A parlay bet is a type of wager whereby multiple bets or selections are combined into one single bet. The number of bets that can be combined into a single parlay bet can range from two to fifteen, but the most common parlay wagers are two, three, and four bet parlays. With a parlay bet, all of the individual bets that are combined into a single parlay must all win in order for the entire parlay to be graded as a winner. If even one of the individual bets that make up the parlay fails to win, the entire parlay is lost.
What is FanDuel?
FanDuel is a fantasy sports website that allows users to compete in daily and weekly fantasy sports contests for cash prizes. FanDuel offers fantasy sports contests for the NFL, NBA, MLB, NHL, and various other sports. The site also offers traditional sports betting in addition to fantasy sports contests.
Can You Bet Parlay on FanDuel?
Yes, FanDuel does offer parlay betting as an option to its users. Parlay betting is available on both the traditional sports betting side of the site and on the fantasy sports side of the site. On the traditional sports betting side, parlay wagers are available on the point spreads, money lines, and totals markets. On the fantasy sports side, parlay wagers are available on head-to-head matchups, 50/50s, and multipliers.
Benefits of Betting Parlay on FanDuel
There are many benefits to betting parlays on FanDuel. First, parlays offer the potential for a much larger payout than a single wager. For example, a two-bet parlay pays out at 2.6-to-1, a three-bet parlay pays out at 6-to-1, and a four-bet parlay pays out at 10.5-to-1. As the number of bets that make up the parlay increases, the potential payout increases exponentially.
Second, parlays are a great way to hedge risk. By combining multiple bets into a single wager, you are able to reduce your risk while still having the potential to win a large payout.
Third, parlays are a great way to diversify your betting. By combining multiple bets into a single wager, you can spread out your risk across multiple different bets and sports.
Parlay Betting Tips
Before placing any parlay wagers on FanDuel, it’s important to understand the basics of parlay betting. Here are some tips to help you become a successful parlay bettor:
1. Understand the Odds
The first step to becoming a successful parlay bettor is understanding the odds. As mentioned above, the potential payout increases exponentially as the number of bets that make up the parlay increases. It’s important to understand the odds of each bet that you are combining into the parlay and to understand the potential payout of the parlay before placing the wager.
2. Research Your Bets
The next step to becoming a successful parlay bettor is to do your research. Before placing any parlay wagers, it’s important to do your research on the teams and players that you are betting on. It’s important to understand the strengths and weaknesses of each team or player that you are betting on and to understand the potential outcomes of each bet that you are combining into the parlay.
3. Manage Your Bankroll
The last step to becoming a successful parlay bettor is to manage your bankroll. Parlays offer the potential for a much higher payout than a single wager, but they also come with a much higher risk. It’s important to manage your bankroll wisely and to never bet more than you can afford to lose.
Types of Parlay Bets on FanDuel
On FanDuel, there are two types of parlay wagers available: traditional sports betting parlays and fantasy sports parlays.
Traditional Sports Betting Parlays
On the traditional sports betting side, FanDuel offers parlay wagers on the point spreads, money lines, and totals markets. The potential payout for a traditional sports betting parlay depends on how many bets make up the parlay and the odds of each bet.
Fantasy Sports Parlays
On the fantasy sports side, FanDuel offers parlay wagers on head-to-head matchups, 50/50s, and multipliers. The potential payout for a fantasy sports parlay depends on how many bets make up the parlay and the odds of each bet.
Parlay Betting Strategies
When betting parlays on FanDuel, it’s important to understand the strategies that can help you become a successful parlay bettor. Here are some strategies to keep in mind when placing parlay wagers on FanDuel:
1. Don’t Overcomplicate Things
When placing parlay wagers, it’s important to keep it simple. Don’t try to be too clever by combining too many bets into a single parlay. Stick to two, three, or four bet parlays and don’t try to combine too many different sports into a single parlay.
When placing parlay wagers, it’s important to avoid correlated parlays. Correlated parlays are wagers that involve two or more bets that are correlated in some way. For example, betting the point spread and the money line on the same game would be considered a correlated parlay.
3. Stick to Favorites
When placing parlay wagers, it’s important to stick to favorites. Favorites have a higher probability of winning than underdogs, so it’s best to stick to favorites when betting parlays.
4. Don’t Chase Losses
Finally, when placing parlay wagers, it’s important to not chase losses. Parlays offer the potential for a much larger payout than a single wager, but they also come with a much higher risk. Never chase losses by betting more than you can afford to lose.
Conclusion
In conclusion, betting parlays on FanDuel can be a great way to increase potential winnings while reducing risk. However, it’s important to understand the basics of parlay betting and to use smart strategies when placing parlay wagers. By following the tips and strategies outlined above, you can become a successful parlay bettor on FanDuel.