Parlay bets are loved by all due to their potential for large payouts from relatively small wagers. However, the challenge lies in not only picking one winner but also in stringing together several winners in a parlay. This is because every leg of the bet must be successful in order for you to receive any payment.

The reality is that parlay betting has been the foundation for numerous sportsbooks. Statistics indicate that around 30% of wins at most sportsbooks are from parlays, in comparison to approximately 5% from all other forms of sports betting combined. This makes parlays the most lucrative bet for a sportsbook.

This doesn’t imply that winning parlays is unattainable. However, it does indicate that betting on parlays carries a certain level of risk. If you’re considering incorporating parlays into your betting strategy, we recommend checking out our comprehensive guide to parlay betting in Indiana. It covers all the various types of parlay bets, how to place them, and how to reduce risk by constructing parlays that allow hedging, cashing out, or getting parlay insurance. It also highlights the sports that are most favorable for parlay betting.

What does a Parlay Bet mean?

Parlays consolidate multiple bets into a single one, thereby increasing the potential payout compared to the total of the separate bets or ‘legs’ included in it. This is due to the requirement that all legs must be won for the parlay to be successful. In simpler terms, if even one leg is lost, the whole parlay fails.

Choosing a single winner is extremely challenging, not to mention stringing together two, three, or more victories. This is the reason why sportsbooks provide substantial odds on parlays. The larger the parlay, the higher the potential payout, even if you wager a small sum of money.

Sportsbooks in Indiana provide parlay betting on a wide range of sports, such as the NFL, NBA, NHL, and MLB, as well as college basketball and football matches. You have the option to limit your parlay bets to one sport or wager on multiple sports in a single parlay. The choice is nearly limitless.

Teasers, Pleasers and Round Robins

Different variations of parlays also exist, including:

Round robins

Round robins provide an opportunity to simultaneously place several parlay bets, covering various combinations of outcomes. This is akin to boxing exacta or trifecta bets in horse racing.

Simply select between three and eight teams or totals and decide how many to tie together. This will determine the number of different parlays you will ultimately wager on. For instance, if you round robin eight teams or totals and tie two together, you’ll be betting on 28 different two-leg parlays. If you opt to tie three together instead, you’ll have 56 different three-leg parlays. The potential returns from round robins are identical to those from placing the parlay bets individually.

Teasers and pleasers

Teasers enable you to adjust the spread or total line on the various segments of a parlay.

You have the ability to adjust the point spread or total anywhere between six to 10 points. Every segment of the teaser must be adjusted by an equal number of points.

In theory, by granting extra points to underdogs and reducing the points favorites give away, teasers become easier to win. Consequently, these bets offer lower payouts than a typical parlay.

Pleasers are a kind of teaser that shifts the betting line in the contrary direction, deducting points from underdogs and compelling favorites to cover even bigger spreads. Consequently, these bets offer higher payouts than typical teasers.

What is the Payout for Parlays?

The payment on parlays involving typical 50/50 bets can vary, but sportsbooks usually follow this schedule:

• 1 to 2.6 for 2 teams
• 3 teams 6-1
• 4 teams 10-1
• 5 teams 20-1
• 6 teams 40-1
• 7 teams 80-1
• 8 teams 150-1

Two-team parlays offering 2.6 to 1 and three-team parlays offering 6-1 are providing payouts that closely resemble the actual odds or probability of securing two or three wins consecutively. However, this parity with the true odds ceases with the 10-1 payout on four-team parlays, which is significantly less than the real odds of all four parts of the parlay being successful.

What is the Optimal Number of Legs on a Parlay Bet?

Basically, wagering on more than three teams in a parlay is not advisable unless the odds are more favorable. Hence, the ideal number of teams to bet on in a parlay would be three.

Should I combine heavy favorites on a parlay bet?

Betting straight up on heavy favorites for making money is challenging. They are frequently valued at a level where the small gain does not justify the risk of the upset.

This all shifts with parlays. By parlaying several heavy favorites, you can secure a larger reward without significantly escalating the risk.

