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What Is Parlay Betting And Why People Love It

by Martha Simmonds
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The phrase “sucker bet” may be unfamiliar to you. Gambling terms like “sucker bet” and “house advantage” are often used to refer to bets that benefit the house. There is a lot of danger involved, but if things go your way, you might walk away with a life-changing amount of money.

Assuming you’ve played at a casino before, you know that betting the table matches is a sucker bet when it comes to Blackjack. Parlays in sports betting follow the same logic. It’s common knowledge that parlay betting is considered a “sucker bet” in Las Vegas.

If you want to win a lot of money, parlay bets are the way to go. You’ll have a lot of success if you start implementing parlays into your betting methods.

What Is A Parlay Bet?

The term “parlay bet” is self-explanatory. Smaller wagers are combined into larger wagers. The term “parlay” refers to a betting strategy in which many bets are combined into a single wager.

To win the parlay, you must win each of the smaller bets. If you lose even one of the smaller bets, you lose the whole parlay. A sportsbook, on the other hand, will increase your rewards as you add more games to your parlay, so if you win, you might walk away with a sizable payday. This method increases your chances of winning, but it also increases your chances of losing.

Are Parlay Betting Apps Up For The Job?

A parlay betting app differs from a mobile betting site in various respects. Neither has a clear advantage over the other, it really depends on the individual user. It’s much more convenient now that you can get it as a mobile app.

Opening your phone and clicking on the app will take you directly to the betting app itself. It’s a procedure that most users are familiar with thanks to the influx of millions of applications in a wide range of categories.

Using a parlay betting app is often more appealing to the eye. This means that the app occupies the whole screen, reducing the amount of clutter on the screen. As soon as you’re within the app, this is the only thing on your mind, which is appealing to certain individuals.

Also parlay betting apps can be used on the go, basically wherever you are. With that said it would be wise to choose the best parlay app you can find before you start comparing the odds for the optimal outcome payout. You’re taking a bigger chance, but if you’re successful in all of the bets, you’ll get a bigger reward.

How Does It Work?

A bettor could put down $100 on a three-team parlay including the Angels (+150), Mariners (+100), and Tigers (+203) of the Detroit Tigers organization. It pays out $1,515 if all three teams win a $100 stake.

A basic example is shown below. A $10 bet on both the Packers (+4) and Ravens (-6) on an NFL Sunday would allow you to stake $5 on each of the clubs. Almost $19 will be yours if you are correct and win both bets.

You may, however, combine these bets into a single wager. Of course, it’s best to compare the odds, as not all odds of the same game are equal since they differ from one bookie to another.

Exactly how much more Your wager will be returned at a rate of about 2.65 times its original value. The following are probable outcomes:

  • Both teams have covered their bets: a $26.50 profit
  • Packers hold, but the Ravens, on the other hand, are unable to defend themselves: Loss of ten dollars ($10)
  • The Ravens defend, but the Packers fail to do so: Loss of (-$10)
  • Both teams fail to defend: Loss of ten dollars

Because both bets must be successful for the parlay to pay off, the risk is increased. It’s possible to win twice as much if you place two separate bets.

Here’s a basic illustration of what the above means. Many more bets may be included in a parlay than are shown here, and the parlay can be much more sophisticated. For example, you may wager on five teams to cover the spread rather than simply two.

The whole wager will be wiped out if just one team fails to meet the spread. A $10 wager on a five-way tie would pay out about +2335 (or $230.35 on a $10 stake) if all five of the bets were successful.

Pros And Cons Of Using Parlay Bets

The advantages and disadvantages of parlay betting are clear. Parlay betting has the advantage of allowing you to take a modest stake and transform it into a big win. Many parlay legs may increase your chances of winning $10 to $11 million. Of course, with a considerable amount of luck involved.

However, on the other hand, this has its drawbacks. Even if you win a single sports wager, it’s very tough to win a parlay in which numerous outcomes are required.

Sucker bets are so named because winning them is so difficult. To say you can’t win is an understatement. Winning requires a combination of talent, focus, and chance.

In addition, although your success rate may be lower with parlay betting, you stand to gain more money in the process. Sports betting is all about winning big, and parlays are a great way to do that.

Conclusion

Two or more wagers are combined into a parlay wager. They’re a means to pool many wagers into a single wager. Because parlay bets are more difficult to win, the payoff on these bets may be substantially higher. However, if you are wanting to generate money in the long run, they are not a suitable technique.

It doesn’t follow, however, that all bettors should abstain from placing parlay wagers. Parlay bets may be “enjoyed merely for amusement, not as a money-making opportunity,” as said by David Forman, senior director of research at the American Gambling Association.

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