This is a question a lot of beginner bettors ask when they first face the options the sportsbooks offer them in terms of types of bets – is parlay a good bet to make? We are going to answer this, but first, let’s review again what is parlay and how parlay bets work.
Unlike straight bet, where the player bets on the outcome of a single game, the parlay gives the players the chance to accumulate multiple bets into one. By doing so the player increases the risk of the bet, but also the reward. Keep in mind that in order for your parlay to be a winner, you must predict all games on your parlay, losing even one, of let’s say 10-game parlay will result in a loss.
Let’s say you log into your favorite sportsbook and see three football games are left available for betting and you think you can predict the outcome of all three games. Now you have a choice to make – should I bet on each game individually (straight bets) or should I go for a parlay instead? Assuming you have $100 to bet on each game and each will pay even money if correct, then when you do 3 straight bets, you will win $300. But if you choose a parlay betting all $300 on it, instead of $100 on 3 games, and you get them all correct – your payout will be $2,400! As you can clearly see, parlay does seem to be a darn good bet in this case.The downside to parlay is that you’ve just tripled the risk of losing the bet. If just one of those games were a loser – you lose all $300 wagered on the parlay bet, while with the straight bets option you would have $100 profit in the end, vs. $300 loss with the parlay.
Still, parlay is a good bet, especially when you don’t have a large bankroll. Some people have parlayed $10 into thousands, but those cases are indeed rare. With such long parlays, it’s not sports betting but gambling and we strongly advise against confusing betting with gambling. if you want to give the parlays a shot and try to win some really big amounts, try to keep your parlay withing three, maximum four games. And don’t be discouraged to throw in a Hail Marry if you have 50 cents left in your sportsbook account – put them all on a parlay with a bunch of games and let it ride. Sometimes gambling is fun.