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subject: How to Bet Parlays [print this page]

Parlays can be one of the most lucrative payouts in sports wagering, but they can

be one of the most frustrating losses too when they narrowly miss. Let's review the basic

idea of a parlay: the player bets on the outcome of two or more games, and as the number

of teams he picks goes up, so do the odds at which he is paid out. The teams can span a

variety of sports and the events wagered on can take place on different days. GoSportsBet

and other books tend to offer everything from 2- to 12-team parlays, and the more teams

you pick, the greater your potential payouts. However, the catch is that if even one of

your teams loses, the whole parlay is a loss.

Many bettors choose to play a weekly parlay at a low bet. Like a lottery ticket,

many people feel it is worth spending a tiny amount in order to give themselves a chance

at a big payout; unlike a lottery, though, in the case of parlays the player feels that there is

more to picking the winning combination than just luck. GoSportsBet's minimum bet is

one dollar for a 12-team parlay, and many bettors take advantage of this each week.

The odds of getting 10 or 11 of your picks correct in a 12-team parlay are

naturally much higher than the odds of recording a perfect score. With that in mind, many

books including GoSportsBet have started offering "progressive" parlays. These bets

essentially give you insurance, so that if you miss one or two picks, your card is still a

winner. For instance: a GoSportsBet regular 12-team parlay pays 1,800 to 1 odds if all 12

picks win. A 12-team progressive parlay pays 900 to 1, but if 3 teams out of 12 lose, the

player is still paid out at 3 to 1 odds. If you're essentially resigned to losing your bet, but

want a slim shot at a huge payday, the regular parlay is the way to go. If you're pretty

confident about most but not all of your picks, and want to give yourself a good shot at

hitting a payout, I'd recommend trying a progressive parlay.

Now let's look at how to bet parlays. Like most aspects of sports wagering, a

successful approach to parlays involves being familiar with the math involved. Let's take

the example of a 2-team parlay, where the player must pick the winner of the game Team

A vs Team B, and correctly pick the over / under. There are four possible outcomes:

1. A wins, under

2. A wins, over

3. B wins, under

4. B wins, over

Thus, the real odds are 3 to 1 against the player. A standard payout for 2-team parlays is

2.6 to 1, giving the house a 10% edge. The difference in odds divided by the total number

of possible combinations equals the house's edgein this instance, 0.4 / 4 = 10%. If you

are just looking for a slim change at enormous payouts, then by all means, take the largest

parlays offered by your book. However, if you are a serious parlay bettor and are looking

to maximize your payouts, obviously the solution is to make bets where your odds are

best. On 2-team parlays the house's odds are 10%, and on 3-team parlays the odds are

12.5% against you. After that, the house's edge gets much greater: 31.25% for 4-team

parlays, and more after that. Look to eliminate possible outcomes that have little chance

of happening. For instance, in a college football game where the spread is -30 and the

total is 42, it is highly unlikely that the favorite will cover and stay under the total. If the

dog scores one field goal, the favorite needs 34 points to cover and can score no more

than 39 points or the total goes over. Thus, the chances of this option happening are slim

enough that we can discount it. Removing this option from consideration now gives you a

+30% advantage over the house.

I often advise readers who enjoy parlays to include a Monday Night game as the

last leg of their weekly parlay. All too often, players hit all but the last game of their

parlay and have such a promising start ruined. By having the last game delayed until a

day later, players who have hit all the games leading up to the final leg can lock in a

profit by making a straight wager against their final parlay pick. Be advised, however, not

to make secondary wagers where there is a possibility of losing both sides. If the line has

stayed stationary, however, players can either guarantee a modest win or cover their

losses while still leaving the possibility of a large win.

For instance, imagine Doug wagers $100 on a 4-team fixed-odds parlay (10:1

odds) with Philadelphia as his pick for the Monday Night game against Dallas. If all three

picks leading up to the final game have hit, Doug can either guarantee breaking even by

wagering $110 on Dallas, or ensure himself of at least $400 profit by wagering $550 on

Dallas. In the latter example, if Dallas covers, Doug wins $400 ($500 on the single game

minus the $100 parlay) and if Philly wins, Doug wins $450 ($1000 on the parlay minus

$550 on the single game ).

Parlays can be extremely exciting, especially if your first few picks hit and the

slim chance of a huge payout appears to be an increasingly-possible reality. If you want a

slim shot at very lucrative odds, playing for the minimum bet adds excitement to

watching the sport and can occasionally be very profitable. If you play parlays to make

money, I advise sticking to the 2- or 3-team parlays as these give the house far less of an

edge.

If you are thinking about wagering online visit http://www.gosportsbet.com and they will provide you with a $25 free no-deposit required wager.

How to Bet Parlays

By: Sam Jones

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