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The Best Sports Parlays Betting Picks

Parlays are very popular when it comes to sports betting. This is because there are so many stories of enormous parlay bet hitting for lots of money against all odds. But what is a parlay, and how does it work? Is it advisable to bet on parlays? Where can you get reliable parlays picks from experts? Below, we will cover all these topics to understand better what parlays are about and how you can make the most of the opportunities.

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What is a Parlay Bet?

If you visit other countries, you will notice that parlays are called differently: in the UK, for instance, are called ‘accumulators’ and in Europe ‘multiples’. Whatever the name, the concept is precisely the same as a parlay bet is simply multiple wagers combined into a single bet. A parlay will roll over the winnings from every individual wager into the next leg of the wager. It is important to note that each ‘leg’ or individual bet in the parlay must-win for the parlay to be graded as a winner. This complicates things, especially when wagering on parlays with many selections.

On the other hand, the payout can be very significant if you manage to get all the legs correct. This is why big parlays wins make headlines and contribute to the popularity of this exciting way of wagering on sport. It is worth also considering that sportsbooks margins on parlay bets are higher than single bets. This is because each ‘leg’ of the parlay has built into the odds the ‘juice’ of the sportsbetting site. Similarly to the potential payout, also this margin is multiplied, making parlays bets profit more challenging in the long term for bettors. Of course, there are exceptions and opportunities also with this bet type, which we will explore here.

How Does A Parlay Bet Pay Out?

The payout of a parlay depends on how many selections have been included. More selections, the bigger would be the payout as the risk increases. So all you need to do to work out the payout of a parlay bet is to multiply the payout of each ‘leg’ of the parlay. Therefore, the Parlay payout will be significantly bigger than the payout you will get by backing each leg separately.

The Downside Of Parlay Betting

Many will tell you that parlays are a poor way to bet on sports, and this is generally true if you look at the long-term expected value. For a parlay to have a positive expected value (+EV), almost all the bets included in the parlay would need to have a positive expected value. This is very unlikely, so most parlays favour sportsbooks, especially in the long run. The proof of this can be found in the revenue breakdown of any legal sportsbetting site. Sportsbooks tend to keep a larger portion of the many they take on parlays, with very high margins. This is down to winning probabilities that shrink the more legs added to a parlay bet. This is why you should be careful not to be dragged into huge parlays just because the potential payout is appealing, as you would almost certainly give your money to the sportsbooks.

The Upside Of Parlays

Despite what was just said, there are still some excellent reasons to enjoy parlay bets. Firstly, bettors love to place small bets that have the chance of winning big. This is also why people like to play the lottery. Many bettors won’t care about a -EV bet as they are not trying to make long-term money. However, placing a small amount on a six-teamer with very slim chances of coming home still brings good entertainment. As long as you bet responsibly, there is no harm in having fun by placing parlays bets. Additionally, +EV parlays exist, especially considering these bets with few selections. It is not uncommon to find two or three selections that have positive value for the bettors: by combining these together, you will stand a chance to come up on top even by wagering consistently on parlays.

What are Correlated Parlays Bets?

Correlated parlay bets are these wagers where winning one bet increases the odds of winning the other bet. For instance, you could be parlaying the first half over with the game’s total over. In the past, sportsbooks prevented you from placing such correlated parlay wagers, but this has now changed. With the introduction of ‘same-game parlays’ (SGPs), US bettors can now place correlated events in the same game into a parlay bet. It is important to note that sportsbooks adjust the combined odds to consider correlation, which kills the +EV aspect in most cases. Having said that, there are still some good opportunities to explore, especially if you believe in having an edge on most odds related to a matchup.

What Happens To My Parlay Bet If The Game Gets Cancelled?

As we have seen, parlay bets are made of multiple legs, so there are situations where a game in the parlay gets cancelled for whatever reason. In this case, the bet simply comes off the parlay, which becomes a smaller parlay. In this scenario, the payout will be reduced as the odds will be smaller, but the likelihood of winning the parlay will increase as there will be one less selection to consider. Although the handling of cancelled games within parlays tend to follow this norm, it is always advisable to check your sportsbook’s rules to get the full details on how they handle the different situation regarding different bets.

Types of Parlays

There are several parlays, but the most popular are Round Robin parlays and Teasers. Let’s see in more detail what these are.

Round Robin

A Round Robin wager is placing multiple parlay bets all at once. Basically, the bettor will select from 3 to 8 teams or totals in the Round Robin. After that, they will choose how many teams or totals they want to tie together for the Round Robin. The combination of teams will indicate how many parlays the bettor has: for instance, for a Round Robin with eight teams, there will be a total of 28 different parlays if they choose two teams. For a three teams parlay there will be 56 different parlay tickets and so on. The ticket will cost the amount selected for every parlay.

What is a Teaser Parlay Bet?

A teaser parlay bet is similar to a traditional parlay where the bettor can pick multiple teams or totals. The main difference, though, is that there aren’t moneylines allowed with a teaser, and also, the bettor has the capability of moving each point spread or total plus or minus a certain number of points. By doing so, the bets will become easier to win, and therefore the total pay out will be less than a traditional parlay. Teaser bets can move the point spreads or totals from six to 10 points, however, each leg of the teaser must use the same number of points. Those legs of the teaser can go in opposite directions. For instance, the Kansas City Chiefs -7 spread can be moved in a teaser bet to -1. Meanwhile, the Houston Texans will be moved six points from +4 to +10 points.
Similarly to a regular parlay, the more selections are added in a teaser parlay, the higher would be the potential payout. Since different sportsbooks have different odds and rules, the teaser bets options and payouts might vary. We suggest you check with your sportsbook before placing the teaser to understand all the conditions involved.

What are Parlay Card?

One of the most popular ways to bet parlays in casinos is to use a Parlay Cards. These are long narrow cards where bettors can fill the numbered circle of the side of the point spread they want to include in their wager. Once the teams and totals have been picked, the bettor can present the card to the ticket writer in the sportsbook, together with the amount they are willing to wager. These parlay cards are particularly popular during the football season, however, there are many different types of parlay cards available, which include several varieties of teasers, ties win and reserves teaser cards. With the popularity of Parlay Cards that is continuing to increase, we are finding that many sports betting sites and mobile sports wagering apps have started to add Parlay Cards for their web and mobile bettors.