Strategies & Gambling Tips For Betting Parlays
To increase your chances of success sports gambling, it’s important to have a solid understanding of parlay betting tips, parlay strategies, and parlay odds. In the world of sports betting, parlays are a popular and potentially lucrative form of wagering. However, the allure of higher payouts comes with increased risk, making it challenging to consistently win parlays.
In this sports betting 101 blog post, we’ll provide you with valuable insights and actionable advice on how to beat the odds when placing parlays at online sportsbooks. Whether you’re a seasoned bettor or just starting, our tips will help you make informed decisions and increase your chances of hitting big payouts.
So, let’s dive in and explore the world of parlay betting together.
Strategy Behind Winning Parlays at Online Sportsbooks
Ready for some parlay betting tips? Parlay betting at internet sportsbooks can be a lucrative way to increase your winnings, but it requires a strategic approach to beat the bookies odds. One key strategy is to conduct thorough research and analysis of the games you plan to bet on. By analyzing the teams and their players, you can identify patterns and trends that will help you make more informed decisions when placing your bets.
Another crucial element to successful parlay betting is finding value in your daily sports odds. It’s important to identify games where the betting odds are in your favor and to always aim to get the best odds possible. This can involve comparing odds across different online sportsbooks and even waiting for favorable odds before placing your bets.
Shop around at your favorite online sportsbooks!
While you’re at it, practice some solid bankroll management too! It’s important to stick to two or three-leg parlays and avoid larger parlays that have a lower chance of winning.
Parlay Payout Examples
Parlay payouts can be very lucrative if you know how to bet them correctly. For example, if you bet $10 on a two-team parlay with odds of +260 and +200, you would win $68 if both teams win.
Similarly, if you bet $10 on a three-team parlay with odds of +400, +200, and +120, you would win $540 if all three teams win.
Let’s dig deeper into parlay payouts.
A 2-Team Parlay Payout
Let’s say you want to bet on two NFL games: the Seattle Seahawks (-110) against the Los Angeles Rams and the New England Patriots (-120) against the Miami Dolphins. If you were to bet on each game individually, you would need to risk $110 on the Seahawks and $120 on the Patriots to win $100.
However, if you were to parlay the two games together, you could risk $100 and potentially win $264.
Here’s how the math works for a two team NFL parlay on the moneyline:
- If the Seahawks and Patriots both win, your parlay bet pays out at odds of +164.
- If you bet $100 on the parlay, you would win $164 in profit for a total payout of $264.
- If one of the teams loses or the game ends in a tie, you lose the parlay bet.
Another NFL example is the NFL point spread parlay.
One example of a 2-team NFL point spread parlay is betting on the New Orleans Saints and the Kansas City Chiefs. Let’s say the Saints are favored by -3.5 points to beat the Buccaneers with odds of -110, and the Chiefs are favored vs. the Raiders by -7.5 points with odds of -120.
If you bet $100 on this parlay and both teams win by more than the point spread, your payout would be $264.55.
Remember, the Chiefs need to win by 8, and the Saints need to win by 4 for this parlay to payout.
A 3-Team Parlay Payout
To provide an example of a 3-team college basketball parlay, let’s assume we are betting on the following games with the corresponding odds.
Example of a 3 team NCAA hoops parlay!
- Michigan State (-110) vs. Ohio State (+110)
- Duke (-120) vs. North Carolina (+120)
- Kentucky (-130) vs. Kansas (+130)
To calculate the parlay odds, we multiply the odds of each bet together. In this case, the parlay odds would be (+110) x (+120) x (+130) = +1,716.
This means that if we bet $100 on this 3-team parlay and all three teams win, we would win $1,716.
A 4-Team Parlay Payout
One example of a four-team MLB parlay involves betting on the moneyline for four different games.
