It is common knowledge in the sports betting world that odds are always in favor of the underdog. However, sometimes it can be hard to understand the meaning of these odds when they’re presented in numerical form. For instance, an underdog might have the odds of +550 against them, which seems like an impossible task to overcome. How can you possibly beat the bookies’ odds?
The answer is: By using a strategy called parlaying. When using this strategy, you will be relying on the law of averages to help you win, not on pure luck. You will be placing bets on two or more teams that you believe are bound to lose, in conjunction with each other, so that the combined result is a win. For example, if you make a $100 wager on the underdogs at +550, and then a $50 wager on the overdogs, your total investment will be $150, and you will win $100 because the overdogs lose. In most cases, this is more than enough to cover your initial investment. This is why the majority of parlays are used in sports wagering. It’s a simple yet effective strategy that even a first-time gambler can utilize to start making real money in the industry.
The Power Of Parlaying
Consider the following scenario: you have two teams you believe to be good, but not excellent, chances of winning. You decide to make a wager on them, but you need help understanding what those odds mean in practice. To calculate the potential return on your investment, you use the following formula:
- Potential winnings (x)
- (Sum of the odds of both teams winning)
- Less Potential loss (y)
- = Profit or Loss
- (Note: You can’t really have a loss when you’re betting on the favorites)
In this case, let’s say that the first team is the favorite and has odds of +175 to win, while the second team is the underdog and has odds of +550 to win. In theory, you’re looking at a 300% profit, but that’s not realistic. What you need to do is use a strategy called parlaying, which reduces your potential profit to about 100%. To do this, you will be setting two separate bets: one on the favorites at +175, and the other on the underdogs at +550. When both wagers are placed at the same time, the Bookies will combine both bets, resulting in a total wager of +875, which is bound to lose.
In this case, your investment was $275 in total, and you will win $275, not $300, because the sum of the two wagers is more than your investment. Even though you had a loss, the law of averages helped you turn a negative into a positive. This is because the Bookies took into consideration that both wagers were placed together, and they applied the rule that oddsmakers love to quote, which is: “If you want to beat the Bookies at their own game, you have to learn to play it yourself.” In short, when you use a strategy called parlaying, your profits are reduced, but they’re not eliminated. In most cases, it’s still more than enough to cover your investment. Sometimes, a parlay can even turn a profit.
Parlaying Is Not For Everyone
Before we wrap up, it’s important to point out that not all people will be able to profit from parlaying. For instance, if you are a true fan of either of the teams you are wagering on, then you might win big, because the odds would be in your favor. However, if you are a neutral fan who simply wants to have some fun and make money in the process, you might end up losing, because the odds are not in your favor in that case. This might be discouraging, but it’s important to understand that even the most skilled and experienced gamblers will occasionally lose money, especially when using this strategy. The key is to use proper judgment and not get carried away by short-term results.
When To Use Parlaying
As mentioned before, parlaying can be a very effective tool in sports wagering, especially in conjunction with other betting strategies. One of the most useful purposes of parlaying is to take advantage of some of the less skillful and more emotional bettors who might otherwise lose a lot of money if they were to place bets on their favorite teams alone. For instance, if you are a Kansas City Chiefs fan and enjoy watching them play against the Raiders, but you also hate betting on teams you feel are inferior to you, then you might decide to place a parlay bet with the Raiders, because you feel that their chances of winning are higher than those of the Chiefs. In that case, you will be relying on the bookies’ odds to help you pick the winner, but you will be reducing your potential losses by combining the wagers. This is also known as a counter-rotation bet because you will be wagering against the same team you favor. In theory, this is a zero-sum game, but you will be reducing the risk of loss.
Final Takeaway
Parlaying can be a difficult concept to wrap your head around at first, but once you do, it will become second nature. Even experienced and successful gamblers will occasionally lose money, especially when using this strategy. However, proper judgment and a willingness to learn are all it takes to turn a negative into a positive, and to make money in the process. If you have a desire to become a professional sports bettor and are looking for ways to make money online, then you might want to try out this strategy, and with a little bit of luck, you might just make some easy cash.