NFL Betting 101: Everything You Need to Know About Parlays

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NFL Betting 101: Everything You Need to Know About Parlays

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They say that with no risk comes no reward. That’s certainly the case with parlays in NFL betting. Done right, you can collect a big payday; however, this is one of the riskier wagers available because you need to win several bets to get a payout.

 

How Parlays Work

A parlay is a type of bet that ties multiple predictions together. When you play a parlay, you need all of your bets to win for you to collect a payout. While that might seem risky, you’re rewarded with a higher payout than you’d receive from making each wager individually.

 

The Risks

The risk of an NFL parlay is pretty simple: every single bet needs to come through for you to win. That can be a bit of a challenge when you’re getting into big parlays, but it’s less of a concern with smaller ones, like two or three games.

 

The Benefits of Parlays

With parlays, you can increase your payout exponentially. Let’s say you go three-for-three with your NFL picks; you’re going to take home a much bigger payout in a three-game parlay than you would with three single bets. For example, if you put $100 on a three-game NFL parlay with standard lines (-110), you’d take home $595.80 in profit. If you were betting $100 on each game individually, you’d take home $272.73 if all three of them won.

Keep in mind that parlays allow you to do more with a smaller stake. In the previous example, you’d need $300 to wager $100 on each individual game. With the parlay, it’s just the $100 for the entire bet.

 

Parlaying Big Favourites

One shrewd strategy often employed with parlays is minimizing risk with big favourites. Let’s say the New England Patriots are -425 on the moneyline to win outright. You don’t have much to gain, and if there’s an upset, you lose your whole stake. Turning the bet into a parlay lets you bet on these big favourite games without having to lay big juice to bet on each of them, and you increase your payout if you win.