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One of the ways to risk a little money but make a lot of money is by betting a parlay. A Parlay is choosing multiple teams to win. And the payoffs are nice. Before we get into the specifics of betting the parlay and all the tips and tricks, I want to tell you about how my first parlay changed my life. When I first came to Las Vegas back in the early 1980's I was starry eyed and confident in my ability to pick winners. It was college football season and I considered myself an expert. A friend of mine and I were licking our chops thinking about the great season we would have betting college football. We thought that betting parlays would be a great way to start. Unfortunately, we were right, yes you heard me - we were right. And yes it was unfortunate. We bet a six team football parlay and it hit. So we turned that 100 dollars into nearly 5,000 dollars. And boy did our heads swell up like balloons. The next week it was betting 6 team parlays all over the board. And they all lost. You can probably guess what happened next. That first winning parlay got us thinking we were unbeatable. We did stupid things, bet too much and eventually that large win was gone. Parlays are a way to turn a little into a lot - but don't go thinking as I once did that they are that easy to hit.

Major league baseball is a different animal when it comes to betting on parlays and I'll show you the differences. First off - when it comes to betting parlays in football or basketball the odds are pretty much fixed and standard. A two team parlay pays about 2.5 to 1 or so. A three teamer about 6-1. A four teamer 10-1 and so on. In baseball it does not work that way. In baseball when betting a parlay you have different moneylines on each game. For example, let's say on opening day you like the Cubs over the Reds at -200, the Bluejays over the Tigers at -250, and the White Sox over the Royals at -115. That normally would pay 6-1 for a three team parlay. In baseball it does not. You have two heavy favorites with one small one. I usually use a parlay calculator when playing baseball parlays. They are available all over the internet and are free. You type in the numbers and the calculator gives you the payoff. So in this example, the parlay instead of paying 6-1 would pay about 3-1. When you are betting that parlay in baseball remember to calculate your odds so you know what you are getting back.

So how do we profit from betting parlays in basketball and MLB? Here are some of the keys when betting both sports. A lot of times when betting a parlay you might like one particular team very strong. If that is the case you may want to put them in more than one parlay. Some people key that team to other teams in multiple parlays. This gives you the advantage of having one win help you in more than one spot. Let's say you like the Lakers in basketball. You put the Lakers in two or three parlays. If they win you are well on your way to having a good shot at winning at least one parlay and making money. The downside is a loss kills all your parlays. That is why you really have to like your side when keying on a team in parlays. In baseball when betting your parlay you might really want to key on a favorite you think will win. Say you like the Cubs and they are -200. You put the Cubs on three or four different parlays. The parlay that is the most popular is the three teamer. You key the Cubs on all the parlays and if they win you only need to hit two more teams in any of the other parlays to be a winner. Let's say in baseball you like two heavy favorites. For example you like the Cubs and the Yankees. But both teams are over -200 favorites and you really don't want to put out that kind of money. So you parlay the two. You then risk say 100 to win about 125 dollars if both teams win. So instead of risking 400 dollars to play both games you risk only 100. Then a win by both still gets you decent money and your risk was low.

Another thing you might give do is taking a shot once in a while on a big parlay. We all have those nights when everything we pick is gold. We also have those nights where nothing works. But if you have that feeling, and things are clicking, then taking a shot a 5 or 6 team parlay might be worth it. It is tough to hit them with all the time but they can provide a lot of excitement and return for very little investment. I'll give you one example from baseball that is tried on a regular basis. Let's say we have five or six heavy favorites. The Yankees, Red Sox, Braves, Phillies, White Sox and Athletics are all -180 or greater. If you hook them up in a 6 team parlay your chances of hitting are better than in a 6 team parlay you played in football or basketball. All of those baseball teams in your parlay are expected to win. So your chances of hitting the parlay are better. It is just something to consider and take a chance on once in a while. You may also want to take a shot at the NBA with this type of parlay but be selective. It is much more difficult to hit a big parlay in football or basketball because you are laying points and must not only win, but also cover the spread.

Betting parlays can be a very exciting way to risk a little bit of money for a large payout. Keep your wits about you when playing the parlays though and you will be much more profitable. And as always - when you get that gut feeling, go with it.

Looking for a place to do your parlay betting? Check out BetOnline Sportsbook for some of the best parlay odds on the web!

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