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6 Tips For Betting With Parlay Bets
Friday, 12 February 2021

As one of the fastest-growing industries, the global online sports betting industry is expected to accumulate over $127 billion in the following years. This does not come as a surprise considering many different jurisdictions worldwide have already legalized and plan to legalize online sports betting activities to some degree. When it comes to different types of bets, most sports betting fans and enthusiasts are familiar with total line bets, straight bets, teaser bets, money line bets, and parlay bets.

In this article, we explore parlay bets and bring 6 tips for betting with parlay bets to increase your winning odds. When discussing parlay bets, sportsbooks calculate payouts on parlay bets for you but you can also do it on your own using a parlay calculator that is one of the most valuable sports betting tools for handicapping data. With parlay calculators, you examine how much you can win based on your parlay bet odds and your bet size. Now, let's move onto our 6 tips for betting with parlay bets.

  • Use Parlay Calculators
  • Place Moneyline Parlays
  • Play Low-Risk Parlays
  • Avoid Point Spreads
  • Say Yes to Correlated Parlays
  • Bypass Betting Limits

Use Parlay Calculators

As previously mentioned, one of the handiest tools for sports bettors to use for handicapping data is a parlay calculator. Since parlays combine multiple bets into one bet, it can be challenging to combine different betting odds of your parlay picks and determine the expected payouts of your total bet. Instead of doing this manually, we also recommend bettors to use parlay calculators that support different odds types including American, decimal, and fractional.

Place Moneyline Parlays

With so many different betting options out there, we still recommend playing moneyline parlays. In fact, moneyline betting is the best for simple picks. You can also combine different betting markets into your parlay bet and the winning odds remain working the same after adding new picks. If you will place moneyline parlays, pick hockey, soccer, baseball, and football, or some other low-scoring sport.

Play Low-Risk Parlays

One of the most widely-used marketing tools for attracting new customers is offering a generous welcome bonus and this is exactly what renowned online sportsbooks do. In many cases, you are offered match deposit bonuses with free bets while other times, you are offered only free bets. Free bets are great as they payout your winnings but they do not give back your original stake. For this reason, the best option is to use your free bets bonuses for playing parlay bets. If you win, you get yourself a nice profit and if you lose, you have not lost your money so these are low-risk parlays.

Avoid Point Spreads

While point spread parlays are frequently marketed by online sports betting sites, grouping together point spreads into a parlay is not the best route to take to get some profits. This also relates to parlays’ true odds which in this case are not as great as it seems at first glance. For three-leg parlays of this kind, there is a fifty percent chance of each leg winning. To boost your winning odds, make sure you know how to get around commonly offered parlays with fixed odds.

Say Yes to Correlated Parlays

Even though correlated parlays are not offered as commonly as we would prefer, these are doubtlessly the holy grail of sports betting. When you place a correlated parlay, your bet included two wagers which are tied together. One bet winning increases the winning odds of the other bet winning as well. With awesome expectations and winning odds in the long run, everyone can make a nice profit from correlated parlays, and you can start making money this way in the new year.

Bypass Betting Limits

The final tip we give you relates to betting limits. When playing parlays, you can easily bypass different betting limits out there. For instance, your online sportsbook may have a maximum betting limit of $1,000 on soccer. If you prefer investing more, it makes sense to place one parlay with three teams as wagering on three teams independently up to that maximum bet carries greater risks.
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