Betting Parlays | The Big Six-Major Sports

Betting Parlays | The Big Six-Major Sports

Parlay betting is for a special breed of gamblers and it takes some thick skin. You must be willing to absorb some losses and you must be willing to take some risk from time to time. If you are not willing to do all of the above, then it would be best for you to shy away from betting parlays. There are three types of sports gamblers; cautious, conservative and reckless. There is nothing wrong with being cautious or conservative but do not allow yourself to be reckless. Remember this is real money that you are playing with, you work hard for it and you want to keep it. The bookies want to take it from you, don’t ever forget why they are in business. If you want to beat the bookies, there are two simple formulas to keep in mind—take a bonus, always take the bonus, why would you not want to beat the house with their own money? Have a solid budget and never go over it. Now, find a great online sportsbook that caters to the sports you love to bet on and have a fun year, no matter what the sport. 

Who are the ‘Big Six”?
Maybe not everybody in the sports gambling world refers to all of them, as the “Big Six” but we like the terminology and we're sticking with it. The “Big Six” refers to the NBA, NFL, NHL, MLB, NCAA Men’s BB and NCAA Football. These are the most bet on sports not only in the USA but the entire world. Literally, billions of dollars are spent each year on every sport alone and the number that is spend combined is mind-boggling, to say the least. Check out the “how to bet” list below and you will have a much better idea of how parlay betting works. Remember, a parlay works the same for nearly every sport. There are certainly different variations of parlays but for the sake of this conversation; parlays work the same. 

Payouts:
Typical payouts for up to 8-team parlay bet: The following is an example of a traditional Las Vegas Parlay Card at most Sports Books, which shows the typical payouts for an up to 8-team parlay bet (amount won is assuming $100 is bet):

 

Number

Odds

Amount won

Payout

2 Team Parlay

13 to 5

$260

$360

3 Team Parlay

6 to 1

$600

$700

4 Team Parlay

10 to 1

$1,000

$1,100

5 Team Parlay

20 to 1

$2,000

$2,100

6 Team Parlay

40 to 1

$4,000

$4,100

7 Team Parlay

75  to 1

$7,500

$7,600

8 Team Parlay

150 to 1

$15,000

$15,100

 

The good news about betting parlays; they pay very nicely when they hit. What you must do is prepare yourself accordingly. Know the sports that you want to bet, know the teams and the players. You will need to devote a lot of time to handicapping if you want to be successful at this gambling game. A parlay is a single bet that links two or more wagers; to win the bet, the player must win all the wagers in the parlay. If the player loses one wager, he loses the entire bet.  However, if the player wins all the wagers in the parlay, he wins a higher payoff than if he had placed the bets separately.

The betting odds for parlays using point spreads is fixed and based on the total number of teams you group into one bet. Betting parlays for MLB games is an attractive option since you will be working off money line odds as opposed to a point spread that is commonly used in sports such as football and basketball. When betting moneylines you only have to pick the straight-up winners but keep in mind that your payout odds will be based on the actual money line odds for each of your picks. The top online sportsbooks should have a parlay calculator on their website where you can enter the actual money line for each of your individual picks to provide a projected payout of that particular parlay if you win.

Whether you are betting money line parlays for baseball and hockey or point spread parlays for football and basketball, there are a few betting tips and strategies that you should always employ to give yourself the best chance to win. First and foremost, you need to properly handicap each game as an individual pick before grouping them together in a parlay bet.

For example, if you decide to go with a two-team NFL parlay at 13/5 odds, you should probably take the time to break down three or four games to come up with your top two plays. Winning parlays is all about your overall confidence level for each one of the picks you decide to group together. If you are not absolutely in love with each one of your picks individually, then do not risk your money by grouping them together in a parlay.

A second tip is to avoid the temptation of parlay picks of three or more teams. You may get excited over the 75/1 return you would get if you hit a seven-team parlay, but this is nothing more than lottery ticket when you start calculating your true odds of actually winning all seven games.

Finally, make sure you have some kind of set money management system in place if you are going to be betting parlays. There is a reason why sportsbooks are willing to give you such a generous return on multiple team parlays. The odds are already stacked in their favor that you are going to lose one of your picks even in a two-team wager. Parlays should always be reasonable unit plays that will not break the bank if you lose.