5 Tips to Betting On Sports Parlays
The parlay is a surprisingly often overlooked wager in the sports betting world. More times than not, it’s seen as a silly prop bet where there is little value with too much risk. Sure, the risk versus reward debate with every wager is definitely the most important to aspect to consider before laying down any money.
That’s where you find the best value after all and it’s value we are looking for when considering any wager. How can we win the most while risking the least? This ratio is the parlay bet and there’s plenty of value to be had with one. When placed correctly, this is no silly prop bet. The parlay can give you a nice payout without risking much at all.
Cashing any ticket in when sports gambling takes more than research. Whether you are taking the points or playing the moneyline, it doesn’t matter if you know every team, every player, and every sport inside and out, it takes a strong strategy to win often and as much as you can.
Parlays, of course, work the same way. It’s a very dynamic wager that can be played in a variety of ways and knowing the ways to play a parlay will can give you an excellent return on your money. Here are some simple rules to follow before placing your next parlay. They allow you to get more bang for your buck, eliminating risk along the way.
Keep It Simple
Too often gamblers look to the parlay to hit some huge payday. They take huge underdogs, add on a few favorites, and grab lines they know nothing about. All to drive the odds way up and hope for the best. This is a terrible play that amounts to nothing more than a lotto ticket.
KISS – the best advice you’ll ever receive. Keep It Simple, Stupid. If you have two teams you like on the moneyline, parlay them. If you are going to bet the home teams one Sunday, parlay three of them. You don’t need more than a few teams for an effective parlay. Picking six winners to come in pays well because, on any given day, it just isn’t going to happen. Be realistic. Keep it simple and you’ll keep cashing tickets.
Keep It Small
Another mistake players make on the parlay is the size of their wager. The whole point of a parlay is to make a lot from a little, not a lot from a lot. Again, it’s the lotto theory. Players want that one big payoff and no only add to many teams, they put up too much money.
On a bet where if one team fails to come through, the whole wager is shot, putting down big cash makes little sense. Use the parlay as it’s supposed to be used, a few teams coupled with a reasonable wager. It’s going to pay you well so don’t force the issue.
A Perfect Hedge
The parlay gives you the perfect opportunity for a built-in hedge. Let’s say you are – wisely – playing a $10 parlay on three teams to win. Putting a few dollars on the games individually will give you a nice hedge on that parlay.
If only two of the three teams come in, it nixes your parlay, however, you still have two individual bets to cash. Or, on a more positive note, if the parlay comes in, so do all of your hedges and that’s a win-win.
Spare Some Change
When we say to Keep It Small, we mean just that. If you are playing on an online sportsbook, it doesn’t take long for change to build up in your account and it’s hardly ever used when placing your normal bet. Considering that some sites allow bets as low as $1 bets.
A fun parlay to make is for a dollar and whatever change you have in your account on a parlay. Make some money on your change buy using it on a parlay you may not have played.
Look to the Favorites
The oddsmakers aren’t going to let you make easy money by playing the favorites all the time. This is why we have the juice and silly -400 moneylines. A parlay is a great equalizer in this scenario. Taking three heavy favorites in a parlay will give you the odds you need to get the payout you want and all without incurring too much risk. And let’s say, for example, there’s an upset you’ve been eyeballing.
The Jets over the Pats and you love it so much you’re loading up on it on the moneyline and can’t wait to cash it in. You even tell your friends about it. Why stop there? The Browns are playing the Steelers, the Lions are playing Packers. Look to the favorites to add a team or two for a parlay you aren’t risking that much more on but increasing your payout. The favorites are here to help and the parlay is the best place for them.