Bettors will be hearing plenty of talk about parlays once Ohio sports betting begins in January.
Parlay betting is one of the most popular ways to bet on sports in the U.S., and it has become a big feature of sportsbook marketing over the years because gambling companies make solid profits off these bets.
Sports bettors love parlays, so they’ll be an important part of the Ohio sports betting market once it’s finally up and running.
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.
Parlay betting has become wildly popular in the U.S., and that’s sure to be the case in Ohio.
Parlays will be a major part of Ohio sports betting
Legal sports betting is still a few months away, slated to launch in Ohio on Jan. 1, 2023.
Sportsbooks are still going through the application process right now.
Despite the early phase of the market, we can look at the success of parlays in other states to predict the future of Ohio.
Take Illinois as an example. Gamblers in the Land of Lincoln are no strangers to parlay betting.
According to the most recent report, Illinois bettors wagered over $160 million on parlays during just the month of May. That accounted for 21% of all wagers that month.
In short, parlays were the most popular betting option in the state behind basketball ($191 million) and baseball ($184 million).
FanDuel Sportsbook alone took in $69 million worth of parlay bets in May. It’s become common for FanDuel to rack up more parlay bets in a single month than some of its competitors bring in collectively from all other types of wagers.
Given Ohio’s massive potential, the Buckeye State will likely see huge parlay numbers of its own next year.
Why sportsbooks love parlay betting
Sportsbooks love to promote parlay betting, especially when it comes to same-game parlays.
When sports betting is officially underway in Ohio, residents will start to see all sorts of advertisements about the feature. This will range from traditional TV ads to pre-made parlay bets sitting prominently on the home pages of online sportsbooks.
Gambling companies 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 as legal sports betting approaches. Keeping responsible gambling practices in mind can help make sure your wagering experience stays safe and enjoyable.