Placing a $100 bet on a -200 favorite gives you a potential profit of $50. If you add another -200 favorite to your wager, your potential earnings could rise to $125. Including one more could boost your prospective winnings to $237.50.

Should you combine several heavy favorites into one parlay bet? If you had plans to place these bets separately, then it’s a sensible decision. However, bear in mind that there’s always the risk of upsets, so avoid wagering your entire bankroll on such parlays.

Should I combine all underdogs on a parlay bet?

Betting solely on heavy underdogs to make money is challenging as their victory is not frequent.

All-underdog parlays have the potential to yield significant payouts. However, potential alone cannot maintain a healthy betting bankroll throughout the year. Simply put, to realize this potential, you occasionally need to win these bets and earn enough to offset all accumulated losses.

Could it be a mistake to combine several heavy underdogs in a parlay? It’s likely. However, if you conduct thorough research to ensure the underdogs you support have a genuine chance of winning, and you limit both the number of legs and the size of your bets, you could potentially make a profit. This is true even if you only succeed in a small percentage of the all-underdog parlays you participate in.

When is the Right Time to Parlay a Bet?

Avoid wagering on parlays under the misconception that they provide excellent value or that you’re getting the upper hand. The odds are not always equitable. In reality, the payout odds for a parlay are always less than the chance of winning it. This essentially makes a parlay the epitome of a fool’s bet.

So, what reasons are there to bet parlays? The answer lies in the significantly larger odds they present compared to virtually any other bet. Parlay betting is essentially about pursuing a substantial payout, and the odds are frequently so high that it can be pursued with minimal, economical bets.

What Amount Should I Wager on a Parlay Bet?

If you agree that betting parlays are all about pursuing a large payout, you first need to figure out how to position yourself to achieve that.

The odds on multiple-bet parlays are so high that you can pursue the substantial payout with minimal bets. However, for two-bet parlays, the odds are considerably lower, necessitating larger bets to boost the potential winnings.

Regardless of the circumstances, it is crucial that you never wager more than you can bear to lose and always adhere to appropriate bankroll management strategies.

This implies establishing a betting bankroll with a specific amount that you can afford and ensuring you never wager more than 1%-5% of it on any single bet.

You have the option to designate a unit amount equivalent to 1% of your bankroll and wager one to five units on any bet, depending on your confidence in the bet. Alternatively, for parlays, the amount you should wager to achieve a reasonable payout can be based on 1% for multiple-leg parlays and up to 5% for two-leg parlays.

Select two strong NFL moneyline favorites and allocate 5% of your bankroll for a bet on a two-team NFL parlay for a potential substantial payout. Alternatively, choose a champion from each of the 10 NBA moneylines on a usual Monday evening and wager 1% or perhaps even less of your bankroll on a 10-team parlay. A modest bet of just $1 on such a large parlay could potentially result in a significant payout.

Is there a specific bet or sport that parlays are best suited for?

You can create a parlay with all kinds of basic bets, excluding those involving the same game (although some Same Game Parlays are now permitted). Single-sport or multi-sport parlays can be assembled, which include moneylines, spreads, totals (over/under), futures, and props.

Sport suitability for parlay betting varies, and no one sport stands out as more suitable than the others. However, NFL football parlays are the most favored due to the NFL’s schedule. The possibility of having up to 13 games on any given Sunday provides ample opportunities to create both large and small parlays. Additionally, incorporating a Sunday Night Football or Monday Night Football bet into a parlay could provide a chance to hedge potential winners.

Betting parlays on NBA, MLB, and NHL are nearly as popular, largely due to the numerous games held annually, with up to a dozen or more taking place each night.

Live Betting Parlays

Live betting enhances the thrill of most sports by permitting you to place bets on games in progress at odds that fluctuate with the gameplay and score.

This primarily involves wagering on the same lines you bet on before the game, with odds that fluctuate over time. This typically implies that the same limitations on same-game props related to correlated plays will apply, which makes it challenging to locate in-game parlays. However, there is also a rise in the number of live props available, and you might be able to merge them into a live parlay.

The reality of live betting is that it’s virtually unattainable without a sportsbook app on your phone or tablet. The betting lines fluctuate so rapidly that a mobile sports betting app is the sole method to place bets swiftly enough.

