Parlay is a positive progression betting system often used in all forms of gambling. This means that the idea is to increase your stake only when you win. The Parlay betting system works great with blackjack because most hands have an even chance of winning or losing. A poorly executed parlay makes it more like a hail mary than a strategy, again much like the lottery. Nevertheless the lure big money is the drawcard. 3) Small Stakes Equals Low Entry Level. A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games. The allure of these bets has always been a larger payout than choosing a single team to win. Parlay Bet A ‘Parlay Bet’ which is also known as an ‘Accumulator’ or ‘Combo Bet’ is a series of single bets that are combined into one wager. You only have to combine 2+ bets in one wager to make it a Parlay Bet. If any of the single bets lose in the wager then the parlay loses. Don’t Be Afraid. Parlays are a wonderful way to turn a small stake into a juicy bank.

1. Best Parlay Strategy
2. Parlay Calculator
3. Parlay Strategy Reddit

Parlay betting is one of the favorite forms of wager for NFL gamblers and is the most popular form of wagering besides sides and totals narrowly beating out teasers. For years bettors have tried to hit big against the sportsbooks betting parlays. Some gamblers seem to swear by them while others never go near them.

Are NFL parlays profitable? What can I do to maximize my edge against the bookmakers in these potentially large payoff but high variance type of bets? I’ll answer these questions and more in this article.

What Are Parlays?

Parlays are single wagers that are linked together, all of which must win for the parlay to be graded as a winner. Parlays are the American equivalent to accumulators, which are widely used in popular European betting markets.

The odds on parlays are greater than individual side or total bets. For instance, a two-team parlay pays +260 and a 3-team parlay +600, and as players add more bets to a parlay their odds continue to increase. Let’s look at an example of a typical three-team parlay on an NFL Sunday:

Pittsburgh Steelers +2.5 (-110)
Indianapolis Colts +8 (-110)
San Francisco 49ers -3 (-110)

If I were to risk $100 on this three team parlay I’d have a potential payout amount of $600, good for a $500 profit. All three of the above teams would have to cover for me to win my bet. If two of my picks cover the point spread, but one of them ends in a push, the parlay then goes from three teams to two teams.

If I bet a two-team parlay and push the one of my picks, it normally just becomes a straight bet at -110 at the vast majority of online sportsbooks. In fact, if these are not the rules on two-team parlays at your sportsbook, I’d recommend finding another option because any other scenario, even a no action (refund your stake) is borderline predatory.

Best Parlay Strategy

True Odds vs. Listed Odds

Parlays, just like every other NFL wager have built in vig for the sportsbooks. Below, we’ve compiled a table of the “true odds” on winning a parlay without the bookmaker’s juice and the typical odds offered at most online sportsbooks.

As you can see, the sportsbook have a considerable edge on bettors with the vig. While it is smaller, but still significant when players bet two or three-team parlays, it gets larger and larger as players add more teams to their bet.

The odds past two and three-team parlays start to get considerably worse and are downright robbery when the bettors hit 7-team parlays.

Calculated Parlays

When a bettor takes a wager that is not the standard -110, the sportsbook will recalculate the parlay to fit the player’s new chosen wagers. This can be when a bettor parlays a side or total with a prop (or other non -110 bet), and though the vig will still be a factor, bettors can usually get a better price on their wager than just going with the standard odds.

For instance, if we add a plus odds bet such as +120 or +130 to other -110 wagers, we will increase our overall parlay potential payout. The increase in odds will vary but sportsbook, but is certainly something NFL bettors should try to utilize.

Parlays Are Normally a Bad Bet

As we can see from the table above, it is clear parlays have a significant bookmakers edge, especially as bettors begin to increase the number of teams. One of the main reasons for the increase in the edge is the risk and variance taken by the sportsbooks if someone should hit one of these bets for massive money. A winning ticket on a 10-team parlay pays out immensely even with the massive edge by the sportsbooks. A $100 wager has potential winnings of $30,000 which is a nice chunk of change for the sportsbooks to payout.

Also, parlays are high odds bets with a low rate of success and will increase variance more so than straight wagers on sides and totals. Also, consider that if you are betting parlays that you’re most likely not getting the best line because you aren’t line shopping.

