Being busy on other fronts today (tune or surf in at 9 a.m. PST to KNPR‘s State of Nevada, we’re turning S&G over for the day to Samuel of Sports Smart Betting. If you like his work, you may see it here on a recurring basis. After all, sports betting is dominating the gambling conversation today. For his initial topic, Sam explains the …
Reasons why parlay bets are so popular
1. Parlay bets can offer higher payouts: These types of bets typically have higher payouts than single bets because of the multiplicative effect of more selection in a single bet slip. This can be attractive to bettors looking for a chance to win big even if they take several times more risks.
2. Excitement: Parlays add an extra level of excitement to sports betting. The thrill of potentially winning a large sum of money from a small wager is appealing to many bettors. This feeling peaks when you have left a single match to win from your accumulator bet. Unfortunately, these become the most famous stories, such as not winning X amount because of losing one outcome from 10.
3. Simplicity: Accumulator bets are simple to understand and easy to make. All you have to do is select multiple bets and combine them into one wager. You win only if each leg of your parlay is a winner.
4. Convenience: Many sports books and online betting platforms offer parlay-betting options, making it easy for bettors to place these types of wagers. In many cases, you might even get increased odds on your parlay bets if you fulfill some basic requirements. These opportunities might boost your final odds by even 10-20%. Smart players can beat statistics and win in the long run with the help of these overpriced parlay bets. By using arbitrage betting software, you can spot significant odds differences between bookies that cover each outcome of your parlay bet. This way you can earn a small but guaranteed profit.
It’s important to mention that parlays bets are harder to win than straight bets and the odds are working against the bettor, so it’s important to be selective and only place parlay bets when you can meet the conditions mentioned above. Every time you add a new selection to your parlay bet, the odds include the house edge and the risk of winning that outcome. The more legs you add to your parlay bets, these two will multiply and reduce your chances of winning and getting those big profits.
How to optimize your parlay bets, which parlays to look for and which to steer clear of?
1. Understand the odds: Parlays typically have higher payouts than straight bets as I already mentioned. Make sure you understand the odds of each bet and the overall odds of the parlay before placing your wager. By understanding, I mean making sure that each outcome is picked on the highest odds possible. The best scenario would be if you could find outcomes that have higher odds than the real possibility of winning it. This way you can have a chance of beating the betting sites in the long run. This technique is called value betting. These overpriced odds disappear from one minute to another but players who use value betting software have the best chance to spot them in time.
2. Don’t chase big payouts: While it can be tempting to try to hit a big payout with a long-shot parlay, it’s important to remember that the true probability of winning gets lower with each additional bet in your accumulator. Successful bettors are focusing on single bets or parlays with two to three legs. This way by lowering the risk you can avoid long cycles of variances.
3. Stick with favorites: While it may be tempting to try to hit a big payout with long-shot underdogs, it’s generally better to stick with favorites when making parlays. An exception might be adding only 2-3 outcomes to your parlay on overpriced odds.
4. Avoid adding more outcomes from the same event: parlay betting with more legs from the same event increases the risk, it’s better to focus on different events and different sports. This rule is important when you choose more complicated payout methods. Many bettors are pleased with a lower possible profit if they have the opportunity of losing 1 outcome and still winning the parlay bet.
5. Use a strategy: Parlaying games with different spreads and money lines can be a good strategy as it allows you to diversify your bets and spread out your risk.
6. Be selective: Don’t feel like you have to parlay every game or every bet. Be selective and only parlay games that you feel confident in and have a deep understanding of the markets/teams/sports. This way you can spot outcomes that are truly undervalued and overpriced.
7. Focus on the long-term: Parlays can be a fun way to add some excitement to your betting, but you should treat them as a long-term strategy.