Few bets are as popular for online betting as parlaysor accumulators. This type of bet is popular across all sports, as it is seen as a perfect way to get ultimate value from the selections that you wish to make.
However, it isn’t a popular betting option will all bettors, as some oppose betting on parlays as a way to get value. But, what is a parlay bet and how does it work?
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What Is A Parlay Bet?
According to TwinSpires guide for betting terms, parlay bets are very straightforward to understand, as it enables bettors to combine two or more selections into one bet. Bettors can add as many legs as they wish to the parlay, but the more legs that are added make it even more difficult to gain returns.
That is because all selections must be correct in order to get returns from a parlay. If eight of your nine selections are correct, but one is wrong, then the stake is lost. Therefore, bettors will need to examine whether they are adding too many selections, as the risk factor could put the chances of returns in jeopardy.
Parlay Bet Example
The best way to understand parlay betting is by using an example. Therefore, if you combine Spain, Switzerland, and Brazil at odds of 1/2, 7/2 and 4/11, then you will get parlay odds of 8.2/1 for all three nations to win. A $10 wager on the parlay market would return $90. However, if you wagered $10 on all three results individually, then you would get $73.64 in returns.
Bettors will need to weigh up whether it is worth taking the risk for the added returns, or whether a single wager for each team is the best way forward. However, it is always important to remember that one losing a leg in the parlay would mean that the stake is lost.
Is Parlay Betting A Good Strategy?
Betting on parlays is a decisive topic among bettors, as some think that it’s a great way to place a wager on the action, while others would actively avoid making the bet. It is a solid strategy for bettors that are looking to enjoy multiple games, as bettors will have an interest in more than just one possible result.
Bettors that place small wagers always enjoy betting on parlays more often than high rollers, as the added risk that comes with this market may not be worth the chance if you are playing with a bigger purse.
That is backed up by stats, as the University of Nevada Las Vegas Center of Gaming Research found that bettors are far less likely to win returns when wagering on parlays. The reason for that is down to the risk that comes with betting on the market. While all teams may all stand a solid chance of victory before the games, bettors very rarely take into account the chance of a shock result.
Tips When Parlay Betting
Parlay betting remains popular, and that doesn’t look likely to change in the near future. However, bettors can follow a number of key steps to ensure that they stand the best chance of gaining returns from their selection. One of the most important steps is doing research on the teams involved, and assessing any injury or team news.
Furthermore, bettors should also keep a close eye on their account balance, and ensure that they don’t overspend based on the budgets that they have set. Meanwhile, bettors that do experience success on parlays typically restrict the number of selections on the bet, as this reduces the chance of shock results costing them returns.