The savvy sportsbook bettor, appreciates that wagering on a series of single games does reduce the risk of losing down to that specific game. However, it also eliminates all chance of a healthy payday by nailing a set of wagers combined as a parlay. Here’s everything you need to know about building a successful betting strategy to wager on parlays.
Understand the Odds
If you don’t already have a firm grasp of the point spread concept, you should probably avoid betting parlays until you do. Before you throw down a wager on a group of games, a parlay, know the odds that your sportsbook posts for each parlay combination. Standard parlay odds essentially double your money (13 to 5) for a 2-team combination, all the way up to 1,1,00 to 1 on your bet if you choose 11 winners.
It doesn’t take logic to realize how hard it is to hit 11 games on any given schedule. In the middle, the payouts increase in increments associated with the decrease in the probability you can hit on every one. A three-team parlay pays 6 to 1 on a standard board, bumps to 10 to 1 for four teams, and then roughly doubles with each additional bet up to an eleven-team card.
An eleven-team parlay card is actually the worst percentage increase from one level to the next. Appreciate how the odds increase when adding an additional pick to your card. Sometimes it’s best to consider the odds, and then erase the worst game, dropping back down a level.
Avoid Too Many Long Shots
Parlays are not where you want to put your money on long shots, or bet with your heart. Since one loss kills the whole card, it’s always best to stick with those games you feel most strongly have odds that favor your choice of winners. It’s okay once in a while to take a wild chance on a dark horse, but keep in mind your goal is to win every game on your card, or it’s a losing parlay.
Mix it Up & Diversify
Keep a spreadsheet, even a simple pencil and paper record helps. Look at where you’re laying down your wagers. Diversify and mix it up a little. If you’re filling out more than one parlay card, try not to repeat any picks that are dubious.
While it’s okay to bulk up on the “sure thing”, if there ever really is one, loading up all your cards with one team as winner, can doom you to a losing proposition. Nothing worse than thinking you have a sure thing mixed up with some other great ideas, only to have that sure thing put a hole in every one of your parlay cards.
You hit them all; you win a healthy sum of cash. Lose one, and you’re done. Parlays are more difficult to win, logically, but they are also an exciting way to spice up the old single game routine. Give yourself the best chance of winning a parlay. Understand all the odds, do your game research, avoid the long shot and diversity.
