Matthew Jones
Author:
Matthew Jones
Last Updated:
November 12, 2020
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This author was thoroughly tested and approved by the experts at BettingBilly.com before joining the editorial board to ensure a high content quality.
Author Bio:
 
Matthew is a former journalist and entrepreneur. Before he turned 18 he'd already started an online-shop, grew it to more than $1m in sales and sold it. Together with Richard he is now in charge of BettigBilly. His specialties are gambling mathematics and creating winning betting strategies.
Matthew is a former journalist and entrepreneur. Before he turned 18 he'd already started an online-shop, grew it to more than $1m in sales and sold it. Together with Richard he is now in charge of BettigBilly. His specialties are gambling mathematics and creating winning betting strategies.

How to Bet on Parlays in 2020

Tired of making single bets and taking home slight profits even on the luckiest of days? Parlay betting is probably ideal for you in that case, as this method of sports betting allows you to win huge on even the smallest of bets. At BettingBilly, we bring you a selection of the best parlays in the industry on a daily basis and give you the tools you need to beat the bookies by placing combo bets with multiple single bets at once.

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What is a Parlay? Definition

If you are new to sports betting or have always bet on singles, you may not understand the exactly parlay definition. In essence, a parlay is any betting slip that contains multiple bets, also called a combi bet or accumulator bet in the rest of the world.

Parlays provide countless opportunities for players to combine moneyline, spread and totals bets into one single bet with amazing odds. The more different single bets you decide to add to your betting slip, the more valuable your parlay becomes. At the same time, however, the parlay is less likely to be a winner as you add more and more bets.

Parlay betting is ideal for risk takers and hobby players who are just looking to make a small bet and look for a massive return. True thrill hunters sometimes place larger sums on parlays, hoping to rake in a huge win once it lands.

The betting odds of your parlay bet will depend on the number of selections you added to the slip as well as the original odds for those selections. The more unlikely they all are to land, the higher your odds will become.

How to Calculate a Parlay Betting Odd?

Now that you understand what a parlay is, you may still be wondering how exactly parlay odds work. Since you get to pick any bets you want, how does the bookmaker know what odds to lay? The answer to the question is quite simple, as a mathematical formula is used to multiply the odds of the selections on your slip and add them together to give you the final odds.

As you have probably presumed, the less likely your selections are to be winners, the bookmaker will give you higher odds. It is recommended not to go too wild with the picks as that can make the parlay virtually impossible to win. Combining some of the tips from our free sports picks selection certainly seems like a good idea.

Many bookmakers will provide you with some previously created parlay bets, sometimes with boosted odds. It is important to remain cautious with such offers as they don’t always offer the best value and find the best picks for the week in question yourself or with the help of experts from BettingBilly.

In addition to providing you some great picks, we also offer a free parlay calculator right here on this page. You can use the calculator to figure out the odds of a parlay bet before you make it and thus ensure you get the price you are looking for. You can find the parlay calculator below:

Parlay Calculator
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How to win a sports bet or parlay?

Winning at sports gambling is notoriously difficult and even expert punters can often have long losing periods and a hard time winning against the bookies. The sportsbooks employ master odds makers along with fantastic computer algorithms to make sure nothing is missed, leaving only slight margins to be exploited.

When it comes to parlay sports betting in particular, it is even more difficult to win since your multiple choices have to win at the same time. Of course, the odds are also multiplied but if we consider the fact that bookies work with a virtually unlimited bankroll unlike us, the edge is clearly in their court.

If you want to be a winner on parlays, you have to be extremely cautions and smart. This means never risking big portions of your bankroll on any single parlay and taking it very slow with placing them in general. You should only be placing parlays when you have some really solid tips and even then you should limit your potential losses.

Billy’s List can help you finding the picks to support as we work day and night to find the biggest bookmaker leaks and odds that are worth taking. Combining a few of those on a parlay is what we do on a regular basis and some of our experts are true parlay masters, so make sure you check out their tips.

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Types of parlays and predictions

Before you can get into parlay gambling, you will need to understand what kinds of parlays you can actually make and what each of them entails. While technically, you could come up with any kind of parlay you wanted, there are some traditional ways parlays are made for best expected returns. Some of the most popular types of parlays include:

Round robin parlays

Placing a single parlay bet can be a lucrative wager, but also not a very likely one to land. Instead, many bettors opt for round robin parlays, which essentially means putting up multiple parlays at the same time. This kind of system betting gives you multiple chances to win smaller if some of the picks come in, while the entire win is still on the table should all your picks win, with slight odds reductions.