Sportsbooks are hard to beat, especially in NFL betting where line shopping is vital. When I bet a parlay, I essentially throw line shopping out the window. Sure, I could luck out here and there and get the best numbers on all my games at the same book, but that rarely happens. Finding the best lines available at a variety of books and betting individual wagers is usually a better option.

Tips for NFL Parlays

Even though parlays are generally –EV bets, there are some situations where we can bring the sportsbooks edge down considerably and give ourselves the best chance to beat the book despite the vig.

Don’t Go Over Three

Feel free to examine the table above again as it is quite clear the bookie’s edge gets a lot larger after two and three team parlays. The true odds of +300 for two-team parlays are not far from the offered line of most sportsbooks at +260. For three-team parlays, the true odds of +597 are only slightly off from the +600 offered at most sportsbooks.

These are by far the best options for parlay bettors. As bettors add more teams, the vig continues to increase, making even 4 or 5-team parlays much worse bets than one or two teams. As we get closer towards 10 teams, the odds on parlays are among the worst bets for sports bettors.

Playing With House Money?

When bettors first deposit at a sportsbook they are rewarded with a bonus that usually comes in the form of a freeplay. Since you are essentially playing with house money, your odds will increase on all wagers since you are not staking any of your own money.

Depending on the bonus amount, a freeplay may increase your edge on the bookies by 10-20 percent. Receiving plus odds (beating the bookie’s vig) may be possible on a variety of parlay wagers with this rather large added edge.

Correlated Parlays

Parlay Calculator

Correlated parlays are two-team parlays that are essentially two bets on that are likely to win if one of them comes to fruition, at least in the handicapper’s mind.

In the NFL, this might happen when a high scoring team faces an opponent in which they are rather large favorites. The bettor may decide to bet the spread favorite and parlay the over because if he is right about the favored team covering the spread – he figures the game will be high scoring. If the favored team also has a poor defense, the underdog may also contribute a lot of points to the total. This situation can also be used the same way a game that a bettor predicts to be a low scoring affair. These are just examples of the reasoning behind correlated parlays, bettors have a variety of reasons for betting them.

Correlated parlays do not have quantifiable edges and bettors will have to use their own judgment in how a game will shape up. However, if you become adept at betting correlated parlays, it can be one of the only ways to gain an edge on the bookmakers via parlay.

Although, it is also pertinent to note that correlated parlays are sometimes frowned upon by sportsbooks, and many will limit the amount a bettor can wager or disallow them all together from certain accounts.

Best Sportsbooks for NFL Parlays

US-facing sportsbooks’ parlay odds have quite a bit of variation, and depending on the number of teams in the parlay, each book may offer an advantage over another.

Bovada.lv offers the best 4-team parlay odds around at 15/1, and they are also one of the most trusted books for US sports betting dating back a decade. No book comes close to matching Bovada at 15/1 on 4-team parlays. Most other sportsbooks servicing US players offer 12/1 on these bets, making Bovada the play to be for 4-team parlays.

Bookmaker.eu has a slight edge, but one that is worth your while on three-team parlays. While most other books offer 6/1 odds, Bookmaker gives players 6.5/1 on this wager. This is especially significant considering two and three-team parlays have the lowest house edge. Bookmaker’s parent company have been around a long time in the offshore world and they always seem to pay players. For some, that is all that matters.

5Dimes Sportsbook offer competitive odds as well on their parlays and is one of the few sites that allow bettors to parlay proposition wagers, such as player and team props with side and totals. 5Dimes is among the most trusted sportsbooks on the web and is a pioneer in offshore betting.

This article will lay out different parlay systems sports bettors use to place bets and how local bookies can use the setting offered by our pay per head software to avoid some of them if they want.

Bookies should find the information helpful since it lays out common winning parlay systems. This will help make you more informed in the sports betting world and also how to limit or completely avoid some of this type of parlay betting strategy using the available settings.

Changes are possible but not always recommended. If a player finds themselves too limited or restricted, they may choose to bet elsewhere and thus not place any action with the local bookie anymore. Of course, as a bookie, you need to have a solid bankroll to pay winners, but patience is key. With sports betting, it’s expected that over time, most players will end up with a negative balance. Though, if you are dealing with a smart player who is wrecking your bottom line, you will now know which settings you can apply to handle most of this type of parlay strategy.

Keep in mind, our customer service department is available at all times to apply any settings changes for you, if you prefer to have it done for you.

