Parlay Betting Strategy
Online sportsbooks make ton of money off of parlay bettors because frankly, most parlay bettors don't have any idea of what they're doing and they're simply trying to hit a massive payout. Parlays can be really profitable for the sharp bettor, but they can also cause casual sports bettors to lose their bankroll at a very fast rate. We're going to walk you through some parlay betting strategies that will help you wrap your mind around how to bet parlays, so that the bookies don't clean you out.
How Do Sportsbooks Want You to Bet on Parlays?
First off, I want to take a look quickly at how the sportsbooks want you to bet on parlays, so that you can avoid making these types of parlay bets. Online sportsbooks love the parlay bettors that will wager $10-$100 on a 10-team parlay in hopes of turning their wager into a massive payday. The chance of hitting a parlay this big is insanely low and you're also not getting good payout odds on the wager when compared to the true odds.
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Another sure-fire way to lose your shirt betting on parlays is by always grouping together a bunch of big favourites. You'll find that a lot of parlay bettors like betting on 5-6 big favourites every NFL Sunday, but most of the time at least one of those games will lose each week. By parlaying big favourites together you're adding to the amount of juice you need to risk and it's why many people consider parlays with a bunch of big favourites a "Suckers Bet".
How Should You Bet on Parlays?
Betting on a parlay gives you a chance to turn a small amount of money into a fairly big payout, but one thing most people don't know is that parlays offer worse odds than simply betting on each game on the parlay separately. The more games you add to the parlay the worse the payout odds become compared to the true odds, which is why we like to recommend limiting your parlays to 2-4 teams.
You also need to make sure you understand the rules of the parlay before placing your wager. Most online sportsbooks will count a tie game in a parlay as a "Push", which simply means the game doesn't count towards the parlay anymore. Some parlays count ties as a loss and some parlays count ties as a win although you'll always pay increased juice if you want ties to count as a win.
One question that parlay bettors always ask is whether or not they should hedge their parlay bet. I recommend hedging parlays when you have the opportunity if you can lock in a nice profit. Let's say you've risked $50 and have the chance to win $1200 with only one game left on your parlay. You could try not hedging the bet and go for the full $1200, but that simply isn't a smart move if you're trying to bet on sports seriously. Let's say you can bet on the team you don't have in your parlay at -110 odds. If you bet $550 to win $500 you'd now have $600 invested into the game, but you'll either walk away with a profit of $600 (If Parlay Wins) or $450 (If Straight Wager Wins) regardless of how the game ends.