The NFL season is in progress and as players and coaches on the field of play worry about winning their next matches, sports punters on the other hand will be having their own worries that is, how to use their NFL knowledge to reap some monetary rewards through NFL betting. One of the most popular form of betting that NFL punters love relates to parlay bets. Parlay bets refer to a bet that a punter combines multiple selections into a single wager, with all of the selections needing to win for the bet to win.
When it comes to NFL Parlays, punters can combine a range of any of the available NFL betting markets into a parlay bet. However, though this is possible, for a huge majority of NFL punters, they do prefer using moneylines, spreads and totals when it comes to parlay bets. With moneylines, the punter will simply be predicting the likely outcome of the match between the two competing teams. When it comes to spreads, the punter will be predicting the margin that the winning team will win the match by – or in other instances predicting the margin that the losing team will lose by. Totals will see punters predicting if the points scored by both competing teams will exceed a certain margin.
Some may wonder why they need to combine multiple selections instead of just going the easy way of placing single bets. Well, there are various reasons why punters should opt for NFL parlays. Below, we highlight these reasons in detail:
With NFL parlays, punters can save money when it comes to wagering. This necessitated by the fact that with each selection added onto the parlay, the odds are recalculated. As they are recalculated, they in actual effect increase thereby making the potential payout more lucrative! Just to put this into perspective, most spreads and totals markets will have odds of around -110 or -120. This in turn means for a 3 team parlay, the potential payout hovers around 6/1 (+600). A 4 team parlay on the other hand will pay around 12/1 (+1200).
Most NFL matches will pit favourites going against the underdog. As favourites often win such ties, punters also do often back the favourites. Bookmakers do recognize this and as a way of keeping afloat, they significantly lower the odds for favourites while giving the underdogs some favourable odds. Punters thanks to parlays however do have an opportunity to level the playing field by combining selections for favourites and underdogs. As punters do this, they significantly enhance the odds of the favourites and in turn, increase the potential payout that comes their way in case of a win. To put this into perspective, let’s check out the following example. Picking three teams on single bets all with odds of -350 may not be appealing as the punter will be risking $350 for the chance to win $100. However, if the punter goes for a parlay, the same three teams will have enhanced odds at +113.