Considering getting into sports better? You should know the types first. So, what are parlays in sports betting? You can find out more here.

What Are Parlays in Sports Betting?

Did you know that a record 50 million Americans will wager in Sunday’s Super Bowl this February 2023?

Are you someone who enjoys playing many different bets and likes to be adventurous with your wagers? If so, you may be wondering what parlays are and how to make and win on them.

What are parlays? What are the most popular parlays? Are parlays for you?

Let’s find out! This guide will show you everything you need to know about parlays in sports betting.

Basics of Parlays

Parlays in sports betting are one of the most popular forms of wagering. Simply put, a single bet combines two or more individual bets and their winnings. To cash out from this type of wager, all unique chances must win, and each bet must be of equal stake.

Parlays offer higher payouts than single bets, as the risks are higher and can be tempting for recreational players. Parlays provide a specific type of excitement while watching sports games as the outcome of multiple games is determined, and the risk of losing the whole amount is accurate.

Advanced players use this type of bet to grab higher payouts while betting on favorites or underdogs. Parlays are a popular way to place a bet and can significantly increase profit if you have the right strategy and information. Checking on some free sports picks daily will help you bet better.

Pros and Cons

Parlays in sports betting are a type of combination bet where multiple selections are made on two or more wagers, and all the picks must win to yield a return. Parlays have pros and cons, making them one of the most debated wagering options.

They can yield very high payouts if all bets are successful. On the other hand, parlays are far more challenging to win than single bets because each must be successful for the punter to cash out. Thus, pros and cons must be carefully evaluated before placing parlay bets, as losses on parlays are more likely than on individual bets.

Different Types of Parlays

It is important to note that all selections must win for the bet to be successful. Different types of parlays include:

  • money lines
  • point spreads
  • and totals

Moneyline parlays are a combination of moneyline bets with different odds on different sports teams. Point spread parlays combine point spreads from other games. Players pick a result different from the point spread and select multiple bets into one wager.

Finally, total parlays generally involve over/under bets from multiple games. One typical example is an over/under parlay, which involves choosing an over/under line from various games and combining them for higher returns. 

Calculating Parlay Payouts

Calculating parlay payouts can be tricky, but the potential rewards can be significant. Parlays have a high reward potential, but it is essential to remember that multiple bets must be placed correctly to win the parlay. To calculate the payout of a parlay, you multiply the odds of the individual wagers in the parlay by each other.

Knowing What Are Parlays

What are parlays? It offers a unique blend of risk and reward in sports betting. You reap great rewards but at greater risk by combining multiple bets into one. Parlays may be the way to go to maximize your potential winning potential. 

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