Basketball Parlay Bets
A basketball parlay is a kind of exotic or specialty bet wherein the gambler bets on a series of games. The normal number of teams which participate in a basketball parlay bet range between 2 and 12.
How it Works – Basics
In order to win the parlay bet, all the participating teams must cover the spread or win straight up, depending on the terms of the bet. As such, this is a high risk form of basketball betting. If even one of the teams does not cover the spread or lose their respective games, the entire parlay bet could go for a toss and the gambler could lose all the money hedged on the bet. However, parlays are often quite attractive because they offer the option to bet on multiple number of basketball games at reduced entry fees.
A helpful tip is rather than hedging $100 each on 10 games, one could hedge the entire bankroll of $1000 on one parlay bet which could be offering much better odds than all 10 put together. The relative convenience and affordability put aside, parlays are a highly specialized and risky form of wagering.
Multiples or Combo Bets
Basketball parlays are often referred to as multiples or combos due to the nature of the bets. While gamblers have the option of betting on 2-12 different basketball games, some bookmakers also allow them to combine sports and construct parlay bets for 2-12 games from various sports. The only underlying condition is that the combined bets must not bear any apparent connection with each other. For example, if one bet is for the Celtics to beat the Lakers, the second bet should not concern that the Celtics should win the overall NBA title.
The Lakers versus Celtics match up is part of the overall NBA season, as such its result has some bearing on the result of the subsequent bet. Parlay payouts are significantly better than payoffs for other kinds of bets due to the extent of complexity involved. The difference is more substantial when the number of selections goes up; in some cases there could be a variance in payoffs of more than 20%.
Progressive Parlays
There are a few bookmakers online who offer progressive parlays to players. Progressive parlay bets allow gamblers to take home some amount of money even if all their selections haven’t come through. This is a relatively new concept which is slowly catching on among online gambling enthusiasts. The payoffs for progressive parlays are slightly adjusted for scenarios wherein 1, 2 or even 3 selections do not materialize as per predictions. In order to construct a progressive parlay wager, gamblers must choose at least 4 teams.
Gamblers who pick at least 10 teams are allowed the option of lower payoffs if up to 3 of their selections do not come through as per expectations. In a 10 team selection if the payout for a 100% correct bet is 250/1, then the payout could fall to 25/1 if 9 are right, 3/1 if 8 are right and further down at 1/1 if at least 7 are right. The only pre-requisite for these parlays is that the individual bets must carry point spreads and cannot be plain money line wagers.
Payoffs From Parlays
Parlay payoffs could also be adjusted in cases where any of the games result in a ‘push’ or a ‘tie’. In this case, the payouts are proportionately reduced. A 10 game parlay will be reduced to a 9 game one. A 2 game parlay will become a straight bet. Placing these wagers on the NCAA games are one of the most exciting aspects of gambling on basketball. Each NCAA season sees several small college teams debuting who are capable of pulling major upsets and in turn turning the betting odds on the table. More than 60 games are played out over a period of three weeks. This makes the NCAA season an ideal one for placing parlay bets. In order to optimize the earnings from a parlay bet experts recommend that gamblers bet on both the point spread and the over/under.
The NBA season is also a great arena for parlays as well. Money Line parlays are more popular than point spread parlays.
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