Parlay bets are the best way to put a little amount of money down and potentially winning big.
In a parlay bet, you’re combining multiple wagers into one. If all every bet lands in your favor, you stand to win a bigger payout. But, if just one bet doesn’t go as you picked, the entire bet is lost.
Each wager you add to a Parlay bet is referred to as a leg. The more legs your parlay bet has the higher your potential payout but the greater chance you have of losing the entire bet.
While it can be tempting to stack a bunch of legs into a single parlay bet, it is best to limit the number of legs and utilize teasers and round robins when you can.
A teaser is basically the same thing as a parlay bet except the sportsbook will allow you to choose from alternate lines that may be more in your favor.
For example, let’s say for one of the legs of your bet, it includes the spread of a certain game and the spread is set at 10 points. You could choose an alternate line where the spread is something smaller like 7 points so that way if you wanted to bet on the team that was the favorite, they would only have to win by 8 points rather than 11.
A round robin is another strategy of limiting the risk when it comes to your parlay bet.
For example, instead of betting on three separate events all in one parlay with three legs, you could construct three independent parlay bets at two legs apiece.
This way if one event doesn’t work out, you still have other chances to hit a parlay bet and cover your losses while still coming out on top.
This is a bit more of an advanced concept that those learning how to read betting lines for the first time should work up to.