25/05/2022

A Guide on How to Use the Parlay Strategy

The parlay strategy is an extremely popular betting strategy. Also sometimes referred to as an Accumulator bet, it has the potential to increase your winnings far more than individual bets do. A common betting practice in sports, if used correctly the parlay can be very powerful. In this guide, we are talking about all things parlay!

Kim Suchan
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Introduction

What is Parlay Strategy?

Most parlay bets are made on sporting events and tournaments, and online sports betting sites will feature it as an option. One way to place bets would be to place a stake on each individual game. When you employ parlay, a series of smaller parlays are created from a larger list of teams or players instead of placing a separate bet for each game or round within an event. In simple terms, it is one bet made up of two or more smaller bets.

In order to cash out, all the bets have to be won. In other words, if you lose your bet on any of the games, you lose your entire bet. But if you get it right, you are up for a very nice payday!

For many players, a parlay is purely recreational and a chance to have a bit of excitement hoping for the big win to come in. It can be used to combine different sports, such as a Golf Tournament, the NFL games on a certain day and a basketball game, all on one ticket.

The system can appear quite daunting at first, but when you understand the betting odds a little better, it becomes easier. Most online betting sites and online casinos that offer sportsbooks will have all the information you need regarding odds, which also helps you in your betting choices.

Parley casino

How Parlay Works

How Parlay Strategy Works

It is always important to keep the betting odds in mind. The reason people chose parlay is that the odds are very much increased. Understanding the odds can initially be confusing. While many online betting sites and sportsbooks will provide you with these figures, it is good to know them for yourself.

The odds are displayed as either positive (+) or negative (-) in American sports.

  • To calculate + odds, use the odds number and divide it by 100. Multiply the result by the size of the bet.
  • To calculate – odds, 100 by the odds number. Multiply the result by the size of the bet. Multiply the result by the size of the bet.

For example, if Kansas City Chiefs (-110) were playing. Cleveland Browns (+150). You have decided to place a $50 bet.

If Kansas City won, you would win $95:

100/110 = 0.909

0.909 x $50 = $45

$45 + $50 = $95

Parlay betting sheet

If Cleveland Browns won, you would win

150/00 = 1.5

1.5 x $50 = $75

$75 + $50 = $125

Using this method, you can easily calculate the projected win on a successful parlay that will offer you the best returns. There are easy to use parlay calculators available online, which makes the calculations a lot easier.

Payout

How Does a Parlay Strategy Bet Pay Out?

Now that you have a better understanding of odds and payouts for individual games, we are moving on to how it works in a parlay strategy.

To calculate the parlay payout, multiply the payout for all the games. Let us assume that Kansas City is playing the Raiders and Cleveland Browns are playing the 49ers. If we use the examples above, for Kansas City and Cleveland Browns to win we calculate as follows

0.909 x 1.5 = 1.3635

This means the return on your parlay is 1.3635. The more teams you add to this, the higher the return. For example, adding another team also playing on that day, or in that tournament, with odds of 1.6 would increase the return to 2.1816. Multiply this by your $50 bet, and you are due a $109 payout!

Big Wins from Parlay Strategy

If you still have any doubts as to whether parlay bets can pay some of the biggest payouts, here are some facts on a few recorded big wins:

Parlay betting ticket

  • A +26,056,700 return on a bet! This was achieved in 2022 during a basketball game between The Knicks and The Dallas Mavericks
  • The 2021 Ryder Cup saw odds of 150,000-1 if you were lucky enough to predict the players’ scorecards.
  • A player won 90396-1 odds, which saw him become a millionaire!. He bet on a 6 leg parlay of different sports.

There are a lot of examples we could use to convince you that a long shot does sometimes pay off, but we think this proves our point!

Pros and Cons

Pros And Cons Of Parlay Strategy

This high risk – high reward betting strategy is not for everyone. Let’s go through the pros and cons of this gambling strategy

Pros

  • Attractive payouts compared to individual bets
  • They provide a lot of excitement to both gambling and enjoying the game
  • Can combine bets of different sports into one bet
  • Useful to complete sportsbook bonus requirements

Cons

  • Bets are normally larger than in other markets
  • It can be hard to understand your potential payout
  • Can take a while to master
  • If one team loses, you lose your entire bet.

Parlay variations

Different Types Of Parlay Strategy Bets

Parlay bets have more options than the straightforward bet we have described here. They can involve different types of bets as well. Let’s have a look at other options

  • Teasers: Teasers are picks against the spread and game totals. In this option, you can change the spread for each game you pick. As with a parlay, if one team doesn’t cover the spread, you lose the bet.
  • Point Spreaders: This evens the playing field between teams by taking points from the favoured team and giving them to the underdog.
  • Round Robin: Similar to parlay, but it takes any teams that have lost out of the equation. So even if only one team wins, you will still receive a win. The odds are less than in standard parlay, but the risk is lower.
  • Over/Under bets: These are bets made on the total amount of points that will be scored during any given game, by both teams.

Some outlets may allow for other variations of the parlay bet.

Parlay online betting

Online Casino sportsbook

Playing a Sportsbook at an Online Casino

There are a lot of online casinos that offer sports betting, or a sportsbook. With this, you can often watch a live stream of the game you have bet on, with some casinos offering in-game bets after it has started, such as who will score the next point.

The variety of sports available to gamble on is huge at online casinos, and often features more obscure sports such as Gaelic Football or Mountain Unicycling! By using an online casino’s sportsbook, you can also take advantage of bonuses that may not be available at sports betting sites and add to your entertainment by playing a few slots or live dealer games.

As long as your online casino or sportsbook is licensed, you will be sure in the knowledge that your money is safe and that the payouts are fair. You will enjoy further security with the third party encryption methods that are used when deposits are paid in and withdrawals are made.

Payment Options

Payment Options for Parlay Strategy

If you are using an online site for sports betting, you will find that you have a lot of payment options to draw on. Depending on your country of residence, you can choose from:

Parlay payment methods

Using a site with a recognised gaming license, you will have peace of mind that you will be privy to the quickest and safest payment methods, while your personal data is kept confidential.

Strategy

Tips on Using the Parlay Betting Strategy

If you are a recreational player who is interested in making combination bets, it is better to play the odds on favourites. Adding more teams which have more chance of winning into the mix will increase your chances of success.

Another strategy would be to play smaller parlays with less favourable odds. The risk is higher, but the rewards are bigger. But keeping it small at first, it will help you understand the strategy better.

Stick to smaller bets for big parlays and bigger bets for smaller ones.

A big tip is that you need to know more about the teams and their chances of a win, along with the odds that are given. This is called Handicapping. This gives you an advantage and you increase your chances of winning as you will have a better understanding will end. There are a lot of sites online that keep track of all the information needed regarding team statistics and updates, helping you make better decisions.

Conclusion

Our Conclusion To Parlay Strategy

It can take a while when you first start to understand the ins and outs of parlay betting, but after a few attempts, it will get will easier. The parlay strategy can be helpful as well as profitable if there are a lot of games taking place at the same time. It is also possible to add more than one sport to a parlay bet, which makes it a lot more interesting.

Cashing winning parlay tickets is a thrilling experience that can significantly increase a player’s bankroll. Players should conduct thorough research before placing wagers and avoid including longshots in parlay tickets. On the other hand, bookies have an advantage over parlay players, which is why they entice them with such large payouts. Parlays are an interesting betting option, but they should be used with caution.

It is simple to place a parlay bet on most online sportsbooks. You will find the option by either selecting a box on the bet slip or clicking on a tab. Add three selections to your bet slip and then click the permutations tab. Scroll down and click on the Parlay bet option.

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