The ultimate goal of betting horses at an online racebook is to win money. Many handicappers go about this by making single wagers. In other words, they consider one bet at a time. There is certainly nothing wrong with this. In fact, it is a wise approach. There is another method that involves combining bets to increase one’s profit. It is generally referred to as a parlay.
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What is a Parlay in Horse Race and Sports Betting?
Simply put, a parlay in sports betting or horse race betting is using the profits from one race to make a bet on another. You invest all of the winnings back in the hopes that you will make another score and increase your racing profits. You are basically chaining bets together.
Here’s how it works in practice. You make a win bet of $2 on a horse in race three. Your horse wins and you collect $5.80. In race five there is another horse that you like at odds of 8-1. You bet the $5.80 plus $0.20 to make it an even $6 to win on this horse. If the horse wins, you will collect over $50. The cost of making this winning bet is still just $2 because you only used the profits from the first win to make the bet.
Do you see what has happened here? You have turned a 8-1 shot into a 25-1 shot by combining your horse race bets. That is a path to success at any gambling endeavor. The same type of bet can be observed at online sports books which are becoming more popular in the US. A football parlay involves making bets on several games. If you win all of them your payout is much greater than it would have been when you played just one game.
The Downfall of a Parlay Bet
It isn’t very hard to see the potential downfall in this kind of horse race betting. If you lose one bet in a chain of bets, you are out of the parlay. The positive thing about it is that you still only lose the original $2 that you used to make the first wager. Therefore, a parlay is a good way to enjoy the races without spending a lot of money. You simply let the other bettors at the track pay for your day out when you win and they lose.
In casino gambling this is often referred to as playing with the house’s money. It’s similar to a blackjack player that gets ahead and then uses his profits to keep playing the game. He can put his original bankroll to the side, and the worst that can happen if he is wise is that the player will leave even.
This brings up the downfall of not just a parlay bet but of many gamblers. Greed has been the ruin of many people that like to gamble. They are never satisfied with a win. They must always chase bigger profits, and ultimately they will go home broke no matter what happens. It is like they have a will to lose.
Strategies for Parlay Horse Betting
Every betting system that you use requires three things. It requires the money to make the bets, a plan of how you will bet, and the discipline to stick to the plan. You are going to need the same three things if you intend to make a go of parlay horse betting at an online racebook. So, let’s talk about all three of these in a little more detail.
Money is required to make your bets, but how much should you wager? If you did not have an answer in mind then you do not need to be betting. The smart bettor knows how much they are going to spend when they log in to the online racebook. You have to set some kind of limit, and we recommend that you begin with a number that you are comfortable with. Let’s say that you have decided to make that amount $10.
Now, you must commit yourself when playing parlays that you will not exceed your limit. At no point during the racing day should you deviate from the limit that you have set. Remember, you are in this to have a good time and possibly win some money. Having a good time is the first priority. You should also know that your limit of funds does not all have to be spent on one parlay. In other words, you could take that $10 and begin with a $2 parlay. If you win, keep going and don’t touch the $8. If you lose, you still have four $2 units to work with.
The plan for parlay betting is very simple. You will start with a single bet of one unit. That one unit can be $2, $5, or whatever you want it to be. You can make any type of bet that you want to make with this unit. Just remember that some types of horse racing bets are harder to hit than others. So, you have less chance of winning a trifecta parlay than you do of winning a parlay that only involves single horses.
If you win your first bet, move on the second bet. This bet does not have to be made on the next race. You can use your handicapping skills to wait for a good betting opportunity. When that race comes around, you will bet the entire return of your first bet – original bet plus profit – on the race. And so it goes until you either cash out or make one losing wager. When you lose you have to begin the whole process over again.
Finally, you must have the discipline to stick to whatever plan that you have devised. If you have decided that after three winning bets in a row that you will cash out, cash out and start a new parlay. If you decide that you will only lose $4 on the day, quit after you have lost $4. Only you can discipline yourself to make the right decisions at the race track. Those without discipline are doomed to lose every time they play.
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