Successful strategies for parlay betting

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Looking for information about parlay betting? Great, you’re in the right place. Get to grips with parlay betting, including what it means, the different types of parlay bets, its benefits, the pitfalls and more by reading the article below.

What is a parlay bet?

In everyday language, to parlay means to leverage an existing asset into something of greater value. For example, parlaying a knowledge of cars into a well-paid career in motorsports.

Whereas a parlay bet is when a punter makes two or more bets and combines them into one wager, usually of greater value in terms of potential earnings. In different parts of the world, parlay bets are also known as combination (combi), multiplier (multi), or accumulator (acca) bets.

For example, Granny, a huge Soccer fan, decides to plunge into her first-ever parlay. Looking at a list of upcoming international fixtures, she parlays $100 on three matches:

• Serbia @1.91 (-110) to beat Slovenia
• Turkey @1.36 (-275) to beat Georgia
• Italy @2.65 (+165) to beat Spain.

The combined odds for this three-game parlay are 6.9 (+590), i.e., 1.91 x 1.36 x 2.65. That means that for her $100 stake, she’ll receive $690 ($590 in winnings + the $100 initial wager) if Serbia, Turkey and Italy all win.

However, the whole bet is lost if any of her three teams lose or draw.

Types of parlay bets

It would only be sports betting with a wide selection of wagers. And parlay betting is no different. Some of the most popular types of parlay betting include:

• Two-leg parlays - a two-leg parlay is the simplest type of parlay available for a sports bettor. To win a two-leg parlay, a punter must place a wager that involves betting on the outcomes of two different events, typically from the same sport. Despite the name, two-leg parlays can turn into three-leg, four-leg parlays, etc, by adding more “legs” to the overall wager. In a two-leg parlay, a bettor must correctly predict the outcome of both events to win the bet. If even one of the selections is lost, the entire wager is, too.

• Same-game parlays - as the name suggests, a same-game parlay allows punters to combine multiple bets on different elements of the same game into a single parlay bet. For instance, a punter could bet on Turkey to beat Georgia and for Hakan Çalhanoğlu to score a penalty for the Turks. By combining these two single events into a single parlay, the bettor can increase the potential payout of the wager.

• Round Robins - A Round Robin is a type of parlay bet that automatically composes smaller parlays from a more extensive list of individual bets. Let’s imagine that Granny has her eyes set on three bets, Turkey to beat Georgia, the Dallas Mavericks to beat the Boston Celtics in the NBA and for the Edmonton Oilers to beat the Florida Panthers in the NHL. With a Round Robin, a sportsbook will automatically create four parlays from the three selections such as:

  1 x Turkey and the Mavericks to win 1 x Mavericks and the Oilers to win 1 x Turkey and the Oilers to win 1 x Turkey, the Mavericks and the Oilers to win, i.e., all three bets.

Some sportsbooks will display Round Robin options with nicknames such as a Trixie, like the example above (4 total bets), or a Yankee (11 total bets). One of the benefits of Round Robins is that they’re an easy way to instantly create a bunch of longshot parlays while offering some upside if one or more parlays don’t hit. The major downside is that Round Robins can get costly very quickly, as the more teams you add, the more parlay combinations are generated, and the more you have to bet.

Strategies for successful parlay betting

Regardless of the type of parlay at hand, there are some ways to give yourself a better shot at winning. Some of the best strategies for parlay betting include:

Limiting the number of selections

Parlay bets become riskier as the number of selections increases, so limiting the number of selections to around two or three strong selections can help lower the risk.

Employing different bet types

Parlay bets can be placed on different bet types, including first goalscorers, money lines, and even on handicap betting. Consider using a mix of different bet types in a parlay bet to increase the chances of success.

Using correlated outcomes

This could occur when the result of one bet affects the outcome of another bet. For example, a bet on Under two total goals in a Premier League match between Manchester City and Nottingham Forest may be linked with a bet on Forest winning since a low-scoring game may favour the underdogs. It’s worth noting that punters can only usually make strategic, correlated same-game parlays as Bet Builder wagers (or similar betting products), where the sportsbook both sets the Bet Builder and its overall odds.

Hedging your bets where necessary

If, say, two of three bets have already won, betting the reverse on the final outcome could offer guaranteed returns either way. So, if Serbia and Turkey have both won, betting on an Italy loss against Spain at suitable odds could be worth the punt.

Including value bets

When placing parlay bets, it’s important to find value in each selection. Look for bets that have odds that are favourable relative to the probability of the bet winning. For example, if the odds on a particular outcome are 1.25, the implied probability is 80%. In other words, a good parlay should include more favourites than underdogs.

Incorporate expected value wagers

Where possible, include expected value (EV) bets in your parlays. Although favourable EV bets aren’t a guarantee of success, they can add more value than a random selection.

Parlay bets versus single bets

If you’re wondering why any bettor, casual or professional, would prefer a parlay over a bunch of single bets, it’s a logical train of thought. The truth is that with a parlay, you could earn more returns from a lower stake in certain situations. In other words, parlay betting presents relatively lower risks and higher rewards.

In the example above, let’s imagine that Granny places three separate single wagers:

• $110 on Serbia winning, potentially returning $100
• $275 on Turkey winning, potentially returning $100
• $100 on Italy winning, potentially returning $165.

That means she’s wagering $485 to potentially win $850 ($365 in winnings + $485 in initial wagers).

With her $100 three-game parlay, she could get back $690 ($590 in winnings + the $100 wager).

The obvious risk with a parlay bet is that they’re all-or-nothing wagers. In other words, she’ll win nothing if one of those teams loses, whereas she could still win something by hitting at least one of her single bets. Delving deeper, however, there are additional reasons why parlay betting could offer more risks than rewards.

Risks of parlay betting

Despite the apparent potential high rewards on offer, parlay bets are a poor way to wager on sports betting, at least in terms of long-term expected value (EV). That’s because, for a parlay to have a positive EV, all or almost all of the bets in the parlay must also have a positive EV.

Along with the need for a perfect set of outcomes, parlay bets also have a higher house edge than single bets. That’s because the house’s edge, i.e., the average gross profit a sportsbook can expect to make from each wager, gets multiplied whenever a bettor places a parlay bet.

So, if the edge usually is 4% on a single bet, a two-leg parlay will have a theoretical house edge of almost 8%. And for sports bettors, the edge only worsens with every added leg to the parlay.

That’s why punters should always limit their spending on parlays, making them a fun addition to a bankroll management and not the foundation of one. That’s why it’s important to understand the risks involved and bet within your means.