Video Summary

The debate surrounding parlays in sports betting has led some to believe that they are the “worst type of bet.” However, with the right strategy, it's possible to make a profit betting on parlays. In this article, we'll explore the truth behind parlays, how they work, and how to make money betting on them long-term.

First, let's define what a parlay is: it's a combination of wagers that requires all individual wagers to win in order to cash out. For example, a two-leg parlay on FanDuel has a better payout than playing the individual bets as straight bets. The first thing to realize is that sports books don't randomly create parlay odds; they are based on probability. They convert each odd into a probability, then multiply those probabilities together to get a final win probability, which is then converted back into odds.

Another key point is that the risk of parlays is high, especially for new sports bettors. If you don't have an edge or advantage, you're essentially flipping a coin, with a 50% chance of winning or losing. This can lead to significant losses and a high return on investment (ROI).

However, it's possible to make money betting on parlays by having an edge or advantage. In this case, the juice compounds, but it's worth it. To illustrate this, let's consider a three-leg parlay with each leg at -110. If you don't have an edge, your ROI would be -3%. This is why it's crucial to have an advantage or edge to make money betting on parlays.

So, how can you make money betting on parlays? The key is to have an edge or advantage, just like with straight bets. In this case, you can use the same strategy to win above 2/3 of your bets. With parlays, the edge can be even greater, making it possible to win above 50% of your bets.

In conclusion, it's possible to make a profit betting on parlays, but it requires an edge or advantage. Understanding the probability and odds behind parlays is crucial to success. By having an edge, you can overcome the risks associated with parlays and potentially make a significant profit in the long run.