Navigating the world of sports betting can be both thrilling and daunting, especially for newcomers looking to dive into the action.
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Parlays are an enticing choice among the plethora of betting options available for those seeking higher payouts with multiple selections.
If you’re eyeing the excitement of parlays and are wondering how to get started, fear not.
This quick guide will walk you through How to Bet a Parlay on Bovada, one of the leading online sportsbooks renowned for its user-friendly interface and extensive betting markets.
Head to the Bovada website or mobile app and log into your account. Once logged in, navigate to the sportsbook section and browse various available sports and events.
From popular leagues like the NFL and NBA to niche sports and international competitions, Bovada offers a comprehensive selection to cater to every sports enthusiast’s preferences.
After selecting the sports and games you wish to include in your parlay, add them to your bet slip. Here, you’ll have the option to choose “parlay” as your desired bet type and enter the stake amount you’re comfortable with.
Once everything looks good, confirm your bet, sit back and await the outcome of your carefully crafted parlay.
With Bovada’s intuitive platform and this straightforward guide, you’ll be well-equipped to embark confidently on your parlay betting journey.
What is Parlay on Bovada?
On Bovada, a parlay is a bet combining multiple individual bets into a single wager. Each particular bet within the parlay is known as a “leg.”
The appeal of parlays lies in their potential for higher payouts compared to single bets, as the odds of each selection are multiplied.
However, it’s important to note that all legs of a parlay must win for the bet to be successful. If any selections lose, the entire parlay bet is considered a loss.
Parlays offer an exciting way to increase the potential return on your bets by combining multiple outcomes into one wager.
They are popular among bettors who enjoy the thrill of chasing larger payouts while risking a smaller initial stake.
Bovada provides a user-friendly platform for creating and placing parlay bets, allowing bettors to select their desired sports, events, and wager amounts with ease.
Whether you’re a seasoned bettor or new to the world of sports betting, exploring parlays on Bovada can add an extra layer of excitement to your wagering experience.
How to Bet a Parlay on Bovada
To place a parlay bet on Bovada, log into your account on the Bovada website or mobile app.
Once logged in, navigate to the sportsbook section, where you’ll find many available sports and events to bet on.
Here’s a step-by-step guide to betting a parlay on Bovada:
- Select Your Sports and Events: Browse the available sports and games to choose the ones you want to include in your parlay. Bovada offers various sports leagues and events to cater to multiple interests.
- Add Selections to Bet Slip: After selecting the sports and events, add them to your bet slip. You can do this by clicking on the odds associated with each selection. As you add selections to your bet slip, you’ll see them listed with the option to combine them into a parlay.
- Choose “Parlay” Bet Type: Once you’ve added all your desired selections to the bet slip, select the “parlay” option as your desired bet type. This indicates you want to combine these selections into a parlay wager.
- Enter Stake Amount: After selecting “parlay,” enter the amount you wish to wager on the parlay in the stake box. Bovada will automatically calculate the potential payout based on the odds of your selections and the stake amount entered.
- Review and Confirm: Before finalizing your bet, review your selections, stake amount, and potential payout to ensure everything is correct. Once you’re satisfied, confirm your bet to place the parlay wager.
- Sit Back and Await Results: After confirming your parlay bet, you only need to sit back and enjoy the games. If all of your selections win, you’ll receive a payout based on the combined odds of the parlay. However, if any of your selections lose, the entire parlay bet is considered a loss.
Following these simple steps, you can easily bet a parlay on Bovada and add excitement to your sports betting experience.
What Odds Do Parlays Pay?
The odds that parlays pay depend on the number of selections included in the parlay and the odds of each selection.
Typically, the more selections you add to your parlay, the higher the potential payout, as each selection’s odds are multiplied.
For example, let’s say you’re betting on a 3-team parlay with the following odds for each selection:
- Selection 1: Odds of -110
- Selection 2: Odds of +150
- Selection 3: Odds of -120
To calculate the potential payout of the parlay, you would multiply the odds of each selection together and then multiply the result by your stake.
So, for this example:
(-110) * (+150) * (-120) = -1980
If you bet $100 on this parlay, the potential payout would be $100 * (-1980) = -$1980.
Remember that unfavourable odds indicate the amount you need to bet to win $100, while favourable odds indicate the potential profit on a $100 bet.
Parlay odds can vary depending on the sportsbook and the specific odds of each selection.
Some sportsbooks may offer different payouts for parlays based on the number of selections or the types of sports included in the parlay. Reviewing the odds and potential payouts carefully before placing a parlay bet is essential.
How Much Do You Win on a Parlay Bet?
The amount you win on a parlay bet depends on several factors, including the number of selections in the parlay, the odds of each choice, and the amount you wager.
