Parlay betting is probably one of the most common types of sports betting in the world. Most sports bettors have placed a parlay at some point in their betting life. Parlay bets are most often chosen by gamblers who want to combine multiple bets in order to reap a huge payoff. There is more inherent risk in placing a parlay than in placing a straight bet. However, for many players, the potential payout justifies the additional risk.
Learn how a parlay works when betting in our in-depth guide for online gamblers in Nigeria. We have compiled the best odds for betting on a parlay to help you make a smart bet. Our professional tipsters have come up with the best parlay strategy for the wide variety of sports competitions you can find near and far. Check out our top 5 sites for parlay betting in Nigeria.
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Parlay Betting Explained: What Is Parlay Betting?
When betting on sports, a player can bet on many lines, each offering a different type of odds. For example, if a selected team doesn't win big, the player can bet on another team instead. In this case, the player is making a progressive parlay bet, which means they are betting on more than one team, but doing it all on a single betting slip. The idea is that each additional bet will somehow even out the odds, and that's why you might hear someone say that you have to hit all the bets in a parlay for it to pay off.
There are many forms of parlay bets, and they rely on different combinations to give players the winnings they want. You can make up to 15 team parlay bets in a week, mixing and matching different sports for a more profitable payout. And if you do, here's a list of some of the different types of parlay bets you can find on Nigerian betting sites.
Should You Bet Parlays?
Betting on parlays: a yes or no answer? There is no definitive answer to the question of whether or not to bet on parlays. Mathematically, parlays are not often won. However, sportsbooks make substantial profits from this increasingly popular type of betting. The odds of winning a given parlay may not be as high as they should be. However, the potential payouts are very attractive. Experienced sports bettors who are very confident may find parlays to be an excellent way to maximize their return on investment. But newcomers to sports betting should focus on individual bets first to build up a bankroll. If a parlay still appeals to you, it's best to start with a small amount and consider it more of a fun bet than one you rely on to build your bankroll.
Trust in the process is essential when it comes to sports betting. You shouldn't think of parlays as a long-term profitable betting strategy. Instead, you should see them in light of their potential to provide the kind of pulse-pounding entertainment that comes with responsibly putting a few dollars on the line for the possibility of a huge payout. And when viewed in this light, parlaying not only offers the opportunity to do what sports bettors call "hedging your bet," it is a good way to do it.
Types of Parlay Odds & Payouts
Understanding that parlay works best with multiple bets means that you can combine many lines to increase your payouts. Here are some of the most common parlay picks made by Nigerian players online.
- Money Line Parlay Bets - This bet involves selecting the outcome of more than one tie in a single bet. All the teams you have picked as favorites must win their respective games for the bet card to pay out.
- Futures for a Parlay Bet - A player can create a Parlay Bet consisting of picks on the winner of the tournament, along with each game of the team they've picked to win in the round-robin phase of the competition.
- Over/Under Bets - Players who are concerned about betting on the exact score of multiple teams can predict the total score of each game. This is a relatively safe bet as each league competition generally has an expected average number of goals per game over time.
- Point Spread Parlays - Sports parlay bets can also include point spread bets, where the teams are favorites and must win by a certain margin for the bet to pay. This type of bet only increases the parlay payout if the player's strategy doesn't result in one of two outcomes: either the parlay loses, in which case the player has lost a relatively small amount, or the parlay wins, in which case the player has won a relatively large amount.
Pros Of A Parlay Bet
Combining two or more individual bets into one larger bet is what parlay betting is all about, and there are several advantages to this type of sports betting. The first is probably the most obvious: the potential for much larger payouts. If all of your individual bets are correct, your winnings will be multiplied. And what could be better than multiplying your winnings? Risk is another aspect that can be reduced with parlay betting. Yes, you must win all of your individual bets for the parlay to pay off, but you can also lose the entire parlay if just one of your individual bets doesn't pan out. Still, the parlay has a much lower risk than betting on a single game. This is probably due to the excitement factor. What could be more exciting than hitting a parlay and collecting a big payday?
Cons Of A Parlay Bet
Parlay sports betting is a way of betting on the outcome of several events at once. When placing this type of bet, the bettor combines all of his or her individual bets into one, and bets on the combination of their outcomes for a chance to win a larger payout. Parlay bets have higher odds of winning than straight bets, but as with all high-risk betting scenarios, the risk is also much greater. Not only does each individual event have to go in the bettor's favor in order to win, but the odds of that happening are much lower than with a single event.
Parlay betting is a popular type of sports betting where you can place multiple bets on a single game or on multiple games at once. In return, you have the chance to win much larger payouts. However, you also have to deal with a high house edge that comes along with these larger potential payouts. Of all the types of bets available, parlay bets are some of the more expensive bets you can make.
If you are considering parlay sports betting, it is important to understand that this type of betting tends to lose more often than individual bets placed separately. This can complicate bankroll management and make responsible gambling seem more difficult.
Sports Parlay Betting System
In order to win all your bets, you need to use the best parlay strategy. There are different betting strategies for different events, depending on a player's performance at the end of the day.
- Betting on parlays is safest when you choose two or three teams to bet on. Of course, you can make them a little riskier and a lot more fun by betting on, say, four, five, or six lines. A parlay is a way of combining a series of bets to increase the odds of winning (or conversely, to make the bet more likely to lose).
- Most gamblers combine parlay betting lines to take advantage of the different odds offered in different betting markets. For example, one might place a bet that covers both a basketball playoff game and a cricket match, effectively increasing the total payout.
- Wagers placed as parlays will pay different amounts depending on the combinations of bets chosen. Parlays involving money line bets will only pay big if you hit them and bet on money line underdogs.
- In addition, it is wise to observe the workings of the parlay calculator. Each bet has a vigorish calculated by the bookmaker. As the parlay accumulates, so does the risk, which is why bookmakers charge us more for the privilege of betting in this way.