Understanding Parlay Bets
While there are many different types of wagers that you can place online, Parlay bets are particularly lucrative if you have the knowledge and skills to make them work. It doesn’t matter what sport you are betting on, if you are confident about the results of two or more events, then you should consider a Parlay.
The wager might be slightly riskier than what you are used to, but the payouts are worth the risk. If you are keen to try your hand at this type of sports betting, keep reading and we’ll tell you more.
What is a Parlay Bet?
A Parlay is a name for a wager where you are combining two or more bets onto a single betting slip. These are also referred to as multi-bets. For example, if there is a sevens Rugby tournament coming up and you are fairly confident that South Africa will win against Canada, New Zealand will win against Wales, and Fiji will win against Japan, then instead of putting money individually on each game, you can combine all three into a single slip. The reason you would want to do this is because you will get much higher odds on a combined wager than on three separate ones. This translates to more sports betting winnings in your pocket at the end of the day.
There are three main types of Parlays that feature with sports betting in New Zealand. The first is the match or money line, the second is the over under and the third is the handicap bet.
Match bets are the most popular since they simply require you to pick the winning team or individual, regardless of what the score is. Over/under bets are based on the total score, but are also incredibly easy to understand. Before the match even starts, the bookmaker will set a total that is the combined score of both teams for the match. The wager requires you to predict whether the actual score will be above (over) or below (under) the total posted.
Parlay bets can also be placed on handicaps. This is usually offered where the two teams are unevenly matched and the result is a foregone conclusion. The bookmakers will then give the underdogs a virtual points advantage. If you put money on the underdog, the bet can still be successful even if the team doesn’t win; so long as they lose within the required point margin.
The Pros and Cons
The advantage of Parlay bets is easy to see. Every time you add an additional wager to the same slip, the odds increase exponentially. For example, if you were to place three separate wagers on the above Rugby games, you may receive odds of 3.00, 2.50 and 5.00. If you put down $20 on each one, you could expect a total payout of $210. However, if you combined them into a single parlay, the odds would increase to 37.50 or higher. If you took the same $60 at odds of 37.50, your potential payout would be $750.
The downside of this type of sports betting is that the risk is much higher. To pay out, every single one of the three wagers on the slip must be a winner. Even if two out of the three are correct, you lose your stake. This is particularly frustrating with larger multi-bets where you have six or seven sections and five win, and one loses. You have to be fully confident about every single selection you place in order to truly profit from this type of sports betting in New Zealand.