Parlay betting Arizona can be a very intriguing, fun, and potentially lucrative wager, but the high risks make them intimidating to new bettors. In this article, we learn about parlay betting Arizona, including what they are, the best time to place parlays, and more. Read on to learn about these bets.
Guide Parlay bets Arizona
Parlays are wagers that include two or more individual bets. These wagers are high risk and high reward, which is why they are loved but difficult to win. Because parlays favor the bookies, it’s important to be strategic in your parlay bets. However, betting strategically and selecting the best sportsbook can help you increase your chances of winning the parlay.
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What are parlay bets in AZ?
Parlay bets are single sports wagers in which you combine two or more bets into the same wager. For example, you can include moneylines, totals, point spreads, futures, or prop bets into the same wager, assuming that each leg of the parlay is on a different game.
The catch to winning parlay bets is that every leg of the parlay must be correct. For example, let’s say that you place a point spread and a future inside the parlay. Both the point spread and future must be correct in order to win your parlay.
Many people like parlays because they have the potential to have a higher payout. That’s because parlays are considered high-risk bets. The more risks are involved, the higher the potential winnings can be. So, many bettors like the thrill and high potential payouts of these risky bets.
However, they are risky, which means the chances of winning are very low. Not to mention, the sports betting odds are always in favor of the bookies.
Pros of parlay betting Arizona
The biggest benefit of parlay betting is that there are potentially higher returns than with single wagers. That’s because there is a high risk involved with these sorts of bets. Anytime there is a high risk, there is also a potential of a high reward since the chances of winning are low.
Some other major benefits of parlay betting in Arizona include the following:
- Offered as free plays often
- Very exciting
Cons of parlay betting Arizona
Being a high-risk/high reward bet is a double-edged sword. Even though you have the potential to earn a lot, it is difficult to win every leg of the wager, making it difficult to get the earnings in the first place.
Other major drawbacks include:
- Fixed odds are in favor of bookies
- Likely to have a long dry spell
- Excitement can end quickly
Types of parlay bets in Arizona
Once again, parlays are wagers that include multiple bets inside the same wager. There are different types of parlays to be aware of. The most common parlay types include Round Robin and Teasers.
Round Robin – Arizona
Round Robin parlays are very simple. A Round Robin bet is one where you place multiple wagers at once for the parlay. This simplifies the parlay betting process, making it super convenient and easy for beginners.
In a Round Robin parlay, you can select between three to eight teams or totals inside the Round Robin parlay. Then, you choose the number of teams or totals likely to tie. The team combination will determine how many parlays you have waged on.
Teaser bets AZ
A Teaser is very similar to the traditional parlay. You will be able to select multiple teams or totals to bet on. The one exception is that you cannot make any moneyline bets in a Teaser. However, you can use point spreads.
When is the best time to place a parlay?
In most cases, bookies do not offer a level playing field for the parlay payouts. Let’s take an example. If you place a two-team parlay where the odds are set at -110, the true probability converts the odds to +300. However, you only get +260. This just shows that all fixed odds are in favor of the bookies, not the bettor.
Even though there is a lot of risks associated with parlays, there are times when placing a parlay is advantageous. For example, free bets and correlated bets are great times to place parlays.
Three-team parlays are often given out as a free bet, promotion, or bonus. As a result, you potentially have a high payout, but you don’t have to risk your money. The reason why three-team parlays are common free bets is that they really catch new eyes, which allows the sportsbooks to draw in more customers.
There are other times you may want to place a parlay as well. For example, some sportsbooks may offer correlated parlays, which are parlays based on certain combinations, leading the team to either win or lose. However, many Arizona online sportsbooks don’t accept correlated bets.
You might want to look for reduced juice as well. The reduced juice phenomenon occurs whenever the bookies place different bet propositions that result in more value than the standard -105. This happens most commonly for NFL parlays.
Winning and payouts – Parlaying bets in Arizona
Parlays have the ability to offer a high payout. However, parlays are high risk because there are multiple factors involved in the wager. In order to win, every leg of your wager must be correct. Even if one leg is incorrect, you don’t win the parlay.
Technically, you have the ability to tie on a parlay. Ties are more commonly called pushes. Whenever a tie occurs, the parlay is lowered to a lower number of total bets. As a result, you get a lower payout.
How are payouts calculated?
Parlay payouts are fixed at the time the bet is placed. So, the parlay odds will not change from the time the bet is placed, even if the lines and odds change for individual games within the parlay.
Calculating the potential earnings for your parlay is pretty easy. We recommend using a betting odds calculator for the most convenient and reliable estimation. However, you can estimate parlay payouts yourself. The easiest way to calculate your parlay payout is to use decimal odds. All you have to do is multiply the bets with the stake.
It may make more sense to give an example. Assume that you are betting a three-team parlay with these odds: 1.3, 1.4, and 1.5. Multiply 1.3, 1.4, and 1.5 with your stake. Assuming you staked $100, the math should look like this:
- 1.3 x 1.4 x 1.5 x $100 = $273 payout
- $173 earnings once the stake is removed
If you were to make the same bets as single bets, the total payout would be much lower. In fact, with the same stake, you will likely only win around $40 in total with individual bets.
Arizona sportsbooks that accept parlays
Nearly all legal and reputable Arizona online gambling sites accept parlay bets. However, you still want to be selective so as to maximize your chances of winning. Here are our favorite Arizona sports betting site to consider:
BetMGM parlay bets
BetMGM is a leading Arizona sportsbook that accepts parlays. They are favored for their intuitive website, accurate odds, and phenomenal promotions and bonuses. This is a great choice for Arizona parlays betting if you also want free bets.
DraftKings provides one of the most intuitive and fun betting sites. They accept a variety of wagers, including picks and parlays. Not to mention, the parlay odds are some of the best. DraftKings even offers a great app that makes betting more convenient.
Caesars Parlay Bets
Caesars betting site has been a reputable sportsbook since its launch. This site is a leader in parlay betting for its great odds and intuitive website design.
Other sportsbooks to consider for parlay betting
Here are some other Arizona sportsbooks you might want to consider:
- Caesars Sports
- Bally Bet
- WynnBET Sportsbook
FAQ’s About Parlay betting Arizona
Parlay bets are not good long-term strategies because they are such a high risk. However, under the right scenario, parlays can be completely worth it. For example, a free parlay bet can potentially lead to high earnings without risking any money yourself. If you want the excitement of a parlay, they can be worth it, as long as you know there is a high risk involved.
If you want the highest possibility to make money, placing a single wager is the safer bet simply because there are fewer factors to consider. However, if you are looking for a higher potential payout or more excitement, parlays are the way to go.
Because parlays have such high risk, we do not recommend investing a whole lot of money in parlays. It can always be fun to invest a bit of cash, but investing too much can be dangerous for your finances. Start low to get the hang of parlays, and work your way up if you feel comfortable with the bet.
There is no difference between parlays and accumulators. The only difference is that parlay is the US term, whereas accumulator is the UK and EU term. Both terms refer to the same type of bet. They just have different names.
Parlay bets are not illegal. Most legal and reputable sportsbooks accept parlay betting. Of course, correlated parlays are often banned at individual sportsbooks, but you might be able to find smaller sportsbooks that accept them.