Let’s say you want to bet on the following games:
- New York Yankees (-120) vs. Boston Red Sox (+100)
- Los Angeles Dodgers (-140) vs. San Francisco Giants (+120)
- Houston Astros (-130) vs. Oakland Athletics (+110)
- Atlanta Braves (-110) vs. Philadelphia Phillies (-110)
To calculate the payout for this four-team parlay, you would first multiply the moneyline odds for each game together. In this case, the parlay odds would be +1237.
This means that if you bet $100 on this parlay and all four teams win, you would win $1,237.
CP’s Parlay Betting Tips #299 – It’s essential to note that parlays involve a higher level of risk than single bets.
A 5-Team Parlay Payout
A 5-team NHL puckline parlay is an example of a high-risk, high-reward bet that can provide substantial payouts.
To create a 5-team NHL puckline parlay, you would need to choose five NHL games and bet on the puckline for each game. The puckline is similar to the point spread in other sports and involves betting on a team to win by a certain number of goals. For example, if you bet on the favorite team to win by two goals or more, that team would need to win by at least two goals for your bet to win.
Here is an example of a 5-team NHL puckline parlay:
- Boston Bruins (-1.5) at +140 odds
- Tampa Bay Lightning (-1.5) at +120 odds
- Vegas Golden Knights (-1.5) at +150 odds
- Colorado Avalanche (-1.5) at +110 odds
- Toronto Maple Leafs (-1.5) at +130 odds
Assuming a $100 bet on this parlay, the potential payout would be $9,045. This is because each bet in the parlay is multiplied together to determine the total payout.
In this case, the odds for each bet were multiplied together, resulting in a massive potential payout.
Click here to read our USA Sportsbook Guide for everything you need to know about legal parlay sports betting in the USA.
In Canada? Read our Canadian sportsbook guide! You can bet on parlays in Canada too!
A 6-Team Parlay Payout
Here’s an example of a 6-team NBA point spread parlay, along with specific teams, odds, and payouts.
To begin, you’ll need to choose six NBA games that you want to bet on. For this example, let’s say you choose the following six games:
- Los Angeles Lakers (-5.5) vs. Boston Celtics (+5.5) – Lakers odds: -110
- Brooklyn Nets (-3.5) vs. Philadelphia 76ers (+3.5) – Nets odds: -120
- Golden State Warriors (-2.5) vs. Denver Nuggets (+2.5) – Warriors odds: -130
- Phoenix Suns (-6.5) vs. Portland Trail Blazers (+6.5) – Suns odds: -110
- Dallas Mavericks (-4.5) vs. Memphis Grizzlies (+4.5) – Mavericks odds: -110
- Utah Jazz (-7.5) vs. New Orleans Pelicans (+7.5) – Jazz odds: -120
Once you’ve chosen your six games, you’ll need to place your bets. In a point spread parlay, you’re betting on the point spread for each game. In this example, you’re betting that all six teams will cover the point spread.
To calculate the parlay odds and potential payout, you’ll need to multiply the odds for each individual bet together. Here’s how the math works out for this 6-team NBA point spread parlay:
- Lakers -5.5 (-110) x Nets -3.5 (-120) x Warriors -2.5 (-130) x Suns -6.5 (-110) x Mavericks -4.5 (-110) x Jazz -7.5 (-120) = +1507
The parlay odds for this 6-team NBA point spread parlay are +1507. This means that if you bet $100 on this parlay and all six teams cover the spread, you’ll win $1,507.
The potential payout for this bet is $1,607, which includes your original $100 bet.
We’re going to stop after doing this next 7 team parlay, we’re hoping you get the point…
A 7-Team Parlay Payout
In an effort to give you the best parlay betting tips we can here’s a 7-team parlay. This is a winning example of a 7-team college football point spread and over/under odds parlay.
Now, let’s look at an example of a 7-team college football point spread and over/under odds parlay.
