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Parlay bet has a lucrative multiplier effect as it involves odds of different wagers to multiply into an enticing payout. At face value, a parlay bet may appear simple but it has deeper considerations in between the lines. To win a parlay bet, you need to win every individual bet on your card.
For example, if you have bets on the Patriots, the Ravens and the Texans. If all three of them win their respective matches, you win the parlay bet. The reason parlay bets are so sought after is because once all the three teams win, you get a much bigger payout compared to what you would have gotten if you had bet on each game individually.
On the flip side, if any of the three teams lose their matches, you not only lose that single bet, you will lose the entire card. If one of the matches from the card draws, that particular bet is removed from the parlay and what remains with you is a two-bet parlay.
If Raven draws and Patriots and Texans win their games, your bet will pay out as a 2-team parlay. If you are thinking of combining 5 to 10 bets together, remember the odds of winning such large parlays is comparatively low however, such bets allow you to put a small amount of money at risk in hopes of a potentially large return. A successful football parlay betting strategy is often a result of tedious effort, trial and errors, which often cost quite a bit of money, but if you can persevere, there can be no other strategy that consistently provides such winning outcomes.
There are a number of ways you can go about calculating how much you will win on your parlay bets. The first one is to use online sites. As you keep adding games and bets to your parlay card, these online sites will calculate your payout amount in real-time. They will show you how much you can win even before you place your parlay. The second easiest way is to use an online parlay payout calculator.
You can enter the different lines and the calculators will show you the amount you will earn if all the bets in your parlay win. Although, keep in mind that these calculators will only show the profits or the amount sportsbook will pay you. The third way to calculate parlay payout is to calculate it yourself. Quick warning, the number you get will usually be close to the actual payout. The sportsbook will likely shift the payout slightly in your favour or against your favour. While the exact numbers will vary for different books and bets, this basic premise is a key factor in one of the parlay betting strategies discussed in the next section.
Now that we have covered the basics of parlay betting, the question becomes how to incorporate this form of betting into an NFL wagering venture. This section discusses several things to keep in mind as you choose when and where to combine individual NFL game bets into a parlay.
The first key to successful NFL parlay betting is to limit your selections. This rule applies to all other forms of sports betting as well. As a general rule, most intelligent bettors never exceed three legs in a parlay wager. Two-team parlays are the most common, with three-team parlays being quite rare among the sharp betting community. When you consider how sportsbooks generally determine the odds for parlays of a given size as discussed above, capping the size of your parlays at three makes even more sense.
Going beyond three legs shifts the advantage drastically in favor of the sportsbook. In cases of four or more legs, you are most likely better off from an odds and profitability standpoint to make each wager individually. The simple yet effective strategy of parlaying games that have different start times fits right in with the typical NFL Sunday lineup. With games starting in the early afternoon or morning depending on where in the country you are located and continuing through primetime, finding games with different scheduled kickoffs is not hard.
Even if the later game starts before the conclusion of the first game, the bettor can still utilize live betting to hedge and at the very least, limit their loss from the original parlay wager. How would this hedging process play out? Quite simply, if the first leg of a typical two-leg parlay wins, the bettor would know of this result either before kickoff or during the early stages of the second game.
If the second leg of the parlay goes through, the bettor cashes the initial ticket. If the second leg of the parlay were to fail, the bettor is still able to net some return on their investment by taking the opposing side through the hedge bet. Looking for instances in which you can parlay two related bets together is another sound strategy to implement. If you are incorporating NFL prop betting into your handicapping, there can be any number of prop offerings that directly correlate with one another.
In the same scenario, a preference for a big passing day for a quarterback could also correlate nicely with an over bet on the total for the game. This strategy is not foolproof, and blindly parlaying bets that seem to be correlated is not advisable. But when the opportunity presents itself, this is a great facet of parlay betting to keep in mind. As alluded to in the example from above, one of the best parts about parlays is the ability to combine multiple moneyline favorites and generate a much more favorable payout.
There are any number of different combinations to implement this strategy, and it ultimately boils down to what the odds are on the games in question. Use this strategy in moderation and with caution, for even the biggest of NFL favorites are prone to being upset. A specific kind of parlay that is popular when it comes to betting on NFL games is the teaser.
Different sportsbooks will offer different options and rules for buying points, but the most common form is the 6-point teaser. The basic premise of this type of bet is that it gives the bettor six points to add to the point spread for a game. This type of bet is very useful when it comes to implementing key NFL betting numbers into the handicapping process, discussed in detail HERE. The catch with teasers is that to tease one line, you must parlay it with a second teased line. The other thing to be mindful of with teasers is that, contrary to standard parlays, the odds go against you.
For typical spread odds of , a two-leg 6-point teaser has odds. In the image below, a 6-point teaser bet would move the Chiefs from point favorites down to -4 and the Bears from 1. If one goes about it in a smart and strategical manner, there are several advantages to be gained from making parlays a part of an NFL betting endeavor. The opportunity to obtain greater value on big favorites is enticing for any bettor regardless of bankroll size.
For those operating on smaller budgets, parlays offer a much more lucrative payout when you can combine a large favorite with more even odds or put large favorites together. As touched upon in the strategy section above, parlays are easy to hedge. Even if you are unable to parlay games with different start times, you can hedge all at once by betting each of the two or three games in your parlay in the opposite direction.
