Online sports betting is a global industry, and plenty of ways exist to cash out on a wager. And as the title suggests, we will focus on parlay bets, a high-risk, high-reward endeavor. This is a familiar playstyle that even professionals would take a second look at before doing it.
WHEN TO PLAY: Close Period Between Bets
If you read through some of the NFL parlay builder odds online, the appealing ones are usually the closest, and that’s because parlays do not pay bettors until all legs are settled. If your parlay involves multiple bets over a week, you won’t get anything until every last bet is done.
If you want to parlay as close as possible, the cost of locking your bets out can be high. Especially if the reward values chances for better or worse. Another thing is even if you hedge it, it would still be locked out, although it guarantees a result. It’s not a good idea to spread parlays between days or weeks, so it’s best to keep it close or risk losing capital.
WHEN NOT TO PLAY: If You’re Not There Yet
Sports betting can be seen as a mental game more than just chances. Truthfully, most of our wins are out of rational decisions and pure confidence. And that is especially true with parlay bets.
As mentioned, parlay bets are a high-risk, high-reward endeavor; you don’t just swing around and take a shot at its odds; it takes a level of confidence and understanding to get a proper win, and even that is not a guarantee you won’t have any losses till the final leg. So, you must have confidence when dealing with these things.
It would be best if you didn’t take parlay without a solid feel for the sport. Take time to get used to other bets and get some experience. Either way, parlay bets won’t disappear anytime soon, so don’t feel too missed out on the winnings you get from them.
WHEN TO PLAY: If You Can Hedge
Hedging bets are a gem in the sports betting world. A well-placed hedge in a parlay list saves money and guarantees a win when the chances are right.
Think of hedging as playing defense; if you already have a knack for the odds within the first few legs of your parlay, you can easily spot which bets are flawed and at risk of biting at your capital. Hedging solves that by making a breakeven; it won’t give you profit, but at least you won’t lose anything in that leg.
Understand that hedging is not a negative tactic but simply an insurance of your money. Experience bettors know that factors out of their control can crash the parlay. That said, never back down from a hedging opportunity; if you can’t profit this time, you can at least work on minimizing losses.
WHEN TO PLAY: You Have Free Bets
Many online betting platforms reward players for being patrons, making deposits, and interacting with their services as often as possible. That said, some of the perks you can get are free bets and win bonuses.
Take advantage of them as much as possible; placing your free bets on a parlay saves money and minimizes the capital you need to invest in it. You can even use free bets as contingencies to grow your bankroll.
Free bets are best when used in pivotal moments of your playthrough; try to save up as many as possible, then correctly place them in your next games. If you’re good enough, there’s a chance that most of your end-of-day profits would come from free plays.
WHEN TO PLAY: A Perfect Match Occurs
In a parlay bet, combining multiple good wagers is always a temptation for experienced bettors. However, it’s not a viable long-term strategy, as you would constantly be cashing in more capital.
However, matching good wagers as a betting skill could help your career. So, putting two favorites in a parlay should be considered, especially when dealing in the NFL, where every factor matters. To test a parlay bet, read the following for an example.
WHEN TO PLAY: Your Team Gets Home Field Advantage
Home fields are a blessing in both NFL and NFL sports betting. Most teams get a boost when they play on their home turf. That said, home teams are always worth considering in a parlay.
The home team status carries over to the betting lines, which increases your overall winning rate. So, if you go in with the home team, expect high wins.
Takeaway:
Parlays are prominent in the sports betting world, so they should not be underestimated for these reasons. The tips above should give you a starting point on the best times to perform this strategy. Remember that parlays bring risks to your bankroll, so always take considerations, proper planning, and wit to get the most rewards.