Say you’re looking to bet on the following games:
- Alabama (-10.5) vs. Auburn, Over/Under 50.5
- Clemson (-14.5) vs. South Carolina, Over/Under 55.5
- Ohio State (-17.5) vs. Michigan, Over/Under 49.5
- Oklahoma (-7.5) vs. Oklahoma State, Over/Under 65.5
- Notre Dame (-3.5) vs. USC, Over/Under 59.5
- Florida (-9.5) vs. Florida State, Over/Under 51.5
- Wisconsin (-11.5) vs. Minnesota, Over/Under 47.5
If you place a $10 parlay bet on all seven games, your potential payout would be $1,641. Here’s how the math works:
- Alabama (-10.5) vs. Auburn, Over/Under 50.5: Bet $10 on the Over at -110 odds
- Clemson (-14.5) vs. South Carolina, Over/Under 55.5: Bet $10 on Clemson at -110 odds
- Ohio State (-17.5) vs. Michigan, Over/Under 49.5: Bet $10 on Ohio State at -110 odds
- Oklahoma (-7.5) vs. Oklahoma State, Over/Under 65.5: Bet $10 on Oklahoma at -110 odds
- Notre Dame (-3.5) vs. USC, Over/Under 59.5: Bet $10 on Notre Dame at -110 odds
- Florida (-9.5) vs. Florida State, Over/Under 51.5: Bet $10 on Florida at -110 odds
- Wisconsin (-11.5) vs. Minnesota, Over/Under 47.5: Bet $10 on Wisconsin at -110 odds
If all seven bets win, your total payout would be $1,641, which includes your original $10 bet. Keep reading below for some tips for betting on college football parlays at online sportsbooks.
Calculating Parlay Odds (It’s not that difficult)
Calculating parlay odds is an essential skill for any sports bettor who wants to maximize their winnings. In a parlay bet, you are betting on two or more outcomes with a single wager.
This can result in higher payouts than betting on each outcome individually. However, calculating parlay odds can be more complicated than simply adding up the odds of each individual bet.
To calculate parlay odds, you need to multiply the odds of each individual bet together. For example, if you bet on two teams with odds of +150 and +200, the parlay odds would be +600.
Similarly, if you bet on three teams with odds of +200, +250, and +300, the parlay odds would be +3750.
Parlay Betting Tips: Parlay Calculators
One of the best tips for calculating parlay odds is to use an online parlay calculator. These calculators allow you to enter the odds for each individual bet and calculate the parlay odds automatically.
(There’s plenty of them out there, and your online sportsbook will have one right in the betting window)
Do The Math For Spread Parlays – How To Make Money
When betting on spread parlays, you need to calculate the spread for each game and multiply the odds together to get the parlay odds.
For example, if you bet on two teams with point spreads of -3.5 and -2.5 with odds of +110 and +120, respectively, the parlay odds would be +427.
Calculating the spread for each game involves adding the point spread for each team and then dividing by two.
Do The Math For Moneyline Parlays – How To Make Money
Moneyline parlays are a simpler form of parlay betting, as they do not involve point spreads. Instead, they rely on odds, which indicate the probability of a team winning or losing a game.
Bettors must calculate the combined odds of each individual bet in their parlay to determine the overall odds of the parlay.
To calculate the odds of a moneyline parlay, multiply the moneyline odds of each individual bet together. For example, if you bet on two teams with moneyline odds of +150 and +200, the parlay odds would be +600.
The higher the odds, the more difficult it is to win the parlay, but the potential payout also increases.
Gambling Tips For Betting Parlays
- Avoid betting on large favorites: Betting on large favorites can be tempting, but it also reduces your potential profits and increases your risk of losing. Look for value in underdogs and try to find games with closer odds.
- Don’t get greedy: It’s important to know when to stop and take your winnings. Avoid getting greedy and chasing bigger payouts by adding more legs to your parlay. Stick to your original plan and don’t let your emotions take over.
- Stick to two or three-leg parlays: Larger parlays may seem tempting because of the potential for bigger payouts, but they are also more difficult to win. Stick to smaller parlays with two or three legs for a higher chance of success.
