Maryland sportsbooks offer an almost unlimited amount of betting options to players today.
Whether you want to put money on the Baltimore Orioles or the Ravens (or are looking to get in on some college action with the Maryland Terrapins), top-tier online sportsbooks in Maryland allow you to do exactly that straight from your phone by parlaying your different bets.
Parlay Betting Maryland guide
At the same time, though, with so many different betting options available to pick and choose from, it can feel like a real uphill battle deciding where to put your money.
But why narrow yourself down to just one wager on the upcoming Ravens game?
Why not play a couple of different bets – rolling them into a parlay – and (potentially) cashing out big time if these wagers hit?
Well, to pull that off, you’re going to need to know how to go about betting a parlay, why you should consider it in the first place, and what the pros and cons of these types of wagers really are.
That’s what we cover below!
The basics of Parlay Betting
Parlay bets become really easy to understand when you simply consider them multiple individual bets that have all been interlinked with one another.
Far and away one of the most popular types of sports wagers you’ll come across these days, and something that players in Maryland (and everywhere else, for that matter) love to get into, parlays combine your individual bets into a single “super bet” – and increase your potential for some pretty extreme jackpots.
Of course, to win a parlay, each of the bets that you have combined has to come up with winners all on their own.
Even missing just a single bet in a parlay (called a leg) is enough to cancel out the whole thing.
Plenty of folks have bet multi-leg parlays with six, seven, eight legs, or more only to have a single leg tank the whole thing – and there’s not much more frustrating in the world of sports betting than that.
At the same, combining multiple bets together (especially if you were going to make them individually anyway and believe them to be smart bets, to begin with) multiplies your potential to win huge if every leg hits.
It’s a risk/reward kind of thing that is super exciting!
Pros and Cons of Parlay Wagers
On the pro side of things, parlay wagers open up some pretty legitimate returns if each of your legs wins.
Individual payouts (especially those with relatively so-so odds) aren’t going to pay out that much unless you are putting down a decent chunk of change. By increasing your risk, though, by forcing multiple bets to win for you to take home everything, you’re able to elevate your winnings without having to go deeper into your pockets.
Of course, a lot of the top sportsbooks in Maryland also offer fantastic free play bonuses when players take on parlays. So, sure, there’s a high-risk, high reward kind of situation here – but that’s what makes it so fun and so exciting.
However, on the con side of things, we really need to zero in on that high-risk part of the high reward equation.
As mentioned earlier, it only takes one leg missing (even by just a small amount), and your entire parlay – and all the money you wagered – is wiped out completely.
Secondly, not every sportsbook is going to offer correlated parlay bets (something we dig a little bit deeper into in just a moment). That can really hinder your potential winnings.
Finally, fixed odds ALWAYS favor bookies.
It’s really tough to beat the house when you are rolling picks and parlays, knowing that the odds are only getting even more stacked against you.
How much do Parlays pay out?
While each individual sportsbook has its own formula for calculating how much winning parlays payout, here are some “general rules of thumb” you can use to guesstimate what you might pull down if you hit different kinds of parlay bets.
- Two Team Parlay with 2.6 to 1 odds – $360 payout (on a $100 bet)
- Three Team Parlay with 6 to 1 odds – $700 payout (on a $100 bet)
- Four Team Parlay with 11 to 1 odds – $1200 payout (on a $100 bet)
- Five Team Parlay with 22 to 1 odds – $2300 payout (on a $100 bet)
Again, this isn’t necessarily a hard and fast breakdown of how to calculate parlay betting in Maryland and what you might win.
It just serves as an example of the kinds of odds you can see four different “legs” of parlay bets, as well as the potential payout and winnings you might be able to cash in on.
What happens to a Parlay with a push?
In the event of a tie (also known as a Push), your parlay will eliminate that specific wager from the equation, lowering the number of bets in that parlay and lowering the potential payout if you win.
Let’s say, for example, that the over/under for the upcoming Baltimore Ravens game was set at 53 (and not 53.5).
If the Ravens were playing the Steelers and the total points score really did come out to 53 you’d end up with a Push, and the wager would be canceled out from your parlay completely (and the amount wagered returned to your account).
If that was part of a five-leg parlay, you would now be working with a four-leg parlay, and the odds matrix (and potential payout) would reflect this change.
If, on the other hand, this specific wager is part of a two-leg parlay, you now don’t have a parlay at all. Instead, you have a “straight bet,” and your potential winnings would revert back to that style of a wager.
Making the most of Parlay Wagers
There are a couple of different strategies that allow you to really make the most of parlay style wagers, but here are the ones you’ll want to rock and roll with regardless of whether or not you’re playing on the Bet MGM, PointsBet, DraftKings, FanDuel, or Barstool sportsbooks.
Free Play Bonuses
Anytime a sportsbook (especially one like FanDuel, for example) offers you free bets bonuses for parlay action, you want to seriously consider diving right in.
Three-team parlays are super popular with these kinds of promos, usually include better “juice,” and allow you to bring home some pretty significant winnings – so long as you actually cash in on the parlay in the first place.
As we highlighted a little bit earlier, correlated parlays are incredibly popular options, but not every sportsbook makes them available.
The idea here is that you create a combination that will either produce two winning or two losing conditions. For the sake of argument, let’s say that your correlated parlay was the Baltimore Ravens winning the game against the Steelers and Lamar Jackson throwing for two touchdowns and running for another.
Not every book is willing to take on this kind of action, though. When they do, it’s almost always a good idea to jump right in!
FAQ’s About Parlay Betting Maryland
Are Parlays the same as an accumulator bet?
You bet they are! Parlay bets and accumulator bets are exactly the same in form and function. Some sportsbooks (ones in the US) are going to call them parlays, and some (in the United Kingdom and Europe) are going to call them accumulators. They mean the same thing across the board, though.
How do I know if a Parlay is worth it?
Parlay bets are worth throwing down if you feel really confident in each of the individual legs. Parlay betting in Maryland are a difficult strategy to win with when you are betting over the long-term (only because the odds are so stacked against you with each leg having to hit), but the thrill of winning one really makes it worthwhile!
How are Parlays calculated?
As highlighted above, it’s impossible to know exactly how parlay bets are calculated only because each sportsbook calculates them differently. So make sure that you check out the sportsbook parlay calculators before you jump right in.
How often should I bet Parlays?
That’s really up to you! Some people like to throw down on a parlay every now and again, others like to do a parlay a handful of times a year, and others still can’t imagine doing any sports betting whatsoever without parlay action being a big piece of the puzzle.
It all comes down to how you feel about parlay betting in Maryland!
Are there different kinds of Parlays available?
There sure are! A Standard Parlay is exactly what it sounds like, a group of individual bets (two or more) that are combined with one another to create the parlay.
On the other hand, a Correlated Parlay lets you bet on two different actions inside of the same game that correlate with one another. These are tougher defined but offer a great opportunity to cash in big.
Finally, Progressive Parlay action allows you to lose an individual “leg” on your betting slip without closing out the entire parlay itself. Your odds of winning the parlay increase with these kinds of losses, but the potential payouts decrease at the same time.