Parlays are too often seen as a waste of time. A sucker’s bet. They’re long shots and a smart gambler will avoid them altogether. I’ve heard this for years and yet I have found value in the parlay, time and time again.
A good bet is a good bet. And what we want most from any bet we lay is to get the most for our money. It’s about maximizing your profit while limiting your risk. And there is no better way to do this than with the parlay. Here are a few of my strategies to keep in mind when placing a parlay.
- Side Note 1: This list assumes you understand basic sports betting terms and practices.
- Side Note 2: We’re talking gambling here so there are no sure-fire winners.
Before we get into the meat of this article, we should talk about where you can bet on parlays. Most offshore sportsbooks have parlay betting available for you, but make sure your account is not limited by bookmakers before you dive in offshore.
If you do your betting with a local bookie you may struggle to place parlay bets. Though most PPH companies along with legal US sportsbooks are now offering parlay bets as a type. So just be sure you check out your options before you make your first parlay bet.
Okay. As noted, there are no sure-fire winners. But there are heavy favorites on the money line. Every single day in fact and they’re perfect for parlays. Betting one heavy favorite on the money line is a bad bet. It’s too much up front with too little return. However, when you bundle several of these heavy favorites together in a parlay, your payout will improve while your risk basically remains the same. Two or three favorites will get you closer to even money and that’s when playing the favorites becomes a good bet.
Let’s say you love the Jets +7 at -115. You love it. You tell your friends about it. And you can’t wait to lay down on it. Why stop there? Add one more game and make it a parlay. A favorite on the money line (see above) for instance: The Pats at home. Anyone vs the Browns…. Turn your -115 to even or better without any more risk.
What’s Up, Homies
Home teams win. Good teams win at home. Bad teams win at home. Winning the home field (or court or ice) advantage in the playoffs is the reason teams even try in the regular season. Take the home teams when loading up a parlay.
A Great Hedge
Every good bet has a good hedge and a parlay is no different. If you have three teams in your parlay, it only makes sense to hedge it by taking the three teams individually as well. Hitting two for three in a parlay is frustrating but having them hedged individually will take the edge off. And when all three come in you’ve probably doubled your payout while adding no risk.
So, there’s a few ways to use parlays effectively. I hope you noticed a few themes here. Play the money line. Stick to favorites at home. And keep the parlay small (two or three teams). It’s a gutsy bet so it’s best to play it conservatively. If you make smart plays the parlay can reward you with low risk and max profit.
Hopefully this gives you some nice overall tips and strategy to betting on the parlays. If you truly have a passion for sports betting, you more than likely will want to dabble in parlays at some point or another. With these tips, it can turn your experience from a negative one to a positive one! Good luck and happy betting.