If you are looking to cash in on more than one team that is playing in a season the parlay bet is for you. In this guide, we will cover what parlay bets are, the different types, the payout and odds for choosing this bet.
What’s more, this is one of the bets at sports betting sites that you can use to maximise your bankroll because when you win it pays out a lot. Especially when you have guessed correctly. Read on to find out the answer to the question “how do parlay bets work?”.
What is Parlay Betting?
Parlay betting can be explained as taking multiple kinds of bets and making them one bet. To win the best all the different bets on the parlay have to win. If out of all the bets you have in the parlay one is a loss then you lose the whole bet.
As we have mentioned, this kind of bet has good payouts when you have won the bet. This is the reason why people prefer to bet parlay. There is a high level of risk, and it is understandable why the payouts can be huge.
There is only one condition when placing parlay bets. The exception is the case of what’s called a “push”. A push will happen when there is a tie or a draw. For example, if you have bet three kinds of wagers and one of them pushes, it will be removed from the parlay. It will not be part of the parlay payout should you win but the payout will be smaller compared to when you had three bets.
Types of Parlay Betting
These different kinds of parlay betting are not different from the kind of bets available for American punters. See below for the types and how you can bet on them.
- Total Bets
Also known as the over/under best. This bet is for predicting the total points both teams playing will have at the end of the game. A sports betting site will have the line that you can base your decision on. So, you will bet on whether the points will be over or under the line the sportsbook online would have set. Many US punter like the total best especially when made into a parlay because you can bet on the same game in multiple bets.
- Point Spread Bets
These kinds of bets are popular amongst US gamblers because it evens out the playing fields. So, with the point spreads, points from the favoured team will be given to the underdogs. The points that the underdogs will get will depend on the how unequal the teams are.
- Moneyline Bets
Moneyline is a simpler bet to make, and it is straightforward. With this bet, you predict which team will win without considering the points and all the other variables. These bets can be very profitable if your bet is right on the money. If you choose to bet on the favoured team moneyline, your payout will be less, and it depends on how popular the favoured team is. When playing a single parlay, you will be able to mix the spread bets and moneyline.
Parlay Odds and Payouts
All parlay bets have their specified odds. To make then even more complicated, the same parlay can have different form various sports betting sites. As a result, it is better to check with multiple online sportsbooks to check for the best odds. What’s more, they can also change at any time, so before playing the parlay be sure to check the odds.
Once the parlay bets are placed the payouts of the bet become fixed. So, the changing of the line and odds does not affect the payout of the best when it has been placed. Also, even if the changes are not in your favour, the bet will not be changed. However, if lines change you can be able to place another parlay bet.
Place Parlay Bets at the Sportsbooks Online
Once you have decided on the kind of parlay, bet you want to make, you can choose from the list of sports betting sites we have here on our website to start gambling.
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