Parlay Betting in Ohio

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For those new to sports bets, the term ‘parlay betting’ may be familiar yet its concept is unclear. Here we aim to provide a comprehensive explanation of how parlay betting operates, including strategies for maximizing profits through this betting style.

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Parlay Betting Explained

Parlay betting is when you combine multiple bets into one big bet and get better odds than if you placed each bet separately. This is a way for bettors to increase the potential payouts while also making it riskier.

Arrays are commonly used in team sports like basketball, football, and baseball. It can have up to 15 selections, and the more selections you make the higher the payout. There are also some game parlays that allow bettors to integrate their different bets (moneyline, over/under, props, etc.) which are all related to a single game.

How does Parlay Betting Work?

Let’s start with betting on multiple games. For Instance, you want to bet on five NBA matches that will take place tomorrow. These include:

  • Cleveland Cavaliers vs Brooklyn Nets
  • Houston Rockets vs Dallas Mavericks
  • Oklahoma City Thunder vs San Antonio Spurs
  • Los Angeles Lakers vs Phoenix Suns
  • Portland Trail Blazers vs Golden State Warriors

You can choose to make individual bets on each game, but with parlay betting, you can group them together and get a higher payout. Let’s assume that the odds of the five games are as follows:

  • The Cavs are +160
  • The Rockets are -150
  • The Thunder are +135
  • The Lakers are -205
  • The Blazers are +165

If you make individual bets on each game, the most you can win is the sum of your wagers. If you bet $100 on each game, for example, and all five teams come through, you’d make a total profit of around $550.

However, with parlay betting, you can combine all of these games for one big bet. As per the parlay calculator, the odds for this five-team parlay on an Ohio sportsbook are +3900, meaning that if you wager $100 and all five teams win, you’ll make a total profit of $3900. However, even if one of the bets were lost, you would lose the entire parlay.

Meanwhile, Same-game parlays work by taking the moneyline, spread, total, or any combination of these and combining them in one bet. For example: let’s say you wanted to bet on the Cleveland Browns to win, with the spread at +7.5, and a total of 45 points.

What are Teasers and Round Robins?

Teasers and Round Robins are variations of parlay betting.

A teaser allows you to move the spread or total in your favor for each bet included in the parlay, resulting in lower odds but higher chances of winning. For instance, if you had a four-team NFL teaser with spreads at +2.5, you could move that to +12.5 for each team and the odds would be much lower.

A Round Robin is when you create multiple parlays using all of your selections, so if you had three games on your ticket, a round-robin will make three two-team parlays, three three-team parlays, and one six-team parlay. This way, you can have more chances of making money in smaller amounts instead of risking it all on one big wager.

Tips for Parlay Betting

Parlay betting can be a great way to make money, but it’s important to understand the risks before getting into it. Here are a few tips for making smart parlay bets:

  • Research each game you’re betting on and make sure that you have a good understanding of the teams, players, and situations.
  • Be selective in your parlays and only bet on games that you think have a good chance of winning.
  • It is recommended to stick within 5 bets, as the more selections you make the riskier the wager is.
  • Shop around for the best odds so you can maximize your winnings.
  • Set a budget and stick to it.
  • Have fun but be sure to stay disciplined and don’t risk more than you can afford to lose!