Benefits & Dangers of Parlay Betting in Sports

Parlay betting is something of a lost art. It’s an old school, exotic wager most would consider a sucker’s bet these days. And sure, looking at a parlay bet, it’s easy for one to surmise just that. In theory, a parlay invites a lot of risk. If one thing goes sideways, the whole bet comes toppling down and you are left with nothing.

But anything worth doing is going to involve some risk. The parlay can be a very successful betting strategy if you do it the right way. We gamblers want to find a bet with value, pay it, and collect. It’s that simple and the playing the parlay in the proper manner will get you just that.

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A parlay bet is simple. Basically, it’s a cumulative series of two or more bets where the winnings from the first bet rollover to the second which then rollover to the third and so on.

Obviously, the payouts grow very large, very fast. The catch is that all of the bets placed have to come in. If one loses, they all lose.

So, if you parlayed four games but only hit on three. It’s a loss. And this is the aspect that invites all the risk. One misstep and it’s all shot. However, great risk brings great reward in sports betting and the parlay can pay handsomely when executed properly.

There are many do’s and don’ts to the parlay. A bet with this many moving parts is sure to invite bad plays. However, there are many more benefits than dangers with the parlay. Let’s look at the best strategies to employ and the mistakes to avoid when laying a parlay bet so you can eliminate as much risk as possible and collect the best payouts.

Dangers of Betting Parlays

  • Too Many Teams
  • Yes, if you parlay 12 teams for $50 bucks and they all come in you would win a million dollars but guess what? That ain’t happening. The more games you add to a parlay, the more risk you incur. Keep parlay bets small otherwise you are just playing the lotto.

  • Too Much Money
  • The reward of the parlay is a big payout. This means you don’t need to put a lot of money down. A mistake people constantly make is to bet too much trying to get a bigger payday. It’s just to much risk. Parlay payout big in nature. Don’t force the issue.

  • It Only Takes One
  • And this is the whole premise of the bet. One loss and you’re out. It’s the risk you take to earn the reward. That’s why it is important to keep the number of teams low and the amount of your wager small.

Benefits of Parlay Betting

  • Easy to Hedge
  • Hedging a bet is a great way to add to your payout and limit you risk. And a parlay bet comes with a built-in hedge. If you parlay three teams to win together, in order to hedge that bet you’d also bet on those games individually. Usually for a lower amount. This way, if all three come in as you expected, you’ve added more to the pot. If only two come in and you’ve lost the hedge, you still have a few of the individual bets to lessen the blow.

  • Easy to Add On
  • There are games every day which means there are heavy favorites every day. Betting these teams individually doesn’t make much sense but a parlay does. Two or three favorites parlayed together make for a solid pay out.

  • Big Payouts
  • The Parlay is a bet of compounding interest. And it can compound quickly. A $5 parlay can go a long way. No need to break the bank to hit it big.

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