There are many different types of sports betting that you can participate in if you want to, from simple bets on individual matches to more complicated bets like Parlay bets. But what are parlay bets, and how do they work? You may well have heard of parlay betting, otherwise known as combo betting, but the name doesn’t give much of a clue as to what this type of sports bet actually is. Let us take a look at these bets in our parlay betting guide, and see if we can shed some light on what precisely these bets are and whether or not they are worth your time and attention.
What is Parlay Betting?
Parlay Betting, otherwise known as Combo Betting, is a popular choice in the world of sports betting. The idea behind this type of sports bet is a simple one: instead of making separate bets on several different teams and games, you make one single bet on all of those teams at the same time. This is simpler than individual bets and involves much less time and admin to keep track of things, but it has one major catch: if any of the outcomes you are betting on doesn’t happen, you lose your entire bet. There is no such thing as a partial win with parlay betting!
The advantage of such high odds, though, is a high possible payout. If all of the outcomes you are betting on happen, then you could be in for a very impressive payout. Of course, there is a low chance of that happening and a high risk of losing your bet, but if you get lucky, it could be worth a lot of money!
Is Parlay Betting Worth It?
In most cases, no. The math just doesn’t add up to make parlay betting worth your time and money most of the time. Parlay bets are high risk, high reward, and in most cases, you will do better by placing individual bets unless you have a remarkably high success rate in your bets (such as might be achieved with a good source of sports picks).
If you are just getting started with sports bets, then parlay betting is very rarely worth the risk. But that doesn’t mean that there are no situations at all in which parlay bets are a good idea. Let us take a look at some of the situations where parlay bets might be worth considering.
When are Parlay Bets worth trying?
The big thing that makes parlay bets appealing is the sense of excitement, thanks to the high-risk, high reward nature of this type of betting. That is also why most professional gamblers like to avoid parlay bets: they aren’t a reliable way of earning money in any predictable way. So if the excitement is what you are interested in here, then parlay bets might be what you are looking for.
Just how rewarding a parlay bet is will depend on how your chosen betting place handles them. There are some companies that offer massively increased payouts for larger parlays, and others where actually your maximum win would be higher by placing separate bets on separate matches.
What are Teasers?
Teasers are a specific type of parlay bet and one that is generally best avoided. These bets let you adjust the point spread of your various bets in order to improve your odds of winning. That might sound good, but it comes at a cost. Teasers generally have much worse payouts than regular parlay bets, but only slightly improved odds. Teasers might look like a safer option, but they are not worth it. If you want a safer option, separate individual bets are definitely the best choice!
Parlay betting might look appealing, but if you are looking to reliably win money, then they are best avoided. As a high risk, high reward bet, a parlay bet is an excellent choice if you are looking for excitement and thrills, and if you get lucky, you could win big, but the odds of getting that lucky are very, very low. If excitement and fun are your priority, though, then you can’t get much more exciting than a parlay bet! Just make sure you always gamble responsibly and never bet more than you are entirely willing to lose, particularly when playing with odds as wild as those of a parlay bet!