What is Parlay Betting?
Parlay bets are some of the best ways to win big in sports betting without staking a large amount. Many of the most remarkable big wins in sports betting history are because of long-leg parlays that can reach up to 19 bets. Even bettors who stake a few cents can win a few hundred thousand pesos if they get lucky enough.
How Much Do Parlay Bets Pay Out?
The payout for parlay bets will vary on the total odds of the entire parlay. For example, a five-leg parlay with the following odds can result in a pretty substantial payout if the player gets lucky enough:
1.30, 1.22, 1.25, 1.30, 1.71 = 6.78
A successful parlay bet with a 100 PHP stake can net a 678 PHP win if all five bets end up winning. Longer-leg parlays will naturally have higher odds, especially when bettors don’t settle for easy-to-win bets with short odds like Double Chance.
Should You Bet on Parlays?
Parlay betting will naturally allow the players to win big, but the risk is high since one loss usually results in the entire bet losing. For long-leg parlays with odds reaching four digits, bettors will be devastated when they lose their entire bet after winning 18 bets and losing the last one to complete the parley. Still, several sports bettors won big with meager bets, including the following:
How Much Should You Stake When Parlay Betting?
When placing parlay bets, bettors should stake low to keep their losses low. Even if they win 18 legs and lose the last leg, they will still only lose their initial stake and won’t risk anymore real money they have in their account. The only downside would be losing high potential winnings instead high initial bets.
Many bettors who got lucky won hundreds of thousands to a few million on barely 10 USD. We recommend staking the minimum bet or treating the minimum bet as one unit and betting only a few units. If one unit is 100 PHP, then we recommend staking below 1,000 PHP or even just staking 100 PHP per parlay.
When to Place Parlay Bets?
Under normal circumstances, we don’t recommend you to place parlay bets since you typically won’t have a good chance of winning the bet. If you want to place a bet, we recommend placing them when you find multiple short odds for the Double Chance market and only doing so when you have a good idea on how multiple matches will end up.
If you’re simply guessing randomly, then we don’t recommend you to place random parlays unless you don’t care about winning or losing. If you want to place a throwaway parlay bet then you can do so, especially since a bettor won a million pounds after betting randomly on horse races, albeit not through a parlay bet.
Pros and Cons of Parlay Betting
To better understand what parlays are, we have a short pros and cons list here:
Pros of Parlay Betting
Cons of Parlay Betting
Conclusion
Parlay betting can potentially result in winning big even with a tight budget, but the likelihood of winning big is extremely low. You can’t really rely on parlays to win big and you’ll mostly leave things to chance unless you’ve done extensive research on the matches you’re betting on.
Even if the odds are against you, you can still safely try and replicate some of the biggest winners’ results using low stakes. The only downside is that you can’t expect even infrequent wins and the only way you can win parlays is when you don’t have a large number of legs and when you’re using easy-to-win markets.
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