One of the most popular types of NFL betting is parlay betting. In this type of wager, bettors make multiple selections and combine them into one bet with the hope of earning the payday that comes with a successful parlay wager. There are multiple benefits to placing a parlay wager, from the money that comes with them to the rush of putting in one of these bets.
The biggest benefit to placing a parlay wager is the fact that the payouts are bigger than the payouts for placing each leg as a single bet. This is because parlays are structured to reward bettors who put together more ambitious bets. Parlays amplify the odds for the payouts based on the odds of each selection in the parlay, which means that more selections mean a bigger potential win for bettors brave enough to put them together.
For example, a two-leg parlay of bets at -110 odds pays out roughly 2.6x the amount that a bettor wagers. A three-leg parlay pays out somewhere in the neighborhood of 6/1 odds. And parlays featuring additional legs payout at even bigger odds than that, which means that bettors stand to make big money if their parlays come to fruition.
In addition to the potential for bigger winnings, if a parlay ends up successful, the other major benefit to this type of wager is the fact that it is just more exciting than a standard single bet. With parlays requiring multiple picks to win in order for the bet to cash, bettors who get involved in parlays will track multiple games, sometimes simultaneously. The end result of that is a level of excitement that is nearly impossible to replicate while watching sports.
Also exciting is the environment when a bettor is one leg away from winning a parlay wager. Bettors can begin making decisions on whether or not they want to hedge their bets or whether they want to let their parlay ride to its conclusion. Those decisions and their resulting outcomes are not possible with single bets, making parlay action inherently more action-packed.
Things to Remember When Betting Parlays
There are a few things to remember about parlay betting in spite of the benefits that there are surrounding parlay betting. The most important thing to remember is that parlay betting is more difficult than straight betting, as bettors need multiple outcomes to happen in order for a parlay to win. Because of that, it is more difficult to win parlays than it is straight bets, and bettors should adjust their expectations accordingly.
Also worth remembering is the fact that bankroll management is especially important in parlay betting, even if the potential payouts are greater than they are with straight bets. Because payouts are bigger, bettors can get away with wagering less than they would on straight bets. And because of the decreased win probability of parlays, betting less than usual on parlays is a smart move regardless of the potential payout.