This year may offer bettors a new and exciting way to play the Kentucky Derby. With more sportsbooks becoming legal in the United States it is now possible to make a parlay wager. These types of bets allow you to combine the Kentucky Derby with other sports. Betting a Kentucky Derby parlay has the potential to increase your profits.
Here’s a guide to these interesting bets. A parlay might be a good choice for you if you also follow and regularly bet on other sporting events.
Parlays in Betting
Parlays are not something new to betting when it comes to sports. A parlay is basically a wager that combines multiple events. A popular example would be an NFL football parlay in which the bettor wagers on the outcome of multiple games. If all of the outcomes are chosen correctly, the bettor wins.
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The important thing to remember about a parlay is that it is not multiple bets. It is one bet on multiple outcomes. When the bettor is right, the payout is higher than it would have been if single bets had been made on all the different events. A parlay can increase the odds for the player exponentially, but the difficulty is also increased.
In horse racing there is a version of the parlay, but it is not called that. A parlay in horse racing would be a bet like the Daily Double, Pick 3, Pick 4, or Pick 6. The Pick 6 would be the most difficult because it requires the bettor to pick the winner of six races in a row.
Creating a New Type of Parlay in Horse Racing Betting
There are some sportsbooks which have seized the opportunity to combine betting on the big events in horse racing with the betting on other events like the Super Bowl. An example of how this works was recently found in the BetMGM and Caesars online sports betting apps for US states that have legalized online sports betting.
Bettors were offered a special bet in which they would be required to pick the winner of the Super Bowl and the winner of the Kentucky Derby. This parlay bet provided generous odds to the bettor, and many players took advantage of it.
Other horse racing betting platforms and online sportsbooks have followed suit. It is now common to be able to combine Kentucky Derby betting with betting on other types of sports.
Strategies for Kentucky Derby Parlay Betting
Anytime a bet involves more than one contest or sport, the difficulty of the bet increases. This is why the online racebooks and sportsbooks offer greater odds for these wagers. To win at them you will have to carefully develop your own betting strategies.
Our first suggestion would be to use three or four horses when it comes to your Kentucky Derby selections. It can be very difficult to pick a winner out of a field of 20 horses. You might want to think about multiple parlay tickets after you have narrowed down your betting choices.
Choosing your Kentucky Derby pick will probably be easiest if you tend to be a horse bettor first. If you primarily bet sports, the opposite will be true.
The most important strategy when it comes to picking a sport to combine with the Kentucky Derby is your knowledge of the game. You will have better insight when you are betting on sports teams and athletes that you are familiar with.
Think about the number of sports teams in a league and you will soon understand how difficult it can be to stay abreast of football or baseball. You won’t have much success if you are just jumping into the sport without an understanding of its teams.
Another thing you have to consider is the sports which have a season that corresponds with the Kentucky Derby. In the US that is going to pretty much mean professional baseball or basketball. Of the two, we would think that basketball might offer the best option for betting a Kentucky Derby parlay.
By the time May rolls around the NBA is preparing to enter its postseason. If you have been following the league you should have a pretty good idea of which teams are strong and which are likely to fade. The less you know, the more important it is stick with high-probability bets.
Finally, longshots can be tempting to bet because they make the payout on your parlay increase. The trouble is that they win less frequently. You only have a chance to make a Kentucky Derby parlay once per year, so be willing to take a smaller payout in favor of a bet on a favorite.
Parlays which involve the Kentucky Derby and other sports could be a new trend in betting. Take advantage of it now by signing up with one of our recommended online horse betting sites. You can bet all the action from home with your phone or tablet. Don’t forget to claim your bonus when you sign up! Check our Bovada racebook review, Twinspires review or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!