- Identify value: Always try to get the best odds possible and look for games where the odds are in your favor.
- Manage your bankroll: Set a budget for your parlay bets and stick to it. Never bet more than you can afford to lose.
Parlay Betting Tips: What are Progressive parlays?
Sports betting progressive parlays are a unique way to bet on multiple outcomes within a single wager.
Unlike traditional parlays, where all the bets must win for the bettor to collect a payout, progressive parlays allow for partial wins and still payout a portion of the potential winnings. The bettor selects a group of outcomes, and as each one wins, the payout increases for the remaining outcomes.
These types of bets can be enticing for parlay bettors looking for a potential big payout while minimizing their risk. For example, you could bet on a team to win the division, the pennant, and the World Series. Each bet must hit for the wager to continue, and the payout increases with each successful wager.
A Progressive Parlay is a high-risk, high-reward strategy that requires careful consideration of each bet placed.
Parlay Betting Tips: What are Correlated Parlays?
This type of bet involves wagering on two or more outcomes that are related in some way. For example, you might bet on a team to win the division and their star player to win the MVP award.
If both of these outcomes come to fruition, you would win your parlay bet at higher odds than if you bet on each outcome separately.
However, it’s important to note that correlated parlays can be more difficult to hit than traditional parlays and should be approached with caution.
Here’s an example of an NFL correlated parlay:
Pittsburgh Steelers moneyline (-120) and Over 42.5 total points (-110). If the Steelers win the game outright, it’s more likely that the total points will also go over 42.5. By parlaying these bets, you increase your potential payout.
Online Sportsbooks Where You Can Bet Parlays
Many online sportsbooks in the USA offer parlay betting, including BetMGM, DraftKings, and FanDuel. Each sportsbook has its own features and benefits, so it’s essential to do your research and choose the one that best fits your needs.
Which sportsbooks do we use and prefer? That’s easy. OFFSHORE sportsbooks!
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Look for a Hedge Opportunity with Parlays
A hedge opportunity is when you place a secondary bet that will cover any potential losses from your initial parlay bet. For example, let’s say you place a parlay bet on three football games, but you’re worried about one of the games not going in your favor. You can place a separate bet on the opposing team, essentially hedging your initial bet.
To look for hedge opportunities, you need to research the teams and games thoroughly. Look for games with close odds, so that you can bet on both teams and still have a chance to make a profit.
Additionally, keep an eye on injuries, weather conditions, and other factors that could influence the outcome of the game.
We have a detailed breakdown of how to hedge sports bets here.
What is a Double Dog Parlay?
I’m often asked about the most profitable betting strategies. One of my favorite techniques is the double dog parlay.
This involves placing a bet on two underdogs to win in separate games, with both bets combined into a single parlay. The key is to carefully select the underdogs with the best value and avoid any heavy favorites.
Let’s look at an NFL double dog parlay example with odds. Say the New York Giants (+200) are playing the Dallas Cowboys (-150), and the Philadelphia Eagles (+180) are playing the Washington Football Team (-110). You could place a double dog parlay on the Giants and Eagles to win, with a potential payout of +1160 (based on $100 bet).
On the positive side, double dog parlays carry a higher level of risk than traditional bets, but they also offer much greater rewards.
Same Game Parlays
One of the latest betting trends is Same Game Parlays, which allows you to combine multiple bets within a single game for a higher payout.
This innovative type of parlay betting involves selecting a combination of outcomes, such as the point spread, total points scored, and individual player props.
For instance, let’s take an NBA game between the Los Angeles Lakers and the Golden State Warriors. You could place a Same Game Parlay by selecting the Lakers to win the game, LeBron James to score over 30 points, and the total points scored to be over 220.
This bet has odds of +750, which means a $100 bet could potentially win you $750.
Professional Handicappers Parlay Betting Tips 101
“Stick with me kid, you’ll go far!”
- Building a winning parlay requires careful selection of individual bets that have a high probability of winning.
