Parlay is one of the most famous bet types in Ohio sports betting. Even if you are new to sports betting, you probably have heard about the parlays. You have probably heard about a bettor who has placed a big parlay bet and has won a big payout.
This bigger payout is the major appeal of Parlay betting. The payouts are bigger, but the risks are also substantial. Sportsbooks make a lot of money through parlays.
This guide will inform you about the basics of parlay betting, how they work, if they are worth it, the best sportsbooks that offer parlays, and tips for parlay betting.
Let’s dive into the details…
- Best Parlay betting sportsbooks in Ohio 2022
- What is a parlay bet?
- Sportsbooks that offer parlay betting in Ohio
- Calculating parlay odds 🧮
- Examples of parlay sports bets
- Why do people like to bet parlays?
- Are parlays worth it?
- Shopping for the best parlay odds 🛒
- Hedging your parlay bet 🦔
- Parlay Bets FAQs
Best Parlay betting sportsbooks in Ohio 2022
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What is a parlay bet?
A parlay is a bet that is all-or-nothing in nature and requires the occurrence of many outcomes in order to be successful. The bettor has to win all the bets in a parlay to win the parlay.
Therefore, no matter how big the parlay is, if you pick the wrong leg on even one, you lose. Even if you properly anticipated nine of ten NFL point spreads in a parlay one Sunday, it won’t matter. You lose if you don’t get all 10 right.
It’s far harder to consistently win parlay bets than it is to win ordinary bets like a point spread or point total with a roughly 50% chance of being correct, which is why many bettors are against them even if they can result in a respectable payoff with a winner.
Do parlays have big payouts?
They can, and the consensus is that by only risking a modest amount, you can increase your chances of winning a large sum of money. This can be a successful bet in some rare circumstances. However, the parlay will almost always result in a loss when multiple wagers must be correct.
Sportsbooks usually publicize when someone wins a big parlay because they know it helps in advertising their business. In addition, sportsbooks make a lot of money from parlay bettors because it’s typically not a profitable long-term betting strategy for bettors.
The objective of a sportsbook is to draw in additional wagers similar to the one that saw a $5 wager turn into $100,000 on a 15-leg parlay. The majority of the time, these bets are a way for the Ohio sportsbook to generate money, even though they occasionally go the bettors’ way.
Sportsbooks that offer parlay betting in Ohio
Many sportsbooks offer parlays these days to generate income from bettors. In this section, we will list some popular sportsbooks that are well known for allowing parlay bets.
Caesars sportsbook Ohio
Bettors have a top-notch sports betting experience with the Caesars Sportsbook app. In many US states including Ohio, Caesars Sportsbook offers mobile sports betting. The welcome bonus of the sportsbook differ in every state.
There are a wide selection of sports and betting possibilities available at Caesars Sportsbook. Moreover, Caesars sportsbook has one of the most generous bonuses and promotions in the industry.
Fubo sportsbook Ohio
It is one of the sportsbooks to go live in Ohio. Fubo sportsbooks has an excellent sports market, generous bonuses, an excellent mobile app, and a good selection of payment methods.
Another positive point about the Fubo sportsbook is that is connected to Fubo TV. This allows players to live stream the matches along with live betting.
BetMGM sportsbook Ohio
For sports bettors seeking convenient access to a wide range of sports, BetMGM Sportsbook is a good choice. BetMGM promises an appealing structure and user-friendly interface on a very dependable platform.
In addition, BetMGM has generous promotions that attracts customers to the platform. The sportsbook has made its name based on the services and features that it provides.
FanDuel sportsbook Ohio
The brand FanDuel started as a daily fantasy sports operator. FanDuel built a solid reputation in Daily Fantasy Sports. The brand started its sportsbook platform in 2018. It has quickly become one of the best sportsbooks in the United States.
The sportsbook has one of the widest selection of the sports in the industry, generous bonuses, favorable odds and much more. FanDuel has become a household name in the United States.
BetFred sportsbook Ohio
As one of the most reputable bookmakers in the UK, Betfred sportsbook is planning to grow across the developing US betting sector and has a possibility to become well-known. Overall, Betfred is a reliable sportsbook that should satisfy the majority of punters.
Although they could do more with their bonuses and banking options, it’s still an excellent option for anyone wishing to place a sports wager.
Calculating parlay odds 🧮
Professional sports bettors invest a lot of time and effort in learning every aspect of the odds, which is why many of them steer clear of parlays.
Let’s imagine you like some three-point spread wagers and are thinking about combining them into a parlay. You will receive typical -110 spread betting odds for each.
Let’s first examine the differences between placing individual wagers on each of these outcomes and combining them into a parlay.
If you had wagered $10 on each result individually at odds of -110 and all three bets were successful, you would have made $27.27.
However, suppose you chose to place a $30 parlay wager on those three games rather than splitting your $30 total wager across three bets. Your $30 wager would earn you $178.74 in profit if all three were correct.
Many gamblers place parlays because of the huge payout difference. However, that wager is avoided by many gamblers since there is a great likelihood that you will lose your money.
Sports betting success depends on consistency, which is difficult to achieve when you’re betting on many games at once.
Examples of parlay sports bets
Now we have understood the basics of the parlay bets, lets look at them in detail through some examples of American major sports.
NFL parlay bets 🏈
When it comes to sports betting, wagering on the NFL reigns supreme, and parlays are no exception. Let’s say you decide to place three bets and combine them all into a parlay to increase your payoff if they all win.
