Sports Betting Part 2: Parlays and Prop Bets

In continuation with my previous post, let's delve more into sports betting and understanding types of bets. Previously, we covered the three major types of bets - Moneyline, Spread, and Over/Under - as well as reading and understanding odds and payouts. Now, we will go over Parlays and Prop Bets.

Parlays

Parlays are stacking multiple bets onto one combined bet. This can be done within a single game or on multiple games. For example, you might be betting on Team A beating Team B, Team C beating Team D, and Team E beating Team F. These bets have much higher payouts than betting on each outcome individually. However, if any part of the bet (leg of the bet) fails, the entire bet fails. For example, Team A might be at -150 favorites, Team C might be at -400 favorites, and Team E might be at -200 favorites. However, taking all three in a parlay may yield a payout of +300. But, If Team A and Team E win while Team C loses, the whole bet is lost. For a parlay within a single game, you could have Team A winning outright, Team B losing but covering the spread, and the Over. Since there are multiple events and uncertainties, the payouts are much larger, but the risks are significantly amplified.

Prop Bets

Prop bets are bets on the performance of specific players or events. For example, they can be on a player accumulating a certain amount of yardage, carries, receptions, sacks, penalties, and more. Prop bets can also be on whether the first play is a run or pass, or if the first score is a field goal, touchdown, or safety. Prop bets simply mean proposition bets, and can be offered at any time and with wildly varying odds. For example, you might see Player X, Over/Under 4.5 receptions. This means you are betting on whether Player X will have more or less than 4.5 receptions in the game.

Next Steps

If you would like to learn even more, many sports betting apps offer tutorials on more types of advanced bets and also offer promotions to receive free bets to try it out for yourself.

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