Parlay betting has become one of the most popular betting types in the United States. The potential of a large payout appeals to bettors, but there is also added risk when making a parlay wager.
Parlay betting can be a profitable sports betting strategy, but only when it is done correctly. However, it can also be a reckless form of sports betting that could lead to significant losses in a short amount of time.
If you are going to make parlay bets, then here are three tips that will give you the best possible chance to win, although you will still need some luck to be on your side.
#1: Limit Number of Legs
The most important tip to remember when betting parlays is to limit the number of legs you plan to include. Because you must win all of the legs to win the entire parlay bet, adding additional legs will inherently increase the risk.
Most bettors try to max out when creating a parlay wager, and they are always looking for an even bigger payout than what is already possible. Don’t be this type of bettor, as you likely will end up losing out on all of your parlay wagers.
You must be extremely confident in all of the legs that you include in the parlay. Never add in an extra leg beyond your limit to create a bigger payout.
#2: Focus on Different Betting Types
Another thing that you will want to do when betting parlays is to focus on different betting types. It’s not easy to create a five-leg parlay using only spread betting options, but it can be done if you include money line and over/under bets as well.
Sportsbooks continue to add new betting options for all betting markets, and that gives you many more opportunities when looking to build a parlay. Do plenty of research and find the best betting opportunities, rather than focusing on only one type of bet.
#3. Use Smaller Betting “Units”
The final tip for betting parlays is to use a smaller betting “unit” than what you are accustomed to using. Usually, you always want to use the same betting unit for all of your wagers, but this is one instance where that is not the right move.
Because there is so much more risk involved when betting parlays, you don’t want to lose a ton of money. You can also receive a massive payout even when using a smaller betting unit.
Don’t be chasing the dream of a huge payout, as that will likely lead to some unnecessary losses. Choosing a smaller betting unit will also allow you to stay in the betting industry longer, and you can continue making more parlay wagers.
The size of a parlay betting unit will be different for every single bettor, but be sure that it is smaller than what you are generally willing to wager when making a bet.