Ohio bettors will be hearing plenty of talk about parlays as the sports betting market continues to grow.
Parlay betting is one of the most popular ways to bet on sports in the U.S., and they have become a big feature of sportsbook marketing over the years. That’s partly because gambling companies make solid profits off these bets — and also why the books create promotions around them.
Sports bettors love parlays, so they’ll be an important part of the Ohio sports betting market. With legal betting available now in Ohio, it’s important for bettors to know what to expect.
What is a parlay bet?
Parlays are when bettors combine multiple different wagers into one bet. Every “leg” of a parlay has to hit in order to win, but the odds increase as more legs are added.
For example, taking Ohio State’s moneyline and betting on the spread of a Cleveland Cavaliers game at the same time could be a parlay wager.
In this case, both of your bets need to hit in order for you to win the parlay. Winning multiple bets at the same time is obviously more difficult than just winning one.
Gamblers trade that higher level of risk for better odds that can lead to huge potential payouts.
Same-game parlays take this a step further. Not all online sportsbooks offer them, but the feature is exactly what it sounds like: multiple bets on the same game that are all tied together.
Same-game parlays up the ante
Same-game parlays (SGPs) take betting to the next level.
FanDuel Sportsbook originally released the feature back in 2019, and since then, SGPs have exploded in popularity around the country.
Instead of placing multiple bets on different games, SGPs give gamblers the chance to string together multiple bets from the same game.
Here’s a quick example of what a SGP could look like for a Cleveland Cavaliers game in Ohio:
- Donovan Mitchell to score over 27.5 points
- Evan Mobley to grab over 9.5 rebounds
- Cavaliers to win the game (-125 moneyline)
Each of these bets would act individually of each other if you placed them separately, but stitching them together in a SGP means that all three of them have to hit in order for you to win your wager.
That’s generally a tough task to pull off. The more legs you add to your parlay, the harder it is to actually win.
Just like regular parlays, SGPs trade the increased difficulty for better odds and higher payouts. That’s been enough to entice to plenty of gamblers around the country so far.
Ohio bettors are starting to see SGPs in their daily lives. They’re a huge part of sportsbook marketing, and many of the deals and bonuses that sportsbooks offer involve them.
Why sportsbooks love parlay betting
Sportsbooks love to promote parlay betting, especially when it comes to SGPs.
Ohio residents are already seeing all sorts of advertisements about the feature. These range from traditional TV ads to pre-made parlay bets sitting prominently on the home pages of online sportsbooks.
Sportsbooks put such a big emphasis on parlays because they’re huge money makers.
Remember, parlay betting is much more difficult compared to wagering straight up. That’s because each leg of your parlay has to hit in order for the bet to pay out.
After all, winning three or four bets at the same time will always be harder than just winning a single one.
Parlays can be a ton of fun for gamblers to mix in with their regular wagers, but it’s important to know what you’re up against.
Ohio residents will be hearing a lot about parlays now that sports betting is live. Keeping responsible gambling practices in mind can help make sure your wagering experience stays safe and enjoyable.
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