If you are looking to win big betting on sports in Pennsylvania, a parlay may be your best bet.
Put simply, a parlay is a single wager that involves two or more basic bets. Parlays pay better than individual game bets. However, the key is you must win all the bets that are a part of the parlay to get paid at all.
The larger payouts on parlays make perfect sense. It’s hard enough to pick winners, let alone string two or more together. Therefore, the more winners you can put together as a part of a single parlay bet, the better the odds you’re going to get.
Plus, since the odds on underdogs are always much longer, the more underdog winners you can make a part of the parlay, the bigger the odds will be.
Just remember PA sportsbooks like parlays too. They’re difficult to win, making them profitable for sportsbooks. In fact, UNLV Gaming statistics show Nevada sportsbooks have an almost 32 percent win percentage on parlays compared to approximately seven percent on other bets.
Placing a parlay bet
There are several easy ways to place a parlay bet.
Bettors can tell the ticket writer at the betting window they want to bet a parlay, which sides they’d like to make a part of it, and how much they want to bet. Or, bettors can fill out a parlay card and hand it over at the window.
Bettors at Penn Sportsbooks using a self-service betting kiosk can simply tap the sides they like on the screen. Then, just make sure the parlay tab is highlighted, add in the amount you want to bet, and confirm the bet details before placing it.
Here you simply click on the sides you like, make sure the parlay tab is highlighted, and type in the amount you want to bet. The bet builder apps will generate a QR Code you can scan in at a self-service betting kiosk on the property to place the bet.
Parlays are winners in two instances.
Basically, a parlay is a winner if none of the sides lose. Parlays can also be winners if a game is canceled or ends tied. In these cases, the odds will be adjusted down as if the side was never a part of it.
Think of a four-game baseball parlay with one game rained out. As long as your other three sides win, you’ll still get paid.
Odds on individual games change when new information comes into a sportsbook or big money is placed on one side. They also vary from sportsbook to sportsbook. Therefore, not all parlay payouts are the same.
Different sportsbooks may even offer different odds on the same parlay. Of course, once you place a bet, the odds on your bet are locked in. However, it’s always a good idea to shop around to make sure the price you’re getting on a particular parlay is the best available.
The payout on any a parlay is fixed at the time the bet is placed. The lines and odds for an individual game may change, but once your parlay bet is placed, you’ve got it locked in and the payout won’t change.
If you see dramatic changes in the games that are part of the parlay you’re betting on, you can always place another parlay with a new adjusted payout. However, the original parlay still stands.
There are a couple of parlay variations also available. These include round robin and teaser parlays.
A Round Robin is much like boxing a bet in horse racing.
Essentially, a Round Robin is a way to place multiple parlay wagers at once.
Bettors choose anywhere from 3 to 8 sides and how many they’d like to tie together for the round robin. This combination dictates how many different parlays the bettor has.
For example, an eight-side round robin tied to two-sides will give the bettor 28 different parlays. Then it’s up to the bettor to decide how much they want to bet on each.
A teaser is a point-spread or totals parlay wager that allows bettors to adjust the lines in their favor. Teaser bettors can change the point spreads or totals anywhere from six to 10 points.
Of course, changing the line makes it easier to win, so teasers pay less than traditional parlays. Also, moneyline bets cannot be placed as a part of a teaser.