Betting is a good lucrative business and a nice way to earn big bucks, plus it is popular. There probably isn’t a sport that exists that doesn’t have that kind of market. Also, there have been headlines of individuals who win absurd amounts of money through parlay betting and teaser bets. Winning huge amounts doesn’t come as a free lunch – it is a high risk high reward sports betting market!
People are interested in parlay betting mostly because of the news of big winners. Is the hype that surrounds it worth trying your luck? Continue reading to know if this is a trend to climb aboard or avoid at all costs.
What Exactly Is Parlay Betting
A parlay bet, or accumulator in Europe, is an overall wager made up of multiple selections. All selections must be successful in order to win a parlay ticket. For instance, you could pick five teams to win in five different events. Then, you could either bet singles so each as its own individual wager, or a parlay and if all of them win, you would win immensely more than with singles. However, if only one selection loses or draws, you lose it all…
There are many forms of betting available, especially in sports and esports. Parlay betting might be the most popular as it gives the hope of a huge payout for a small stake. Parlays allow the player to win big because of multipliers if the different bets they placed win. Even more than if they would do it on different things separately.
This method is good because of the probability of winning. Parlay bets need a huge amount of luck to get it right. This type of gambling is a perfect example of all or nothing.
The only way to win big is if all the bets on the ticket win. One loss on the ticket means a loss on the entire parlay bet. Similarly, parlay bets can be either on a single sport or on multiple sports. It means the wager can be a straight gamble on the NBA with a point spread on the Champions League.
Pros & Cons of Parlay Betting
There are certain pros and cons to this particular kind of betting. These should be carefully considered if anyone wants to place parlay bets soon. Think well of the consequences you also have to deal with that comes with gambling your money on parlays – there is a massive likelihood of losing!
It’s always exciting rooting for the improbable to happen. Also, it presents higher levels of delight when winning and not too much disappointment in losing if you bet small. It would be very understandable if parlay bets lose – that’s the most likely outcome! However, when they win, the person would probably be untouchable for a day or two as they managed to predict the impossible.
Who doesn’t like more money? Since the payouts for parlay bets are huge and potentially profitable for some, there is a possibility for big money. Some parlay win amounts can even set up some individuals for the rest of their lives. More bets on a ticket mean bigger wins, but it also means lesser chances of winning. Gamblers should be wary of when to call it a day.
There is only one con to this type of betting, and it is pretty big and obvious. Even the most seasoned players have a small chance of winning parlays. You can predict six selections right, but missing a single one would ruin the entire ticket…
Long-time bettors have winning percentages of around fifty to sixty percent. It sounds absurd to hope for a 100% win in a parlay ticket. Parlay bets are often seen as wildly irresponsible and very much a pure form of gambling. The interest of people to win a big payout shields them from seeing accumulators for what they are – unlikely betting slips!
Should You Place Parlay Bets
The short answer is no. Avoid Parlay bets as much as possible. It gives a great rush of excitement to the bettor. This high feeling might not play in favor of the bettor in the long run. Simple bets with almost equal chances of winning and losing are the best bet for most individuals.
In the long run, sports betting can be a good way to make money when done consistently. It isn’t about making huge wins and then losing big as well. Regular smaller wins can accumulate to big cash as time progresses. The upside to this is losing won’t leave empty pockets as well. It isn’t packed with as much fun, but it is the better way to live off this market.
Our Final Words On Parlays!
Being interested in parlay betting solely for the large payout is probably the most defeatist mindset to have. Individuals who approach betting to make consistent money long-term would see parlays as a death wish.
The common newbie who happens to come across parlay betting is an exciting way to test out their luck. Spending a few dollars trying to win an enormous payout and beat the odds can give them a rush they would remember. For that alone, they might see the loss as worth it.
Again, the worst thing to do is to try and win back a loss of a parlay bet with another parlay bet. It creates a vicious cycle of trying to beat impossible odds repetitively. Before they know what hit them, their savings are depleted. The best thing to do in betting is to quit while ahead or never start in the first place.