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Video Transcript:

If you like the action of long odds and big payouts, parlay betting’s a great way to get it.

Parlay bets are also called accumulators or combo bets. They let you combine multiple wagers into one ticket that can potentially pay out huge.

Making a parlay multiplies your potential payout but it also multiplies the risk because if even one part of the parlay is wrong, the entire thing loses.

You can bet parlays in every major sport and you can include most bets as long as they’re not directly correlated with each other.

In this video we’ll break down parlay betting nice and simple. We’ll explain the math (don’t worry it’s really easy) as well as the most common kinds of parlay bets in major pro sports.

We’ll also share some of our best tips and strategies for how to use parlays to get more action and potentially more profit.

Let’s jump in.

Understanding Parlay Betting

Imagine you’ve got a few NFL games lined up on Sunday.
When you look at the betting lines online you’ll see each game listed along with the bets you can make like Point Spread, Moneyline and Over/Under.

You can bet on each outcome individually, whether it’s in the same game or different games, OR you can combine as many of the bets as you want into one big parlay ticket.

When you’re betting online it’s really easy to make a combo bet. Just click on the wagers you want and the site automatically combines them.

Enter how much you want to bet and the software will tell you how much you can win.

If you select a bet that’s correlated with one you’ve already chosen, the site won’t let you include it in the parlay.

How Parlay Bets Work

Parlay bets can be big winners because you get a way bigger payout compared to making each bet separately.

You can see in our example that the payout for putting $200 on a two-bet parlay is huge compared to putting $100 on each individual bet.

The bigger payout is because you’re taking a bigger risk. If either individual bet loses, you lose the entire parlay.

A typical two-bet parlay pays out $260 in profit for every $100 you bet while a three-bet parlay will pay out $600 in profit for every $100 you bet.

The exact payouts depend on the odds for each individual bet. If you’re betting online, the site will tell you the exact payout before you have to place your bet. If you’re betting live, talk to the cashier to find out exact payouts.

Different sportsbooks have different rules but you can usually combine at least 10 bets on one ticket.

Remember, the more bets you combine, the bigger the payout but the bigger the risk of disaster if even one of them loses.

Legendary Parlay Pay Day

In 2016 a gambler in Las Vegas played a 15-game parlay picking winners in NBA and NCAA basketball.

He bet five bucks and went 15 for 15 to win $305,000.

Parlay Betting Strategy

When you’re thinking about making a parlay bet it’s really important to remember that all it takes is one wrong pick to blow the entire bet.

If you’re particularly sure about all your different wagers, consider combining them in a parlay. But if a bet’s giving you doubt, leave it out.

Another way to use the concept of parlays to your advantage is what’s called a progressive betting system.

If you have a series of bets, you can make them one at a time and if you win, put your winnings on the next bet. This is also called “letting it ride”. It’s the same basic idea as a parlay but it gives you the option of bailing and keeping your winnings at any point if you’re having doubts about the next bet.

The downside is that you have to pick bets that happen chronologically whereas with parlays you can combine games that are playing out at the same time.

For tons more information and strategy on parlay bets, check out the full guide on WSN.com and if legal online sports betting is available where you live you can put your new skills to work and start betting parlays right now.

Find out more about Kurt Long here: https://www.imdb.com/name/nm1273767/