Parlays often get a bad rap in the betting world. Many bettors treat them like a shortcut to massive payouts, hoping to hit it big with a risky combination of bets. But the truth is, parlay bets are not inherently bad — it’s how you build them that determines whether they are profitable or not. In this article, we’ll walk you through how parlay bets work, show you how to place profitable parlays and explain how to use Portfolio EV to maximize your returns.
Portfolio EV helps you grow your bankroll and maximize long-term profits with ease. Start unlocking more Portfolio Betting page to get started!
How to Place a Parlay Bet: Examples and Strategy for +EV Parlays
A parlay bet combines multiple individual bets into one single wager. The appeal lies in the ability to generate a larger payout by combining different bets into one. However, here’s the catch: As you add more legs to your parlay, the odds of hitting that parlay decrease. While it’s tempting to add more selections to increase your potential winnings, the risk factor grows significantly.
So what separates profitable parlays from the rest? The answer lies in building a positive expected value. Simply put, you need to stack bets that have an edge over the book, based on historical data and true odds. This is how you can turn parlay bets into a long-term profitable strategy.
Parlay Examples: The +EV Way
Let’s break down how to place a +EV parlay step by step, using an example:
Example 1: Three Bets with +5% EV
Suppose you find three individual bets, each with a +5% expected value (EV) edge. These bets could range across different markets, such as player props, team totals or game outcomes. If each of these bets has a positive edge, they are a bet worth taking. Now, here’s where the magic happens: When you combine these +EV bets into a parlay, the combined edge increases, even though the risk is also higher.
For example, let’s say your three individual bets (with +5% EV each) combine into a parlay with +12% EV. While the risk is elevated, the parlay’s expected value is now higher than the individual bets combined. This is the key to profitable parlays — the higher EV compensates for the increased risk.
Example 2: Same-Game Parlay with Correlation Tax
Another popular strategy is building same-game parlays. In this case, you might combine a player’s points total with their assist numbers, as they are often correlated. However, sportsbooks know this, and they apply what’s known as a correlation tax. Essentially, they adjust the odds to reflect the likelihood that these bets will hit together.
This is where Portfolio EV shines — it helps you identify these correlation taxes and evaluate whether the parlay is still +EV after the tax is applied. So while sportsbooks might offer a lower payout for correlated parlays, your +EV edge remains key to determining whether that bet is still worth it.
Get Portfolio EV for FREE! Follow these easy steps to gain access to top-tier sports betting tools and enhance your strategy:
- Choose a Partner: Pick a partner registration offer to get started.
- Deposit & Bet: Fund your and place your first wager or pick’em entry.
- Take Screenshots: Capture a screenshot of your welcome email and your first settled bet.
- Claim Your Access: Email your screenshots to @oddsshopper.com, and we’ll grant you free access to Portfolio EV.
It’s that simple! Get a free month of Portfolio EV today and elevate your sports betting game.
Why Portfolio EV is Key for +EV Parlays
Building profitable parlays requires more than just picking random bets. You need data and tools to find edges and make informed decisions. That’s where Portfolio EV comes into play.
Portfolio EV allows you to track bets with a +EV edge and provides you with valuable insights into how to build parlay bets with the highest expected value. With tools like the Parlay Builder, you can create custom parlays based on real historical data. The Parlay Builder can help you:
- Identify profitable parlay legs
- Evaluate expected value
- Calculate the combined edge of multiple bets
- Avoid losing parlays that have a negative EV
If you’re serious about making +EV parlays, Portfolio EV is an indispensable tool for your betting strategy. It takes the guesswork out of parlay betting and helps you stay disciplined in your approach.
The Long-Term Strategy: Stay the Course
It’s easy to get swept up in the excitement of parlays. But the key to building wealth from parlay betting is consistency. If you can focus on +EV parlays and avoid the temptation to build huge, unrealistic parlays with a low probability of success, you’ll set yourself up for sustained profitability.
If you were to build parlays using +EV bets, you would see results like this over time. While these bets are more about long-term profit than immediate big wins, the edge compounds over time. Even with higher risk, the payout from well-constructed +EV parlays more than justifies the strategy.
Get Started with Portfolio EV
Are you ready to place profitable parlays and build your bankroll? With free trial and gain access to hundreds of profitable bets daily.
If you’re interested in learning how to place parlay bets the smart way, explore all the tools and resources Portfolio EV has to offer. You can even try out the Parlay Builder and other betting tools that can help you make more informed decisions with every wager.
