The Pros and Cons of Making Parlay Bets: Understanding the Risks and Rewards

Parlay betting is a high-risk, high-reward strategy wherein you can combine multiple bets into a single wager in order to multiply your winnings. The more bets you include, the bigger the payout, but for this, all bets in the parlay must win. If there is just one leg of your parlay losses, the entire bet will be treated as a loser. Parlay can include as low as two players, and as many as 15 players. Freepick parlay bets can include spread bets, moneyline bets, and over/unders.

Bettors should familiarize themselves with how to calculate parlay odds manually. If the odd is positive, the formula is (Odds/100) +1, and for negative, it is 1-(100/Odds), and multiply them. Take the number by your bet amount, and then subtract it from your initial stake to get the odds for your parlay. In case of a tie, known as push, the parlay will disregard that wager and lower the number of total bets. Like, for a five-team parlay, if you nail down four wins, and the final match is a tie, your odds will be lowered from 22 to 1 to 11 to 1, and pay you accordingly.

Which sports are best for parlay bets?

NFL (National Football League) is the best sport for freepick parlays as matches often occur over a short period of time. However, you need to have knowledge of specific leagues and multiple betting markets you are making parlay bets. Similarly, freepick parlays in football are extremely popular as many bettors feel confident with their selections of upcoming weekend of football. Predicting the outcome of matches is also difficult.

Rewards of parlay bets

· Small risks can lead to a large reward

· You can combine multiple sports/leagues into the same wager

· If you manage to win through freepick parlays, you get major bragging rights

· You don’t have to be consistent to make money

· You can get rooting interest on multiple games

· Making multiple selections in parlays means you are more reliant on luck

· Allows bettors to use moneyline favorites which have no value as a single bet

· Hitting each leg and winning a parlay is worth it only for the huge payday that often follows

· If you win a parlay bet, the payout will be enormous from minimal stakes

Risks of parlay bets

· Even if you have an excellent betting system, the chances of winning all the bets in a parlay are pretty low. It is unlikely to win 100% of the selection in the parlay, as a winning percentage of 55% to 60% of the total wagers is pretty spectacular even for the professional bettors.

· Parlay bets are difficult to win as all sides need to win.

· It is also very difficult to implement solid betting strategies using parlay bets.

· Each added selection makes it harder to win freepick parlays, even if the payout increases

· You have the high potential to go on a very long run without winning any bets

· The thought of winning huge payouts can be exciting but most of the time, complex bets are unlikely to pay off

· Your returns on freepick parlay bets will not be that high

Winible’s sports handicappers can help you with freepick parlays and predictions that provide an edge to bettors in order to get the best value from their bets. Our professional sports handicappers providing freepick parlays can help you in choosing the right number and types of wagers, and also the right events to improve your chances of winnings