Sports’ betting is one of the most popular forms of betting that is offered today. People love to watch sports and it makes it even more fun when they profit from it. Major sports like baseball, football, hockey, and basketball are all sports that you can bet on. Most of them have very similar if not the same betting types that you can place. There are money line bets, points spread bets, totals bet, and many others. Parlay betting is another type of betting that you can do in sports betting. It is one of the higher risk betting styles so that might be why it isn’t one of the more popular ones. A parlay bet is when you have one single bet that actually consist of at least two or more but they are all tied together. In other words you bets are dependent on each other. If you lose one of your wagers then the whole bet is lost. In order to win a parlay bet all of your chosen teams must win their games.
Odds and Payouts
Since a parlay bet is considered a high risk bet it generally pays out more than the other betting types that you can choose from. For an example a standard 2 team NFL parlay bet will commonly have a 2.6:1 payout. That is only if both of your chosen teams win. If one team wins their game but the other team loses theirs then you lost to parlay bet.
Can You Profit from a Parlay Bet?
Many different bettors have different opinions on if placing a parlay bet is a wise decision or not. The best way to figure this out is to see if the bet is going to be profitable in the long run by figuring out the expected value. There is a simple formula to figure out the expected value and it is: E[X]=x1p1+x2p2+x3p3. You can look at this as the weighted average of an event because the probability of the possible events will add up to 1. It is said that generally every win that you have when placing parlay bets will increase your bankroll up to .5% and sometimes even more. You can find many different sites whose offer Kelly calculators, which will help you figure out the correct amount to wager on an event and the win percentages and payout you will receive.
With sports betting being so popular now days your choices are endless on what you can bet on. There are different types of betting and some of them work for certain players while others do not. When you are trying to figure out which betting style will work for you make sure to do your research. It also might be helpful to just jump in and give each one a try until you find the style that works for you. Even though parlay bets are a lot more risky than other betting types it is definitely worth it to give it a try at least once.