Parlay betting is exceptionally popular across all sports, as bettors are able to combine multiple selections into a longer-formed bet.
This type of wager can often return large amounts of money if successful, but many still speculate whether it is the best type of wager to make in terms of a long-term strategy.
However, one sport in which parlay betting is more decisive than most is horse racing. But, what is parlay betting in horse racing and what are the pros and cons of this type of wager?
What Is Horse Racing Parlay Betting?
Parlay betting on horse racing works just as it would if you were betting on this type of market with another sport.
You can include two more selections from different races into a longer form bet to create a single wager using the horse racing payouts calculator by TwinSpires.com.
However, in order to get returns from this type of bet, all selections must be correct.
Therefore, parlay betting in horse racing is very decisive, and few see it as the most popular type of betting.
Unlike other sports where parlay betting is very popular, given the unpredictable nature of horse racing, many fans opt against including more than two or three selections in their parlay.
How Does Parlay Betting Work?
The best way to understand how parlay betting works in horse racing is by using an example. Therefore, you could include three selections at prices of 4/1, 10/3, and 13/8. If you include these selections into a parlay bet, then you will get odds of just under 56/1, meaning that a $10 stake could return $568.
However, if you placed a $10 wager on each of the selections, and they all won, you would only get $119.58 in return. The parlay market takes into consideration the added element of risk, as all selections must be winners in order to claim returns.
Pros Of Parlay Betting
Despite many experienced bettors often opting against placing a parlay bet on horse racing, it can still be a useful strategy if done correctly. Instead of choosing six or seven horses to include in the parlay, most experienced bettors often use this market when making wagers on shorter-priced selections to enhance the amount of money that they stand to win.
In fact, using a parlay to bet on short-priced favorites and joining them into one bet could be a very useful tactic, as you can then stake more than you would usually since there will be confidence that the selections are near-guaranteed winners.
However, the risk that comes with adding more selections makes it tricky to land winnings, as it is extremely rare for any bettor to successfully predict six or seven winners on the same card.
Cons Of Parlay Betting
When it comes to parlaying betting on horse racing, there are unfortunately more negatives than there are positives. Given the unpredictable nature of the sport, correctly predicting three short-priced favorites to win may seem like a sure thing, but there are constant shocks in the biggest races that many bettors overlook in order to get returns.
As mentioned previously, including more selections into a parlay is also a poor strategy, as bettors will need their fair share of luck in order to hit the jackpot and get the returns from the wager. But, if playing with a small stake, it could add to the enjoyment of the day.
Parlay Alternatives
There are a number of different alternatives for bettors looking to wager on multiple races on the same day. One of the most popular in the U.S. is the Pick 4s, 5s and 6s, where bettors can play for a small amount and look to correctly predict the outcome of the races offered by the sportsbook.
However, for most of the Exotics markets, each individual race is a preferred betting strategy when wagering on horse racing, as it ensures long-term interest in all races on the same day.
