Parlay Betting Strategy: All you Need to Know

Parlay Betting Strategy: With dozens of matches to choose from, now you can also pick the specific ways to bet. Today we are going to talk about parlay betting. This is a type of betting that everyone is talking about. 

Turning $1 to $1000 is no longer a myth. Now you can do it for real. Parlay is unique because it is unlike any type of betting you will ever see before. Today we are going to talk all about parlay and how you can utilize this betting strategy. 

Players can easily make some money after knowing what parlay is all about. Come take a read at our article today and we hope that you can understand. Keep in mind that parlay is always a higher risk gambling strategy. Hence placing your bets will give higher rewards later on.

What is Parlay Betting?

Parlay Betting Strategy

Parlay is a popular term but not many people understand it. Let us go to the very basics and roots of parlay betting. Parlay has been surfacing and it became a trend during 2010. Back then, no one really wanted to place bets on parlay because the likelihood of winning is so small.

Sooner or later, European players and American based casinos are filling up. Players who are interested to try new things did try parlay and loved them. That is why right now Americans call them as parlay bets. Whereas European gamblers will call them accumulated bet. 

Parlay betting can be defined as a player placing a sum amount of money on a bet. This bet is combined with multiple matches or a minimum of 2 matches. You can stack these matches up to 6 or 10 matches in total. The odds of parlay bets are also stacked and multiplied together. You can only win a parlay bet if you are able to get all the matches correctly. So even if there is one loss, then you are already losing all of your money. This is the simple concept of parlay betting.

How Much Will Parlay Bets Pay?

A great misconception is that parlay will payout huge rewards. This may be true but there are some metrics that limit the amount of money you can get. Here are the complete table of rewards down below:

Parlay Match AmountsOddsAmount Rewards from Parlay
2 teams3 to 1$300$400
3 teams7 to 1$700$800
4 teams11 to 1$11,000
5 teams21 to 1$21,000
6 teams46 to 1$46,000
7 teams91 to 1$91,000$9,200
8 teams182 to 1$18,200$18,300

Parlay bets are most likely going to be fixed in each website. The table we are showing to you is just an average illustration of how it might look like. Some other betting sites or bookies may offer you a much different reward. But overall the standard will still be the same. 

Where Can you Place Bets On The Internet?

There are many places you can bet and place your money. There is simply too many and you cannot just look for one. The reason is because online betting websites will give you new promotions. Those promotions will also come with different odds. Sometimes the odds can be leaning towards you. Hence players can make much more money than the expected value. That is why you need to at least have around 3 betting sites at your disposal. All of these sites must also have an account registered already. Feel free to do your own research and find a bookie site that matches your area. Some websites will not be available even if we recommend it to you because of restrictions.

What is the Difference Between Conventional Parlay and True Odds

There is a huge difference in these two terms. One is known as the conventional parlay. Conventional parlay have a fixed odds system. And these odds selection can only work if you are choosing a 50 50 bet. On top of that, you can also place a bet on the same type of sporting events just different matches.

This is how the true odds parlays work. You can pick between underdogs or even favorites. There are many metrics to differentiate these parlay bets. You may use a calculator to assist you so that the calculation is much easier. 

Learning the Math Behind Parlay Betting

How much can parlay bets make in total?

A player is always confused and curious regarding how much money they can actually make. We will help you with this by talking about the fixed odds parlay. Fixed odds parlay will never change and the calculation will always be the same. No matter what matches you bet on, then the fixed parlay will even out those odds. 

Now we are going to go deeper into the topic.  Parlay betting is quite complicated. That is why in this section below we’re going to talk about some of the dynamics. 

These are called the dynamic odds. Dynamic odds means that there will be no two bets with the same odds ever. The odds will always change and they will be multiplied together. 

The calculations will be produced by the website. So you do not have to do anything besides enjoying the bets. If you’re betting on a specific type of parley you can refer back to our table. The table that we’ve provided to you is the most average type of partly rewards. Hence it would most likely follow those.

