With the world of sports betting growing bigger each day, there is a lot for fans to learn. For most newcomers, usalegalbetting.com is a resource that can cover the basics regarding where betting is legal and what sportsbooks are available. But for those who are ready for the advanced course, let’s talk about parlays. This is a more complicated form of betting that has quickly become popular, especially among NFL fans. Let’s explore the basics of a parlay bet and offer some tips for making an NFL parlay.
What is a Parlay?
In simple terms, a parlay is a bet that combines multiple bets into one larger bet. Rather than making several individual bets, someone can turn those bets into a parlay. However, in order to win a parlay, every individual bet in the parlay (often called legs) must win. If just one leg of a parlay loses, the entire parlay loses. For instance, if you create a 10-leg parlay and nine of those 10 bets win, if just one loses, the entire parlay is a loser. In other words, parlays come with a lot more risk than a single bet.
Why Create a Parlay?
If parlays are riskier than ordinary bets, why do some bettors like them? The answer is that parlays offer higher rewards. Winning one bet isn’t necessarily easy, so winning two, three, four, or more bets that are all tied together in a parlay is even more difficult. Therefore, winning a parlay with three or four legs comes with a higher payout. If a bettor places a wager on the point spread of three different NFL games in a parlay, they will make more money than three individual bets on those same games. For many bettors, the promise of a higher reward is worth taking more of a risk.
Understanding the Odds
To truly understand the appeal of parlays, it’s important to understand the numbers. For example, if you were to bet $100 on the point spread of an NFL game with odds of -110 (which is standard), the profit would be $90.90. If you bet $100 on the point spread of two NFL games with -110 odds and won both of them, the profit would be $181.80. However, if you put those two bets in a parlay together, the odds for the parlay would jump to +264, resulting in a profit of $264.46 if you bet $100 on that two-leg parlay. That’s a profit increase of nearly 69% in a two-leg parlay compared to two individual bets.
If you were to add a third bet to that parlay that also had -110 odds, the odds of that parlay would increase to +595. That would mean a profit of $595.79 if all three legs of that parlay win compared to $272.70 in profit if you win three individual bets. In other words, the more legs in a parlay, the higher the profit margin compared to individual bets. This explains the appeal of parlays for bettors. However, keep in mind that parlays become much more difficult to win the more legs, so more legs means a higher potential reward but also a lot more risk.
Mix It Up
One of the great aspects of parlays is the ability to mix different types of bets together. Not every bet in a parlay has to be a point spread bet. For instance, one leg of an NFL parlay could be a point spread, another leg could be an over/under, and another leg could be a player prop. On any given Sunday, there is an almost endless list of possibilities for making NFL bets. It’s best not to limit yourself to certain types of bets. Any type of bet can be included in a parlay, so bettors should explore their options to find the best bets to combine into a parlay.
A Little Advice
One strategy to use when creating a parlay is to back the moneyline of favorites rather than make bets on the point spread. By using the moneyline, you only need the favored team to win the game regardless of whether they cover the spread. This is a way to get some of the benefits of a parlay while reducing the risk because each leg of the parlay doesn’t carry as much risk of failing. If you are particularly confident in one particular point spread bet, consider packaging that in a parlay with two or three moneyline bets. This can also help to earn a high payout while reducing risk. With parlays, the trick is to find the right balance between a group of bets that will offer a lucrative payout but can still be considered realistic.