Sports Betting 101: Parlay rewards, risks and how to place your bets
So you’ve cashed a few single tickets in a row, you’re reading the betting lines well and you want to test yourself. It’s time to start setting up some parlays. The bet itself is straightforward: select multiple games and/or player outcomes, and if you guess all of them right, you could turn a single digit wager into a massive payday. It’s also one of the trickiest ways to cash a bet.
The important thing to remember here is that parlays don’t limit you to wagering on just one sport. While single-sport parlays are more common, you can spread your bets out across as many games, leagues and sports as you’d like. Here’s a look at how to place your bets, win big and avoid disaster.
How A Parlay Works
Parlays allow you to combine multiple bets for bigger payouts. Say you’re certain the Chicago Bears, Tampa Bay Buccaneers and Dallas Cowboys are going to cover their respective spreads this week. Rather than betting each game individually, a parlay will combine those three outcomes at significantly higher odds.
If the Bears, Bucs and Cowboys are all -115 favorites (bet $115 to win $100), the parlay odds jump to +553 (bet $100 to win $553). Payouts are calculated by multiplying selected odds with each other, hence why you need at least two wagers to create the bet.
In order to earn that payday, however, each leg of the parlay must hit. If any of the outcomes you selected fail to occur, the bet is dead. It’s an all-or-nothing scenario.
Here’s where it gets fun: bettors can mix and match outcomes. Let’s say you’re certain the Cowboys are going to cover but you don’t know if the Bucs will do the same. You could add the Cowboys spread and the Bucs moneyline or over/under to complete your parlay. Bettors can also combine player props to make a parlay, meaning you can pick the Cowboys to cover their spread and Tom Brady to throw for a touchdown to create your ticket. The possibilities are endless.
Lorenzo’s Locks
are in, and now boosted as a parlay to +670 in the @Tipico
app
#RamsHouse -4.5 v ARI
— Tipico Sportsbook (@tipico) October 1, 2021
More Risk, More Reward
The more bets you add to your parlay, the higher the odds and the bigger the payout. Want to place a 16-team parlay on the NFL each week? You may be able to turn a $5 bet into a few thousand dollars depending on the odds.
You could also place a two-leg parlay for more money with a bit less risk.
The key is picking your spots and outcomes wisely. That +2000 moneyline for the Jacksonville Jaguars may help your overall parlay odds soar, but it could also tank the entire bet.
It’s up to you to decide and create the best overall wager. If you’re actually seeing the lines well, a parlay will prove it. Even if not, you don’t have to risk much for a worthwhile win.
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