Here is some parlay advice for you to consider when placing your parlays this week on the football, basketball or any other sporting events.
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Here are our top 5 tips for building a winning parlay at the sportsbooks.
1. Avoid the point spread if you can
One of the most popular ways bettors build a parlay is by combining points spreads (handicaps). It is a great way to build some juicy odds as three bets at the spread combine to almost 7-1 (+700).
Although Bills -6, Chiefs -12 and Lakers -10 seems like a great combination of points spreads on paper, the reality is that the true odds for this 3-leg parlay are actually 8-1 given that each individual leg is a 50/50 chance of winning. This explains why the sportsbooks actively promote points spread parlays as they have in theory cut the odds of your bet.
Our parlay advice here is that, unless you strongly believe you have found a market where the points spread is wrong or exaggerated on one side, it is often best to just include moneyline bets in your parlay.
2. Look for the best sportsbook promotions
A number of the legal US sportsbooks have some great promotions relating to parlays. BetMGM offer up to 40% more in profits on winning parlays between 4 and 7 legs and also offer insurance up to $25 on parlays let down by just one leg. PointsBet offers a Single Game Parlay Boost, where a 3+ leg parlay from the same game can be given boosted odds.
By taking advantage of the sportsbook promotions like the two mentioned above, there is definitely potential to maximize your parlay winnings.
3. Look for a hedge opportunity
If earlier legs of your parlay have already won, you should consider hedging against the last leg. Hedging your bets gives you insurance on your parlay by guaranteeing winnings in some form or safeguarding your original wager.
This is a great idea if news breaks in your last leg of an injury to a key player, weather changes or early poor performances from your chosen team. Some sportsbooks also offer parlay insurance which removes the need to hedge your bets, but this is always something to consider.
4. Bear in mind time of events
Always consider when certain events take place before including them in your parlay. Some bettors prefer to have all legs in a parlay take place at the same time to avoid their stake being tied up for a long period of time. Others prefer to spread their parlay bets across a longer timeframe for more entertainment or higher odds.
The parlay advice here is too consider how long you are prepared to have your parlay wager tied up for and whether you would be prepared to wait a longer period of time for your bet to hit.
5. Broaden your horizons by including multiple sports
It is obvious that the more betting options there are available, the better chance you have of finding value. Every sportsbook gives you the option of including legs from different sports in your parlay, so it is definitely worth considering.
Here are some of the legal US sportsbooks that accept parlay wagers. All offers next to the sportsbooks are new customer offers, with the eligible states listed.
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