A classic example of a round robin parlay is a 3 out of 8 parlay. In this kind of parlay, multiple parlay wagers of three picks each are added to a single slip. You get to choose how much you want to bet on every parlay and just three out of your eight picks being winners will get you some return. The more games end the way you envisioned them, the more winnings you get to take home.

Teaser parlays

Teaser parlays are similar to other kinds of parlays, the big difference being that no moneyline bets can be included on them. Instead, players must choose how far to move the totals line in or against his favor for each game they pick. Then, the parlay betting odds are calculated based on how far this line is from the original line the bookmaker set.

As you would expect, this kind of parlay betting can be a little bit less risky, since you can move some lines towards the middle ground and allow yourself more chances to win. The odds will get lower as you push the line, but the likelihood of winning will increase, making teaser parlays ideal for players looking to make big bets.

Parlay cards

Figuring out a parlay bet yourself from scratch can be problematic and scary. After all, there are so many choices and you want to make the right ones. Parlay cards are offered by bookmakers to help players make up their minds and make their parlay betting smoother. Instead of looking over the entire bookmaking offer, the player gets a card with certain games and needs only pick one side or the other in each selection.

Of course, you have BettingBilly on your side, so you may never need a parlay card in your life, since we will make sure to provide you with some great parlays and picks on a daily basis that you can quickly bet with your favorite bookie and show a solid long run profit.

To find the best daily tips each day, check out the individual sports pages below:

Is it Legal to Bet on Sports in the USA?

While it is strange that the question of legality would even be asked in the USA, it was a burning topic for the longest time. For years, sports betting outside of Nevada was mostly banned and a federal law called PASPA was prohibiting states from doing anything about it.

This law was struck down by the Supreme Court in 2018 and ever since then states have been gradually working out bills that would allow their citizens to bet on sports. To date, multiple states have already made sports betting legal, with others actively working on regulating both retail and online sports betting.

If you are looking to bet online, we suggest looking for a regulated and licensed bookmaker in your state. Make sure that your state allows legal sports betting and avoid any offshore or international betting sites. Check out the list below to make sure that your state actually allows sports betting and find the best sports betting sites for your state:

Tips & Tricks for Punters

With the help of BettingBilly, you are almost ready to start with parlays betting. However, whether you are a novice or a more experienced bettor, we have some tips we want to share with you. If you make sure to keep true to these tips, they will help you on your journey and give you the best chance at winning in the long run:

  • Always bet legally: Sports betting is now legal in a good part of America, so there is no reason to ever bet with illegal bookies. Make sure to always find licensed bookies in your state and bet with them.
  • Bet your favorite sports: Betting on the sports you know gives you a much better chance at actually winning. Even if we provide some tips for other sports, you are best of betting on a sports you know a lot about.
  • Utilize sportsbook bonuses: Online bookies offer many promotional offers and bonuses. Make sure to utilize any bonus you can get your hands on and increase your betting bankroll this way. Bonus money can give you a huge edge over the bookie.
  • Mind your bankroll: Always be sure to only bet a small portion of your overall betting bankroll at a time. Don’t get tempted into betting it all on a single game you think will surely end a certain way, as none of us can predict the future. Bankroll management is key to any gambling.
  • Use our daily predictions: BettingBilly provides you with plenty of predictions and tips on a daily basis and it is always a good idea to follow what our experts have to say. After all, tips from people who spend day and night betting on sports certainly mean something.
  • Put together some parlays: Parlay betting can be so fun and also very profitable if done the right way. Check out our tips, use your own knowledge and try some parlay betting every now and then. Use our parlays calculator to figure out the odds before you make an actual bet.
  • Stay responsible: Safety always comes first and we want to make sure that you are betting in a smart and safe way. Make sure to always bet what you can afford to lose and don’t fall into the trap of trying to chase your losses.

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Parlay Betting FAQs

Conclusion: Parlay bets galore
Parlay betting is one of the most common types of sports betting in the world and is now available legally to American punters. Check out the legal bookies in your state for parlay betting options and use our parlay app to calculate the odds before you make your bets. Make sure to check Billy’s List for the best parlay picks of the day and feel free to copy them for a better chance at a profit.
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