Parlays and Accumulators In Sports Betting: High Risk, High Reward

We as bettors are always looking for a bet that will make us the most amount of money. However, this usually comes with increased risk. So, the goal here is to manage your risk and reward.

Easier said than done, right?

One of the bets that can get you big wins is parley, which is why it is one of the most popular bets in any sport. This bet goes by many different terms like combo bet, accumulator, or multi, and the goal here is simple.

You have a chance to combine more wagers in order to increase your winnings, but with each additional wager, you also increase the risk. So, it is not as straightforward as it seems. Yes, your winnings could double, but sometimes it is better to win small than not to win at all.

So, what’s the secret behind parlays? Is there a secret recipe that will help you win every single time?

Not really. However, understanding parley bets to play in online casinos and sportsbooks, such as Ocean88, can help you create unique strategies and possibly make some profits. You can explore OC88 here to learn more.

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The first step is to understand parlays, and don’t worry it isn’t as complicated as it seems.

A parley or accumulator is actually a single bet that links together a minimum of two and in most cases more individual wagers. Winning a parley bet is quite difficult just because you need to win all the individual bets (legs). It couldn’t get more tricky right?

Parlays are not fixed on time. You can place a parley bet that lasts the entire year, or you can target games that are played that day. So, if there are multiple games in one day, you can place a bet predicting the outcome of multiple games.

But why do people love parley bets if they are so difficult to win? Well, the payout is astronomical compared to a single bet just because the odds multiply when you combine multiple wagers on a single bet.

Big Wins Make Parley Bets More Attractive

The main attraction of parlays is the potential for massive returns.

For instance, a standard two-leg parlay with odds of +264 offers an implied probability of around 27.44% for a 3-to-1 payout. Push that to a five-leg parlay, and you're looking at odds of +2436, with a paltry 3.94% implied probability.

For context, hitting a ten-leg parlay would be like finding a needle in a haystack, with just a 0.16% chance of success but a whopping +64208 payout if you do.

High Risk, High Reward

Given their structure, parlays are inherently risky. One misstep in any leg, and your entire bet goes up in smoke. According to the data, the average sportsbook hold on parlays is about 30%, which is significantly higher than the 5% hold on single bets. This means sportsbooks love parlays because they know the odds are in their favor.

The Popularity Surge

Despite the risk, parlays are booming. In 2023, they were one of the hottest trends in sports betting. Sportsbooks are pushing these bets hard because they generate high margins. From standard parlays to same-game parlays, bettors are lured by the promise of turning a small stake into a big payout.

Strategies for Betting Parlays

Want to give parlays a shot? Here are a few strategies to consider:

Start Small: Especially if you’re new, don’t go crazy with ten-leg parlays. Start with two or three legs to get a feel for it.

Take Advantage of Promotions: Many sportsbooks offer promotions like free bets or parlay insurance, which can mitigate some of your risk. Parlay insurance might refund your stake if just one leg loses, typically giving you another chance to bet with a free stake.

Hedge Your Bets: If you’ve hit several legs and are just waiting on one more, consider hedging your bet or cashing out early if your sportsbook allows it. It’s a way to lock in some profit and avoid the heartbreak of losing at the final hurdle.

The Downside

It’s not all sunshine and rainbows. The probabilities aren’t in your favor, and even seasoned bettors often steer clear of parlays due to their low expected value. Plus, determining the true odds and fair value of a parlay can be a bit of a nightmare, especially for newbies.

Current Trends and Stats

In 2023, sports betting saw tremendous growth, with the total handle reaching $119.84 billion in the U.S. alone. Legalized betting is now available in 38 states, and the market continues to expand. Major players like FanDuel and DraftKings dominate the market, with FanDuel seeing a particular boost in profitability thanks to its parlay offerings.

Is It Worth It?

Ultimately, whether parlays are worth it depends on your risk tolerance and what you’re looking for in your betting experience.

If you’re in it for the thrill and the potential for big wins, parlays can be a fun option. Just remember, they’re not a surefire way to make money. As always, gamble responsibly and never bet more than you can afford to lose.

I (AKA CatBurg) have a lifelong passion for sports, especially football and basketball. I enjoy the thrill and excitement of sports betting and everything in between. My teams are (Packers #GoPackGo) and who I am betting on!