Parlay bets, also known as multi-bets or combo bets is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The winnings can be extremely lucrative, some winning as much as $13 million in certain cases. However, that is just the top of the barrel cases. As the saying goes – if its too good to be true, then it probably is. Are they really worth it?
Dangers of Parlay Bets
Too many factors involved – As is the typical fashion of parlay bets, you need everything to go right for you. That is especially the case as you stretch them out more and more. Sure-you can hit on eight out of nine bets but if the ninth misses out then there goes your chances. Parlay bets tends to be a trap because players feels like they are wagering on a lot of bets with high odds of happening. But in truth – that tends to be bias players drive themselves towards.
It adds up quickly – A common mistake people make is they pile the bets one after another. Sure, it’s just a small amount and the attraction of a gigantic, 100 thousand dollars payout seems appealing. It’s just too much risk. Parlay payouts are big in nature. Don’t force the issue.
For these factors alone, you must say that you have a astonishingly good reason to actually place a parlay bet. Most of the time it’s not going to end up well in your favor. The way that parlay betting works – one miss and you’re out.
Pros of Parlay Bets
Great for hedging – Hedging a bet is a excellent way to add to your payout and limit you risk. Most parlay bets also comes with a built-in hedge. When you parlay three teams to win together, in order to hedge that bet you’d also bet on those games individually. Usually for a lower amount. With this, if all three come in as you expected, you’ve reeled in a big one for the day. If only two come in and you’ve lost the hedge, you still have a few of the individual bets to help you cut the losses. Besides, most of the time you don’t wager a large about for your parlays anyway. Played conservatively, they offer great value.
Excitement – Plain and simple excitement. At the end of the day, that is the backbone of sportsbooks. Even if it is an unlikely, say – 8 team parlay, there is still the excitement factor. Knowing that if you hit it you can get a payout of +8000 or more is very exciting.
Is It Worth It?
There is a good reason parlays are frowned upon by sports betting enthusiasts, it is because of the low win rate. There are, however, some things you can do to increase your profitability. With good enough patience and careful planning, it is a good option. Still, it is not advised to use parlay as your main option. Try your hand today at a parlay bet at any one of GamingSafe’s sportsbook list.