How to Navigate Parlays in Sports Betting

Parlay bets are very attractive as they offer a chance for big payouts, and they’ve become quite popular in today’s sports betting. However, the chance for a big payout means that you’ve increased the amount of risk in the bet, and lots of gamblers end up making losses with parlay bets.

So, are these types of bets as promising as they look? Well, the thing is, they need you to do much more than select the best Virginia sports betting app– have a strategy. In this guide, we’ll show you how to enhance your chances of success with parlay bets. 

Understand How Parlays Work

Parlays are a type of bet that allows you to combine multiple individual bets into a single bet slip or wager. This means that instead of each bet having its own wager, the bets you’ve selected share the wager. When you do this, the sportsbook usually compounds the odds and gives you a much bigger payout potential. However, each of the individual bets within the parlay has to win for you to win the bet. And if one of them loses, you lose the bet.

It’s important to understand that parlays can be on the same or different events. For example, you can bet on Team A to win against Team B and Team C to win against Team D in a parlay. In the same way, you can select different events in Team A. You can pick team A to win and the total number of goals scored in the game to be more than 3. In both situations, the same rules apply.

Choose Your Bets Wisely

The fact that you are combining multiple bets into one means that your risk is very high. Each of the bets you select plays as important a role as the other, regardless of the odds they come with. This means that you need to select each bet more carefully than you would do with a regular bet. 

First, analyze each of your bets individually. Conduct thorough research on the teams, players, coaches, recent games, etc. From there, assess the probability of each outcome you’ve selected. Since parlay bets are more risky, ensure that you select bets you feel have a high probability of winning. You will enjoy the compounding (or multiplier) advantage even if the odds are low.

Consider Hedging

The fact that parlay bets offer a potential for huge payouts ensures you will also have plenty of hedging opportunities. This simply means placing additional bets that can either offset your losses or guarantee you some wins regardless of the result. It’s a form of insurance. 

There are many ways you can hedge your bets. The first one is provided by sportsbooks, and it’s referred to as “Cashout.” This is an option that usually becomes active when your parlay bets are on course to win. The cashout option allows players to take a small win if they don’t feel like risking anymore for the big win. The amount depends on the remaining games.

The other main way of hedging is placing a single bet. This method comes in handy when you’ve placed multiple bets and they’ve worked out, but you now have only one game to go. If it doesn’t work in your favor, you’ll get nothing. This gives you a hedging opportunity where you can place a much bigger wager than the initial one (but much smaller than the potential win) on the opposite outcome. If the last game in your parlay is “Win or Draw,” you can place a single bet on the direct opposite and guarantee yourself a win.

Manage Your Bankroll

Since betting parlays is a risky affair, you need to ensure that you have a bankroll management plan in place. This is quite important as you can easily lose money if you ignore the risk due to the allure of big wins. First, parlay bets should only be placed with small wagers as they involve a huge risk. Ensure that you have a set amount of bet size that doesn’t change based on emotions. 

This amount should be a small part of a bigger budget of money you can afford to lose. From there, ensure that you don’t fall into the trap of chasing losses with unplanned bets, and regularly review your betting activities to improve your betting strategy.