Football Parlays & Odds Explained

Football parlays are an increasingly popular betting option for sports enthusiasts looking to maximize their returns by combining multiple wagers into a single bet. This form of betting offers higher payouts compared to individual bets but comes with increased risk. To succeed in football parlays, bettors must understand how they work, the different types available, and the strategies that can help minimize risk while maximizing reward.

We will walk you through everything you need to know about football parlays, from the basics to advanced strategies. Whether you’re new to sports betting or looking to refine your approach, this article will equip you with the knowledge to make informed decisions.

What is a Football Parlay?

A football parlay, also known simply as a “parlay,” is a single wager that links two or more individual bets together. For a parlay to win, all bets within the parlay must be successful. If any one of the bets loses, the entire parlay is lost. The main attraction of parlays is the potential for a much higher payout compared to placing the bets individually, as the odds for each selection are multiplied together.

To illustrate, let’s say you place a $100 3-team parlay with each team having odds of -110. If all three teams win, your payout would be $596.49 (based on standard parlay payout odds). This is significantly higher than the $90.91 profit you would earn if you placed three separate $100 bets on each team. This is also where knowing how to read odds comes in handy.

It’s important to note that if even one of your selected teams loses, your entire parlay bet loses, regardless of the outcome of the other games. This is why it’s crucial to be selective and strategic when choosing the teams you include in your football parlay bets.

Types of Parlays

Just like any other types of wagers like when you bet on football, football parlays come in different attractive forms; with some have juicier rewards than others. The most common and perhaps the most rewarding types of football parlays are the Round Robin parlays and Teasers, bt there are a few more.

Standard Parlays

A standard football parlay is the most basic form, where you combine multiple bets (usually point spreads, moneylines, or totals) into a single wager. The payouts are based on the number of bets included and their individual odds. Standard parlays are popular because they offer a balance of risk and reward, with the potential for substantial returns on a relatively small wager.

Round Robin

Round robin parlays allow you to combine multiple parlays into one bet, which covers all possible combinations of a set of selected games. For example, if you choose three teams, a round robin parlay would create three two-team parlays, ensuring that you still have a chance to win even if one of the teams loses. This reduces risk compared to a standard parlay but also offers lower payouts. If you need more info on what is round robin, we got that covered as well.

Teaser

Teaser parlays allow bettors to adjust the point spreads or totals in their favor in exchange for a lower payout. For example, in a football teaser, you might move the point spread by six points in your favor for each game in the parlay. Teasers are popular because they offer more flexibility and a better chance of winning, though the payouts are less than standard parlays.

Progressive Parlays

Progressive parlays offer the potential for large payouts even if not all selections win. Unlike traditional parlays, a progressive parlay does not require every selection to be correct to win a payout. Instead, you can still win a smaller amount if one or more selections fail, with the payout increasing if more selections are correct.

How to Place a Football Parlay Bet?

To place a football parlay, start by selecting the games you want to bet on. This can include point spreads, moneylines, or totals from different games. It’s important to research each game carefully, considering factors like team performance, injuries, weather conditions, and historical data. After selecting your games, review the odds for each outcome. Remember that the odds for each selection in your parlay are multiplied together, which is why parlays can offer such high payouts.

There are two ways to place football parlay bets, and both are quite simple. As a bettor, one way of doing this is by directly instructing the ticket writer on the teams and totals you’d like to wager on. That also includes how much you’d like to wager on. Bear in mind that you can also fill out a parlay card either online or on a designated Kiosk. Once you or the ticket writer has filled the card, you are supposed to visit the sportsbook desk to place the bet. In the case of an online platform, the process is as simple as clicking a button.

When to bet football parlays

As attractive as they sound, the number one thing you need to know about parlays is that they are not wagers that should be placed consistently basis. Use them sparingly and only under the right circumstances. Just because parlays have the potential of winning big, it doesn’t mean that you should go around placing bets every week. 

Know how to identify good parlays and uncover how to read football odds.

While the large payout potentials may be appealing, avoid chasing those payouts just for the sake of it. Not only is this approach bad, but it will also almost certainly cost you money in the long haul. If you ask any expert gambler who understands football parlays, they’ll agree that playing the long game is the smartest way of betting on football. Only place wagers that set you up for the highest chances of winning.

Identifying the value of football parlays

Still, on the question of betting football parlays and the right timing, you have to do your quick math before making your move quickly. For instance, if you want to multiply the value of parlays exponentially, you have to identify value in more than one selection. You would also want to combine those selections into a single wager. 

Keep in mind that you would not always win because there’s often the risk of one or more selection letting you down. However, when you do win, your overall returns are boosted remarkably. Also, picks that offer value as standalone wagers do not automatically offer better value when you combine them into multiple wagers. The thing with parlay betting is that it is just not as straightforward as many players assume.

Remember, you’re not looking to place a parlay every time you like the look of more than one selection. Even if you think three teams are going to cover your bet-slip, you don’t automatically put them all in a parlay. You have to choose your spots very carefully. If you are not sure whether the best option is to place a parlay or single wagers, then try and stick to the single wagers.

Moneyline Parlay Betting Odds

When you decide to moneyline odds for parlay betting, the bets will be relative to the odds of each of your selections within that parlay. In this case, your odds will go up if you pick several underdogs, but your odds will be lower if you decide to select the big favorites.

