Parlays and Straight Bets: Pros, Cons & Betting Strategies
Which is better for your sports betting strategy-parlays or straight bets? Understanding the differences can help you manage risk, maximize payouts, and choose the right approach for your goals.
What is a Straight Bet?
A straight bet is a single wager on one outcome-such as a team to win, cover the spread, or the total points going over/under.
- Low risk, steady payout
- Ideal for consistent bankroll growth
- Great for beginners and experienced bettors
Example:
Bet $100 on Lakers -3.5 at -110. If they win by 4+, you profit $90.91.
What is a Parlay?
A parlay combines two or more bets into a single wager. To win, every selection must be correct-one loss and the whole bet loses.
- High risk, high reward
- One loss means you lose the entire wager
- Best for small stakes or when you’re confident in multiple picks
Example:
Parlay Lakers -3.5 and Yankees ML. Bet $100; if both win, your payout is ~$260. If either loses, you win $0.
Parlay vs. Straight Bet: Key Differences
| Feature | Straight Bet | Parlay Bet |
|---|---|---|
| Risk | Lower | Higher |
| Reward | Steady | Big payouts |
| All picks must win? | No | Yes |
| Bankroll friendly? | ✅ Yes | ⚠️ Use caution |
Pros and Cons
Straight Bets
- Pros: Lower variance, easier to win, good for long-term profit
- Cons: Smaller payouts per bet
Parlays
- Pros: Huge payout potential, exciting, can combine multiple sports/events
- Cons: Harder to win, not ideal for growing your bankroll
When Should You Use Parlays?
Parlays are tempting for their big payouts, but they’re not consistent bankroll builders. Use parlays:
- For fun or entertainment
- With small amounts
- When you have strong reasons for correlated picks
For most bettors, straight bets are the foundation of a profitable strategy.
BetMetrics Pro Tip
Our AI models analyze both straight bets and parlays to identify +EV (positive expected value) opportunities. We recommend straight bets for long-term profitability, but flag correlated parlay legs when the data supports it.
Frequently Asked Questions
Are parlays or straight bets better for beginners?
Straight bets are safer and easier to manage, making them better for most beginners.
Can parlays be profitable?
While parlays offer big payouts, the odds are stacked against you. Use them sparingly and never risk more than you can afford to lose.
How do odds affect parlay payouts?
Parlay payouts multiply the odds of each selection, resulting in much larger potential returns-but also much lower chances of winning.