A parlay is a type of sports betting where a bettor combines multiple wagers into one. It offers the potential of a higher payout than a single bet because the difficulty of the wagers increases. On FanDuel, a parlay is a type of fantasy sports contest where you make multiple picks in one contest, and if all your picks are correct you can win a large payout.
How Do Parlays Work on FanDuel?
Parlays on FanDuel work similarly to other sports betting sites, but with some extra features that make them unique. To start, you must select a minimum of two contests to enter. You can select as many contests as you like to combine into one parlay.
Once you have selected the contests, you will be prompted to choose your individual picks for each contest. This could include picking the winner of a game, selecting a specific player to score a certain number of points, or predicting the total amount of points scored in a game.
Once you have made all of your picks, FanDuel will calculate your potential winnings based on the odds of each pick. The higher the odds, the higher the payout will be if all your picks are correct.
Parlay Types on FanDuel
FanDuel offers two types of parlays: Single-Game Parlays and Multi-Game Parlays. A Single-Game Parlay requires you to make multiple picks in one game or contest. A Multi-Game Parlay requires you to make picks in multiple games or contests.
For example, a Single-Game Parlay could include selecting the winner of a football game, the total points scored in the game, and the total rushing yards for a specific player. A Multi-Game Parlay could include selecting the winner of multiple football games, the total points scored in each game, and the total rushing yards for a specific player in each game.
Odds and Payouts for Parlays on FanDuel
The odds and payouts for parlays on FanDuel can vary depending on the type of parlay and the individual picks you make. Generally, the higher the odds of each pick, the higher the potential payout.
The payout for a parlay is determined by multiplying the odds of each pick together. For example, if you make two picks with odds of 2.0 and 2.5, the payout would be 2.0 x 2.5 = 5.0. This means that if all your picks are correct, you will win 5 times your wager.
Strategies for Making Parlays on FanDuel
Making successful parlays on FanDuel requires a strategy and understanding of the odds. Here are some tips to help you maximize your potential winnings:
1. Research the Odds
Before making any picks, it’s important to research the odds of each pick. This will help you determine which picks have the highest potential payouts.
2. Balance Risk and Reward
Parlays can be risky because they require you to make multiple correct picks to win. To reduce your risk, it’s important to balance high-risk picks with low-risk picks. For example, you could combine a pick with high odds with one with lower odds to reduce your overall risk.
3. Manage Your Bankroll
Parlays can be a great way to win big payouts, but it’s important to manage your bankroll to ensure you don’t risk more than you can afford. Set a budget for yourself and stick to it.
Advantages and Disadvantages of Parlays on FanDuel
Parlays on FanDuel can offer a great way to increase your potential winnings, but there are also some potential drawbacks to consider.
Advantages:
- Potential for Big Payouts: Parlays offer the potential of bigger payouts than single bets because the difficulty of the wagers increases.
- Wide Variety of Picks: FanDuel offers a wide variety of picks to choose from, giving you more options when making parlays.
- Easy to Use: FanDuel’s user-friendly interface makes it easy to make parlays.
Disadvantages:
- Higher Risk: Parlays are riskier than single bets because you must make multiple correct picks to win.
- Lower Payouts: The payouts for parlays are lower than single bets because the odds are multiplied together.
- Difficult to Master: Making successful parlays requires a strategy and understanding of the odds, which can be difficult to master.
Conclusion
Parlays on FanDuel can be a great way to increase your potential winnings, but it’s important to understand the risks and reward associated with them. Research the odds, balance risk and reward, and manage your bankroll to ensure you’re making the most of your parlays. With the right strategy, you can turn parlays into a lucrative part of your sports betting portfolio.