Parlays tend to get a bad reputation among long-time bettors since these wagers favor the house, despite the multiple parlay systems created. On the other hand, others were able to make money on this risky wager consistently.

Are parlays a bad idea? Is there any merit to making them for upcoming sports seasons? We answer these questions by discussing the advantage and disadvantages of parlays and parlay systems.

How Parlays Are a Bad IdeaWhen Are Parlays a Good Idea?

Despite the risks, parlays can still be bad news for bookies if you use correlated parlays. Correlated parlays consist of two or more wagers that are related to each other. If one of these wagers wins, the rest are likely to win. Note that we are not talking about wagers related to a sports league or a kind of bet.

Good examples of bets found in correlated parlays include the Cowboys covering the spread in the first half of the game and the team covering the whole game. Another would be a spread bet for the first or second half and an over wager for the favorites. If the team can cover the spread at any point in the game, the totals will likely go over.

Correlated parlays, including two-legged parlay, are profitable in the long run. With its payout of 2.5 to 1, a $100 stake has a payout of $350 or a profit of $250 if it wins. A correlated two-legged parlay can lose if the favorite does not cover the spread. However, what if we hedge our bets by making another correlated two-legged parlay? This parlay will have the underdogs covering the spread and the totals going under. The payout for one of these correlated parlays will cover the $200 stake while granting you a $50 profit.

Should Bettors Still Do Parlays?

Parlays are wagers for those who bet to risk instead of betting to win. People comfortable with losing money just for a chance at a massive payout are likely to enjoy the thrill of parlays.

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Here is the possible payout of the earlier five-team parlay example provided earlier with a $100 stake:

Parlay LegSports Betting OddsLeg 1-155Leg 2-160Leg 3-154Leg 4-195Leg 5-170Payout$1,065.44Five-team parlay payout

Lucky bettors who hit that 9% win probability can get a sports betting parlay ROI of nearly ten times their stake. See how much you can win from parlays by using our payout calculator, and you will understand why people are still making this type of wager.

Are parlays good bets? Parlays are terrible if you are looking for wagers with long-term earning potential. However, these are valued bets if you can make correlated parlays. Regular parlay wagers pay so much more because you have very little chance of winning.

This article was published on December 19, 2023, and last updated on Jul 08, 2024

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