Whether you like parlay betting or not, they are another way for your bettors to keep things exciting. After a time, bettors can get bored with the same old bets. They might need to try more complex wagers.
This is one of the reasons parlays were created. Bookies needed to make things a little more complicated so that their bettors felt like they were part of a special group, not just your everyday sports bettor. They wanted something that needed more skill and knowledge than just making a simple moneyline bet.
But that’s not the only reason bettors like parlays. They can also make a lot more money.
If you’re a BossAction agent, you have a number of parlays set up each day so your players can simply pick one or more and place a bet. But if they don’t see a parlay they like, they can easily create their own—even Cross-Sports Parlays.
Parlay Betting Refresher
A parlay is a type of wager that has two or more bets linked together. The only stipulation is that each bet in the parlay must win for you to win the parlay. Even if one leg loses, the entire parlay is lost. Because of that, the amount of money your bettors could win can get quite high, depending on the odds and the number of legs to the parlay.
Just to keep things simple, if a bettor makes two separate $50 bets at even odds on two games and wins, he takes home his original $100 plus $100 in winnings. But if he’s betting $100 on a parlay of the same two teams, the math is different. If he wins the first game, that $200 now goes towards the bet on the second game. If he wins that game too, he wins $200 plus the $200 from the first game, for a total of $400. Instead of turning his $100 into $200, a parlay will turn the $100 into $400. This example didn’t take into account a bookie’s juice.
Cross-Sports Parlay
Any number of types of bets can be parlayed: point spreads, moneylines, over/under, player props, and more. Normally, bettors parlay between different games of the same sport. They might be watching Football Sunday and want to bet on three different matchups. But when a player bets on a cross-sports parlay, it simply means they are wagering on more than one type of sport.
For example, you could have a parlay that includes an NBA, NFL, and NHL game as their seasons intersect for most months. Your betting fans could easily create 2 to 4 game parlays that span over the day. They could have an east-coast NFL game being played in Boston starting early afternoon, followed by an early evening NHL game in Nashville. The last parlay could be an NBA game being played in San Francisco.
Correlated Parlays
This is one of the parlays every agent should watch out for. In this type of parlay, winning one bet increases the odds of winning the other bet. They come up in same-game parlays. For example. A high-scoring NFL team like the Dallas Cowboys goes up against a powerful defense like New England’s. If it’s a high-scoring game, more than likely, Dallas will come out as the winner. If it’s a low-scoring game, New England has a much better chance of winning. A bettor could play the correlated parlay either way.
Part of the parlay could be an over/under bet. If they bet over, they would probably make the next part of the parlay for Dallas to win the game.
Until recently, most sportsbooks blocked correlated parlays, but with new competition, they are promoting them. As a bookie, make sure you’re aware of these parlays.
Hedging Their Bets
Suppose you have a bettor with a parlay that is winning with only one win to go to get their jackpot. You can advise them of a way to guarantee a win and, in the process, guarantee juice for you. Tell them they can make a separate bet against the last game that will pay them at least as much as their original parlay bet. That way, they can’t lose. Let’s walk through an example:
Let’s say a player has a 3-leg parlay, with the last leg being a moneyline bet for Dallas to win. If the player bet $50 on the parlay and the first two games have come out winners, get your player to place a bet against Dallas. He should bet enough so that if Dallas loses, he’ll pocket at least $50. This way, he can’t lose, and you’re guaranteed some juice. The bad news is that they won’t win as much if Dallas wins.
Over time, parlay betting makes bookies more money, so promoting them is always good. BossAction allows your bettors to choose from parlays already created, or they can create their parlays in the same sport or cross sports. Our bookie software gives bettors 80+ sports leagues to choose from when creating their parlays. If you’re ready to grow your business and make extra money, come over to BossAction. Agents who jump on board see an average of 23% more profits no matter what size functional sportsbook they have.
Join now to lock in our 2-weeks free promotion. Get a ton of parlays for your players at $0 per head. Call us at 1-800-339-4108
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