- Research is key. Look for teams or players that are in good form, have favorable matchups, or are playing at home.
- Be disciplined in your approach. Avoid adding too many bets to your parlay, as this increases the risk of losing.
- Look for value. Don’t be afraid to bet against the public or take advantage of lines that have moved in your favor.
- Don’t chase losses. Stick to your strategy and avoid trying to make up for previous losses by placing larger bets or taking unnecessary risks.
- Consider using a professional handicapper. They have access to a wealth of information and experience that can help increase your chances of winning.
- Manage your bankroll wisely. Set a budget and stick to it, and avoid placing bets that are too large for your bankroll.
- Keep a record of your bets and analyze your performance. This will help you identify areas for improvement and make adjustments to your strategy over time.
Best Advice! Stick to Two-Leg Parlay, Three-Leg Parlay Max
When it comes to parlay betting, there’s no denying the allure of potentially high payouts. However, it’s important to remember that the more legs you add to a parlay, the harder it is to win. As a professional sports handicapper and gambler, my best advice for parlay betting is to stick to two-leg parlays or, at most, three-leg parlays.
Why? Well, the odds of winning a two-leg parlay are much better than winning a three, four, or five-leg parlay. Sure, the potential payouts may not be as high, but the key to successful betting is to prioritize smart, strategic bets over high-risk bets that are unlikely to pay off.
By limiting your parlay to two or three legs, you give yourself a much better chance of actually winning the bet. Plus, if you do win, you’ll still be rewarded with a decent payout.
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Parlays – Reasons To Avoid
I can also make a case for NOT playing parlays at all, if you want some candid advice for parlay betting tips! Is that fun? No. Is it safe? Yes.
High Risk, Low Reward: Parlay betting may seem like a good way to increase your potential winnings, but the truth is that the odds are heavily stacked against you.
Limited Value: Sportsbooks know that parlay betting is popular, so they often offer lower payouts for parlays than what you would get if you bet each game individually.
Lack of Control: When you place a parlay bet, you are essentially putting all of your eggs in one basket. If one of the teams in your parlay loses, your entire bet is lost.
Hidden Fees: Many online sportsbooks will charge extra fees for parlay bets, which can eat into your potential winnings even further.
More Complex: Parlay betting requires more knowledge and skill than regular betting, as you need to accurately predict the outcomes of multiple games.
Variance in Sports Betting (& Parlays)
Variance refers to the degree of deviation in the expected outcome of a bet from the actual result. In sports betting, there are always factors that can influence the outcome of a game. (Discussed above)
When it comes to parlay betting, variance can be both a blessing and a curse. On one hand, parlay bets offer higher payouts due to the increased risk of betting on multiple outcomes, but the variance is also greater, meaning the likelihood of losing the entire parlay bet is higher.
For example, let’s say you bet on a three-team parlay, each with -110 odds. The expected payout would be around 6-1, but the variance is significant, and the likelihood of losing all three bets is around 12.5%.
To minimize variance in parlay betting, it’s essential to be selective in your choices and only include bets that have a high likelihood of winning.
A good parlay should have a mix of low-risk, high-probability bets, and higher-risk, lower-probability bets to balance out the variance.
Parlay betting can be a high variance form of sports betting, meaning the outcomes are more unpredictable and the potential rewards can be much greater.
On the other hand, low variance sports betting involves placing safer bets with more predictable outcomes, resulting in smaller but more consistent wins.
It’s important to understand the difference and choose the betting strategy that aligns with your goals and risk tolerance.
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That’s A Wrap On Our Parlay Betting Tips
Hopefully we helped answer some questions about parlay betting today for you. We wanted to show you parlay betting is a popular form of sports betting that involves placing bets on multiple outcomes with a single wager.
Gambling on parlays at online sportsbooks is an attractive betting option for sports fans who want to maximize their winnings while betting on multiple games. Hopefully our parlay betting tips can help you beat the odds and increase your chances of winning big at your favorite online sportsbook. Good Luck!
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