As the NBA season heats up, there are many out there looking for a way to make a smart bet to make a little extra money. You can bet on lines and spreads, but one of the more popular options these days is choosing parlay bets.
This can be an incredibly lucrative way to place a wager which can earn you a lot of money, but it takes a lot of expertise. One wrong choice in your entire wager can go down the toilet, so here are some things for you to keep in mind as the pros and cons of parlay bets.
Con – People Don’t Understand This Wager
Let’s start with the most obvious con. The reality is that a lot of people don’t fully understand how these wager work. In a parlay bet, two or more wagers are combined. Because it is more challenging to choose more than one contest and be right, the odds are greater, meaning you can earn a lot more money.
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It is a great way to earn money, but the reality is that it is an easy way for you to lose. According to many gambling analysts, on average a person making a parlay bet is going to be right less than 10% of the time. That’s why the house loves these bets. They know they are going to be winners most often, so they encourage customers to place as many of these bets as possible.
Pro – You Can Earn Big Money
This is obviously the reason that people make parlay bets. You aren’t just getting the same betting odds of the individual contests. Because you are choosing a bigger risk, the reward is obviously greater. If you are skilled at making bets on NBA games, this can be a great way to earn some money.
The reality is that you can earn a lot of money. This is especially true if you are willing to get involved with parlay bets that are four or five-game wagers. A person betting $10 can earn nearly $2000 by placing the right bets. It’s why people are willing to risk small amounts of money on these kinds of wagers because the payoff is so big.
Con – Your Knowledge Needs to Increase
This leads us to the next big con. If you are going to be successful in this type of wager, it requires you to know a lot of information. You need to know trends, streaks, stats, and other pertinent information for at least two different games. If you haven’t done the proper amount of research, you are destined to fail.
Keep in mind that the sportsbook or casino is likely to win these kinds of wagers nine times out of 10. It requires a lot of effort and research to be knowledgeable about these games, and choosing to increase your odds without doing your homework is not helping yourself.
Pro – They Help Make You More Knowledgeable
Yes, it is true that you would have to do more research. However, some people might really enjoy this. If you are an NBA nut, you watch all the games, you are watching SportsCenter every night as your life depended upon it, then this may be a great way to make some money.
This is about knowledge and insight. If you are a person who has spent a significant amount of time studying teams, players, and trends throughout the league, you can make smart wagers. It’s not easy, but with the right amount of research, you can be successful.
Con – It Will Rip Your Heart Out
There is nothing more gut-wrenching than having four wagers right, but that fifth one goes against you by a point or two. You are seconds away from a $2000 payoff only to find your team miss a last-second three-pointer or drop a close contest because their star player missed free throw shots. That can be as aggravating as it can possibly get.
Pro – They Are a Lot of Fun
While it can be incredibly aggravating to lose in this way, the reality is that these wagers are a lot of fun. They keep you in tune with all of the action on any given night, and it becomes an entertaining way to spend an evening. After all, if all you have to do is throw down $10 and watch five games with the possibility of winning $1500, why not do it?
As with all wagers, there is one important fact to consider related to parlay bets. No matter what type of wagers you are making, always ensure that you are living within your means. If you are having a rough patch of games and are finding yourself in deep financial straits, this is not the time to believe that your $500 wager on a six-game parlay bet is the way to win it all back.
Parlay bets can be quite lucrative, but they can also be another nail in your coffin if you are struggling financially. You should only place these kinds of bets if you can afford to lose. Have fun doing it and make sure it stays fun.