The National Football League season is in full force. Americans from all over the country are getting tickets to watch their favorite teams live, or otherwise gathering in front of the TV or the computer monitor to watch the games that they are so excited for.
Being as popular as it is, the National Football League, naturally, draws in a lot of bettors. In the United States of America, the NFL is the biggest sports organization. Not only does it get the most amount of fans and revenue, but it also sees the most bets being placed on matches.
In the past 2 – 3 years, sports betting has seen a drastic rise in popularity. This might have something to do with the fact that online betting websites have grown drastically in fame. More and more people are downloading and using online betting apps. So, in this article, we would like to talk about one of the numerous types of bets that are becoming ever so popular.
Types of Parlay Bets
The parlay bet is possibly one of the most popular forms of betting available at the numerous online sportsbook today. Apart from the single match bet, there is perhaps no other bet that comes close to the popularity of parlay bets. For those who may not have heard the term, a parlay bet (also called multi-bet, accumulator bet or simply acca) is a bet that links two or more single bets together.
In other words, a parlay bet is a way to place multiple bets under single odds. This works by calculating the odds of all of the bets placed and summing them up. Thanks to the emergence of online bookmakers placing profitable NFL parlay bets is easier now than ever before.
The reason for their popularity comes from the fact that a accumulator bet allows players to make more money on a single win, than if they were to just place single match bets. Of course, a parlay bet also greatly increases the risk. For example, if only one leg is lost on a parlay bet, the entire wager falls apart.
There are multiple types of parlay bets that are available on the market today. A two-team parlay is the most straightforward, and therefore, the most popular type of acca bet. As the name suggests, a two-team parlay is a bet that one can place, where they bet on two teams winning in two different games. Usually, the payout on a two-team parlay is about 3.6 times what a regular single bet payout would be worth.
Other popular types of parlay bets are moneylines, over/unders, point spreads, etc. However, we haven’t the time to discuss all of these different types of parlays in this article.
Winning a Parlay
We mentioned before that the reason parlay betting is so popular is because accumulator bets, often times, yield a much higher payout than a single bet. The way this works is simple, and we will use a hypothetical to explain.
Let’s say that you want to place a bet on two teams winning their games during the 2nd week of the NFL. The Chargers are playing the Chiefs and the Panthers are going up against the Giants. If you were to place an accumulator bet, saying that the Chiefs will win against the Chargers and the Giants will beat the Panthers, you would be paid out a lot more if your wager was correct, than if you were to only place a single match bet.
However, herein lies a drawback. If the Giants beat the Panthers but the Chiefs lose to the Chargers, then your entire bet falls apart, and you lose your money. This high-risk / high-reward type of betting is what draws high-stake bettors to accumulator bets.
Understanding Parlay Odds
In order to start betting, you must first understand the odds you are going to be placing bets on. In this section, we would like to briefly describe how parlay odds work. When it comes to the average bet, an accumulator wager tends to be paid out at higher odds than a typical single match wager. However, the odds will still lag behind the true odds of the game.
For example, assuming that the result of every single game is 50/50, the true odds should be placed at 3:1. However, you will find that usually, bookmakers place the odds of a parlay bet at around 2.6:1. Thanks to this setup, the bookmakers usually net a much higher profit from parlays. In that sense, a multi-bet is profitable for both bettor and sportsbook.
How Does a Parlay Bet Payout?
As we said, parlay bet payouts tend to be quite a bit higher than the average single match bet. For example, if you were to place a traditional two-team parlay, in order to get the payout, you would need to multiply the odds of both selections in order to get the parlay odds. Once you are done, you only need to keep multiplying. Namely, you multiply your own stake by the parlay odds in order to get the payout.
Why Place a Two-Team Parlay Bet?
The reason to place a two-team parlay bet is quite simple. It is a nice stepping stone towards a more productive career as a sports bettor. If you are a newbie to the world of sports betting, starting out with single game wagers is obviously the correct choice. However, once you’ve done it for a while, you will want to expand. A two-team parlay bet is much easier to keep track of, than a multi-bet consisting of 3, 4 or even 10 legs. Now, let us look at some pros and cons of parlay betting and talk about the ideal scenarios for parlay betting.
Pros and Cons
The biggest pro of accumulator bets is the massive payouts. Unlike single match bets, parlay wagers combine the payouts of every single leg connected by the parlay. It is precisely this huge payout that makes the acca bet so desirable right now.
On the other hand, parlay bets come with quite the con as well. That is the high level of risk that the wagers come with. As we explained earlier, even if you lose one of the bets that the parlay bet links, the entire bet goes down south, and you are left with nothing.
Ideal Scenarios for Parlay Betting
The ideal way to place an accumulator bet, is to make sure that all of the outcomes will be determined in the same day, at roughly the same time. For example, placing bets on two teams that are playing at roughly the same time in the same day. Otherwise, you could play other bets regarding the same match, though this is often tricky.
Parlay bets are the hot new thing, especially when it comes to reliable offshore sports betting sites. While they come with a high risk, they also yield a high reward. We hope that this article has helped some newbies better understand accumulator betting, and will keep the tips offered in this article in mind should they choose to try their hand at parlay betting in the future.