6 Tips for Placing Parlay Bets Online in 2024

Since its humble beginnings, the global sports betting industry has grown into a profitable, lucrative industry worth billions of dollars. As estimated back in 2019, the worldwide sports betting market was worth over $85 billion and its profits are estimated to grow in the following years since new countries legalizing online sports betting activities open many new possibilities for the industry to grow further.

When it comes to the online sports betting industry, it is the fastest-growing industry alongside the online casino industry by far. With so many different opportunities out there, new online sportsbooks are opening their virtual doors daily. Once you have registered at a reliable and safe online sportsbook operational in your area, to learn more about different sports betting markets and find the best odds out there, head to BettingBilly that always provides the best betting picks and tips. Now, let’s get to the best tips for placing parlay bets at online sports betting sites.

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Tips for Playing Parlay Bets

At renowned online sports betting sites, you have a variety of markets and betting options at your disposal including. The vast majority of sports bettors are familiar with those basic sports bets such as money line bets, total lime bets, teaser bets, head-to-head bets, and of course popular parlay bets. When you place a parlay bet, you combine two or more bets into a single bet that is called a parlay.

Depending on your online sports betting site, you can usually combine between two and up to twelve picks into a single bet. Your parlay bet can combine those basic bets such as props, futures, totals, moneylines, and point spreads but they have to be associated with different games. The biggest advantage of placing parlay bets is being offered bigger payouts when but bigger risks are involved since every bet within your single parlay wager needs to win in order to get paid.

Placing parlay bets also comes with greater flexibility and this in addition to great payouts is what makes these wagers very attractive among online sports bettors. To boost your winning odds with parlay bets, we bring you six awesome tips for building winning parlays.

  • Avoid grouping point spreads
  • Include different sports
  • Use free play bonuses
  • Place correlated parlays
  • Combine two favorites
  • Keep an eye on your bet size
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Avoid Grouping Point Spreads

One of the biggest mistakes that newbie sports bettors make is combining point spread bets. Even though it seems like a great idea to combine three point spreads into a parlay, the true betting odds for such three-legged parlays are not so great at 8-1 and each bet has a fifty-fifty chance of winning. Even though many online sports betting sites promote these parlay bets, better options include using parlay system bets that win even if one parlay leg loses.

Depending on your online sports betting site, the number of legs in a parlay vary but parlays of between two and eight legs are generally accepted. With a parlay system bet, you place multiple stakes with better winning combinations. Instead of grouping point spreads, consider grouping moneylines which are not as promote as point spreads but surely make a greater parlay bet.

Include Different Sports

If though playing a parlay bet on multiple sports may sound intimidating, we always recommend bettors to be more ambitious. To increase your winning odds, you need to explore different sports markets and check what different markets offer. Needless to say, the best betting options are not always associated with the same sport, so when building your next parlay bet, considering placing bets on different sports after examining different value picks.

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Use Free Play Bonuses

To attract new customers, all of the most renowned online sports betting sites offer generous welcome bonuses usually in the form of free bets while ongoing bonuses and promotions are common as well. Bonuses that come in the form of free bets are most commonly offered. When you claim a free bet bonus, you can get your bonus winnings or the profit from your free but you cannot get your original stake.

Even though this does not seem super exciting, consider using your free bet bonuses for placing parlay bets. In fact, placing three-team parlays with your free bets bonus is one of the best options to use free credits you receive as you cannot get back your original stake but wins are paid out.

Place Correlated Parlays

When discussing the best tips for building winning parlays, we have to mention correlated parlays. While these types of parlays are not bookies’ favorites, they should be your favorite. Even though correlated bets are not so often offered by online sports betting sites, they can be a true goldmine. Correlated bets come in different forms such as common halftime and fulltime bets on the same sport and props.

In its essence, a correlated parlay is a bet in that you have two tied bets, and if one of the best wins, your winning odds for the other wager increases. While bookies do not offer these bets often, you can find them if you where to look.

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Combine Two Favorites

To build a winning parlay and give your bankroll a boost, considering combining two favorites. The main issue with betting on favorites is bankroll management. In these cases, you need to bet more to get some serious money and if you lose, your bankroll goes down. In other words, betting on a favorite is the biggest bankroll booster out there but combining two favorites may be. Combine two favorites in a parlay and get yourself a nice profit.

Keep an Eye on Your Bet Size

Lastly, to win in the long run, make sure you always keep an eye on your bet size and of course, on your bankroll. Even though great betting odds out there are hard to resist, increasing your bet size is not the wisest decision to make. In other words, keep an eye on your budget and invest only what you can afford to lose.