This is how that NFL sports parlay may appear:
- Baltimore Ravens -2.5 (-110) vs Cleveland Browns
- Green Bay Packers +4.5 (-110) vs Indianapolis Colts
- New York Jets -9.5 (-110) vs Cincinnati Bengals.
You have won your parlay if the Ravens, Packers, and Jets cover their respective lines. If every event in this parlay comes true, a $10 wager would result in a profit of $59.58.
NBA parlay bets 🏀
Another scenario would be that you wanted to look at the NBA betting schedule for tonight. You mix a spread bet with a moneyline bet and a total bet instead of solely depending on point spreads.
Here is an example of your parlay at an Ohio sportsbook:
- Miami Heat -4.5 (-110) vs. Cleveland Cavaliers
- Los Angeles Lakers/Utah Jazz over 210.5 (-110)
- Boston Celtics (+190) vs. Sacramento Kings
Most sportsbooks’ point spreads and totals are typically around -110, but moneyline odds can change. In this case, you’re combining two bets with odds of -110 and a moneyline of +190 since you think the Celtics will triumph outright as underdogs, increasing your payoff.
Therefore, a $10 parlay bet on these outcomes would win $95.69 if it were successful.
MLB parlay bets ⚾️
In our final illustration, we’ll focus on MLB baseball betting and demonstrate what transpires when a push is present. All bettors would simply receive their money back if a single wager was a push; nothing would have happened.
Here is an illustration of what would occur in a parlay with a push:
- Atlanta Braves (-130) vs. Milwaukee Brewers
- Pittsburgh Pirates/San Francisco Giants under 8.5 (-110)
- Los Angeles Dodgers/St. Louis Cardinals over 8 (-110)
If Atlanta prevailed in their game and the Pirates and Giants both hit the under, your first two bets would have won, leaving you to just wait to see if the Dodgers and Cardinals will both hit the over.
Let’s assume the Dodgers won this game 5-3, which results in an exact run total of 8 and a push. Your three-leg parlay would become a two-leg parlay since the wager would disappear from the parlay as if it never occurred.
Why do people like to bet parlays?
As you can see from some aforementioned examples, people bet on parlays because they enjoy the thought of striking it rich while putting little or no money at stake.
It can be exciting to win big on a parlay, especially as you move closer to the result.
The edge continues to go in favor of the sportsbook as there are more outcomes, but many customers who wager on parlays undoubtedly are unaware that they are not receiving actual odds.
Are parlays worth it?
It’s up to each gambler to decide this. You should have a clear vision of what your sports betting life will include before you ever put your first wager.
Besides, you would probably be better off avoiding parlays if you are only betting on sports to earn some extra money and are serious about doing so.
Instead of setting themselves up for long-term success, they seek to exploit the betting public, who virtually invariably loses money in this business.
Throwing some money at a parlay that might win large can be a fun way to pass the time if you’re just into sports betting to add a little more spice to your sports fandom. Just be aware that the odds are against you.
Shopping for the best parlay odds 🛒
If you intend to place a parlay bet in order to enhance your chance of winning, shopping for the best lines is crucial. All bettors who wish to profit from sports betting should practice line shopping.
There are several sportsbooks you can choose from, so you could establish accounts at several of them rather than just relying on one.
When you identify the group of games you want to include in a parlay, you may check the several sportsbooks with which you have accounts to determine which one is providing the greatest odds.
For most games, sportsbooks will have odds that are comparable, but certain odds may be somewhat different. Therefore, choose the most profitable one after comparing.
Hedging your parlay bet 🦔
The concept of hedging is crucial to parlay betting. When a few parlay legs start to pay out, this is the time to gamble to ensure yourself some form of payoff. Here’s one instance where this would be appropriate.
Consider that you are placing bets on five NFL point spreads. The wagers were spread out so that the first four legs take place during the day and the last leg occurs during Sunday Night Football. With the night game remaining in our scenario, you accurately predicted the first four. The moment is here for hedging.
The at Pittsburgh Steelers -4.5 against the Cincinnati Bengals is your night’s final wager. You would receive a sizable reward if the Steelers covered, but you would run the risk of losing your entire bet if they didn’t. Therefore, you should place a single wager against the Steelers in order to hedge.
With -110 odds on each of the five spread bets, the payout would result in a $243.59 profit on a $10 investment. If you hedge, you wouldn’t get as big of a payoff. But by hedging, you would guarantee yourself at least one winning bet and minimize your potential losses.
Parlay Bets FAQs
Yes. If you win a parlay bet, you will win a bigger payout. However, it is very difficult to win all the legs of parlay. Therefore, odds are mostly against winning a parlay.
Yes. You can place parlay bets in Ohio. There are number of sportsbooks in Ohio that allow parlay bets.
When a bettor places multiple bets (at least two) on different sporting events and combines them into one wager, the bet is known as a parlay. The entire parlay loses if even one of the bets in it is unsuccessful. However, the bettor receives a larger reward if every wager wins.
The majority of sources will advise against placing parlays, at least in terms of long-term predicted value. This is due to the fact that all or almost all the wagers in a parlay must have positive expected values in order for the parlay to have a positive expected value (EV). In other words, a parlay bet has a higher chance of losing money than individual bets.
The odds will be adjusted to include the remaining bets if one or more of the legs in your parlay result in a push (neither a win nor a loss). For instance, a four-team parlay that pays out as a three-team parlay because the other three legs all win but one pushes.
Started my interest in sports at a young age by attending the Cincinnati Bengal’s home games. Now an accomplished writer for OH Gamblers.