If you are new to gambling you probably look at sports betting, see restrictive odds and wonder why anyone would bother with the sometimes measly possible returns.
Yet every time you speak with a seasoned sports punter they will tell you how they made huge returns on the NFL or NBA, but how is it possible? They may well have done it with a winning parlay bet.
Parlay betting, also knows as combo bets, accumulators or multi-bets, is stringing together wagers on multiple events in order to achieve a higher return.
For every additional event – or leg as they may be referred to – the bet is multiplied. This means a two-leg multi with odds of $2.00 and $3.00 will give you a return of $6. An additional $2.00 leg would potentially give you a $12 return for each dollar wagered.
This type of bet can be lucrative but is tricky to execute successfully. We will run through several strategies for parlay betting and your best options to come out on top.
Multi-Betting – Putting a Combo Bet Together
Compiling a multi-bet may seem a confusing and confronting proposition, but it is quite simple.
All you have to do is pick the particular events you think will occur – a certain NBA team to win, an EPL match to end in a draw, or your favourite NHL player to score a goal in a particular match – and combine the bets.
We recommend sticking with the sports about which you are most knowledgeable. There can be a real temptation to throw in extra legs on random sports just to boost your final return but this can often be the thing that brings you undone. Always remember that with the straightforward form of this bet, if one of your legs is a loser, the whole bet is out of business.
Most sportsbooks have simple systems to follow to enter your parlay, with the total return calculated quickly and displayed clearly.
What Can You Bet On With An Accumulator?
In terms of sports and even horse racing, it is a free-for-all as to what you can place your hard-earned funds upon in multiple combinations.
Bets can span across a week, a month, or you might even have six legs running simultaneously. You might like to pair up odds for the title winners of the NBA and NFL, for example. You can quickly tally up huge odds; all you need is the foresight to select the correct teams sometimes up to 10 months in advance.
You may like to be a little more adventurous and take two or three teams in, say, the English Premier League and take them in separate parlays with, for example, the San Antonio Spurs and another team to land the NBA title.
Or you could parlay head-to-head results into bets at the line into your favourite player to score a goal, touchdown, etc.
What can’t I bet on?
There aren’t too many restrictions in terms of multi-betting, but basically any two bets that directly conflict with one another cannot be placed on the same slip.
For example, you can place a bet on a particular player to score the first try in a rugby union match, but you cannot parlay that into a bet on the same player to score a try at any time during the match.
When attempting to place such a bet, the outlet will alert you this is not allowed when you attempt to confirm.
Promotions For Parlay Betting
Due to the popularity of multis, betting outlets want to make the most of punters’ enthusiasm for outlays on more exotic markets, offering inducements on some of the markets that are less frequently bet upon.
Some outlets offer a percentage bonus on parlay bets with more than four legs, for example.
Potential Big Returns From Your Favourite Sports
Other than striking it lucky on a roughie at the track, or getting a jackpot on a pokie, your best opportunity to claim big dividends with a small outlay is to put together a winning parlay.
There is a reason sports books are placing greater emphasis on punters placing multi-bets – they are fun, incredibly popular and there is serious money to be made on your favourite sports.
The ease with which you can place such bets is amazing, the range of sports and racing you can include is vast and it makes watching the sports you love so much more exciting.