Parlay Your Way to Success: Strategies for Winning Parlay Bets

Keep It Simple

While it might be tempting to add numerous bets to your parlay to increase the potential payout, doing so also increases the risk. Instead, try limiting your parlay to 2-4 selections. This approach balances the potential reward with the inherent risk of parlay betting.

Example: Instead of creating a 6-team NFL parlay, consider a 3-team parlay featuring the New England Patriots, Green Bay Packers, and Kansas City Chiefs, all to win their respective games.

Mix Bet Types

One of the advantages of parlay bets is the ability to combine different bet types, such as moneylines, point spreads, and totals. By mixing bet types, you can diversify your risk and potentially capitalize on different aspects of a single game or multiple games.

Example: A parlay bet could include the Toronto Raptors to cover the point spread, the over on the total points in a Los Angeles Lakers game, and the New York Yankees to win on the moneyline.

Choose Correlated Bets

Correlated bets are selections within a parlay that are likely to influence one another. For example, if you believe that a particular NFL team will cover the point spread and that the game will be high-scoring, you could bet on that team and the over on the total points. Correlated bets can increase your parlay’s chances of success, but it’s essential to recognize that sportsbooks often limit or restrict these types of bets. Make sure to check the rules before placing your wager.

Example: If you think the Dallas Cowboys will dominate their game and score many points, a correlated parlay could include the Cowboys to cover the point spread and the over on the total points.

Research and Analysis

Successful parlay betting requires a thorough understanding of the sports and teams involved. Research team and player performance, as well as historical trends and head-to-head matchups. The more informed you are, the better your chances of identifying value bets and building a winning parlay.

Example: Analyze the recent form of the Golden State Warriors and their opponents, as well as their head-to-head history, to determine if the Warriors are likely to cover the point spread or if the game might go over or under the total points.

Avoid Longshot Bets

While adding longshot bets with high odds to your parlay can significantly increase the potential payout, it also drastically increases the risk. Instead, focus on selecting bets with more reasonable odds, which will increase your parlay’s chances of success.

Example: Avoid adding a bet on a +500 underdog in an MMA fight to your parlay. Instead, look for more evenly matched contests with closer odds, such as a +150 underdog or a -130 favorite.

Manage Your Bankroll

Parlay betting can be an exciting and potentially lucrative endeavor, but it’s essential to manage your bankroll responsibly. Allocate a specific percentage of your bankroll to parlay bets and avoid chasing losses. Remember that parlay betting should be a fun and enjoyable part of your overall sports betting strategy, not your primary source of income.

Parlay Example

Let’s take a realistic scenario of a football fan who is looking to win by betting on parlays. Our fan is a dedicated follower of the NFL, and he has been watching the games for many years. He has a good understanding of the teams, their strengths and weaknesses, and their current form.

Step 1: Research

Our fan starts by researching the upcoming games, looking at team performance, player injuries, and head-to-head matchups. He studies the point spreads and moneylines, looking for value and identifying potential upsets.

For example, he notices that the Dallas Cowboys are playing the Washington Football Team and that the Cowboys are favored to win by seven points. He thinks this is too high and decides to bet on the Washington Football Team to cover the spread.

Step 2: Build a Parlay

Once our fan has identified his picks, he decides to build a parlay. He chooses two more games where he sees potential value, and he combines all three into a parlay.

For example, he also bets on the Los Angeles Rams to beat the Seattle Seahawks, and the Baltimore Ravens to beat the Pittsburgh Steelers. He puts these three bets together in a parlay and places a $50 bet.

Step 3: Monitor the Games

Once the games start, our fan closely monitors each game, keeping an eye on the scores and the odds. He knows that anything can happen in football, and he is prepared to adjust his strategy if needed.

For example, if the Washington Football Team starts to struggle, he might choose to cash out his bet early to minimize his losses. Or, if the Ravens are losing at halftime, he might choose to hedge his bet by placing a separate bet on the Steelers to cover the second half spread.

Step 4: Collect the Winnings

If all three of our fan’s picks come through, he wins the parlay. Let’s say that the Cowboys win by only four points, but the Washington Football Team covers the spread. The Rams beat the Seahawks by a touchdown, and the Ravens beat the Steelers in a close game.

Our fan’s $50 bet on the parlay pays out at odds of 6-1, giving him a total payout of $350. He deducts the original $50 bet, leaving him with a profit of $300.

Conclusion

Parlay bets can be an exciting way to enhance your sports betting experience, but they require careful planning and responsible bankroll management. By employing the strategies outlined in this article, you can increase your chances of success while minimizing your risks. Remember, there’s no foolproof strategy for winning parlays, but with research, analysis, and disciplined betting, you can improve your chances of parlaying your way to success.

We recommend learning more by reading our other articles:

1. “101: What is Arbitrage Betting? (Full Example)” – This article provides a comprehensive explanation of arbitrage betting, including how it works and the benefits and risks of using this strategy. It also includes a full example to illustrate how arbitrage betting works in practice.
2. “Breaking Down the Odds: How to Read Betting Lines Like a Pro” – This article is a beginner’s guide to understanding betting lines and odds. It explains how to read and interpret odds and provides examples to help readers better understand how they work.
3. “Bankroll Management: The Key to Responsible Sports Betting” – This article emphasizes the importance of responsible bankroll management for successful sports betting. It provides tips on how to set a budget, track your bets, and avoid chasing losses.