Sports betting is at an all-time high. Since sports were first played, people have been placing bets on the outcome. Over the course of our history, we’ve been betting on sports in one way or another, however, it was not until the mid-to-late Victorian Era, that betting became the organized industry that it is today.
By the end of the 20th century sports betting had become quite a popular practice. Whether it be horse racing, football (or soccer in the US), boxing, or baseball, sports betting had become ingrained in the cultural mainstream. However, at the tail end of the 20th century, a new form of betting was introduced.
Sports betting online was introduced in the late 90s, and continued to grow throughout the early 2000s. However, it was only in the 2010s that it attained mainstream appeal. Thanks to the introduction of online betting, gamblers are now able to place different kinds of bets from the comfort of their own home.
And one of the most popular newly thought up forms of betting is called parlay. In this article, we are going to talk about the best ways to parlay bet and discuss the benefits of it.
What is the Best Parlay Strategy?
As many of you may know, parlay (or accumulator, acca, or multi-bet) is a type of betting, wherein the bettor links multiple single bets and put it down as a multi-bet. The reason for this type of bet’s popularity, is that it yields a massive payout. Of course, it does come with a very high risk. If only one of the bets linked through a parlay ends up going the other way, the entire parlay goes south, and the parlay bettor is left with nothing.
The best strategy when it comes to parlay betting is to try out correlated betting. These bets tend to be a goldmine, however, not all websites will allow correlated betting. Correlated bets involve placing a parlay on outcomes that are in some way correlated. For example, a smart NFL parlay betting strategy would involve placing a bet on a team winning, and then the rest of the legs are in some ways related to that team winning.
For obvious reasons, not many websites will allow correlated parlay bets. However, if you can find one that does, stick to it, because, as we said, correlated parlays are an absolute goldmine.
Is it Wise to Bet Parlays?
Whether accumulator betting is wise or not is a decision that each individual bettor has to make themselves. We will provide a few reasons why one might want to do it, and why some might want to avoid it. Based on these ideas, you can come to your own conclusions.
First of all, the reason some people might want to bet parlays is because the payouts tend to be quite generous. Parlay bets will often pay out a massive amount of cash, dwarfing the payout of single game bets. On top of that, there are quite a few betting websites that offer a sort of “parlay insurance”. This, as the name implies, means that if one of the legs of your parlay bet goes south, you can cash out, get a refund and in doing so, you lose nothing.
On the other hand, parlay bets do come with a much higher risk than a typical single game bet. And of course, the more legs you attach to the parlay, the higher the risk goes. In that sense, they are a high-risk / high-reward bet. This often makes most non-risk taking bettors apprehensive of multi-betting.
What is the Benefit of Parlay Bets?
We’ve already gone over the benefits of parlay bets. They come with a huge risk, however, they also bring a huge payout. It is precisely this reason that parlay bets are so popular among veteran bettors. To top it all off, there are quite a few parlay strategies that can negate the high risk, making parlay bets even more profitable. An example of this is the correlated parlay that we talked about earlier in the article.
Parlay bets tend to be super popular among NFL bettors in America. The reason for this is because placing two-team parlays is another incredibly popular strategy. And since the NFL season sees multiple teams going up against each other in a single day, multi-bet gamblers can place down a parlay and get the result in the same day.
Can Parlays Be Profitable?
As we’ve said before in this article, parlay bets can be extremely profitable. Winning a parlay bet can often result in a payout much bigger than the payout of a typical single match bet. So, the answer is that it can indeed be very profitable.
However, it does also come with quite the risk. If a single leg on the parlay fails, the entire multi-bet goes south. So, it can also end up being very unprofitable. As with most bets, the profitability of parlay depends on how good the bet placed is.
Limits of Parlays
The limits of parlay bets come from the sportsbook itself. First of all, certain bookies will not allow parlays at all. However, in 2022, most online bookmakers do have an option for accumulator betting. Though even the ones that do, often times place certain limits on them.
For example, often time you will see that certain sports, such as horse or greyhound racing will often times not be allowed to place parlay bets on. Another limit is the amount of legs you can attach to the parlay. Most bookies will allow at least 10 legs, and some will go up to 20. However, this all depends on the sportsbook.
Final Word
Parlay betting is an innovative and quite profitable new form of betting, that only came about recently thanks to the huge popularity of online sportsbooks. Many NFL bettors are involved in parlay bets, as the practice really befits the NFL. For those who want to try their hand, the best way to do so is to find a website that allows parlay refunds, as multi-bets can often times go south.
This article was made in collaboration with honest offshore sportsbook reviews experts.
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