Parlay Betting With Crypto: All You Need to Know

If you love chasing big wins, parlay bets are probably already on your radar. But have you tried placing them with crypto? Using digital currencies like Bitcoin or Ethereum makes the betting experience smoother and faster, especially for those who value speed and security.

Still, it’s not all upside. There are real risks to be aware o,f and picking the right site matters. With that said, let’s take a quick look at what you need to know to bet smarter when using crypto for parlay wagers.

Understanding Parlay Betting

Parlay betting means you place one single bet that links two or more individual bets. Each bet you add to the parlay is called a “leg” and the catch is that all the legs must win for the parlay to pay out. The more bets you add, the bigger the potential payout but the risk also gets higher. If even one leg loses, the whole wager becomes a loss. 

For example, let’s say you bet on three football games and you pick Team A, Team B and Team C to win. If all three win, you win the parlay. However, if Team C loses, you lose the whole bet even if A and B win. As you can see, the risk is higher but so is the reward. 

Placing a Parlay Wager

The process to making a parlay bet is quite straightforward and you only need to follow the guidelines below:

• First, on your preferred Bitcoin sportsbook, log into your account
• Head to the sports event you want to bet on and pick at least two different bets from the options like spreads, moneylines, totals, etc
• Click on each bet you want and they’ll be added to your bet slip automatically
• In your bet slip, look for the option to combine your picks into one parlay. The site will show the total odds and how much you can win
• Enter the amount you wish to stake, review everything and click to place the bet

How to Calculate Parlay Payouts (Using Decimal Odds)

Working out your parlay payout is simple when using decimal odds, as opposed to using the fractional format. Here’s how you can go about the maths:

• Get the decimal odds for each leg and write them down
• Multiply the odds together to get your combined parlay odds
• Determine what your stake amount is and multiply it by the combined odds
• Take away your original stake and figure out what your profit is

For instance, if all your picks have odds of 1.80 each and you have three picks, the total is 5.40. Then, let’s say you bet 20 USDT, you will win 108 USDT and your profit there will be 88 USDT. As you can see, it’s all straightforward.

Tips for Parlay Betting With Crypto

There are several ways to maximize your odds of winning when placing parlay bets and below are some tips to help you out:

Start Small

Parlay bets can be tempting because of the high payout but keep in mind that they are also risky. If one pick loses, you lose whatever amount you wager on it. So, try starting with small amounts until you get the hang of it. Even with crypto, losing money still stings.

It’s a way to lose track particularly when placing multiple parlays. So keep a simple record of how much you bet, where and the outcome. 

Limit the Number of Legs

It might be fun to add a bunch of games to your parlay but every leg adds more risk. So stick to adding only two or three legs at first, on which you still get a good payout without going too wild.

Do Your Research and Stick to What You Know

Look into the teams, players, injuries and other stats before placing your bets. Don’t be one of those bettors who “just go with their guts.” While this may work sometimes, in the long run, it’s usually unprofitable. 

Also, only bet on sports or teams you know well. Don’t focus on the potential big payouts alone but let knowledge help you make better picks. 

Shop for the Best Odds/Use a Wallet You Trust

Different Bitcoin sportsbook sites offer different odds. Some may give better value for the same bet which is why you should compare odds before placing your parlay. 

Additionally, make sure you always store your crypto in a secure wallet. Never leave large amounts of crypto on a betting site especially if it’s not well-known. 

Use Parlay-Specific Strategies

You should also use strategies specific to parlay betting to manage risks and increase your chances of success. Below are three popular ones:

1. Correlated Parlays (Where Allowed): This links bets that are related or likely to influence each other. For example, if you bet on a team to cover the spread and the total to go over in the same game, these events may be connected. However, many bookies block obvious correlated parlays so you may have to find ones that are subtle or allowed. 
2. Hedge After the First Wins: If your parlay has multiple legs and the first few bets win, you can place a new bet against your final leg to lock in profit or reduce risk. This is called hedging. 
3. Take Advantage of Bonuses: Most Bitcoin bookies provide acca-specific promotion offers where you can either get a bonus on your parlay wager or you get a cashback if you lose. This can come in handy if the outcome doesn’t favor you. 

Best Crypto Betting Sites for Parlays

Here are a few trusted sites that offer crypto parlay betting:

• Stake.com
• BC.Game
• Cloudbet
• Sportsbet.io
• 1Win
• Velobet

Here, you will find a full list of US Bitcoin bookies you can use for sports betting.

Conclusion

Parlay betting with crypto can be an exciting way to mix your love of sports with your interest in digital money. The payouts can be big and the process is fast and private but note that it’s not for everyone. So if you want to take part in it, make sure you take things slow, bet smart and enjoy the game.