Parlay bets offer a thrilling way to multiply your winnings by combining multiple wagers into one. While the potential payout is significantly higher than single bets, parlays come with increased risk—all selections must win for your bet to cash. With the right approach, however, you can build smarter parlays and increase your chances of success.
1. Understand How Parlays Work
A parlay combines two or more individual bets into a single wager. The odds for each selection are multiplied to calculate the potential payout, which grows with each additional leg.
- Example: A $10 parlay with three legs:
- Bet 1: -110 odds.
- Bet 2: +150 odds.
- Bet 3: -120 odds.
The total payout is calculated as: $10 × (1.91) × (2.50) × (1.83) = $87.37.
Key Points:
- All bets (or legs) must win for the parlay to pay out.
- Adding more legs increases risk but also boosts potential payouts.
2. Start with Small Parlays
When starting out, stick to parlays with two or three legs. This reduces the risk of losing and helps you get comfortable with the dynamics of multi-leg betting.
- Why?: Each added leg decreases your probability of winning exponentially. Fewer legs mean a more manageable risk.
Pro Tip:
Choose selections with reasonable odds (e.g., -150 to +150) to maintain a balance between risk and reward.
3. Look for Correlated Bets
Correlated bets are selections that influence each other’s outcomes. These can boost your chances of winning when chosen carefully.
- Example: If you believe a football team will dominate, pair their moneyline with the under on the total (assuming the opposing team will struggle to score).
Warning:
Some sportsbooks restrict heavily correlated parlays, so always check the rules before placing your bet.
4. Shop for the Best Odds
Always compare odds across multiple sportsbooks to ensure you’re getting the best value for each leg of your parlay. Even small differences in odds can significantly impact your payout.
- Example: If one sportsbook offers -120 odds and another offers -110, choose the latter to maximize your return.
Tools to Use:
- Odds comparison websites.
- Mobile apps for live odds tracking.
5. Focus on Your Strengths
Stick to sports, leagues, and teams you know well. Familiarity with specific players, strategies, and trends gives you a significant edge when making selections.
- Example: If you’re a basketball enthusiast, focus on NBA games rather than venturing into unfamiliar sports.
Advanced Tip:
Use analytics and data from trusted sources to support your picks.
6. Avoid Overloading Your Parlay
While it’s tempting to chase massive payouts with 10-leg parlays, the risk often outweighs the reward. Focus on quality over quantity.
- Ideal Parlay Size: 2-5 legs for a balanced risk-reward ratio.
- Common Mistake: Adding long-shot bets to boost payouts often leads to unnecessary losses.
7. Take Advantage of Promotions
Many sportsbooks offer parlay-specific promotions, such as boosted odds or insurance for one losing leg.
- Parlay Insurance: If one leg loses, you’ll get your stake back.
- Boosted Odds: Increased payouts for parlays with a certain number of legs.
Where to Look:
Check the promotions tab of your sportsbook for parlay-related offers.
8. Manage Your Bankroll Wisely
Parlays are high-risk bets, so it’s essential to limit your stake to a small percentage of your bankroll.
- Rule of Thumb: Bet no more than 2-5% of your total bankroll on a single parlay.
- Example: If your bankroll is $1,000, your maximum parlay bet should be $20-$50.
Why It Matters:
This approach protects your bankroll from significant losses while still allowing for occasional high-reward opportunities.
9. Be Selective with Heavy Favorites
While adding heavy favorites (e.g., -500) may seem like a safe way to pad your parlay, they offer minimal value and increase overall risk unnecessarily.
- Better Strategy: Focus on moderately priced odds (-150 to +150) for a balanced payout and risk.
10. Track Your Results and Adjust
Keep a record of your parlays to identify patterns and improve your strategy over time. Note:
- The sports, leagues, and bet types you’re most successful with.
- The size and structure of your winning parlays.
- Any recurring mistakes or losses.
Pro Tip:
Analyze your results monthly to refine your approach and eliminate ineffective strategies.
Final Thoughts
Building a winning parlay requires careful planning, discipline, and strategic thinking. By starting small, focusing on value, and managing your bankroll, you can enjoy the excitement of parlay betting while minimizing risk. Stay informed, adapt your strategy, and always remember to bet responsibly.