Understanding How To Bet Parlays And Get The Best Odds
When you bet parlays online, the allure is this - you can hit a 500 foot home run with a toothpick. Sportsbooks online and off, as well as your local illegal bookie, love it when you make a parlay bet, as it is considered a sucker's bet most of the time. The key to cashing in when betting parlays is to make low-priced wagers on six or eight or even ten team parlays. This is because your return can be huge, while you are risking very little money. A 10 team parlay can pay off thousands of dollars when all the teams you select cover their prospective money lines, totals or spreads, even with a house-minimum wager.
Parlay Definition: Put quite simply, a parlay bet is a combination of two or more point spread, totals or money line bets you place a wager on. When all of the individual wagers which make up your parlay bet win, you win more money than if you were to bet the same amount of cash spread out across each of those bets. The more teams you have in your parlay, the better odds you will receive. For example if you choose a 4 team parlay and bet $100, your typical payout will be around $1000 on that $100 stake otherwise known as +1000. However if you choose just 1 more team in your parlay, a 5 team parlay would win +2500 or $100 to win $2500. The odds go up significantly the more teams you add and can go as high as +900000 depending on how many teams your sportsbook allows.
The key here is understanding the odds and pay table at your particular sportsbook. It is also a good idea to open and maintain accounts at multiple legitimate Internet sportsbooks, so you can always access the best odds and friendliest rules. Throughout our website you will find special sections on parlay odds and payouts, parlay rules, round robin parlays and parlays concerning specific sports, like basketball, baseball, football and hockey. But basically put, the savvy gambler uses parlays infrequently, and pounces when he believes there are a few "sure bets" that can allow him to change a small wager into a huge reward.
And as we mentioned earlier, that is what the veteran gambler uses parlay betting for. Whether wagering against the point spread, on the money line or against the over/under, when you spot multiple betting situations that seem attractive, you should consider making a multi-team parlay bet at the house minimum. As an intelligent online sports bettor, you should always be looking for value. And when you can possibly turn a $10 or $20 wager into anywhere from $5,000 to $12,000, why not take a shot? Parlay betting definitely adds to your excitement on game day, and can do so at very little financial risk.
Remember that your odds are generally well defined when you place a point spread and/or totals parlay bet. Refer to our section on parlay payouts and odds for an in-depth explanation here. But when you place money line parlay bets, there is no 50/50 winning prospect for each team. Money lines reflect the fact that, in many cases, one particular sports team in a contest is much better than the other. String together just two or three underrated dogs with attractive money lines and have them all win for you, and it's just like hitting a 500 foot home run with a toothpick when you cash in a substantial winning ticket. Bet parlays online sparingly, picking your spots, and always frequent a legally licensed bookmaker like the top operators we recommend here and you can successfully harness the powerful leverage of this special bet.
Top Sportsbooks Offering The Best Parlay Odds And Payouts
The following sportsbooks offer the highest parlay odds in the business. For comparison purposes, all parlay payouts are based on a 4 team parlay with $100 bet. This should be enough information to give you some true insight as to what sportsbooks will pay you more on a winning parlay. Assuming all things are equal and your dealing with a reputable sportsbook who pays out winnings without delays, doesn't it make sense to bet your parlays at the sportsbooks that pay the highest? It might not seem like a significant difference, but trust me, all these small things in conjunction make a big difference in the long run. It just so happens that the most reputable sports betting site also offers some of the highest parlay odds in the business.
|Sportsbook Name||4 Team Parlay Payout||Bonus||USA|
|#1||Bovada Sportsbook||$100 Bet Wins $1258.45||50% Max $250||Yes|
|#2||Bookmaker||$100 Bet Wins $1228||25% Max $2500||Yes|
|#3||Betdsi Sportsbook||$100 Bet Wins $1228||25% Max $2500||Yes|
|#4||Betonline Sportsbook||$100 Bet Wins $1200||25% On Every Deposit||Yes|
|#5||Sportsbetting.ag||$100 Bet Wins $1200||25% On Every Deposit||Yes|
|#6||Bet365 Sportsbook||$100 Bet Wins $1000||100% Max $200||No|
To give you a clear example on how much you can win on a single parlay, here is a screenshot of a 12 team parlay at Bovada sportsbook. You can see a $100 bet pays you $234,984.09. How would you like to sweat that payout going into the late game on Sunday Night NFL? As always we really try to hammer home that parlays are a long shot, especially a 12 teamer. But they are a lot of fun and can offer extremely large payouts if you hit one. So taking a $10 shot if you have a small bankroll every week isn't really going to make or break you.
Parlay Strategy - Hedging Concepts You Should Consider
One way I personally like to bet parlays is to try and include a late game as my last leg. For example if it's Sunday football and I have a 6 team parlay going, one of those legs will typically be the night game or the Monday night game. This allows you to lock in a guaranteed profit if your other 5 times are already home. All you need to do is bet the other way to lock in 50% profit on the bet. If you had a 6 team parlay risking $100 to win $4700, and you could guarantee yourself a $2300 profit by using this strategy. And you don't need to lock in 50% profit, if you are still crazy about your original bet, lock in $1000 for a guaranteed winner.
I will admit it's a mofo when your original line hits, you feel like you've given away $1000. But trust me long term this is the correct way to bet your parlays. Sometimes it's just hard to do if you really like your front bet on the late game. So something else you might consider is to wait until half time, you will usually have an opportunity to lock in some profits there as well with the added bonus of a middle. Let's say your original two teams were the Broncos and Dallas, and broncos were giving up 7 on the front line but they were down 3 at half. The halftime line might only be Denver -7 giving you a 3 point window to hit them both. This is a technique I use all the time to lock in profits. I am a firm believer for the old adage, one in the hand is better than two in the bush.
You might also consider doing a moneyline bet for the late last leg of your parlay. While you will win less because of the moneyline juice, these are typically a safer bet and you still have an opportunity for the same buyouts mentioned above with a chance of middeling both. You could also consider live in play wagering which offers even more opportunities to lock in profits. I am the king of missing out on big money because I missed a parlay by one.