Betting for Beginners: What is a Parlay Bet?
If you’re new to betting, you may not have heard of a parlay bet. And that lack of insight may be holding you back when it comes to making successful bets.
So, in this guide, we’ll take a deep dive into parlay bets. We’ll look at some examples, the sports you can make these bets on, and some other betting tips too.
First, let’s look at the meaning of a parlay bet.
What is a Parlay Bet?
A parlay bet is a type of wager that combines two or more individual bets into a single, larger bet. In a parlay, all bets must be correct for the wager to be successful. In other words, if any one of the individual bets is incorrect, the entire wager is lost.
Parlays can be made with point spreads, money lines, game totals, or a combination, and they are often used in sports betting.
Examples of parlay bets in sports betting could include
● Combining two moneyline bets on different games, such as betting on one team to win outright in one game and another team to win outright in a separate game
● Betting on the point spread in two different games, such as taking one team as a favorite in one game and another team as an underdog in a separate game
● Mixing and matching different types of bets, such as betting on the point spread in one game and the over/under in another game
It’s important to note that the types of bets that can be included in a parlay may vary depending on the sportsbook or betting platform that you’re using.
How to Find Betting Sites That Accept Parlay Bets
If you’re looking for advice on where to play parlay bets, then here are some tips to help you in your search
● Research online: simple Google search for “sports betting sites that accept parlays” or “parlay betting sites” will give you a list of options to choose from
● Check review websites: websites that review and compare sports betting sites often list which sites accept parlays and provide additional information about their betting options
● Ask for recommendations: you can also ask friends, family members, or other sports bettors for recommendations on which sites they use that accept parlays
Once you have a list of potential options, it’s important to compare the different sites, looking at factors such as odds, user experience, and payment options to find the one that best suits your needs and preferences.
What Sports can you Make Parlay Bets On?
Parlay bets can be made on a variety of sports, such as
● Basketball (NBA, NCAA)
● Baseball (MLB)
● Hockey (NHL)
● Soccer (EPL, MLS, UEFA Champions League)
● Tennis
● Golf
● Boxing and MMA (UFC)
● Auto Racing (NASCAR, Formula 1)
The availability of parlay betting options may vary depending on the sportsbook or betting platform that you’re using. Some may offer parlays on a wider range of sports, while others may focus primarily on more popular sports, like football and basketball.
Are Parlays a Good Way to Bet?
Parlays can be a good way to bet if used strategically and with proper knowledge of the odds and outcomes involved. However, it’s important to note that parlays typically offer lower odds compared to individual bets, and a single loss in a multi-leg parlay can result in the loss of the entire wager.
As a result, parlays can be risky, but they can be useful if you’re confident in an outcome. It’s important to consider your betting strategy and risk tolerance before deciding whether to include parlays in your wagering portfolio.
Other Betting Tips for Beginners
Here are some more betting tips for beginners
● Start with small wagers: it is important to limit your bets initially, especially if you’re new to betting, starting with small wagers allows you to gain experience and minimize losses
● Do your research: before making any bets, it’s crucial to research the teams or players involved, their recent form, and any injuries or other factors that might affect the outcome of the event
● Bet within your means: never bet more than you can afford to lose, establish a budget for your betting, and stick to it
● Don’t chase losses: don’t make impulsive bets to try to recover losses, this can lead to further losses and is a sign of poor money management
By following these tips, you can make informed betting decisions and increase your chances of success.
