In the world of sports betting, parlays can be a great way to increase your potential payout. A parlay is a bet that combines multiple wagers into a single bet. The catch is that all the bets in the parlay must be correct for the bettor to win. While parlays are known for their high payouts, they can be challenging to win. In this article, we will provide five foolproof parlay betting strategies that will help you win big on online sportsbooks.
Understanding Parlay Bets
Before we dive into the strategies, it`s essential to understand how parlays work. A parlay bet combines two or more individual wagers into a single bet. The odds for each bet in the parlay are multiplied, resulting in a potentially large payout. However, if any of the bets in the parlay lose, the entire bet is lost. It`s an all-or-nothing bet, which can make it challenging to win.
Parlay Betting Strategies
1. Stick to the Basics
The first strategy for winning big on parlay bets is to stick to the basics. It`s important to understand that the more bets you add to your parlay, the harder it is to win. Instead of trying to include every game on the board, stick to the games you know and understand. Focus on one or two games, and only add additional bets if you`re confident in your picks.
2. Look for Value
When building a parlay bet, look for value. This means finding bets that offer good odds but aren`t necessarily favorites. For example, if a team is a -200 favorite to win, but you believe they have a 70% chance of winning, it`s still a good bet to include in your parlay. Finding value bets can increase your potential payout and make it easier to win a parlay bet.
3. Mix Favorites and Underdogs
Another strategy for winning big on parlay bets is to mix favorites and underdogs. While it`s tempting to only include favorites in your parlay, it`s essential to balance your bets with underdogs. Including underdogs in your parlay can increase your potential payout and make it easier to win a parlay bet. However, it`s important to do your research and find underdogs that have a good chance of winning.
4. Manage Your Bankroll
Managing your bankroll is crucial when betting on parlays. It`s important to set a budget for your parlay bets and stick to it. You should also avoid betting more than you can afford to lose. If you`re on a losing streak, it`s essential to take a break and reassess your betting strategy.
5. Take Advantage of Promotions
Finally, take advantage of promotions offered by online sportsbooks. Many sportsbooks offer promotions for parlay bets, such as a bonus for winning a certain number of bets in a parlay. These promotions can increase your potential payout and make it easier to win a parlay bet.
Conclusion
Parlay bets can be a great way to increase your potential payout, but they can also be challenging to win. By following these five foolproof parlay betting strategies, you can increase your chances of winning big on online sportsbooks. Remember to stick to the basics, look for value, mix favorites and underdogs, manage your bankroll, and take advantage of promotions. With a little bit of luck and the right strategy, you could be the next big winner on your favorite online sportsbook.
FAQs
Q1. What is a parlay bet?
A. A parlay bet is a bet that combines two or more individual wagers into a single bet. The odds for each bet in the parlay are multiplied, resulting in a potentially large payout. However, if any of the bets in the parlay lose, the entire bet is lost.
Q2. Why are parlays challenging to win?
A. Parlays are challenging to win because all the bets in the parlay must be correct for the bettor to win. It`s an all-or-nothing bet, which can make it difficult to win, even if all the individual bets in the parlay are correct.
Q3. Can I include any type of bet in a parlay?
A. Most online sportsbooks allow you to include a variety of bets in a parlay, including moneyline bets, point spread bets, and totals bets.
Q4. How many bets should I include in a parlay?
A. It`s best to stick to one or two games and only add additional bets if you`re confident in your picks. The more bets you add to your parlay, the harder it is to win.
Q5. Should I always include underdogs in my parlay?
A. It`s important to balance your bets with favorites and underdogs. Including underdogs in your parlay can increase your potential payout and make it easier to win a parlay bet, but it`s essential to do your research and find underdogs that have a good chance of winning.
