Parlays vs. Straight Bets: What’s Better for New Bettors?
When stepping into the world of sports betting, one of the first decisions you’ll face is choosing between parlays and straight bets. Both options offer unique opportunities, but they cater to different types of bettors. For beginners, understanding the differences, advantages, and risks of each is crucial to making informed decisions. In this article, we’ll break down parlays and straight bets, explain their pros and cons, and provide beginner betting tips to help you get started. Plus, we’ll recommend some top platforms where you can try each strategy.
What Are Parlays? (Parlays Explained)
A parlay is a single bet that combines two or more individual wagers into one. To win a parlay, all the individual bets (also known as “legs”) must win. If even one leg loses, the entire parlay bet is lost. While this might sound risky, the appeal of parlays lies in their potential for high payouts. The more legs you add to a parlay, the higher the odds—and the potential reward.
Example of a Parlay Bet:
Let’s say you’re betting on three NFL games:
- Team A to win (-110 odds)
- Team B to win (-120 odds)
- Team C to win (+150 odds)
If you bet $10 on each game individually and all three win, you’d earn a modest profit. However, if you combine these bets into a parlay, your $10 wager could turn into a much larger payout due to the multiplied odds.
Pros of Parlays:
- High Payouts: Parlays offer the chance to win big with a small investment.
- Excitement: Watching multiple games with a parlay on the line can be thrilling.
- Flexibility: You can combine different types of bets (e.g., moneyline, point spread, totals) into one parlay.
Cons of Parlays:
- High Risk: The more legs you add, the harder it is to win.
- All-or-Nothing: Even if you win most of the legs, one loss means the entire bet is lost.
What Are Straight Bets?
A straight bet is the simplest and most common type of sports wager. It involves betting on a single outcome, such as a team to win, cover the spread, or hit the over/under. Unlike parlays, straight bets don’t require multiple outcomes to align. You’re betting on one event, and if you’re correct, you win.
Example of a Straight Bet:
You bet $50 on Team A to win at -110 odds. If Team A wins, you’ll earn a profit of approximately $45.45 (plus your original $50 stake).
Pros of Straight Bets:
- Lower Risk: Since you’re only betting on one outcome, your chances of winning are higher.
- Consistency: Straight bets are ideal for building a steady bankroll over time.
- Beginner-Friendly: They’re straightforward and easy to understand.
Cons of Straight Bets:
- Lower Payouts: Compared to parlays, the potential winnings are smaller.
- Less Excitement: Betting on a single game might not be as thrilling as a multi-leg parlay.
Parlays vs. Straight Bets: Key Differences
For new bettors, the choice between parlays and straight bets often comes down to risk tolerance and goals. Here’s a quick comparison:
| Feature | Parlays | Straight Bets |
| Risk | High (all legs must win) | Low (only one outcome to predict) |
| Payouts | High (multiplied odds) | Moderate (based on single odds) |
| Complexity | Moderate to High | Low (simple and straightforward) |
| Best For | Thrill-seekers, experienced bettors | Beginners, consistent bettors |
Beginner Betting Tips: How to Bet on Sports
If you’re new to sports betting, it’s essential to start with a solid foundation. Here are some beginner betting tips to help you succeed:
1. Understand the Basics
Before placing any bets, familiarize yourself with key terms like moneyline, point spread, and over/under. Knowing how odds work is also crucial.
2. Start Small
As a beginner, it’s wise to start with small wagers. This allows you to learn the ropes without risking too much of your bankroll.
3. Focus on Straight Bets
Straight bets are the best option for new bettors. They’re simple, low-risk, and provide a great way to build confidence.
4. Avoid Chasing Losses
It’s easy to get caught up in the excitement and try to recover losses with bigger bets. Stay disciplined and stick to your strategy.
5. Do Your Research
Successful betting requires knowledge. Study team stats, player performance, injuries, and other factors that could influence the outcome of a game.
6. Set a Budget
Decide how much money you’re willing to risk and stick to it. Never bet more than you can afford to lose.
7. Experiment with Parlays (Cautiously)
Once you’re comfortable with straight bets, you can experiment with small parlays. Keep the number of legs low to increase your chances of winning.
Which Is Better for New Bettors: Parlays or Straight Bets?
For most new bettors, straight bets are the better choice. They’re easier to understand, less risky, and provide a more consistent path to building a bankroll. Parlays, while exciting, are best suited for experienced bettors who understand the risks and have a higher tolerance for losing.
That said, parlays can still be fun for beginners if approached cautiously. Consider starting with two-leg parlays to keep the risk manageable. Over time, as you gain experience, you can explore more complex betting strategies.
Recommended Platforms for Betting
If you’re ready to try your hand at sports betting, choosing the right platform is essential. Here are some top-rated sportsbooks where you can place both parlays and straight bets:
1. DraftKings Sportsbook
DraftKings is one of the most popular platforms for sports betting. It offers a user-friendly interface, competitive odds, and a wide range of betting options. Beginners will appreciate the detailed guides and tutorials available on the site.
2. FanDuel Sportsbook
FanDuel is another excellent choice for new bettors. It features a clean design, helpful tools, and frequent promotions. The platform also offers a “Same Game Parlay” feature, which allows you to combine multiple bets from a single game.
3. BetMGM
BetMGM is known for its extensive betting markets and generous bonuses. It’s a great option for beginners looking to explore both straight bets and parlays.
4. Caesars Sportsbook
Caesars Sportsbook stands out for its excellent customer service and rewards program. It’s an ideal platform for beginners who want to earn perks while betting.
5. PointsBet
PointsBet offers unique betting options and innovative features like “Points Betting,” which can add an extra layer of excitement. It’s a great platform for bettors who want to try something different.
Final Thoughts
When it comes to parlays vs. straight bets, there’s no one-size-fits-all answer. The best choice depends on your goals, risk tolerance, and level of experience. For beginners, straight bets are the safest and most reliable option. They provide a solid foundation for learning the ins and outs of sports betting. Parlays, on the other hand, can be a fun way to chase big payouts—but they should be approached with caution.
No matter which strategy you choose, remember to bet responsibly and enjoy the process. With the right approach and a bit of luck, sports betting can be an exciting and rewarding hobby.
Ready to get started? Sign up for one of the recommended platforms above and put your knowledge to the test. Whether you’re placing a straight bet or trying your first parlay, the thrill of sports betting awaits!