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Despite their massive payout potential, parlays are incredibly risky due to their structure. However, intelligent bettors found a way to drastically lower the risk while enjoying a sizable payout with two-leg parlays.
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PARLAY LEGS EXPLAINED
Every parlay consists of legs or wagers such as money lines, spreads, totals, props, and futures.
How can a 6-team parlay give more than ten times the payout of a 2-leg parlay? This is due to the former’s risk of losing more than the latter. To see that 40 to 1 payout, all six legs of your parlay need to win. You lose if even one of these legs loses.
WHAT ARE TWO-LEG PARLAYS
What is a two-leg parlay for a sports bettor? If we follow the basic definition, it is a parlay bet with two wagers (either a money line, total, or any bet). However, is that all there is to a two-team parlay?
EV is the value of a specific bet concerning its price and risk. This type of wager’s value can be found among +EV (expected value) bets for professional bettors. To simplify it, +EV are the favorites for a match while -EV is the underdog wagers.
Because +EV wagers are likely to win, the payout is simply lacking.
TWO-LEG PARLAYS VS. THREE-LEG PARLAYS
3-leg parlays are an excellent alternative to 2-leg parlays since they have a payout of 6 to 1, which is more than twice the amount of the latter. However, these parlays have a higher risk of failing due to the extra leg.
Risks associated with three-leg parlays are still manageable when including +EV wagers on your parlay slip. Given the potential payout of this parlay and its risks, professional bettors see value in this high-risk wager.
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