Winning Parlay System

There are many different winning parlay systems smart sports bettors use to get the most out of parlay bets. Here we will briefly discuss some of them and also show you how you can offset or completely remove some of them by using the tools provided on your bookie software panel.

1. Stay away from the points spread
2. Make the best use of free bets
3. Pay attention to the home underdog
4. Combine two favorites
5. Use the ‘Double Dog’ parlay
6. Actively search for bookmakers promotions
7. The commonly used “Favorites” parlay
8. Utilize the “Favorites +1” parlay

Stay Away From the Point Spread

Just about the worst thing bettors do is hop into a parlay that groups together points spread (handicap) wagers. Sure, this may sound like a great way to bet with favorable odds since three bets ATS (against the spread) equal to about 7-1 odds. Sounds like a great bet? Not exactly.

True odds for this 3 leg parlay are 8-1 since each leg has a 50/50 shot of landing. This is one of the reasons why sportsbooks are always actively promoting points spread parlays.

Perhaps the only benefit to the low value of the point spread parlay strategy is if a bettor believes they have found some games where a sportsbook has the handicap wrong. This situation may occur, but for the most part, players know they are dealing with pros, and an undervalue line will rarely happen. In this case, it is better to bet on each individual outcome instead of the parlay.

When using PPHSportsbook.net as your pay per head software provider, you can set the maximum number of moneylines and underdogs allowed in parlays by parlay size. (check out our previous article about how parlay betting works, moneyline parlay, true Odds and payouts; as well as different parlay configuration settings you can apply when using the PPHSportsbook.net platform)

As you can see on our previous article discussing parlay (linked above), on the “true odds” section, the better the odds, the more a parlay pays out. Not to mention the odds on underdogs are set much higher than on a favorite (see parlay payout calculator here). You can also set a max number or favorites and max totals.

Using the parlay configuration table you can control the following:

• Wager Limit: You can limit the max wager on a parlay by number of selections.
• Open Spots: You can limit the maximum number of open spots by number of selections.
• Max Totals: You can limit the maximum number of totals in a parlay by number of selections.
• Max Dogs: You can limit the maximum number of positive price selections in a parlay by number of selections.
• Max MLs: You can limit the maximum number of moneylines that can be in a parlay by number of selections.
• Max DC: You can limit the maximum number of underdog spread lines that can be in a parlay by number of selections.
• Max Fav: You can limit the maximum number of moneyline favorites (negative price MLs) that can be in a parlay by number of selections.
• Max Payout: You can limit the maximum payout on a parlay by number of selections.

Make the Best Use of Free Bets

Another often seen winning parlay system is using when players use sportsbooks rewards and bonuses. Most online sportsbooks offer clients rewards for loyalty, making deposits, regular betting and for betting on promotional markets with bonuses or free bets. The problem for players with this parlay sports betting strategy is that they are only receiving profits from their free bet and nothing from the original stake.

For example, with a $10 free bet, if they wagered on a -110 moneyline favorite and they win, they only get a payout of $9.20. The $10 free bet acts as the original stake and is not returned. Not real exciting is it?

One solution for them is to use their free bets on parlays. By doing this, they can take a shot at a combination of bets that offer final odds that are much more enticing than an uninspiring favorite.

For example, a $10 bet on a parlay offering odds of 9-1 will make their eventual payout $80. This is the outcome of $90 minus the free bet stake of $10, which leaves them with $80.

When using PPHSportsbook.net as a payperhead provider, local bookies can limit “free bets” to only be applied on straight bets and not on parlays. This allows you to prevent players from using the free bets strategy above.

Pay Attention to the Home Underdog

This next sports betting parlay strategy is based on the fact that home field advantage goes a long way in the sports world. Teams with home field advantage play much better when they get to play in front of their families and the supportive home crowd.

Sometimes there are additional factors such as preferred weather situations, stadium layouts, good home cooking and the opportunity to sleep in their own homes all helps motivate athletes to be at their best in front of the home fans. This may lead to that overconfident team of all stars visiting to find themselves in a tough spot.

Those are just some of the reasons why the home underdogs parlay betting strategy (pick and choose responsibly) is worthy of consideration in a parlay. Underdogs carry a powerful odds multiplying effect. Which is what every well-played parlay needs. It is not uncommon for a home underdog to be paying well above 2-1 odds, which essentially doubles the parlay total odds.

