Are you considering placing your first parlay bet? Not only are parlay bets fun, but they also come with larger payouts than standard bets.

However, parlay betting can seem overwhelming when you’re new to it. It doesn’t have to be hard. In fact, it’s fairly simple once you know the basics.

Continue reading to learn how to go about placing your first parlay and every other one to come.

What Is a Parlay?

A parlay is one bet that includes two or more teams winning. To win the bet, both teams must win. 

As we’ll see, there are different types of bets you can make with a parlay bet, but the principle is the same; each game on the wager must win in order to receive a payout.

Placing a Parlay Bet

You can place a parlay bet in a sportsbook in two simple ways. One, you can tell the ticket writer which teams and totals you want to include in your parlay.

The other way is to fill out a parlay card and hand it to the ticket writer. Submit the amount of your bet and then have fun watching the games.

Types of Parlays

There are several different types of parlays, but the most common parlays are point spread bets, over/under bets, and moneyline bets.

A point spread bet is when one team is favored to win by a particular amount. For example, many close games have one team favored by -3.5 points. If you bet on the favorite, in this case, they must win by 4 or more points in order to win the bet.

Over/Under Bets

An over/under bet is simply a bet on the point total for both teams in the game. So if the sportsbook assigns a total score of 43 points to a game, you can bet the over or the under. If this game ends in a score of 28-14, which is 42 total points, anyone who took the under will win the bet.

Moneyline Bet

A moneyline bet is simply a straight-up bet on a game. No point spread. No over/under. 

Don’t Bet Too Many Games

Parlays are fun because if you win, you can win big. For example, if you place a 10-team parlay for $25, you have the opportunity to win $16,000. 

Still, the odds of winning a large parlay are fairly low. Try sticking to two or three team bets when you first start out.

For a three-team parlay, you don’t have to pick three teams to win. For instance, you could select the Jets to win on the moneyline along with the under on that same game, and pick the Patriots to win by 6.5 points against the Dolphins. 

Leave Money in the Bank

We advise leaving a little money in the bank when you place your parlay bet. So if you have $100 to bet, you might wager only $50. If you lose the parlay, you’ve still got money to continue betting.

And if you win the bet, you can make further bets with house money. That’s like getting a casino bonus.

Placing and Winning Your First Parlay Bet

Professional bettors win consistently because they’re extremely knowledgeable about the sport which they bet. They do their homework and know the strengths, weaknesses, and injuries of every team.

Make sure you know everything you can before placing your parlay bet. Then watch the games and enjoy. It’s fun watching a game when you have action on it.

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