Talkin’ Parlays
The two popular types of wagers beyond single-game bets are teasers and parlays. So what’s the difference?
In Episode 6 of Sports Betting Basics, we discuss parlay wagers which can get complicated but are also thrilling and, if played correctly, profitable.
A parlay is one wager on two or more bets that are tied together for a larger payout. For the parlay to win, all bets involved must win. The more bets added to the parlay, the greater the risk and the bigger the payout. If a single bet in the parlay loses, the entire parlay bet loses as well.
It is important to also understand the odds involved when wagering on a parlay bet. As you add parlays to your betting slip, the sportsbook will let you know the odds based on the spreads or money lines involved. As opposed to a one bet wager, the more game added will have greater odds and thus a greater payout if you were to win. This is attractive to many bettors because you can wager less money but because the odds are higher, receive a bigger payout.
Most sportsbooks and sportsbook apps make it pretty easy to understand. In most cases, you can simply click on the two or three games you want to bet on, then click a ‘parlay’ button or link on the betting menu. That will group all the bets together and indicate your payout, based on whatever amount you want to bet.
Watch Episode 6 with Alex & Ron from DraftFuel as they discuss parlays with the novice sports bettor in mind.