The sports betting industry is very vast, featuring different types of bets. Every sportsbook offers some unique betting opportunities that others don't. While these are the little tips and tricks for bookies to capture the most market share possible, they must also offer some of the most common betting types that bettors love, such as parlays.
Parlay bets have been a strong pillar in the online sports betting world. Bettors worldwide use their skills and knowledge to place savvy bets that help them build low-risk, high-reward wagers. Some of the parlay bets can have the most lucrative potential, which is why it's such a big hit amongst bettors.
One of the most exciting things about parlay bets is to combine different sports in one parlay. However, the concept of cross-sports parlay is much more interesting than a multi-sport parlay that takes things to another level. But what is cross sports parlay? Let's find out!
So, What's Cross-Sports Parlay?
As the name suggests, a cross-sports parlay is a wager spread across in a minimum of two different sports. For example, recently, one of the leading betting pages was offering a cross-sports parlay as follows:
This was a two-sport (NBA and NHL) and three legs (three different outcomes) cross-sport parlay that carried total odds of +625. So, if you placed a wager of $150, you'd walk away with $1,087.5 if all the teams won.
How to Play a Cross-Sports Parlay Bet?
Unlike other bets, a cross-sports parlay is a pre-packaged bet that doesn't require you to browse through multiple events or sports-specific pages like a manually building parlay.
For example, for custom-building a parlay of $100 on Oilers, Nuggets, and Golden Knights, you'd browse through the NHL and NBA betting pages, choose the three moneyline bets and then place your wager.
For cross sports parlay, you simply go to the page that displays the day's available cross sports parlays and choose the ones you like.
Initially, it can be tricky to understand this bet since it encompasses so many different sports and matches, it's quite simple once you get the hang of it.
Why is Cross Sports Parlay a Good Bet?
Often newbie bettors and bookies wonder why one would be interested in a parlay bet. But that's because parlay bets, whether cross sports or regular, offer increased odds and maximum entertainment that makes it fun and exciting. And with cross sports parlay, there's one additional reason.
A custom-built parlay of $100 for the three teams would look like this:
- Nuggets ML (+160)
- Oilers ML (-130)
- Golden Knights (-200)
Total Odds: +590
Potential Payout: $690
This means that if you placed a multi-parlay bet on March 1st at 10 PM ET as the games began at the same time, you would've been happy about your +590 parlay by the second period.
But if you placed a cross sports parlay, you would feel even better about your +625 odds, and by the time the first 90 minutes were over, you would have won $725 rather than $690.
So, for the same bet, cross sports parlay is not just more fun and entertaining; it also helps you get the best worth for your money and time.
Other Types of Parlays
If you don't feel comfortable starting your bookie career with cross sports parlays, then there are many other types of parlays to begin with. A parlay is a low-risk and high-rewarding opportunity beneficial for the player and the bookie. Here are some parlay bets to consider:
One Game Parlay
One game parlay allows bettors to combine all their favorite bets for a game into one. So instead of placing a single bet of $10 on the Celtics moneyline (-250) against the Lakers for a payout of $14, you can add several other bets to it that'll increase the payout.
An example of a one-game parlay for the Celtics-Lakers game can look like this:
- Celtics moneyline
- Schroder: 2+ 3 pointers
- Jaylen Brown: 4+ 3 pointers
- Jayson Tatum: 4+ 3 pointers
If all your four legs hit, your $10 bet will yield you a $105 payout.
The second option to consider is a multi-game parlay that helps spread out the parlay excitement in a series of multiple games. Bettors love this as it provides them with endless options. Here's an example to consider for a multi-game parlay:
AkilBaddoo's RBI single scored and gave the Detroit Tigers a win over the Minnesota Twins with 10-innings shortly after 5 PM ET on April 6th. This was the first time the rookie made a career walk-off, resulting in a 10-leg MLB parlay win for customers in Michigan.
How Can Bettors Place Parlay Bets
Placing parlay bets is very simple. Just ask your bookie software provider to include a tab specifically for parlay bets that helps bettors browse through the different betting options for each event. Once they choose the events they like, they'll be added to their betting slip.
Bettors can add multiple parlay wagers to their betting slips and submit them to the bookie, single or combined.
Ready to Become a Bookie?
Becoming a bookie is all about understanding what your players need and providing it to them at the best odds possible. But what you also need is reliable bookmaking software that is easy to use and simplifies bookmaking for your bettors.
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About the Author
Kelly S. is one of the oldest and most successful bookies of the early 2000s. Even though she has retired now, her expertise has helped many newbie bookies understand the rules of the bookmaking world. She currently works with multiple forums to help bookies improve their services.