Do you know the meaning of parlay in betting? Parlay betting is a way to combine multiple wagers into one and increase the payout. You might have read about it in other articles or even heard your friends talking about it, but what exactly is parlay betting?
To put it simply, a bet parlay is when you combine multiple bets into one, so instead of getting paid if your team wins or loses against another team, you get paid if they win or lose against another team AND another teamā¦ you get the point.
Essentially, this allows you to increase your potential payout by combining several smaller wagers into one larger wager. With that being said, letās take a look at the reasons why you should learn more about parlay betting and how you can use it to your advantage.
A parlay explained
A parlay is a type of bet where you combine two or more wagers into one large single bet. The payoff for a parlay bet is determined by the payouts of the individual wagers combined. Rules for parlays vary from sportsbook to sportsbook, so be sure to check with your online bookmaker to find out exactly how their parlays are paid out.
Parlays are often misunderstood because bettors think that they have to win every wager to get paid out, which is far from the case. Unlike standard bets like straight bets or Moneyline bets, with parlays, you don’t need every single bet that’s included in the parlay to win in order for your bet to land.
For example, you could have a 4 team parlay where you pick one team to win against one team, one team to win against another team, and one team to lose against one team and one team to lose against another team. So, if you bet $100 on this 4 team parlay and each team wins their bet, you would win $1000.
Why you should learn about parlay betting
First and foremost, people place parlay bets to increase their potential payout. There is no doubt that betting on a single game or match can be extremely risky. You might end up winning a few bucks here and there, or you might lose a lot of money.
However, when you combine several bets into one and increase your potential payout, you can win more money and lower your risk of losing money. Essentially, parlay betting allows you to hedge bets and lower risk.
Furthermore, if you want to make a lot of money, you have to make big bets. Thatās just how it works. Betting on a single match isnāt going to generate a lot of income. However, when you combine multiple bets into one and increase your potential payout, you can make a lot of money.
Parlay betting has existed since the beginning of sports betting. This means that itās been around for a while, and it isnāt going anywhere anytime soon. Sportsbooks know that you need to pay out huge sums of money to many people who bet parlays, so they are going to pay you out, regardless if you win or lose.
How to place a parlay bet
When placing a parlay bet, you want to select multiple wagers that have a high potential payout and low risk. For example, say you want to place a 4 team parlay. You want to pick a team that has a high potential payout and low risk. The potential payout you want to look for is around +200. The risk you want to look for is around -110.
Increase your potential payout
One of the biggest reasons why you should learn more about parlay betting is that it allows you to increase your potential payout. Weāve already established that when you combine multiple bets into one, you can increase your potential payout. This means that you can make more money from one bet than you can from multiple bets.
Avoid selecting bets that have a low potential payout and high risk, as you might lose a lot of money. Selecting a few high potential payout and low risk wagers is the key to winning when parlay betting.
Hedge your bets and lower your risk
Another reason why you should learn more about parlay betting is that it allows you to hedge bets and lower risk. If you place a few parlays and one or more of your selectionās wins, then you might win a lot of money.
However, if you only have one bet and it loses, you might lose a lot of money. Parlay betting allows you to hedge bets and lower risk because you can combine multiple bets into one. With parlay betting if one or more of your selections lose, you are likely to lose some of your money, but itās not as bad as if you had only one bet.
What you should look for when placing a parlay bet
There is one thing that you should be wary of when placing a parlay bet and thatās the vig. The vig is short for the “vigorish” and itās the commission that sportsbooks charge you for betting parlays. It is an additional amount of money that is tacked on to the amount of money that youāre wagering on a parlay bet.
For example, letās say you want to wager $1000 on a 4 team parlay and the sportsbook has a 10% vig on parlays with a minimum of $100. First and foremost, you have to make sure that you have $1000 in your bankroll because you have to wager the full amount.
