Betting on parlays is an exciting and potentially lucrative way to engage with sports betting. For those new to the concept, a parlay is a single wager that combines multiple bets. The more bets included in the parlay, the higher the potential payout. However, to win a parlay, all the bets must be winners. We will discuss the factors that should be considered when choosing a betting site for parlays and offer tips on maximizing your parlay betting experience.
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What is parlay betting?
If you are new to sports betting, learning about parlays is one of the first step in your journey. You can read our in-depth guide to what is a parlay, but here it is in a nutshell:
Parlay betting, also known as accumulator or combo betting, is a type of wager that involves linking two or more individual bets into a single bet. In a parlay, all the individual bets (called legs or selections) must be correct for the parlay to be a winning bet. The more bets you include in your parlay, the higher the potential payout, but the risk also increases as the odds of winning decrease.
Parlays can include bets on various types of sports and events, such as point spreads, moneylines, totals (over/under), and even prop bets or futures. The combined odds for the parlay are calculated by multiplying the odds of each individual bet. If any of the individual bets lose, the entire parlay loses.
The potential payout for a parlay bet can be quite attractive due to the compounding effect of the odds. However, it’s essential to understand that the increased reward comes with a higher level of risk, as the likelihood of correctly predicting the outcome of multiple events is generally lower than that of a single event.
Here’s an example to illustrate parlay betting:
Suppose you want to bet on three football games:
Game 1: Team A vs. Team B – You bet on Team A to win (odds 1.5) Game 2: Team C vs. Team D – You bet on Team D to win (odds 2.0) Game 3: Team E vs. Team F – You bet on Team E to win (odds 1.8)
If you place a $10 parlay bet on these games, the combined odds would be calculated as follows:
Combined odds = 1.5 * 2.0 * 1.8 = 5.4
If all your bets are correct, your payout would be:
Payout = Stake * Combined odds = $10 * 5.4 = $54
Keep in mind that if any of your selections lose, you lose the entire parlay bet.
Parlay or Straight Bet
A parlay and a straight bet are two different types of sports bets that gamblers can make. A parlay bet involves combining multiple individual bets into a single wager, offering higher potential payouts but with a lower probability of winning. A straight bet is a simpler, single-event wager with lower potential payouts but a higher probability of winning. You can learn even more at our Parlay vs. Straight Bet guide. However, here are the key differences between them:
- Parlay bet: A parlay bet is a single wager that combines multiple individual bets (usually two or more) into one. To win a parlay bet, all of the individual bets within the parlay must be correct. If any one of the individual bets loses, the entire parlay is lost.
- Straight bet: A straight bet, also known as a single bet, is a wager on a single event or outcome. It is the simplest form of sports betting, where you bet on the outcome of a single game or event.
Risk and payout:
- Parlay bet: Parlays are considered high-risk bets because the probability of winning decreases as you add more bets to the parlay. However, they offer higher potential payouts than straight bets, as the odds of the individual bets are multiplied together to calculate the overall odds of the parlay.
- Straight bet: Straight bets are considered lower-risk bets compared to parlays, as you’re only betting on one event or outcome. The payout for a straight bet is lower than a parlay, but the probability of winning is generally higher.
- Parlay bet: Parlays can be more complex than straight bets, as they involve multiple bets and require a deeper understanding of multiple events or games. The more bets you include in a parlay, the more difficult it is to predict the outcomes correctly.
- Straight bet: Straight bets are simpler and easier to understand, as they only involve one event or outcome. This makes them more accessible for beginners and casual bettors
Bookmaker is another well-established sportsbook that has been serving the online betting community since 1996. They have a reputation for offering early lines, high betting limits, and excellent customer service.
Diverse Parlay Offerings
Bookmaker offers an extensive array of sports and betting options for parlays. Bettors can wager on a wide range of sports, including football, basketball, baseball, hockey, soccer, tennis, golf, and more. The site also provides various bet types for parlays, such as moneyline, point spread, over/under, and props.
Bookmaker allows bettors to include up to 15 bets in a single parlay, making it an attractive option for those looking for high-stakes action. They offer an extensive range of sports, including major US leagues, international soccer, MMA, and more.
Early Lines and High Betting Limits
One of Bookmaker’s standout features is its early lines, which are released well ahead of many other betting sites. This allows bettors to lock in favorable odds on their parlays before the lines shift due to market activity. Additionally, Bookmaker is known for its high betting limits, enabling bettors to place large wagers on their parlays for potentially significant returns.
Reliable Customer Support and Fast Payouts
Bookmaker’s strong reputation in the industry is due in part to its excellent customer support and fast payouts. Bettors can access knowledgeable customer service agents through various channels, including phone, live chat, and email. The site also offers a range of secure and efficient withdrawal options, ensuring that winners receive their payouts promptly.
Odds and Promotions
Bookmaker is known for offering competitive odds and frequently posts lines before other sportsbooks. While they don’t typically have promotions targeted specifically at parlay bettors, they do offer generous sign-up bonuses and ongoing promotions for regular bettors.
Bookmaker’s website and mobile app are both user-friendly, with a straightforward interface that makes placing a parlay bet easy. They offer 24/7 customer support via live chat, phone, and email, ensuring that any issues are promptly resolved.
