Parlay Betting Strategies for the 2024 Summer Games
Parlay betting has gained popularity in the sports betting community due to its potential for substantial rewards. Here’s a comprehensive guide to understanding and optimizing your parlay bets.
What is a Parlay Bet?
Parlay betting involves combining multiple individual bets, known as “legs,” into one wager. The odds increase exponentially with each additional leg, offering a chance for higher returns. However, every bet within the parlay must win for the entire parlay to be successful. If even one leg loses, the whole parlay is lost.
Understanding Parlay Odds
Parlay odds grow exponentially with each added leg. For example, a parlay with multiple -110 odds bets shows significant increases in potential payouts as more legs are added:
- Two-Leg Parlay: Betting on two -110 odds legs can result in +264 odds. A $100 bet at these odds returns $264.
- Ten-Leg Parlay: Betting on ten -110 odds legs can lead to +64,208 odds. A $100 bet at these odds returns $64,208.
This exponential growth reflects the increasing difficulty of winning all legs in a parlay.
Parlay Betting Across Major Sports
Football: Parlays are popular in NFL and college football due to the volume of games. For instance, a parlay on the Cincinnati Bengals moneyline (+130), Carolina Panthers moneyline (+200), and Kansas City Chiefs moneyline (-650) at +696 odds could yield a $348 profit from a $50 bet, assuming all selections win.
Basketball: In NBA and college basketball, parlays can include a range of props and lines. For example, parlaying the Philadelphia 76ers -4.5 (-110) with Joel Embiid to score over 30.5 points (-110) might return $264 at +264 odds, though odds may be adjusted by sportsbooks for same game parlays.
Baseball: Baseball parlays can involve complex combinations of moneylines and player props. For example, a parlay with the New York Yankees moneyline (-200), Los Angeles Dodgers moneyline (-180), Atlanta Braves moneyline (-150), and Mookie Betts to hit a home run (+300) could result in +1456 odds.
Hockey: Hockey parlays include puck lines and player props. For instance, a parlay of the Edmonton Oilers -1.5 (+350) and Connor Bedard to record 3+ points (+300) might result in +1700 odds.
Same Game Parlays
A same game parlay involves multiple bets within a single event. While offering potentially higher payouts, same game parlays often have restrictions due to correlations between bets, such as not being able to parlay the game’s “under” with the “under” for a specific period.
Strategies for Parlay Betting
1. Limit the Number of Legs:
- Fewer legs increase the likelihood of winning. Consider two-leg parlays for more stability.
2. Limit Bet Size:
- Due to lower success rates, place smaller bets on parlays to manage risk. Winning individual bets can be more profitable over time.
3. Shop for the Best Odds:
- Different sportsbooks offer varying odds. Compare odds to maximize potential payouts, especially for same game parlays.
4. Evaluate Value:
- While parlays offer high upside, they are challenging to win. Balance potential rewards with the risk of losing your entire bet.
Round-Robin Bets
A round-robin bet is a variation of parlay betting that involves creating multiple mini-parlays from a set of bets. For instance, with four bets, a round-robin could generate six two-leg parlays. This approach increases the chances of a return, albeit with smaller potential payouts compared to a traditional parlay.
By applying these strategies and understanding how parlay betting works, you can better navigate the complexities and maximize your chances of success.