Note that some websites will follow different standards. For example American odds and European website odds are different. You can convert these by using an online calculator or converter. Overall the odds are still quite the same but there is a bit of differences.

one major difference between an individual that and a partly about this that you get additional points. This is because you’re taking much more risk. If you try to compare three individual bets against one three team partly than it is clear who’s the winner. A treating partly will give you high rewards up to thousands of dollars. Whereas in the other hand you only get around hundreds of dollars if you bet money individual match. This is a huge difference that you need to understand when you’re playing in online casinos.

All in all, parlay betting will give you better rewards than the normal types. This is because your risk is also much higher. The fact that one loss will equal to a total loss is a huge risk. 

Understand this risk before you indulge in online gambling. There is a long term bet that you can do when playing in parlay. We will discuss this more so you can understand more about parlay betting in general. Stick with us until the end.

What Happens if a Match Ties?

One big example and problem is ties. Ties means that there are no winners or losers. Hence it is also called as the push. In parlay, this will disregard that wager and you can still get rewards. 

The difference is that the rewards will be much lesser because you take lesser risk. Instead of 3 team bets, you are only betting on 2 team bets. You will still get the 2 team reward if 1 team pushes. 

The bookie will be responsible of recalculating the odds that they will change for you.

There is a difference in rules if you go to a European bookie. European bookies will give you the same tie. But instead you can get more rewards. This is called as opting in a two way wager. 

Players could even place a bet or money on push options. This type of betting is also known as prop betting which is highly unlikely to happen.

Advantages and Disadvantages of Parlay Betting Strategy.

Advantages of Parlay

  • High rewards with one time bet only
  • Much more bonuses for players
  • Has a lot of potential for players
  • Much more excitement when gambling

Disadvantages of Parlay Betting

  • Higher risk, harder to win
  • Parlay bets may face technicalities such as push or draw
  • The odds are too hard to win and favors bookies
  • Increased chance of a dry loss or spell

Ideal Ways to Bet in Parlay

You may be asking on how fair the parlay system is. Well parlay can be fair for sometimes but it will always favor the website. For example you can take a two team parlay. These two teams have an odd at -110 and +300. In total, you will be only getting around +260 due to the website’s algorithm. But this is different for a three team parlay because you are usually promised +700. Instead, players will receive around +600 in rewards and nothing more than that.

To make it simple, sportsbook websites does not give a fair ground for players to bet. Sometimes you can be lucky and get good odds. In other days you cannot expect much from these websites. Hence you can jump into another website. Look for the similar and exact same matches to compare them directly. You can make a reasonable profit this way.

Free Bonuses to Players

Another common thing that players will get when they play parlay are free cash. Free cash comes in the form of percentages. For example you get $10 for free from 10% cashbacks. 

This is because true odds will allow you to get bonuses. The type of bonus that you can potentially make are free play betting. 

Nowadays, there are also welcome deposits and cashbacks for players when they want to gamble. Feel free to claim all the bonuses provided to you. There are plenty of bonuses up for grabs if you can find them.

Correlated Parlay Games

Correlated parlay is a much more exciting way for players to gamble. You can even bet on someone losing or someone now making a goal at all. 

For example you can bet on a match and on their players at the same time. This is an example known as correlated parlay. Say for example you bet that the Chicago Bulls will win. At the same time, you will also place a bet on who will score the most on that match. 

Correlated matches are easier to predict. Because if a team is performing well, then the players are most likely going to do too.

Reduced Juice

Next up we are going to talk about reduced juice. This is one of the bet props that people will bet on. Reduced juice will put a 50 50 bet and then the bookies will place 6.5 to 1. 

You can bet on 3 teams in total. However, reduced juice is only applicable in football or usually the NFL.