Thus, to place live bets, parlays, or any other type, you must download and install the mobile app of your preferred Indiana sportsbook.

Withdrawing Funds from a Parlay Bet

Often, sportsbooks provide the opportunity to cash out a parlay bet, provided each leg is still active or has already been won.

This is a viable choice when you’re not fully confident in the remaining active legs, or if you just wish to secure some profit, minimize your losses, and eliminate all potential risks.

Opting to cash out early allows you to claim a portion of your potential winnings if a parlay begins favorably, but appears unlikely to ultimately succeed, or it can provide a partial refund on a bet that’s set to lose. This strategy enables you to earn some money, rather than leaving empty-handed in the event of a loss.

The Cash Out option can only be accessed through Indiana online sportsbooks and applications. The possible cash-out sum will be displayed on the parlay within your active bets. If you find the price satisfactory, you can claim it by simply clicking the Cash Out button.

Always bear in mind that your earnings will not be as high as they would have been if you had allowed all the bets to reach their conclusion and win. Additionally, irrespective of whether you are winning or losing, the cash-out sum will never equate to the present estimated value of your ticket.

Is it possible to parlay player prop bets?

Indeed, wagering on player prop parlays is quite similar to participating in daily fantasy sports as you’re placing bets on several players to reach specific statistical goals.

The key distinctions include that you are not necessarily competing against the performance of other athletes, except those you are wagering on. Additionally, you can create a “team” of props that exceeds the budgetary constraints of daily fantasy sports.

This implies that there is no necessity to look for value in daily fantasy sports picks and wager on players that no one else is betting on to win. Placing bets on player prop parlays is more about amalgamating props that everyone agrees are likely to occur, to obtain a better rate than what you would get if you were to place bets on these props separately.

You can merge player and team props to secure better prices than the usual moneyline betting provides. For instance, the parlay of Patrick Mahomes scoring a rushing TD and a Chiefs victory has grown to be one of the most sought-after in NFL parlay betting. This is an excellent method to enhance the price on the Chiefs when they are the clear favorites.

How does insurance for parlays function?

Parlay insurance is a promotional feature offered by sportsbooks. This complimentary service provides a refund up to a certain limit if you miss one leg of a parlay. The refund is typically credited to your site account, which must be used for betting. The promo usually requires a minimum number of bets and has a maximum refund limit. If you’re into multi-game parlays, make use of parlay insurance promos. While the refund may not be substantial, it can lessen the disappointment of narrowly missing out on a significant win.

Avoid These Major Mistakes in Parlay Betting

The temptation to place a bet on a large multi-leg parlay can be irresistible when you see the potential payout. However, keep in mind that predicting even a single outcome is challenging, let alone multiple ones. Moreover, despite betting small, consistently losing on big multi-leg parlays can lead to significant losses over time.

However, there are a few strategies you can employ to increase your profitability in parlay sports betting, such as steering clear of these four common parlay betting errors:

1. Too many legs

Just because there are 13 NFL games scheduled for this Sunday, it doesn’t imply that you must wager on all of them in a single parlay. Avoid the error of placing parlays with too many selections. Instead, aim to merge two or three games into various parlays. While these bets may not yield as much, they have a higher frequency of winning.

2. Too much money

Having a substantial bankroll does not necessarily mean you should stake high on a single parlay. Avoid the error of placing overly large bets on parlays. The concept behind parlays is to aim for a hefty payout with a modest bet, so opt for this approach instead.

3. Forgetting to combine favorites

Making money by betting on big favorites can be challenging unless they are combined in parlays. Remember not to overlook the importance of merging big favorites into a parlay. This strategy is an excellent way to wager on the “almost sure thing” and reap the benefits with minimal risk.

4. Forgetting to hedge

If you construct a parlay correctly, you may have the opportunity to hedge against its final leg. This involves guaranteeing some profits by betting against your own final leg, akin to taking out insurance on the bet. Avoid being enticed by the potential large payout and neglecting to hedge. Rather, secure some earnings and eliminate the risk of ending up with no returns.