This is also a common football parlay betting strategy. Local bookies can restrict this parlay system by denying parlays on a per-game basis. You can select the correct option from within the “game admin” screen (see image below). When using this option, (even though it requires more manual work from the bookie) you can disable certain parlays on games where the underdog is the home team.

Combine Two Favorites

Let’s discuss another example of a 2 team parlay system.

I know it can be tempting to bet on a heavy favorite. Who doesn’t want a quick bet to bank some quick profit? The drawback is that usually the bettor has to wager a larger stake for a significant return. This is not an ideal way for long term success. One bad run of losses and their account balance suffers.

In this case, the 2 team parlay system known as the “favorite parlay double” is helpful. Bettors will find two carefully chosen favorites, package them together into a parlay and let their stake and profit from their first win lead them into the second leg. Their end result is a much smaller stake, but still an excellent return.

As you saw in the table above, bookies can control with precision how many favorites are allowed on a per-parlay-size basis. Using this feature, you can for example, set a max of one favorite for each parlay size entry.

Use the ‘Double Dog’ Parlay

One powerful winning parlay system is the underdog double. Once they have carefully scanned available markets, they can choose two value underdogs and work them into a double with odds of +400 (Decimal odds 5.00) or better without much trouble. This is a common 2 team parlay system used by players.

Many gamblers have stories of a 4 or 5 leg parlay on strong favorites offering combined odds of about 3 to 1. The first four legs win easily, only to have the last one have “one of those days” and gets beaten by a heavy underdog. Then they are left asking the question, what if I wagered on the underdog?

Oftentimes a double underdog 2 team parlay system represents considerably more value than a bundle of favorites. Major League Baseball and the NBA offer double underdog winners on almost a daily basis.

Bookies can also set a maximum number of underdogs allowed “across the board” (no matter the parlay size, sport, quarter or period, etc) by selecting the option under the “parlay controls” section of their admin panel. (see image below). This is a great way to limit this type of 2 team parlay system.

Parlay Strategy Reddit

Actively Search For Bookmaker Promotions

Sportsbooks are constantly offering great promotions on parlay betting. They know poorly selected parlays are loaded in their favor and they do their best to encourage more betting action on these bets. This offers a great opportunity for bettors, and it is advised to go after it!

Some classic promotions to look out for:

• Free Bet matching the stake if the parlay loses by one option. (usually capped at a certain figure eg $25)
• Percentage of your stake returned on losing parlays (eg 20%) if certain conditions are met. (eg 4+ legs all on Major League Baseball)

Previously, we have detailed our other sportsbook promotions and bonuses local bookies can use to get more players onboard via referral from your current player base. You can also use one of these promotions or free plays to help encourage current players to refer new players.

Moneyline Parlay Strategy

The commonly used “Favorites” parlay

One of the most common types of moneyline parlay strategy is the “moneyline favorites”.

This is when bettors make a parlay based strictly off moneyline favorites.

This moneyline parlay strategy is a go-to for many sports bettors. It allows bettors to make predictable results much more profitable than they would be individually.

The table above shows an example of a typical 3-team parlay relying on heavy favorites.

Bookies can set moneylines on heavy favorites to be automatically removed by the system.

Utilize the “Favorites + one” parlay

Another common moneyline parlay strategy is the “Favorites + one” technique.

This is possible by stacking a number of moneyline favorites into a parlay and adding an underdog to boost the odds.

This method can turn a usually low-paying parlay into a large payout.

Two main aspects go into a successful “Favorites + one” parlay.

#1 is a solid list of favorites.

These can be heavy favorites, but the picks should stack up to 1/1 odds.

The next key to this moneyline parlay strategy is having a reliable underdog for the “+ one”

This ends up being the most challenging, but also rewarding part, as the underdog odds are what make this moneyline parlay strategy so profitable.

As a bookie, you can use the parlay configuration table to limit the amount of favorites players can choose, per parlay size. For example, to prevent the player from picking too many favorites on a 5-team parlay, he can set this to “3”, which will cause the parlay to not accept more than 3 favorites picked on a 5 teamer.

Conclusion

Hopefully by now you have a greater understanding of common winning parlay systems and the settings you can use to keep your bottom line strong.

See for yourself how our settings can help you control your profits. Request your demo account today to begin testing the tools yourself.