Parlays allow you to wager on more than one contest at the same time in one bet
Parlays are considered by most sports bettors to be an "exotic", or non-traditional, type of bet. Put simply, parlays allow you to place a bet on the results of 2 or more sporting events. For example, if the Jets were playing the Patriots in one game, and the Texans and 49ers were playing in another, you coul make a 2 team parlay bet that the Jets and Texans will be victorious. In the event this occurs, you will receive a much higher bet than if you placed a simple straight bet on just one contest.
The above example is the most basic parlay. Many sportsbooks offer a variety of parlay options: you can bet on outcomes across multiple sports, multiple days, or seasons. Moreover, it's possible at many online sportsbooks to place parlay bets on up to 12 teams. If you win a 12 team parlay, you will make an astronomical amount of money at a minimal investment. For example, one 12 team parlay was advertised to pay $2040 per $1 bet. So if you bet $100, you'd make a whopping $204,000 for simply guessing correctly the results of 12 contests.
But Wait.... Before you run out the door to place a parlay bet, remember that while the parlay bet can pay big, many sports bettors also consider it a sucker's bet, since the odds of predicting multiple outcomes in one bet are exponentially stacked against the player. As a result, most players only bet a couple dollars on 5 contests or more parlays, while it is common to see higher bets placed on 2 to 4 team parlays, which are obviously much easier to win. If you really study sports carefully, and know how a couple teams are going to play, sometimes you can make off like a bandit and crush the book completely. Most times, however, you're going to walk away empty handed.
One real life example of a huge parlay are the March Mania brackets, where you pick 64 different outcomes for one eventual winner. This is not a pure parlay example, since winners continue on to play again, so one must consider multiple factors when it comes to bracket betting. A more simple example is a 2 team parlay on the Final Cuatro. If UCLA is playing Memphis, and LSU is facing UCONN in the Final Cuatro, many bettors will pick the two winners that proceed to that NCAA National Basketball championship contest.
For Joe Average bettor, when is a parlay a good bet? Only if it is for a small number of contests and you're relatively confident about the outcomes. Baseball parlays are popular, since much of baseball is determined by pitching matchups. Based on this information, one can make an informed decision about who will win. Soccer parlays are also popular with Europeans, especially during play-off or league championship matches. Many sports bettors like to bet the local favorite for the hell of it, and if they get lucky...well, let's just say they've made a few more Euros on their bet than usual.
So, if you'd like to try a Parlay bet, simply signup or visit your online sportsbook, browse the betting options, and select "Parlay". Then, choose the number of games you want to contest, and finally pick the winner. We recommend you start small. Most sportsbooks will accept $1 Parlay bets, in part because the advantage is in their favor. Have fun and Good Luck!
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