Finally, parlays are a great way to utilize any free play bonus that you get from your sportsbook. Since free play only yields the winning payout of the bets and the free play wager amount is not returned, it makes sense to try and get as much of a payout as possible. Being able to place large-payout parlay bets with smaller amounts of free play money is a great strategy to maximize your bonus funds.
With the good comes the bad. While parlay betting offers NFL bettors various benefits, there are also numerous risks to be mindful of.
Double figure odds are par for the course. This is how successful parlay bettors turn a 10 — 1 half unit parlay into a 5 unit betting bank booster. Landing a big parlay not only kicks your account balance along but it gives you bragging rights over your buddies for weeks. Heck even the bad beats that go oh so close can be worn as a badge of honor. A parlay by nature does not payout until all legs are settled.
The time it takes for this to occur should really meet your needs as a gambler. If you are not comfortable with your stake being tied up for a long period of time then ensure your parlay legs all conclude at a similar time or at least on the same day. The opportunity cost of having you stake locked into a multi day, week or even month long parlay can be expensive.
Even a hedge, while guaranteeing a result, will still cost you another portion of your capital. On the flipside you may be a gambler who loves to milk maximum entertainment from your parlay, and in this case, you may like to string it out across an entire weekend or even season. Futures markets are your friend. The cardinal sin for all recreational punters is the parlay that groups together points spread handicap wagers. At first glance this seems like a wonderful way to land yourself some juicy odds, after all, three bets ATS against the spread multiply to just shy of Surely a great bet?
No wonder sportsbooks actively promote the points spread parlay! The only caveat to the poor value of the point spread parlay is if the bettor firmly believes they have found games where the sportsbooks have the handicap wrong. This is possible but beware you are taking on the pros.
It is better in this case to bet on each outcome outright as opposed to the parlay. Bookmakers encourage betters to keep their picks to one sport as finding value across multiple matches in the one league is a difficult task. With a wider variety of options available to the better, value will be easier to find. A key ingredient in to successful parlay strategy. One of the wonderful opportunities afforded by a well placed parlay is the chance to hedge against the last leg should the earlier legs have already landed.
A hedge will give you guaranteed winnings or at the very least safeguard your stake. Hedging is not negative play and it does not demonstrate a lack of confidence in your original bet. It is simply playing the numbers and buying some insurance. All experienced bettors know that fate can, and often will intervene at inopportune times. An injury to a key player here, a horrible call from a referee there and your parlay can come crashing down.
Lock some profit in, kick back, and watch the game, or better still start researching your next parlay! Many online sports books reward clients for loyalty, making deposits, regular betting or for wagering on promotional markets in the form of bonus or free bets. The issue with these is that as the bettor, you only receive the profit from your free bet and not the original stake. The solution; use your free bets on parlays.
This way you can take a shot at a combination of wagers that deliver you final odds much more enticing than an uninspiring favourite. School of Bets has a must read guide to making the most of your bonus bet. Get it here! Home field advantage is an amazing thing in the world of sports.
Teams seem to grow an extra leg when they run out in front of their families and legion of faithful fans. Unique weather conditions, stadium layouts, home cooking and the chance to sleep in their own bed without question motivates athletes. That overconfident star studded visiting team may just find themselves in an ambush. It is for these reasons that home underdogs pick and choose carefully are always worth consideration in a parlay. The underdog status carries with it a powerful odds multiplying effect.
Just the thing every well played parlay needs. You could expect a home underdog to be paying well above 2 — 1 odds, essentially at the very least doubling the parlay total odds. Loading up on a big favorite is always a temptation for the online sports bettor.
A quick in and out to bank some profit to boost your account. The issue here is normally the gambler has to wager quite a large stake to see any significant return. Not always the best idea for long term success.
One run of losses and your account balance cops a beat down. This is where the favourites parlay double comes in handy. Find two carefully chosen favorites, bundle them together into a parlay and let your stake and profit from the first win ride into the second leg. The end result is a much smaller stake at risk but still an excellent return.
The only exception is in the case of a PUSH when two teams tie with the closing point spread. In that case, you total parlay is reduced by one team. For example, if you put together a four-team parlay at The betting odds for parlays using point spreads is fixed and based on the total number of teams you group into one bet. Betting parlays for MLB games is an attractive option since you will be working off money line odds as opposed to a point spread that is commonly used in sports such as football and basketball.
When betting money lines you only have to pick the straight-up winners, but keep in mind that your payout odds will be based on the actual money line odds for each of your picks. The top online sportsbooks should have a parlay calculator on their website where you can enter the actual money line for each of your individual picks to provide a projected payout of that particular parlay if you win. Whether you are betting money line parlays for baseball and hockey or point spread parlays for football and basketball, there are a few betting tips and strategies that you should always employ to give yourself the best chance to win.
First and foremost, you need to properly handicap each game as an individual pick before grouping them together in a parlay bet. Winning parlays is all about your overall confidence level for each one of the picks you decide to group together. If you are not absolutely in love with each one of your picks individually, then do not risk your money by grouping them together in a parlay.
A second tip is to avoid the temptation of parlay picks of three or more teams.
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