If you’re new to the world of sports betting, you may have come across the term “parlay” and been a little confused. What is parlay betting? How does it work? And why is it such a popular option among bettors?
Best Sportsbooks for Parlay Betting in Arizona
What is Parlay Betting in Sports?
When it comes to betting on sports in Arizona, there are many different ways to do it. One popular option is called parlay betting, which allows you to combine multiple bets into one. A parlay bet can be made up of point spread bets, moneyline bets, totals, and futures. The more selections that are added to the parlay, the higher the potential payout.
However, it should be noted that each additional selection added to the parlay increases the risk of the bet as well. To win a parlay bet, all of the selections on the ticket must be correct. If even one selection is incorrect, the entire bet will lose. For this reason, parlay betting is often considered to be a high-risk/high-reward wagering option.
Parlay Betting Rules
Parlay betting is a type of wagering where multiple bets are placed on the same ticket. The potential payout is much higher than with a single bet, but the odds of winning are also lower. To win a parlay bet, all of the individual bets must be successful.
For example, a common NFL bet might involve placing bets on the outcome of three separate games. If all three games are won by the bettor, then the parlay bet will also be successful. Let’s say you bet $100 on three separate games. If you bet on each game individually, then you would win $280 if both games were to end up in your favor.
However, if you combine those two bets into a parlay, then you could potentially win much more. The exact amount depends on the odds of each bet, but it can be several times your original investment.
Now that we are done with the introduction, let’s dive deeper…
What is a Correlated and a Same-Game Parlay?
In sports gambling, a correlated parlay is a type of bet where the outcome of one event significantly affects the odds of another event happening. For example, betting on the outcome of a game between the Arizona Cardinals and the New York Jets and the over/under total for that game would be a correlated parlay.
The reason this is considered a correlated bet is that if the favorite wins the game, it is highly likely that the over/under bet will also be hit. On the other hand, if the underdog wins the game, it is more likely that the under will be hit. Correlated parlays can be very profitable for gamblers if they can correctly predict how the events will play out.
A same-game parlay is a type of correlated parlay bet where all of the selections must come from the same game. For example, a gambler could place the same game parlay on the moneyline, point spread, and over/under for a game between Buffalo Bills and Cleveland Browns.
This type of bet is often considered to be riskier than a traditional parlay, but it can also lead to much higher payouts. Same-game parlays are often used by experienced gamblers who are confident in their ability to correctly predict the outcomes of multiple events within a single game.
While parlay betting can offer big payouts, it is important to remember that the odds of winning are stacked against the bettor. As such, it is important to only bet on parlays with carefully selected picks that have a good chance of success.
Parlays vs Teasers
A parlay bet is a single bet that links together two or more wagers; if any of the wagers lose, the entire parlay loses. A teaser is a type of parlay bet that offers reduced point spreads or odds in exchange for a lower payout.
For example, let’s say you want to bet on three NFL games and you think all three favorites will win by at least seven points. You could place a three-team parlay bet and if all three favorites win, you would win your bet and receive a higher payout than if you had bet on each game separately.
However, if even one of the favorites loses by less than seven points, your entire parlay bet would lose. Alternatively, you could place a three-team teaser bet and give up some of the point spread in each game in exchange for a lower overall risk. If all three favorites won their games by at least four points (seven points minus the three-point teaser), you would win your bet.
Teaser bets are generally considered to be easier to win than straight parlays, but they also offer lower payouts and are only available at NCAAB, NCAAF, NFL, and NBA games.
Parlays vs Round Robins
Round robins are similar to parlays in that they are also combination bets. However, with a round-robin, you are essentially creating several smaller parlays out of the larger group of bets. It can also be referred to as a parlay of parlays. This means that even if one of the individual bets in the round-robin loses, you still have a chance to win overall if the rest of the bets are winners.
So, while both types of wagers involve combining multiple bets into one, round robins offer a bit more flexibility and protection than straight parlays.
Parlay Betting Odds
The odds of winning a parlay bet are determined by the number of selections on the ticket. For example, the odds of successfully hitting a two-team parlay are 13.5 to 1. This means that for every $1 you bet, you could win $13.50 if both of your picks are successful. For a more comprehensive sample, see the table below:
|Number||Odds Paid||True Odds|
|2-Team Parlay||13 to 5||3-1|
|3-Team Parlay||6 to 1||7-1|
|4-Team Parlay||11 to 1||15-1|
|5-Team Parlay||22 to 1||31-1|
|6-Team Parlay||45 to 1||63-1|
|7-Team Parlay||90 to 1||127-1|
|8-Team Parlay||180 to 1||255-1|
|9-Team Parlay||360 to 1||511-1|
|10-Team Parlay||720 to 1||1023-1|
As you can see, the odds increase with each additional selection. The odds paid of hitting a four-team parlay are 11 to 1, while the odds of hitting a five-team parlay are 22 to 1.
It is also worth noting that the odds paid by bookmarkers are not the true odds. This is because the bookmaker has added juice to the bet, making it slightly less favorable for the gambler. In general, fixed odds are better for the bookmaker and true odds are better for the gambler.
Parlay Betting Strategies
Parlay betting is a popular way to potentially win big with a small wager. A parlay bet combines two or more individual bets into one single bet. If any of the bets in the parlay lose, the entire parlay loses.
However, if all of the bets in the parlay win, the payout can be significant. While there is no guaranteed way to win a parlay bet, there are certain strategies that can help to improve your chances of success.
Choose Your Bets Carefully
First, it is important to choose your bets carefully. Stick to sports that you know well and avoid choosing too many favorites or too many underdogs.
Do Line Shopping
It is also important to shop around for the best lines. Different sportsbooks in AZ will offer different odds on the same bets. By shopping around, you can ensure that you are getting the best possible value for your money.
Use a Betting Calculator
A betting calculator can also be a helpful tool when placing parlay bets. A betting calculator will allow you to input the odds and potential payouts of each bet in your parlay and will then calculate the overall odds and potential payout of the parlay. This can help you to determine whether or not a particular parlay bet is worth placing.
Start with Smaller Bets
It is always a good idea to start with smaller bets when you are first learning how to parlay. As you become more comfortable with the process, you can start to increase the size of your bets.
However, it is important to remember that even the best handicappers only win around 60% of their bets. This means that it is impossible to win every bet and that even the most successful parlay bettors will experience losses from time to time.
Finally, remember that parlays are meant to be fun, and have to played responsibly. Don’t be afraid to take a risk on occasion, but don’t let your desire to win big blind you to reasonable odds. By following these tips, you can increase your chances of winning a parlay bet.