Parlay betting is an investment strategy that allows the player to combine 2 or more bets into 1 bet. The payouts for these bets can be very high if all your selections win. However, since parlay odds are much higher than conventional odds, this also means that a loss will hurt a lot.
Explaining Parlays
When you bet multiple bets together in a parlay, the specific rules can vary depending on who you are betting with. But the general idea is that you have to pick at least 2 winners from your list of bets. If all your picks win, then your payout will be higher than if each bet was a separate bet. The riskier the bet is, the higher the payout.
To illustrate this with an example, let’s say you placed a $100 parlay on 3 bets with odds of 2/1, 5/2 and 10/3 respectively at an online sports betting singapore-based site. This means that if you win, you will get $200.
If all 3 of your bets win, then the payout is 5/1, which means $500 for a $100 bet. For each individual bet, the total payout would be $120. If 2 out of 3 wins, then the payout would be 4/1 or $400 – still better than if you bought 2 separate bets.
Parlay Betting Strategies
There are two main strategies with parlay betting: the Martingale and the Labouchère systems.
The Martingale system is risky but straightforward, doubling your bet after every loss until you win. This means that if you lose several bets in a row, the size of your bets will increase exponentially. In other words, you could lose a large amount of money very quickly.
The Labouchère system is much more conservative in that it doesn’t require any doubling up after losing bets.
How To Win With Parlay Betting
The following tips should help you win when betting with parlays.
Divide your total bankroll by the number of parlay bets you will place.
Use this information to decide how big or small each bet should be. For example, if you have $500 and want to place 5 parlay bets, then each bet should be $100.
Avoid placing all your selections in one parlay.
Having a “huge” bet can be tempting, but because you will have all your eggs in one basket, it also means that should you lose, your payoff will be extremely small. It is much better to break up the selections and place them as separate bets to make sure you don’t suffer from a big loss right from the start.
Don’t parlay too many selections in a bet.
If you are betting 3 or 4 bets together, it is often better to place them separately, even if this means getting lower payouts. To minimize the risks, only parlay between 2 and 6 bets.
Do your research before placing any serious bets with parlays. Unlike conventional one or 2 selection bets, parlay betting is a much deadlier strategy. A good idea would be to check out our free NFL picks and college football predictions for this season which have been shown to have an excellent track record over the past few years.
Stay calm if you lose a bet with parlays.
Losing one bet shouldn’t affect your decision to place another bet with parlays, but if you lose several bets in a row, it might be time to tone down your activity. If you have no more funds left for betting, then stop betting altogether.
Don’t let one winning bet affect the way you place future bets.
Even if a single team wins, say a college football team, it doesn’t mean that their opponent will also win. In fact, if both teams from one parlay bet win then the odds of the rest of your bets winning are very low, so avoiding placing another parlay bet would be a much better decision.
Utilize free or cheap money offers to boost your bankroll and then use that money for parlay bets.
There are numerous websites, such as those online sports betting singapore-based sites, out there that offer free sign-ups along with free or cheap deposit bonuses once you join, so take advantage of these offers before betting away your own hard-earned cash.
Takeaway
Parlay betting can be a great strategy to use if you have the time to do some research and are willing to have some patience instead of betting until you are out of money. Otherwise, stick to other strategies that don’t require more time, effort, and bigger bets.