The large majority of bettors wager on a single game at a time. By placing single bets, people can thoroughly research their wager and make an informed decision.
However, the drawback to single wagers for many players is that they can only win a little less than what they’re betting. For instance, let’s say that you bet $110 on the New York Giants to cover a +3.5 spread; if they cover this spread, you’d receive $100 in winnings (10% taken out for juice).
Now some bettors would like to win more money with the cash that they wager, and this is where parlay betting comes into the equation. For example, you might put the Minnesota Vikings -3.5, San Diego Chargers +4.5 and Green Bay Packers -.6.5 on the same three-team parlay card.
This is a tough bet to win because you need all three teams to cover the spread or else you lose the entire wager. However, the benefit is that you can win a huge payout for less money invested. For instance, you might bet $25 to win $150 on this three-team parlay card. And if it hits, you come out a big winner!
High Payouts, High Variance
As we just mentioned, it’s not easy winning parlay bets. In fact, you’ll lose far more times than you win with NFL parlays – especially when there are more teams on the card. So those who frequently make parlay wagers are going to be dealing with a very high variance.
It’s difficult to say exactly how often you’ll win when making with these bets. After all, it depends upon your skill level with NFL betting and how many teams you choose on a card. But even if you’re a skilled bettor who sticks with two or three-team parlays, you’ll be facing high variance.
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Keep a Big Bankroll
As with any form of betting where you’re dealing with major variance, it’s important to have a large bankroll for parlays. Seeing as how there’ll be plenty of dry spells where you go long periods without winning, a healthy bankroll helps you survive the rough variance and eventually start making money again.
One more matter worth covering here is how you should stick with smaller wagers compared to your bankroll size. For example, if you have a $300 bankroll, you should try keeping your bets at $10, or preferably lower. This gives you a solid shot to actually make some money with NFL parlay betting.
Of course, doing well with parlays is about far more than just good bankroll management. You also need to put some research into the games and continue improving so that you’re a profitable bettor. That said, always stay up on researching teams and looking at NFL betting tips that’ll help you.
Variance, simply stated, is a measure of how far a set of numbers are spread out from one another. Low variance means the numbers are very tightly spread and high variance means that numbers are very widely spread apart.
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