#2. Bovada Sports
Bovada Sports is a well-known online sportsbook that has been in the industry for over a decade. They are known for their user-friendly interface, quick payouts, and excellent customer service.
Bovada Sports is a leading online betting site that has been serving the US market since 2011. It has gained a reputation for offering a diverse range of betting options and an extensive selection of sports, making it an ideal destination for parlay enthusiasts.
Parlay Betting Options
One of the key features that make Bovada Sports an attractive option for parlay bettors is the sheer variety of betting options. Bovada offers parlays on various sports, including football, basketball, baseball, hockey, and soccer, among others. Bettors can also choose from different types of bets, such as moneyline, point spread, and over/under, allowing for more flexibility and creativity when building parlays.
Bovada Sports boasts a clean and user-friendly interface, which makes placing parlay bets a breeze. The site’s betting slip allows bettors to add multiple selections to their parlay effortlessly, and it calculates the potential payout automatically as selections are added. This real-time calculation feature enables bettors to quickly determine their desired risk level and potential reward.
Competitive Odds and Bonuses
Bovada Sports is renowned for offering competitive odds, which is a crucial factor for parlay bettors seeking maximum returns. Moreover, the site also provides attractive bonuses and promotions specifically designed for parlay betting. New users can take advantage of a generous welcome bonus, while existing customers can benefit from parlay-specific promotions and cashback offers.
Bovada is known for offering competitive odds, which is essential when placing parlay bets. They frequently offer promotions specifically for parlay betting, such as reduced juice on certain events and parlay insurance. Parlay insurance covers your bet if only one of your selections loses, offering a partial refund to your account.
Parlay Betting at Bovada Sports
Bovada offers a wide range of sports and leagues for parlay betting, including NFL, NBA, MLB, NHL, soccer, tennis, and more. Bettors can combine up to 12 bets in a single parlay, with the potential for enormous payouts.
Bovada’s website and mobile app are both easy to navigate, with a clean layout and intuitive design. Placing a parlay bet is straightforward, with the option to select and combine multiple bets quickly. Their customer service is available 24/7, offering assistance via live chat, phone, and email.
GTBets is a newer sportsbook on the scene but has quickly gained a reputation for its unique promotions and commitment to customer service.
Parlay Betting at GTBets
GTBets offers a broad range of sports and leagues for parlay betting, including NFL, NBA, MLB, NHL, soccer, and more. They allow bettors to combine up to 12 bets in a single parlay, with the potential for significant payouts.
Odds and Promotions
GTBets is known for offering attractive odds, especially when it comes to parlay betting. They often provide promotions tailored to parlays, such as progressive parlays, where bettors can win even if some of their selections lose. GTBets also offers a unique rewards program called Game Time Rewards, which allows bettors to accumulate points for each bet placed.
Benefits of betting parlays at these top sportsbooks
One of the most important factors to consider when searching for the best betting site for parlays is the odds being offered. Competitive odds mean better potential payouts for successful parlays. When choosing a site, it is essential to compare the odds offered by multiple betting sites to ensure you’re getting the best possible value. In addition to comparing odds, be sure to keep an eye out for promotions and bonuses that can enhance your parlay betting experience.
A user-friendly interface is crucial for a seamless betting experience. The best betting sites for parlays will offer a clean, intuitive design that allows you to quickly and easily build your parlay bets. A good site should also provide a bet slip that clearly displays your parlay selections and the potential payout. Additionally, the site should offer mobile compatibility or a dedicated app, allowing you to place bets and monitor your parlays on-the-go.
Wide Range of Betting Markets
An extensive range of betting markets is essential for a top-tier parlay betting site. The more markets available, the more opportunities there are to find value in your parlay selections. Look for sites that offer a diverse selection of sports and leagues, as well as a wide variety of bet types, such as moneylines, point spreads, over/unders, and prop bets. The best betting sites for parlays will also offer live, in-play betting options, allowing you to add bets to your parlay as games are in progress.
Reliable Customer Support
When engaging with a betting site, it is essential to have access to reliable customer support. The best sites for parlays will offer multiple channels of communication, such as live chat, email, and phone support. Additionally, look for sites with extensive FAQ sections and educational resources to help you better understand the intricacies of parlay betting and maximize your chances of success.
Secure and Fast Payment Options
When it comes to depositing and withdrawing funds, the best betting sites for parlays will offer a variety of secure and convenient payment options. Look for sites that accept major credit and debit cards, e-wallets, and bank transfers, and that process transactions quickly and efficiently. Additionally, it’s essential to consider the site’s security measures to ensure that your personal and financial information is protected.
Reputation and Licensing
Lastly, it is crucial to consider a betting site’s reputation and licensing when choosing the best platform for parlays. A reputable site will be licensed and regulated by a recognized gaming authority, ensuring that the platform is held to high standards of fairness and security. Check online reviews and forums to gauge the experiences of other bettors and confirm that the site you are considering is a trustworthy option.
In summary, the best betting sites for parlays will offer competitive odds, a user-friendly interface, a wide range of betting markets, reliable customer support, secure and fast payment options, and a strong reputation and licensing. By considering these factors and conducting thorough research, you can find a platform that meets your needs and enhances your parlay betting experience.