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How to Place a Parlay Bet
There’s nothing complicated about placing parlay bets. Even if you still haven’t registered with an online sportsbook, we can help you set up a sports betting account in no time. Here’s what you need to do to place your first parlay bet.
Register with a Quality Sportsbook
First, read our reviews and find a bookmaker you fancy. Next, click on the link to get to the sportsbook’s website. Once there, click on the “Register” button and follow the instructions.
Deposit and Claim Bonus
Now, select your preferred payment method to make your first deposit. Your funds will reach your account instantly. While you are there, activate the welcome bonus if the sportsbook has one.
With your account funded, go to the “Sports” section of the betting site. Navigate through the sports and leagues and find the events you want to bet on. Start adding them to your bet slip.
Place your Parlay Bet
It is now time to submit your parlay bet. Before you do, check that you have included all the selections you planned to add. Enter your bet stake and hope you have compiled a winning bet.
Strategies and Tips for Parlay Bets
With parlay bets, you don’t just multiply the excitement. You also multiply how much you stand to win. Each subsequent selection boosts your potential parlay payouts, so it is no wonder that so many bettors are placing parlay bets day in and day out. Read Betpack’s top three tips for parlay bets and improve your chances of winning.
There are several types of parlay betting offers you can benefit from, such as accumulator boosts and combo bet insurance promos. These bonuses either increase how much the original parlay bet pays or provide you with a consolation when you have been super-close to winning.
For instance, with parlay bet boosts, your winnings are increased by a predetermined percentage with each qualifying selection you add to your bet slip. So, if you include 10 qualifying legs, the bookie might increase your winnings by 10%.
You can also profit from combo bet insurance promos. They allow you to get your bet stake back when only one selection lets you down and you have included the required minimum number of events to qualify for the promo.
One of the most important things you have to decide when placing parlay bets is how much money you are going to stake. Managing your budget is crucial when wagering, and Betpack’s banking guide is a great place to start. Once you cover that you can begin to think about what staking approach you will use.
We think that the low-stakes method is ideally suited to parlay bets, as you can bet only 1% of your monthly sports betting budget on each parlay bet you place. So, if you have a budget of €800, you will stake €8 on each combo bet.
Those small bet stakes will keep you in the game for a very long time, and even bad losing runs will impact your bankroll only minimally. Moreover, the high winnings associated with longer parlay bets may replenish your budget only after one win. Get a little lucky and win a couple of those bets and you will soon start comparing payment methods to find the ones with higher limits.
Sports betting on favourites with single or individual bets doesn’t make much sense unless you are backing those bets with a lot of money. For example, backing a team such as Manchester City with €100 to win at odds of 1.20 will result in only €20 of profit.
However, if you combine that selection with a few other favourites, you increase your parlay odds substantially. That, in turn, means you don’t have to stake €100 to get decent winnings. Instead, the parlay pays quite well even with a €5 wager. And considering that odds-on favourites such as Manchester City lose once in a blue moon, that will be a low-risk prudent bet.
Frequently Asked Questions
What is the best parlay bet?
The best parlay bet is the one you have spent time analyzing. Doing your betting homework is crucial if you want to win your parlay wagers. And because parlay bets consist of more than one selection, you will need to spend some time to place educated parlay bets.
Are parlay bets worth it?
Yes, they are. Parlay bets allow you to experience the excitement of online betting to the fullest. That’s because you can follow multiple matches with only one parlay bet. The fact you risk only a small portion of your budget is a big plus too.
How to place a parlay bet and win?
The best way to win from a parlay bet is to join a reputable bookmaker, such as those we list at Betpack. These betting operators give you a wide range of markets and competitive odds for your parlay bets and offer unparalleled security.
Can you parlay prop bets?
Yes, you can. A lot of top bookmakers let you combine two or more bets from player prop markets. For instance, you can parlay prop bets from the NBA and create individual player bet parlays, such as how many points, assists, rebounds, or steals an NBA player will record.
What is the difference between regular and Round Robin parlays?
With regular multiple bets, if any of the selections in the parlay lose, you won't get your parlay payouts, as you will have a losing bet. However, with Round Robin parlays, you place multiple two-game and three-game parlays concurrently within a larger parlay wager. So even if one bet loses, there will be one or more parlay wagers winning.