If you’re new to football betting, then parlay may not be a term you’re familiar with. The term parlay derives from combining two or more wagers (e.g., over/under, moneyline, etc.) to create a single wager with multiple odds and/or payouts. For example, if you’re betting over 16.5 goals in the upcoming Premier League match vs. Chelsea, you’re combining an over/under wager on goals with a moneyline wager on the match’s outcome. You’re essentially placing a parlay on football matches.
Unlike other sports such as tennis or golf, where you may know what a parlay is and how to use it, in football betting, you may not know what parlay means or how to place a parlay wager. That’s why we’ve put together this short guide on what parlay means in football betting, along with tips on how to place a parlay wager successfully.
Define A Parlay In Football Betting
Let’s begin by defining what a parlay is in football betting. A parlay is an ‘all-in-one’ wager where you’re combining two or more distinct wagers (i.e., over/under, moneyline, etc.) to create a single, combined wager with multiple odds and/or payouts. A parlay creates a single, combined wager with multiple odds and/or payouts because you’re combining two or more distinct wagers. Two goals or more, over 9.5 goals, and outright wins/losses are some examples of parlay bets that you may see commonly in football betting. If you’re new to football betting, then parlay may not be a word you’re familiar with, but once you learn how to use it successfully, it’s a great way to make some extra money.
When Do You Need To Use A Parlay In Football Betting?
To determine when you need to use a parlay in football betting, ask yourself the following questions:
- Do I know what a parlay is?
- Do I know how to combine two or more wagers to form a parlay?
- Do I know how to place a parlay wager?
- Do I know what winning/losing odds are for a particular parlay?
- Do I know what the payout is if I win/lose a parlay?
- Am I capable of understanding the different types of odds (1×2, 1×5, etc.) and their meanings?
If you can answer yes to all of these questions, then you may benefit from using a parlay in football betting. You can use a parlay whenever you want, as long as the wagers are placed prior to the match’s start. You may also use a parlay when you’re certain that one of the wagers will win.
Types Of Parlay Bets You May See
Besides over/under, moneyline, and winning/losing wagers, there are two more types of parlay bets you may see in football betting: combination and running. Let’s discuss what each one is and how you should use them.
The combination parlay bet is a parlay where you’re combining three (3) or more wagers. For example, you may be placing an over/under, moneyline, and win/lose wager on the same game. When placing an over/under wager with a moneyline wager, the most common way to do it is to use a 1×2 combination parlay where you’re placing the under/over wager and the moneyline wager. One half of the returned wagers plus the original wager (plus applicable taxes) will be paid out. Some online sportsbooks offer a 50% profit when you combine three (3) or more wagers using this method.
The running parlay bet is different from the combination parlay in that you’re placing one (1) or more single wagers (e.g., over, under, or moneyline) in addition to a win/loss wager. In other words, you’re not combining three (3) or more distinct wagers to create a single combined wager. When you place a running parlay, you’re essentially just placing the separate wagers one after the other. As with the combination parlay, the over/under, moneyline, and win/loss wagers must be placed prior to the match’s start.
Which type of parlay bet you should use depends on your experience level and how much you want to risk. If you’re just getting started, then use the combination parlay, as it’s the simplest and most commonly used type of parlay. As you get more familiar with betting on football matches, you may decide that the running parlay is the best option since it allows you to place multiple wagers without having to combine them first. Both types of parlay bet allow you to make multiple wagers on the same game; however, if you follow our suggested guidelines for wager placement, then you can guarantee that your parlay bets will be profitable. Additionally, if you use the right bookmakers, then you may also benefit from some tax-free winnings.
How To Place A Parlay Wager
You’ve decided that a parlay is the right way to go and you’re finally ready to place that first bet. Before you do, however, you need to make sure that your bookmakers have accepted your wager and that the odds are favorable. When placing a parlay, always use the same account and ensure that the betting funds are available. If you forget to make a payment at some point, then you may find that your bookmaker has suspended your account or refused to take your wager. Always make sure your personal and financial information is secure when placing a bet as well. You don’t want to risk having your account hacked and money stolen. Hacking incidents happen frequently in the sports betting world, so it’s important to be mindful of your security.
To place a parlay wager, follow these steps:
- Log into your account
- Select the wager you want to make
- Click on the ‘parlay’ button
- Under the ‘settings’ menu, you will see a ‘wager settings’ panel. Here, you can customize the wager’s settings such as odds and payout.
- Click ‘Place this wager’ to continue
If you’re using a mobile device, then you’ll need to download the appropriate app from the app store to place a wager. Once you’ve done that, follow the instructions above to place your wager.
Make Sure You Understand Parlay Bets
You may be familiar with other types of wagers (i.e., over, under, or cash games) in sports, but if you’re new to football betting, then it’s important to understand what a parlay is. Parlay wagers are not as simple as other types of wagers, so make sure you’re prepared for the learning curve before you start placing them. Once you do, however, you’ll be able to use this technique to successfully target the football games you want to bet on and make some extra money. If you want to venture into football betting, then you may want to consider using a parlay since it makes entering the market much easier than you’d think. Additionally, if you know what a parlay is, then you may also know how to use other betting instruments (i.e., combine them to form a parlay) which can increase your winnings significantly.