Parlay betting can be an exciting and potentially rewarding way to enjoy sports betting, combining multiple individual bets into one single wager. By linking multiple selections, parlay bets offer the allure of a high payout but also come with an increased level of risk, as each selection in the parlay must be correct for the ticket to cash. This comprehensive guide will explore various parlay betting strategies, including understanding the math behind parlay odds, how to approach spread and moneyline parlays, as well as advanced tactics like hedging and correlated parlays.

What is a Parlay Bet?

A parlay bet combines two or more individual bets into one, requiring each selection to win for the overall parlay to succeed. The primary attraction of parlay betting lies in its potential payout, which grows with each additional leg added to the bet. However, the more legs included, the greater the risk, as each leg must win for the parlay to payout.

For beginners, WagerTalk offers free sports picks for practice, including daily picks for college basketball, college football, NBA, and more. This provides an excellent opportunity to try out different parlay strategies without financial risk.

Strategy for Spread Parlay Bets

Spread betting is a popular choice for parlays, especially when betting on NFL or NBA games. Here’s how it works:

Each spread bet carries its own odds, typically around -110, meaning a $110 bet would net a $100 profit. However, the math changes when combining multiple spread bets into a parlay. For instance:

• Two-team parlay: Combines two spread bets, offering a payout at odds of +260, implying a 27.8% probability of success.
• Three-team parlay: Adds another leg, with odds of +600, or an implied probability of 14.3%.

A spread parlay can amplify returns compared to individual bets. For example, three separate $100 spread bets at -110 odds would yield a profit of about $273 if all are correct. However, a three-team spread parlay with +600 odds would return $600 in profits for the same risk level. This substantial difference highlights the increased payout potential but also the increased risk of a parlay strategy.

Moneyline Parlay Strategy

A moneyline parlay combines multiple selections on the outcome of games, rather than the spread, and can be beneficial for bettors looking for a higher win probability, albeit with a lower payout. Consider this example:

• Three-team parlay: Betting $100 on the Buffalo Bills (-270), Kansas City Chiefs (-310), and Philadelphia Eagles (-150) individually would yield $37, $32, and $67 respectively. Combined as a three-team parlay, these picks would payout at +202, resulting in potential winnings of $202.

Moneyline parlays are popular for bettors who feel confident in picking game winners but want to reduce the risk of spread betting. However, it’s essential to weigh the odds and the likelihood of success, as the payout will be smaller compared to spread parlays.

Hedging: Reducing Risk on Parlays

Hedging is a common strategy among seasoned parlay bettors to secure a profit or minimize losses, especially when the final leg of a parlay is in play. This can be particularly useful if the bettor has won all other legs and faces a final game that carries significant risk.

For instance, if a bettor has a $100 four-team parlay ticket with a potential payout of $1,100, they might place an additional bet on the opposite side of the final leg to guarantee some level of profit. A common hedging tactic is to wager half of the potential winnings from the parlay. If the parlay wins, the bettor will profit from the full amount, minus the hedge bet. If the parlay loses, the hedge bet recovers a portion of the potential loss.

This strategy is particularly useful for parlays that conclude with a prime-time game, like Sunday Night Football. By leaving this as the final selection, bettors can watch the earlier games, and if successful, decide whether to hedge.

Using Correlated Parlays

Correlated parlays involve making multiple bets within the same game or situation, where one outcome makes another more likely. For example, betting on a team to cover a spread and the over on total points can be a correlated parlay, especially if the team is expected to win by a large margin.

For example:

• Alabama -10.5 and Over 48.5: If Alabama is a 10.5-point favorite, they’re expected to score heavily. Parlaying Alabama’s spread with the over on total points capitalizes on the likelihood that a high-scoring game will help Alabama cover the spread.

Correlated parlays can also be useful in same-game parlay formats offered by many sportsbooks. However, payouts on these types of parlays are typically adjusted lower because the outcomes are related.

Understanding Same-Game Parlays

Same-game parlays are a specific type of correlated parlay that have gained popularity with online betting platforms. These allow bettors to combine multiple wagers from the same game, such as a player prop bet, a spread, and the over or under on total points. For example:

• Chiefs -10, Chiefs -6.5 (First Half), and Over 47.5: This parlay assumes the Chiefs will dominate early and continue to score heavily throughout the game.

While same-game parlays can be fun and potentially profitable, it’s important to remember that sportsbooks adjust odds for correlated events, making it less likely to achieve a large payout compared to a non-correlated parlay. A three-leg parlay might have +600 odds, but a same-game version could offer only +350, reflecting the sportsbook’s lowered risk tolerance for correlated outcomes.

Free Picks and Resources for Parlay Betting

For bettors looking to refine their parlay strategies, free picks and betting tips from experts can be valuable resources. WagerTalk offers access to daily free picks, betting advice from professional handicappers, and real-time Vegas odds to help bettors make informed decisions. Additionally, WagerTalk’s extensive video library provides insights from Vegas handicappers on strategies across multiple sports.

Before placing a parlay, bettors can practice their strategy using WagerTalk’s free picks, observing how different legs interact in a parlay. This practice can help bettors understand the risks and rewards of their strategy before committing real funds.

Final Thoughts on Parlay Betting

Parlay betting offers a high-risk, high-reward scenario that appeals to many sports bettors. While the allure of large payouts is enticing, successful parlay betting requires careful planning and strategy. Whether it’s spread or moneyline parlays, hedging, or correlated parlays, understanding the math and odds behind each leg is crucial. Bettors should also leverage resources like free picks and expert advice to improve their approach.

Ultimately, a sound parlay betting strategy combines knowledge, patience, and calculated risk. With a strategic approach, bettors can maximize their chances of turning a parlay into a profitable experience.