If you’re new to the sports betting world, you may only be familiar with placing single bets so far – putting money down on one outcome. Just like there are many different aspects of sports to bet on, there are also many different ways to bet on sports. Parlays are an essential part of sports betting and not only up the stakes to your average bet, but also have the potential to have bigger payouts.
There are many ways to build a parlay, but essentially the idea is that you build a list of bets (or “legs”), and if you win all of them, you win the parlay. The thing about this is that if even one of the legs doesn’t work out, you don’t win anything. Here are the steps to betting on and seeing out a parlay:
- Go onto your sportsbook of choice and pick a your parlay legs. You can pick as many or as little as you’d like, depending on your book’s limitations. Keep in mind that the more legs to a parlay, the lower the chances of winning are.
- Decide how much you’d like to wager on this parlay. The bigger/more complicated the legs, usually the bigger the payout. They will let you know how much you have the potential to win at this point.
- Wait to see how the bets work out. You have to wait to see until all the legs of the parlay are completed to see if you won or not. If even one leg fails, the parlay fails.
- Collect your payout, or try again next time!
Keep in mind that there are some rules and limitations to building a parlay. Some sports or betting components cannot be added to parlays. Your sportsbook will likely let you know of this, but doing a bit of research before building your slip helps as well.
Let’s use a hypothetical example to explain this better. Here is an example of a (fake) parlay you could build while watching an NBA game:
- LeBron James Over 16.5 points (-115)
- Total Points: Over 207 points (-110)
- LeBron James Over 4.5 rebounds (-130)
Again, this is hypothetical, but these are the types of small bets you could build an NBA parlay with. Each of those points would be a leg in your parlay. You’d input all of these into your bet slip, decide how much to wager, and your sportsbook would let you know how much money you have the potential to win. Say, for example, this parlay could win you $100.
The thing with parlays though, is that all three of those legs need to work out in order for you to get your $100 in the end. So even if LeBron James scores 23 points and 10 rebounds, but the total points for the game was 199 and not higher than 207, you don’t win anything. Not even a portion of the $100 you could have won.
This makes parlays all the more interesting.
Here is what it may look like when you build a same game parlay on Bet 365:
As you can see, because this is a same game parlay (so all of your legs will happen within one game), at the top is the match. In this case Milwaukee Bucks vs New York Knicks in the NBA. You can then click on various legs to build your parlay – points in a game per player, the point spread or money line, the total points, etc. The sportsbook will build your parlay with all the wagers, making it super easy for you.
The good thing about parlays is that you can often win a decent amount even when putting just a little bit of money down, since they reward you for taking a risk. A lot of bettors enjoy parlays because the payout can be massive, the more complex the parlay becomes. Be cautious though, because the more complex the slip is, the lower your chances of winning are.
Here are a few tips for bettors who are just starting out with parlays:
Start Small
Until you know your way around a parlay, start by building parlays and then putting just a little bit of money down. If you’re only risking a little bit, it’s not so bad when you go back the next day and see that you missed out because of one factor. Or even worse, a few points or even just one rebound.
Like mentioned above, sportsbooks reward you for taking risks – the bigger the parlay, the more you can potentially win. You still get to choose how much you initially put down though. You can still have the thrill of seeing your parlay slowly come together without having to put down a lot of money, especially for beginners.
It can be tempting to throw in more money, especially when you see that number of potential winnings. Avoid disappointment by starting small, or even continuing to bet small on parlays as you go along.
Know Your Sport
One way to wrap your head around parlay betting is to really know the sport you’re betting on, and the players/teams you’re placing these bets on. If you’re betting for a player to score UNDER 15.5 points in a night and they are averaging 25 points on the season, you won’t have a very good chance of winning, right?
Take a look at stats, injury reports, and how that player is performing. See if the team you are betting on is on night two of a back-to-back series or on the road – are they going into this game tired? Refreshed? Are there any factors that could contribute to the success (or failure) of a certain player or team? Having this knowledge will help you make more informed decisions when building your parlay.
Of course, the safer your parlay, the less winnings you are offered. At the same time, the safer your parlay, the higher your chances of success are.
Now, keep in mind that you can also mix and match teams on a parlay. If you’re an NFL fan, for example, you can pair together a couple game outcomes for teams playing on NFL Sunday – you don’t have to contain your parlay to just one team or player.
Boosts
Sportsbooks will sometimes offer you boosts or promotions to help your parlays out a little. They will offer you better odds so that despite putting down a smaller amount of money, the payout will be larger.
As you can see below, Bet365 has their promotions at the top of their menu:
This goes back to knowing your sport and sportsbook before placing a bet. Knowing if you have to opt-in to a certain promotion before you submit your wager will help you take advantage of these deals. Most sportsbooks will have a promotions page, so it doesn’t hurt to browse through that before deciding how to place your bets. Some sportsbooks will offer these promotions to you in push notifications as you navigate the site, making it an easier process.
You’re now ready to explore the world of parlay betting!
