With the rise of sports betting, finding betting guides on the internet has become much more common. With that in mind, we have joined the trend in an effort to help you win some money while betting on sports at a sportsbook.
This time around we are going to focus on parlay betting, and this type of betting has become extremely popular with sports bettors. The biggest reason that this has become a popular betting option is due to the fact that there is a chance to win some serious money when making a parlay.
Of course, a chance at winning more money also comes with a bigger risk and this isn’t always an easy bet to win. A parlay wager is a combination wager that involves adding several smaller wagers into one big bet.
If you are going to make a parlay wager then there are some things that you will want to keep in mind before hitting the submit button. Here are five tips to remember and use when parlay betting.
Use Different Betting Types
You are in complete control when putting together a parlay, and that means that you have hundreds of options at your disposal. If you are going to put together a parlay then it is wise to explore several different betting types.
The three main betting types to focus on are moneyline, spread, or totals but you aren’t limited to those options. Most sportsbooks will now let you include prop bets in a parlay and this will unlock even more options.
Adding a moneyline bet isn’t always going to increase the payout by much, but it’s still important to win every single leg that you include in your parlay.
Look at Different Sports
Along with using several different betting types, it’s also a great idea to look at different sports when putting together a parlay. Creating a multi-sport parlay is typically a better way to go because there will be more games that are better betting opportunities.
Even though it is a great idea to include different sports when putting together a parlay, there is also a catch to this as well. You don’t ever want to include a sport in your parlay that you are not familiar with or have never watched in your life.
Limit Number of Legs
Most people attempt to get the biggest payout possible when putting together a parlay, and that’s not a good strategy to use at all. The more legs you add to your parlay the harder it becomes to win, and it turns into a donation to the sportsbook that you are using.
Parlay betting can be a terrific betting type to look at and use, but only if you have some restraint when putting these together. It’s always better to win a three-leg parlay with a small payout then lose a five-leg parlay with the potential to win big.
Be Ready to Hedge
After you have submitted your parlay bet, your work is not done. You will most likely be following along with your parlay to check on how your bets are doing, but you also need to be looking for hedging opportunities.
Hedging a bet simply means betting against yourself for a chance to guarantee that you win some money. If you notice that one of your bets is not going the correct way then you can place a live bet to at least win some of your money back.
Some sportsbooks will also allow you to cash out early, and you can use this option if you aren’t feeling comfortable about some legs that haven’t yet started.
Always Do Research
We could have started off the parlay betting guide with this tip, but wanted to make sure this is the last thing that you remember. If you are going to make a parlay wager then you have to be willing to put in the time and research needed to make a successful wager.
Parlay betting is going to require even more research because you have to do your due diligence on all of the legs you are looking to include. You don’t want your entire parlay to be ruined because you researched four games but simply threw in a fifth game without looking up any information.
Research is never fun, but it could be the difference between winning and losing money.
