NFL Parlays: Reacquaint Yourself With Parlay Betting Before September 10

Details: Category: NFL Betting Tutorial; Created: Monday, 31 August 2020 08:02

It's happening. The 2020-21 NFL season is happening.

We're at the "nothing stops this kickoff" part of a tumultuous NFL offseason. COVID-19 almost slowed down America's most significant betting pastime, but all signs have been positive during NFL training camp with daily NFL testing.

Bookies should be confident in offering all types of wagers come Week 1: NFL spread, moneyline, total, prop, and futures betting.

Unlike college football Saturdays, having all teams available means lucrative parlay betting is possible to enjoy.

So allow us to reacquaint you with potentially the most lucrative wager type for bookies and players before the season begins on September 10.

What is a Parlay?

A parlay is multiple wagers combined into one. When betting on one team to win or cover the spread tends to get you -110 odds, a parlay of two or more can double, triple, or give you winnings the size of a slot machine jackpot when you get every leg of the wager right.

The typical payout for a two-team parlay is 2.6 to 1. A three-teamer is 6 to 1. A four teamer is 11 to 1, and if you climb up to 14 teams, it's 900 to 1.

Here's a quick look at what an NFL parlay could look like on a ticket:

3-Team Parlay

New England Patriots -7
Tampa Bay Buccaneers -3
Kansas City Chiefs -11
$5 to win $30

Most sportsbooks go up to 14-team parlays. Bookies should let their bettors know that although the payout for a 14-team parlay is huge, the payout can reduce or increase based on the money attached to their wager. For example, if all the legs of their 14-team parlay come in at -500 odds, expect the payout to be significantly lower. Rules won't allow a bettor to exploit huge favorites for a monster parlay.

Parlay Rules

The main rule of a parlay of any size is if you lose any leg of the wager, it's automatically settled as a loss. No exceptions.

Parlays pay well for a reason. Like the Powerball in lotto, everything has to line up just right. The more teams you add, the more the money; the more you have to get right.

However, if any leg of a player's parlay settles as a "Push" or "No Action," it will reduce the parlay. For example, a four-team parlay would reduce to a three-teamer, etc. If it's a two-team parlay, it'll cut to a single wager.

Here are the general rules of what you CAN'T parlay:

You can't parlay a favorite against the spread and the same team on the moneyline as those wagers correlate.
You can't parlay wagers on a game with the first half or second half wagers. Those wagers also correlate.
You can't parlay player props, team props, and futures.

Keep in mind, cross sports parlays are possible.

Why Parlays are Perfect for NFL Sundays

Parlays are perfect for the NFL. While other sports have a handful of games spread out during the week, the NFL has up to 14 games on Sunday. You can place your parlay first thing in the morning and have a considerable sum of money by dinner. And if it fails, you have Monday Night Football to recoup some losses.

Bookies should promote parlays. They're a fun lottery-style sports wager that favors the house the more teams involved. The more players a bookie has placing parlays, the bigger their bottom line, whether one or two players hit one or not.

That said, it can also be beneficial for a player as if they're able to hit one $5, 14-team parlay, it can pay approximately $4,500.

How to Layoff Potential Parlay Wins

The scariest thing for a bettor and even a bookie is to see a 10-team parlay with one game left to win, and it starts in an hour. The anxiety is blinding, and most would like to find a way to get paid no matter what happens to the 10th wager.

That's where layoff bets come in. For a player, the premise is simple: do your best to assemble extra cash and bet on the other side. Thus, ensuring that no matter what happens, you'll finish with some payday. Either from the parlay or a single bet. Bookies can do the same with Pay Per Head software. They can hedge their bet on the same spread to cushion any blow their players' giant parlay may bring.

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