you can’t put on a parlay.

That said, not all of them are perfectly suitable for parlays. In most cases, the parlay betting system is used in American football, basketball, soccer, baseball, or events involving more teams or players.

American Football Parlay Betting Strategy

American football is a huge market, with hundreds of matches played every year. It’s the perfect choice for point-spread parlays or even moneylines.

NFL Parlay Betting Strategy

As the premier American football competition in the world, the NFL is an excellent pick for parlays. That goes double for the playoffs or the Super Bowl, one of the most-watched global sports events.

NBA Parlay Strategy

Spreads are especially popular in the NBA betting, where they work better than moneylines. Punters are free to build their spread NBA parlays which can deliver incredible profit on small bets.

Baseball Parlay Strategy

Spreads also work great in baseball. This unique sport has several markets to bet on, making it a great choice for parlays.

MLB Parlay Strategy

The MLB is the biggest baseball league in the world and one punters love to bet on. Parlays are a common MLB bet for many in a long season that includes playoffs and the World Series.

UFC Parlay Strategy

UFC events often include several fights on the main card or undercard, so you can bet on them all by building a bigger parlay. The main event might not have the best odds, but fighters on the undercard are often priced at great odds.

Final Words

Parlays are the most lucrative bet if you want high-risk-high-reward situations. Why stick to singles that almost pay nothing when you can bet with a bit of risk and win more? The best parlay strategy can deliver amounts no singles can pay, so if you haven’t tried parlays, we strongly recommend you start now.

Frequently Asked Questions

  • How does a parlay bet work?
    A parlay is also known as an accumulator, which defines the term. It’s a bet that involves several selections on a single slip. You can put whatever you like on a parlay, but you must get all selections right to win.
  • Are parlays and accumulators the same thing?
    Yes, they are. Parlays are commonly used in the UK, while the other is used in the USA and Europe.
  • How much should you invest in parlays?
    That depends on you. However, considering the high risk involved in parlay betting strategies, it’s best to try and win it all on a smaller bet.
  • Is parlay betting legal?
    Yes, why wouldn’t it be? You can place parlays anywhere without worrying about the legal aspect.
  • How to win a parlay bet?
    There’s no formula or a parlay betting system guaranteeing a profit. Getting even a single result right is hard, and having 3, 4, or more carries even higher risk.
  • Are parlay bets worth It?
    Ask the punters who have won big parlays so far. If you play responsibly and have a lucky star, a parlay bet is more than worth it.
  • Does a push on a parlay void the bet?
    No, it doesn’t. In that case, the parlay reverts to a lower number of legs by removing the tie.
Tim Harrison

Tim is our betting guru. Every gaming site needs one, and Tim’s our guy. He has plenty of experience in betting online and is quite successful at it. Tim’s favorite sports are hockey, baseball, and Esports. Tim believes the latter to be the future of betting.

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