Subheader Don’t Add Too Many Teams To Your Bets, Less Often is More
The Allure and Dangers of Playing Them and Parlaying Them
It is difficult enough to pick one winner. So, when you decide to tie one or more wagers together – parlaying them – there is a lot of risk although there can be great reward. Yes, parlay betting can be thrilling. It can also be heartbreaking. Imagine if you love one team or player in a wager. You just know it is a lock. And then for some reason rather than taking the win, you decide to attach it to other bets. Imagine how you will feel if your sure thing comes in but one of the others doesn’t and it costs you the entire bet. That’s the possibility when you parlay. It is all or nothing at all.
What Not To Do When Parlaying?
The advice when it comes to parlaying is direct. Make sure you understand what is at stake by attaching bets. You can parlay three, four, or five bets or horses. Yes, the odds will build as each one hits. And, for example, a $10 bet could turn into a significantly larger wager through each step. The problem is if you lose at any point in the parlay sequence, you lose everything, including your original investment.
Say you make a $10 bet and win. For this exercise, we will consider it a horse racing wager. The horse pays even money, so your original bet is now $10 plus the win of $10 meaning you have $20 riding on your next wager. The parlay betting strategy does give you $20 for your original investment. However, the challenge is to hit that next bet. If you do, and have a two-horse parlay, your win is on a $20 bet and you connect.
However, if you lose, you not only lose the $10 you won but you also lose the original $10 investment. That is why many consider parlay bets “sucker wagers.” You get lured into adding teams or people or horses with the hope of a bigger return for a smaller investment when you wind up costing you the original marker rather than getting out ahead.
What is a Same-Game Parlay?
Same-game parlays involve spreads, totals, player props, or game props for example. You attach the bets together off plays in the same game. The sportsbook doesn’t give you full price on a two-bet parlay. That’s another reason to proceed with caution. You are risking it all but you aren’t getting full value in return.
It sees sportsbooks as giving themselves an edge of 3% plus on parlay bets.
The example it used is as follows:
- Chiefs -10
- Chiefs -6.5 first half
- Over 47.5 full game
A three-leg parlay with each at -110 normally pays +595. This one pays +357.
You can see with your own eyes that is significantly less return than the risk. The math is complicated and one can be sure it has been done to the penny or percentage point by the sportsbook. One could say even when you are winning, you are losing because you aren’t winning as much as you could or should be.
How to Win Parlays Consistently?
There is no way to win consistently on parlay bets. They are no different than any other wager. You are playing at a sportsbook. It would not be in business if you or any player were consistently winning. If there were a magic formula or strategy, no one would share it. They would keep it to themselves to make sure they won and didn’t have any maneuvering or formula created to end the run. It is called betting or gambling for a reason. It is exciting, It is exhilarating. It is risky and parlay odds simply heighten all of that.
Why Avoid Parlay Bets?
The biggest reason to avoid parlay bets is because they provide too much risk. If you are lucky enough to win on the first leg, the sportsbook loves that you have attached it to other bets. The more legs in a parlay bet, the better chance there is to stumble over one of them. Sure, you see on social media the random big hits on parlays when people post them. Think about it, though, for every big hit you see, imagine how many don’t connect. It is the heartbroken bettor who posts how they “almost” hit it big. However, most players don’t share their parlays when they lose. It’s a risky play and I understand that it can turn the feeling of a winning play into an empty void with one loss. Yes, you can hit four out of five teams or play in a parlay, and in the end, it is a loss.