Parlay bets can be difficult to place if you are new to sports betting. In this article, we will learn the five basic steps to Parlay betting in Arizona. By following these five steps yourself, you can place educated and informed Parlays to hopefully earn a bit of cash. Read on to learn more.
Intro to Parlay bets in AZ
To place Parlays, you must begin by understanding what these wagers are. Simply put, Parlays are wagers that include individual bets. From there, pick out the Parlay you want to place, sportsbook you want to play on, calculate the earnings, and submit your wager. It really is as simple as that.
Betting sites offering Parlays in AZ
How to place Parlay bets in Arizona
Below are the five steps to help you place Parlay bets today:
Make sure you understand Parlays
The first step to placing a Parlay bet is to make sure you understand what Parlays are and ensure this is the sort of bet you want to place. Parlays are considered high risk and high reward bets. As a result, Parlay bets have high potential earnings, but you have low chances of winning at the same time.
Parlay betting meaning
Simply put, Parlay bets allow you to wager on multiple matches at once. In other words, a single Parlay will include two or more matches. To win the Parlay, all matches or legs must be correct. Therefore, it is different from placing multiple singles since the Parlay is won only if all individual legs are correct.
It may be helpful to think of Parlay bets like a giant collection of bets. In comparison, singles bets are individuals that are at lower risk and lower payout. Let’s take an example.
Let’s assume, for the sake of the example, that the Phoenix Suns are playing the Milwaukee Bucks this week. Then, next week, they will play the Denver Nuggets.
If you are interested in both games, you could place two singles. However, you could also place a Parlay in which one leg is about the Bucks game, and the other leg is about the Nuggets game. With the Parlay, you will have higher potential earnings.
Within either leg, you could place:
- Point spread betting in AZ
- Moneyline betting in Arizona
- Futures betting Arizona
- Over/under betting – AZ
- Prop bets
- Live bets
Pros of Parlay betting Arizona
The biggest benefit of placing a Parlay is that you have higher potential earnings. That’s because the betting odds of winning are very low. Some other benefits of Parlay betting include the experience being very exciting, fun, and often free – many sportsbooks offer three-team Parlays as promotions and free bets.
Cons of Parlay betting Arizona
Before placing a Parlay, it’s important that you understand the drawbacks of this wager type. Most importantly, the chances of winning a Parlay are very low. As a result, there is a low chance of you winning any money, even though there is a potential for a high payout. The high risk means you must be careful and strategic when placing Parlays.
Not to mention, Parlay odds and payouts are always in favor of the bookie. Additionally, expect to go through long dry spells when Parlay betting. In other words, it’s a terrible long-term strategy.
Best Parlay betting sites AZ
If you determine that a Parlay is the type of wager you want to place, you can move on to this next step: picking the sportsbook. Simply put, Parlays are legal and accepted at nearly every legal sportsbook available. It’s up to you to select which Arizona online sportsbooks you want based on other factors, such as convenience, odds, usability, and anything else you deem important.
Best Arizona sportsbooks for Parlay betting
Our favorite Arizona sportsbooks for Parlay betting include:
- William Hill
- Caesars Sports
- Bally Bet
- WynnBET Sportsbook
Of these sportsbooks, BetMGM, DraftKings, and FanDuel are our favorites. They offer the best odds and a convenient website interface. Plus, the DraftKings and FanDuel apps are very convenient and helpful for newbies. But, of course, any of the other above-mentioned sportsbooks are great too.
You may want to sign up for multiple sportsbooks to make the most of their different promotions and signup bonuses. Various sportsbooks may also offer different resources and odds that can be helpful when placing your bets.
Pick the Parlay Arizona
Now that you know which Arizona online betting site you want to select, it’s time to start making your Parlays. This step includes considering the Parlay type and individual legs within the Parlay.
Types of Parlays
Although there are different types of Parlays, the most popular include Round Robin and Teasers. Round Robins are great for beginners because they allow you to pick out all legs of the wager in a very simple and quick format. Teasers also allow you to select multiple teams and totals, but you are not allowed to place any moneylines.
In addition to the type of Parlay, you want to consider the Parlay legs as well. Once again, you won’t win any money unless every leg in your Parlay is correct. As a result, you want to think very carefully about every leg in the Parlay. Look at different odds and commentary about every leg to give yourself the best chance of winning.
Calculate potential earnings of Parlays in AZ
Once you think you know what Parlay you want to make, it’s time to calculate your earnings. Since the biggest benefit of placing a Parlay is the high rewards, calculating your earnings can help you determine if making a risky bet is worth it. Luckily, calculating potential earnings for a Parlay is super easy.
Typical odds and payout
Parlay odds are fixed at the time of the bet. So, your potential earnings will not change, even if odds for single bets change. Since odds are fixed, calculating your earnings is very easy. Here is a general chart to go off of for a $100 stake:
|Parlay Type||Odds||Potential Winnings (not including the stake)|
|2 team||2.6 to 1||$260|
|3 team||6 to 1||$600|
|4 team||11 to 1||$1,100|
|5 team||22 to 1||$2,200|
|6 team||45 to 1||$4,500|
|7 team||90 to 1||$9,000|
|8 team||180 to 1||$18,000|
How to calculate Parlay payout yourself
You can also calculate the potential earnings yourself. You will simply multiply the odds for every leg and stake together. Remember, the odds must have been the odds at the time the bet was placed. Let’s take an example.
Let’s assume that you placed a three-team Parlay. Each leg of the Parlay has the odds of 1.2, 1.3, and 1.4. Let’s also assume you staked $100 in the wager. Here is what the math should look like:
- 1.2 x 1.3 x 1.4 x $100 = $218.40
- $118.40 winnings, not including the $100 stake
You can also use a betting calculator for further convenience. With a betting calculator, they will perform the same basic arithmetic, but you don’t have to worry about the math being incorrect. Just make sure that you select the right information for the computer to calculate.
Place the bet
Now, it’s finally time for the fun part; place the bet! During this time, keep up with the different games you bet on for a more fun and interactive experience. Hopefully, all of your legs will go as predicted, resulting in potentially high earnings.
FAQ’s About Parlay betting Arizona
Are Parlay bets legal?
Yes, Parlay bets are legal in states where sports betting is legal. Just about every legal and regular sportsbook will accept Parlay bets. However, most sportsbooks do not accept correlated Parlays. A few smaller sportsbooks might, but we wouldn’t anticipate finding them easily.
Are Parlays and accumulators the same type of bet?
Yes, Parlays and accumulators are the same bet. Parlay is the preferred term in the US, whereas accumulator is the preferred term in the UK and EU. Even though they are two separate terms, they both refer to a wager in which multiple games are bet on at once.
Are Parlays risky?
Yes, Parlays are considered very risky bets. Because they involve so many factors, the chance of winning a Parlay is very low. As a result, most experts do not recommend using Parlay bets as a long-term strategy since it will result in more loss of money than winnings.
Are Parlays worth the risk?
Sometimes, Parlays can be worth the risk, but it is up to you to decide. If you care most about winning your wager, you are better off going with a single bet. However, you might find Parlays worth it if you are specifically seeking out potential high payouts and a fun time. It is up to you to do a cost-benefit analysis to determine if Parlays are worth the risk.
When should you wage a Parlay?
There are times when you should place a Parlay. For example, many sportsbooks offer three-team Parlays as a free bet or promotion. This is the perfect time to place a Parlay because you have high potential earnings without risking your own money. It’s also a good idea to place a Parlay whenever correlated Parlays are allowed.