Parlay Betting Strategies: How to Win More

I need to be honest with you right off the bat. I’ve been betting parlays for about 6 years now, and they’ve kicked my ass more times than I can count. But here’s the thing – I’ve also learned a few tricks that actually work.

Most people treat parlays like scratch-off tickets. They throw together 8 random teams, dream about that $5,000 payout, and wonder why they’re always broke. Don’t be that guy.

Keep Your Parlays Small

I know, I know. Those 10-team parlay screenshots on Twitter look amazing. But you know what’s not amazing? Losing because the Knicks couldn’t cover a 3-point spread.

Stick to 2-3 teams max. Yeah, the payouts are smaller, but you’ll actually win sometimes. I learned this after blowing through $800 in two weeks chasing those massive parlays. Not my proudest moment.

Your odds of hitting:

• 2 teams: About 1 in 4 (not terrible)
• 5 teams: About 1 in 30 (yikes)
• 10 teams: Good luck with that

Find Correlated Bets (This is Where the Magic Happens)

This one took me forever to figure out, but it’s a game-changer.

Instead of betting random games, look for bets that help each other. Like last month, I bet the over in a Rams game AND the Rams to win. My thinking? If it’s a shootout, the Rams probably keep up and win. If the Rams blow someone out, that probably goes over too.

Another example: Bet a star player to score AND his team to win. If Curry drops 35, the Warriors probably won that game.

The sportsbooks sometimes miss these connections. When they do, you profit.

Mix Your Risk Levels

Don’t just parlay three -300 favorites. The payout sucks and upsets happen.

Here’s what I do now:

• One safe bet (heavy favorite)
• One moderate risk (slight favorite)
• One small underdog for the juice

Last week I parlayed Chiefs -200, Eagles -120, and Dolphins +110. Hit all three for a nice 4-to-1 payout. Not life-changing money, but hey, it paid for dinner.

Shop Around for Better Odds

This matters way more on parlays than single bets.

I have accounts at four different sportsbooks now. Sometimes DraftKings has the Celtics at -110 while FanDuel has them at -105. Doesn’t sound like much, but on a 3-team parlay, that extra juice adds up to real money.

Takes an extra 5 minutes to check. Worth every second.

Your Bankroll Management Sucks

Real talk – never bet more than 1-2% of your bankroll on a parlay. Ever.

I don’t care if you “know” the Lakers are winning tonight. I thought I “knew” the same thing about a lot of teams that let me down.

Set a monthly parlay budget. When it’s gone, you’re done. I use $200 a month now. Some months I lose it all. Some months I double it. But I never go broke chasing one more bet.

Stick to What You Actually Watch

I used to bet European soccer parlays because the odds looked juicy. Problem? I don’t watch European soccer. I was basically gambling blind.

Now I stick to NBA and NFL – sports I actually follow. I know when teams are on back-to-backs, who’s injured, which coaches make dumb decisions in crunch time. That knowledge is your edge.

Know When to Cut Your Losses

Sometimes two legs of your parlay hit and you’ve got one game left. If the payout is big enough, consider hedging.

Last month my 3-team parlay was looking at a $600 payout with just Monday Night Football left. I bet $150 on the other side. Either I won $450 or lost $150. Sometimes guaranteed money beats the chance of losing everything.

The Bottom Line

Look, parlays are still hard. Even with all these strategies, most of them lose. But I’m winning way more now than when I was just throwing darts at a board.

Start small, keep good records, and don’t let the big payout dreams cloud your judgment. The sportsbooks didn’t build those fancy buildings by giving away free money.

But when you do hit that parlay? Man, it feels good.

Just remember – this should be fun, not a second job. Never bet money you can’t afford to lose, and if it stops being fun, take a break.