Moneyline Parlay Strategy

A parlay bet is one of the most popular forms of betting in the betting industry where punters opt to bet on a group of teams by combining them to make a single wager as compared to betting on several teams individually. If you are familiar with soccer betting, think of a parlay as an accumulator because it’s basically the same thing. The good thing about a parlay is that the payout is greater, but the tricky part is that all your selections in your parlay need to win and the odds of winning a parlay are always stacked against punters.

If you place a Parlay and there is a push, that bet will be taken out and your potential payout will be reduced since one bet has been removed from the Parlay. For example if you had a 6 team parlay and two of the matches are a push and four are correct, the bookmaker will remove the two and recalculate your payout, but if there is an incorrect one, you automatically would have lost. You might be wondering what a ‘push’ is, well, a ‘push’ occurs when the result of a sporting event ends in a tie between the sports bettor and the bookmaker and this will result in the player getting a refund.

Despite the negative odds associated with winning a parlay, it is still very possible to hit a parlay but you can only accomplish it by implementing a plan. While it is true that there are people who win without a plan, it is usually a one-time thing, but if you want to consistently hit the parlays and possibly earn a living from betting, a plan has to be in place and this article seeks to identify and explain what is refereed to as the ‘moneyline parlay strategies’ which you can employ in order to be a successful punter.
Before we explain the moneyline strategies, it is very important to clearly explain what moneyline in sports betting is. A moneyline bet is betting which team will win a game and this is one of the easiest and straightforward bets you will find. In moneyline betting, if a punter chooses the winning side, the bookmaker will pay the payout amount and please note that there is no point spread with a moneyline bet. Below is a simple explanation of a moneyline bet :
Lakers : +133
Cavaliers: -112

Suppose you want to place a $100 bet on this basketball match between Lakers and Cavaliers. The Lakers are regarded here as the underdog as suggested by the (+) sign whilst the Cavaliers are regarded as the favorites as suggested by the (-) sign. Using this match as an example, a $100  bet will earn a profit of  $133 for a Lakers win whilst a punter has to stake $112 in order to make a $100 profit. The payout for backing Lakers is big because betting on the underdog is considered a risk, and a risk must be rewarded. On the other hand the favorites are considered a to be a lesser risk and that is why they fetch a smaller payment.
Now that we have clearly and separately explained what  ‘moneyline’ and ‘parlay’ is, a ‘moneyline parlay’ therefore becomes a way of choosing multiple favorites to win. The main benefits of combining moneyline and parlays is in the exponential value of parlays and the simplicity of money lines. 
Calculating the odds for a parlay is quite simple and you can do it on your own, the following example shows you how to calculate parlay odds.
Cincinnati Bengals -110
Pittsburgh Steelers +130
Chicago Rangers -150

The first step is to determine what the multipliers for each game would be, you do this by dividing what the total payout would be (including the stake) by the risk amount.
Cincinati Bengals – 110 to win 100, so the total payout would be $210
210/150 = 1.90
Pittsburgh Steelers – 100 to win 130, so the total payout would be $230
230/100 = 2.3
Chicago Rangers – 150 to win 100, so the total payout would be $250
250/150 = 1.66

After establishing the multipliers , you must then multiply your multipliers together in order to come up with the true odds of the parlay.
1.90 x 2.3 x 1.66 = 7.25
There are quite a number of useful and proven moneyline parlay betting strategies which are listed below and we are going to be using the following example in our explanation of the moneyline parlay strategies : 
Match 1                                            Match 2
Cincinnati Bengals   +140                Pittsburgh Steelers  -350
Cleveland Browns   -195                  Dallas Cowboys   +200

Match 3                                            Match 4
Houston Texans   +180                    Indianapolis Colts   -164
Jacksonville Jaguars  -310               Kansas City Chiefs   +125

Match 5                                             Match 6
New England Patriots  +140             Philadelphia Eagles   -113
New York Giants   -195                     Tennessee Titans   +170

Match 7                                             Match 8
Washington Redskins   -175             Miami Dolphins  -200
San Francisco 49ers  +135               Chicago Bears   +310

The ‘Favorites’ parlay
The ‘Favorites’ parlay is considered one of the most popular types of parlays because punters feel that it is safer to bet on favorites than underdogs. The ‘favorites’ parlay does not pay much since the odds are extremely low but there are punters who would rather win small amounts of money regularly than be constantly disappointed by underdogs.
By selecting a couple of results believed to be certain to come true, punters can potentially multiply their winners by combining individual selections with each other so that they pay out a considerable amount instead of betting on them individually. 
From the example below, the punter will select four favorites to make a ‘favorites’ parlay 
Pittsburgh Steelers  -350
Cleveland Browns   -195
Indianapolis Colts   -164
Jacksonville Jaguars  -310

The multipliers from these respective matches are 1.28 x 1.51 x 1.60 x 1.32 if we multiply them together, they will give us total odds of 4.08 which is not so great so punters are forced to put more matches to increase the odds.
The downside of this strategy is that with each match added to a parlay, you’re multiplying not only your potential winnings but you are also multiplying the bookmaker’s potential margins. The thing is that there is always an urge to add more matches to your parlay in order to boost your odds but the problem is that each added match statistically increases the chance of your parlay failing.

The ‘Favorites + one’ parlay
The ‘Favorites + one’ parlay is a strategy that has proven to be useful and has a high likelihood of hitting as well. The basic idea behind this strategy is to put many favorites which of course have lower odds, and add one underdog which has higher odds and the main reason for the underdog is for boosting the parlay.
For this strategy to be able to pay you the huge potential payout, you have to try and make realistic bets that have a highly likelihood of winning so it is very wise to invest a lot of time doing some research on the teams and this will help you immensely to come up with winning bets. Sports is a complicated game and you will find that there are certain teams classified as underdogs who perform superbly against certain top teams, whilst certain top teams struggle to beat a few underdogs, it is against this background that a punter has to be familiar with the league in order to be successful using the ‘Favorites + one’ 
From the example below, the punter will select up to six favorites and just a single underdog
Pittsburgh Steelers  -350
Cleveland Browns   -195
Indianapolis Colts   -164
Jacksonville Jaguars  -310
Philadelphia Eagles   -113
New York Giants   -195
Chicago Bears   +310

The multiplers from these respective matches are 1.28 x 1.51 x 1.60 x 1.32 x 1.88 x 1.51 x 1.36 if we multiply them together, they will give us an impressive total odds of 15,75
This strategy mostly fails because the underdogs bet usually fails so major emphasis should be put on selecting the best underdog bet. If you manage to get the ‘underdog’ bet right, you will make a lot of money consistently using this strategy.

The ‘Underdog-heavy’ parlay
Underdogs are very popular among punters because they offer a huge potential payout to punters. In the ‘Underdog-heavy’ parlay, punters take advantage of the big underdog odds by combining them with some favorites to make a one huge profitable parlay. Punters can make a parlay with about 8 picks and in those picks will be about 3 or 4 underdogs.
Theoretically, this is easy money but this is not as easy as it seems as punters are faced with the difficult task of picking out the underdogs which have a high likelihood of coming true. It is true that underdogs win from time to time but the difficult part is knowing which ones will do.
San Francisco 49ers +135
Chicago Bears +310
Cincinnati Bengals +140
Dallas Cowboys +200
Houston Texans +180
Kansas City Chiefs +125

The multipliers from these respective matches are 1.74 x 1.3 x 1.71 x 1.5 x 1.55 x 1.8 which gives a total of 16.1 which is an impressive total but it is extremely difficult for all these selections to come true.