Reasons to Avoid and Watch Out for in Parlay

Use Bankroll Strategy

The first thing that you need to know is the bankroll strategy. This is a way for players to actually lose money. Usually there is this thing known as bankroll strategy where you manage your bankroll well. 

Progressive nothing will actually be bad for your bankroll in general. Players will basically bet on the amount of money that they have. 

However we will give you much easier way to bet. You can instead use the ways on how professional gamblers will make money. Professional gamblers will wait and find a specific game with good edge. 

They will also calculate the math so they can get good value. A good value will give you more profit. This is the thing to know if you’re going to gamble in parley.

Variety

There is a higher variance on parley bets that sometimes players have a hard time predicting. Placing more than one bets means that you must hit all of them together. 

This is the biggest challenge when you try to gamble in parley betting. The thing is that you will get different odds but with a much better value. 

Even though the odd may not be equal but the value will always be high. If in case you cannot force them but then try straight individual bets instead. You do not have to face apparently betting every single time if you don’t want to.

Line Shopping for Parlay Bets

is a common strategy used by everyone. We’re not telling you to avoid this but instead we’re recommending you to do it. There are many examples of players finding a good line. 

Line shopping is basically getting better odds in other websites after you compare them together. For example you can get 104 instead of 100 in value. 

This is a huge difference if you want to gamble big. On top of that you can also find much better odds in some websites who are still new. Be cautious because some websites will try to force you into making straight bets. Hence you will fail in making parlay bets.

Frequently Asked Questions on Parlay

  1. Are Parlay and Accumulated Betting the same?

    We have told you before that they are. So the answer is simply Yes. Parlay is used by American casinos to describe the correlated bets. 

    On the other hand, players from the UK or European countries would use accumulated bets. They both mean the same thing in general. The two words can be defined as betting on more than one bets. Such as placing it on 2 or more matches. 

  2. Are parlay bets profitable?

    Parlay bets are not recommended as your main way of betting. Every player will and should be combining strategies. For example you cannot fully rely on parlay bets to make money.

    Instead you can place $10 or $5 to parlay bets. Parlay bets are created for fun. It does not have any huge potential for you to win big. Players that starts off with $100 can reach up to $70 thousand. 

    This is simply an anomaly and it can rarely happen. But it is nice to imagine these bets once in awhile right.

  3. How much should you put in parlays?

    Parlays have not much potential. Even small bets can make it big in the world of online parlay betting. You cannot always win most of the time. 

    That is why we advise you to bet low and not high. Definition of betting low is basically betting around $10 up to $20. This amount is more than enough. Some daring players would bet as high as $100 but that is as high as it goes. 

    Betting high will be tricky since you do not know what to bet on. Try betting on 2 team bets with $20 or $50. The lower the risk, the higher the amount of bets that you can place. 

    But If it is high risk, then lower the amount of money that you are going to place. Be realistic when it comes to betting in parlay matches. If you are not then you are going to lose a lot of money.

  4. Is parlay betting legal or not?

    Parlay betting is very legal and there is no problem with it. As a matter of fact, parlay matches are already recommended and provided by bookies. 

    A reputable bookie will have license and legal status. Hence all of the games that you will get to try is already safe. Do not forget that players can also switch websites if they feel unsafe. Nowadays there are so many options for you to try. 

  5. Is parlay a losing bet?

    Well we would not phrase it that way. Parlay bets can be a winning bet since many players are interested to try it. 

    The thing with parlay bets is that they are fun to try. That is one of the sole purposes of betting in parlay games. You can make a huge profit once you hit the jackpot in parlay betting.

  6. How can parlay bets be calculated?

    Parlay bets can be calculated by using the odds we have provided to you. For example if the odds are 50 50 then you just multiply it with the amount of matches. 

    There is no limit to how much you can bet. The odds are most likely going to be fixed in each matches. Other matches will give out different odds.

    The odds would basically show you how much money you can potentially make. Huge bets will make more money. But even small bets with big odds can produce high rewards. Feel free to check our table above as a reference.

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