Parlay betting a different from other standard wagers because it is made up of a number of bets compiled together to create a kind of “super bet”–one that requires numerous different lines to come in for it to win. ]
Here is all you need to know about them in our parlay betting guide.
Top NY Bonuses, Special Promotions & OffersYou’ll find a number of promotions offered on parlays like odds boosts and parlay insurance. You can make the most of them by combining them with the best sportsbook welcome bonuses we’ve listed below.
Pros and Cons with Parlays Betting in New York
We’ve compiled a list of the pros and cons of parlay bets as to why they’re so popular with some and why some bettors avoid them.
|Higher odds = higher payout
|Higher risk with less chance of bets coming in
|Makes betting more interesting
|Only one line has to fail for your bet to lose
|Some providers offer you insurance on your bets
|Can combine a number of different options
Parlays Betting in New York Explained
If you want to know how to parlay bet, we’ve answered some of the most common questions that beginners to sports betting have in this dummies guide.
What is parlays betting?
Parlays betting comes in a few forms, you can have same-game parlays and multi-sport parlays among a few others. A parlay bet is essentially a collection of several bets formed together to make one single bet, with parlays odds being higher than traditional bets.
How does parlays betting work?
They work by accumulating a number of different bets to form one big bet. All bets, known as lines on a parlay, must come in for the bet to win. If just one loses, your bet is over. The more lines that you add to your parlays will mean higher parlays odds, but it also increases the risk of the overall bet failing. The more lines you cover, the more chance there is for one of them to go wrong.
The term parlay comes from taking the money from winning a bet and placing it all on another bet. So if you have an NFL moneyline parlay on the New York Giants at +100 and the Buffalo Bills at +100 for $100, here’s how it works:
- The New York Giants win, so your result is $200.
- That $200 is then put on Buffalo to win. If the Bills win, then you earn a total of $400.
Through this example, you can see how payouts for a parlay bet are determined and why you get nothing if one leg of the parlay loses.
How do I place a parlays bet?
Placing a parlay bet couldn’t be simpler. First, if you want to find the games and sports available to put parlay bets on, many sportsbooks will have quick parlay options to help you find them. Select the lines you wish to cover, and once all your selections are added to your bet slip, you can then assign your stake and select the parlay option on your bet slip instead of making individual bets. All that is left to do is wait and see if your bet comes in and returns you a profit.
What should I know before placing a parlays bet?
With a variety of different parlays available, you can place different kinds, which may make them more difficult for them to come in. For example, a same-game parlay allows you to combine options from the same game: you can choose New York City FC to win, score over 2.5 goals, and over nine corners for both teams combined. It can be easier for these parlays to come in as they all focus on one game. Alternatively, you could just add a bunch of moneyline bets to predict the outcomes of different games from different sports such as the Yankees, Mets, Rangers, and Knicks all to win. This is more difficult because you’re relying on more than one event to go your way.
What Is Parlay Insurance?
With most parlay bets, if one line loses, that’s your bet over and done with. However, if your sportsbook provides parlay insurance, if only one line lets you down, they will return your stake back as a free bet. So while you may not win, you still technically don’t lose and get a second chance to put another parlay on.