Parlay bets offer the potential for higher payouts compared to single bets because the odds of each selection are multiplied together.
To calculate the potential payout of a parlay bet, multiply the odds of each selection and then multiply the result by your stake. Here’s the formula:
Potential Payout = (Odds of Selection 1) * (Odds of Selection 2) * … * (Odds of Selection n) * (Stake)
For example, let’s say you’re betting on a 3-team parlay with the following odds for each selection:
- Selection 1: Odds of -110
- Selection 2: Odds of +150
- Selection 3: Odds of -120
If you bet $100 on this parlay, you would calculate the potential payout as follows:
Potential Payout = (-110) * (+150) * (-120) * $100 = -$1980 * $100 = -$198,000
In this example, the potential payout would be -$198,000.
Remember that unfavourable odds indicate the amount you need to bet to win $100, while favourable odds indicate the potential profit on a $100 bet.
It’s essential to understand that while parlays offer the potential for higher payouts, they also come with increased risk, as all selections must win for the bet to be successful.
As a result, it’s crucial to consider the odds and potential payouts carefully before placing a parlay bet.
See Also:
- Betwinner Affiliate Review: Commission, Pros, Cons
- What is a Scorigami in Betting And How to Bet on Them
- How to Use Betwinner Bonus: A Complete Guide
- Where is Bovada Located? Find Out
What if You Push on a Parlay
If you push on one or more selections in a parlay, meaning the outcome of that selection results in a tie or a draw, it affects the overall payout of the parlay.
When a push occurs, the selection is treated as if the bet never happened, and the parlay is recalculated without that selection.
Here’s how a push typically affects a parlay:
- Reduced Odds: When a selection in a parlay pushes, the odds for that specific selection are considered 1.00 or “even money.” This means that the odds multiplier for that selection becomes 1, effectively removing it from the parlay calculation.
- Recalculation: After removing the pushed selection from the parlay, the odds of the remaining selections are multiplied to determine the parlay’s new payout.
For example, let’s say you placed a 3-team parlay with the following selections:
- Selection 1: Win (-110)
- Selection 2: Push (Even money or 1.00)
- Selection 3: Win (+150)
If you push on Selection 2, the parlay is recalculated without considering that selection.
The odds of the remaining selections (Selection 1 and Selection 3) are multiplied to determine the new payout.
Conclusion
It’s crucial to highlight this popular betting strategy’s excitement and potential rewards. Parlays offer a thrilling way to amplify your sports betting experience by combining multiple selections into a single, high-payout wager.
By following the simple steps outlined in this quick guide, Bovada users can easily navigate the platform and place their parlay bets with confidence, whether they’re seasoned bettors or newcomers to the world of sports wagering.
With a diverse selection of sports and events and intuitive betting options, Bovada provides a seamless and enjoyable environment for crafting and placing parlays, adding an extra layer of excitement to every game.
In conclusion, mastering the art of parlay betting on Bovada opens up a world of possibilities for sports enthusiasts looking to elevate their wagering experience.
By carefully selecting your sports and events, choosing your desired bet type, and entering your stake amount, you can create exhilarating parlays with the potential for significant payouts.
So why wait? Dive into the action on Bovada today and unleash the thrill of parlay betting as you cheer on your favourite teams and players to victory.
FAQs
How do I place a parlay bet on Bovada?
To place a parlay bet on Bovada, log into your account, navigate to the sportsbook section, and select the sports and events you want to include.
Add your selections to the bet slip, choose “parlay” as your bet type, enter your stake amount, review your selections, and confirm your bet.
What sports and events can I include in a parlay on Bovada?
Bovada offers a wide range of sports and events for parlay betting, including popular leagues like the NFL, NBA, MLB, NHL, and soccer, as well as niche sports and international competitions.
What happens if one of my selections pushes in a parlay?
If one of your selections pushes (results in a tie or a draw), the odds for that selection are considered even money (1.00), and the parlay is recalculated without that selection.
The remaining selections’ odds are multiplied together to determine the new payout.
Can I cash out my parlay bet early on Bovada?
Bovada offers a cash-out option for some bets, allowing you to settle your bet before all selections are completed.
However, not all bets are eligible for cash-out, so it’s essential to check the terms and conditions for each bet.
Are there any limits on parlay betting on Bovada?
Bovada may limit the number of selections, maximum potential payout, and minimum stake amount for parlay bets.
These limits can vary depending on the specific sports and events included in the parlay.
How are parlay payouts calculated on Bovada?
Parlay payouts on Bovada are calculated by multiplying the odds of each selection together and then multiplying the result by the stake amount.
The potential payout is based on the combined odds of all selections in the parlay.