This makes moneyline parlays a great option for an annual trip to Vegas, where the idea is to go big or go home. However, parlay betting for people who take their sports seriously may not be a reasonable betting strategy since they are too high risk. 

Winning with Football Parlays

There are two instances when football parlays can be winning bets. The first case is obvious; when neither of the sides, moneylines or totals picked is a loser. The other case where a parlay wager can still be considered a winner is in case of a tie or a game is canceled.  

Parlay Odds

Like any other types of wagers, not all parlay payouts are the same. Sports betting sites could have varying odds for the selection of events that are picked in a parlay. This ends up being quite confusing when looking at games that have varying odds and payouts for the same parlay.

Moreover, the said odds could be changing at any time, and so, you must confirm before placing your parlay wager. As we’ve already indicated, sometimes you are better off placing single wagers rather than parlays because of the odds.

Calculating Parlay Payouts

Payouts for a parlay are fixed by the time the bet is placed. While the odds and lines for a given game could change, the parlay odds and lines will not be altered by the house after you place the wager. Whether the lines change for or against the bettor, the initial wager won’t change. In case the lines change in your favor as you bet, you can place another parlay wager with the fresh line. The initial wager won’t change but thankfully, you will have two live parlay wagers at hand.

To calculate parlay odds using American odds, the process involves converting the American odds to an implied probability, then multiplying these probabilities, and finally converting back to American odds if needed. However, the simpler approach is to calculate potential payouts directly using the American odds.

Check out this betting calculator to see what payouts you can expect from a wager.

Advantages and Disadvantages of Football Parlays

• High Payout Potential

The most obvious advantage of football parlays is the high payout potential. By combining multiple bets into one, you can turn a small wager into a significant sum, especially if you include several selections. Parlays are appealing to those looking to maximize returns on a limited budget.

• Increased Risk

The primary disadvantage of parlays is the increased risk. Since all selections must be correct for the parlay to pay out, the odds of winning decrease with each additional bet included. This high-risk nature means that while parlays can be lucrative, they can also lead to substantial losses if not approached carefully.

• Lower Investment Requirement

Parlays allow bettors to invest a smaller amount of money for a chance at a larger payout. This can be appealing for those who want to gamble without risking large sums. However, it’s essential to remember that the lower investment comes with a corresponding increase in risk.

• Complexity in Managing Multiple Bets

Managing multiple bets within a parlay requires careful consideration and strategic thinking. It can be challenging to select the right combination of bets, especially if you’re including games that take place at different times or in different conditions. The complexity of managing multiple bets often leads to errors, making it a disadvantage for less experienced bettors.

Cautions on Placing Football Parlays

To make the most out of your wagers, you have to pay attention to a couple of things; otherwise, the football parlays won’t be worth your while. Here are a few precautions you must keep in mind if you are to do things the right way. 

Avoid Parlays with Fixed Odds

By now, you should already have understood how true odds and fixed odds parlays are different. With that in mind, then it’s smarter to stay clear of fixed odds parlays because the potential returns are much lower than their single bet counterparts.

You should know, most betting sites often automatically use true odds rather than fixed-odds to calculate the potential earnings of this type of wager. This will always be the case if any of your picks have any other odds except -110. So, a good trick here is always to try to include such a selection. Doing so basically forces a betting site into paying out at the better odds. 

Keep your stakes small

Never risk a huge chunk of your betting cash on any specific bet. This rule is especially true for parlays. It’s easy to line up tons of parlays on your betting slip without winning even one. Going too big on this type of wager without due diligence is a surefire way of going broke even before you start enjoying your betting.

Keep the number of selections down

This one of the simplest tips for football parlays, and perhaps even fairly obvious. However, it is still worth our mention because many punters ignore it because of the thrill of massive wins. The more selections you include in a parlay, the harder it is to get right. The payouts go up of course, but you’re far more likely to turn a profit on parlays in the long run. You are better off lining up smaller selections that are more likely to be winners than going after that one big payout that’s clearly a long shot. 

Check the maximum payout for the bookmakers because this could also be a factor irrespective of your selections. That’s because the amount you can win on any one wager is limited. If you consider yourself a seasoned high roller however, this won’t be an issue for you. Even so, it could be a potential problem for parlays.

For instance, if you stake a $100 15 team parlay, the potential earnings here are a cool $150,000 (given the odds of +150000). However, if a sportsbook has a maximum payout $100,000, you won’t get the $50,000 on top thanks to the terms of play.

Use parlays with free play credits

Plenty of online betting sites offer reload bonuses to existing customers and offer sign up bonuses to new customers. Sometimes, these bonuses come in the form of free play credits or money that is added straight into your account. While you can use them for placing bets, the credit amount won’t be reimbursed if your prediction is a winner. Even though you only get the payout, this is still exciting. 

It is essential that you get the best possible value from free play credits because they can only be used once. Therefore, an excellent way to do this is to use them for placing parlays.

Conclusion

Football parlays offer an exciting opportunity for bettors to turn small wagers into significant payouts by combining multiple bets into a single wager. However, with the potential for higher rewards comes increased risk, making it crucial to approach parlay betting with a well-thought-out strategy. By understanding the different types of parlays, calculating odds accurately, and using effective betting systems, you can enhance your chances of success. Remember, disciplined bankroll management and thorough research are key to minimizing risks and maximizing your returns. Whether you’re a seasoned bettor or new to the world of sports betting, mastering the art of football parlays can add a thrilling dimension to your betting experience.

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