Anyone that has been paying attention to We Want Picks lately knows that we have partnered with BetOpenly. BetOpenly is a revolutionary platform that is single handedly attempting to change the landscape of sports betting by providing a place for bettors to wager on their favorite sports without the juice that typical sportsbooks charge on each bet that is made. One very interesting way that BetOpenly accomplishes this is through parlay wagers.
For anyone that doesn’t know, a parlay in the sports betting world is when you combine two or more bets together into the same wager. The benefit to this style of bet is that if you are correct you will receive a boosted payout compared to betting each leg of your parlay individually. The risk to this style of bet is that if you lose just one leg of the parlay, then your entire bet is graded as a loss. As you can probably tell, this is a high risk, high reward, style of sports betting.
Within the gambling community the concept of parlays is very polarizing. One side of the debate will tell you that parlays are a trap designed to make you lose more often as your odds of winning are exponentially decreased the more legs that are added to the parlay. This side obviously believes in the house advantage associated with players placing parlay bets, and due to that belief wants very little to do with this betting style.
The other side of the debate will tell you that parlaying favorites together is a very successful betting strategy that everyone should be using to increase their return on investment. Without getting too deep into the weeds here, I have seen this style prove fruitful over the long term with my own eyes when it comes to two team/fighter parlays. I have also noticed that when the parlay is extended to three or more teams/fighters, things get really sketchy really quickly.
But I have good news! With BetOpenly parlays, you can be on either side of the argument and still be presented with a great opportunity to make money. You see, BetOpenly is not a traditional sportsbook, so they don’t actually have a stake in the outcome of your bet. Both sides of a parlay on BetOpenly are covered by a bettor just like you. Let’s take a deeper look into each side of a parlay on BetOpenly!
THE PLAYER SIDE
When it comes to being on the side placing the parlay on BetOpenly it works basically the same as it does on a normal sportsbook. You simply select your sport, and then start adding available bets to your betting slip. Once you are satisfied with the bets in your parlay, then you finalize the ticket and it gets posted on BetOpenly’s open market for other sports bettors to come take the action. The secret sauce here, and the reason that placing your parlays on BetOpenly is so much more advantageous, is that you will be receiving better odds on each leg of your parlay than you would placing the same parlay through a traditional sportsbook.
With a normal sportsbook you will be paying about 9% juice on each leg that you include in your parlay, so a three fighter parlay will have approximately 27% juice going right to the sportsbook off the top. With BetOpenly there is no juice cooked into the betting odds, and BetOpenly simply takes a flat 1% from the winner at the conclusion of the wager.
Let’s examine a parlay that I just threw together at the time of writing this to see the difference in the odds between BetOpenly and a popular off-shore sportsbook.
So as you can see, you are going to receive a higher payout on BetOpenly if the parlay was to win. Imagine this difference playing out in your wagers over the course of a month, or even a year, the savings is astronomical.
THE HOUSE SIDE
Now this is where things get really interesting. BetOpenly is not a sportsbook, so they are not providing you with action at all. Instead BetOpenly is a platform that is allowing you to present your desired parlay to all of the other users on their platform. One of those users, a normal sports bettor just like you, will be playing the role of the house on your parlay.
The bettor playing the role of the house for your parlay in this case would be putting up $268 to win $100 should just one of those three fighters lose their fight. If you tie this back into the beginning of this article when we were talking about sports bettors that believe parlays are trap bets, you should immediately be able to see the opportunity that is being presented to those people here through BetOpenly. You are quite literally being given the side of the bet that you believe to have a significant advantage, and you are being provided with a near endless supply of those types of bets to choose from. Best of all, BetOpenly only takes 1% from your winnings as well, so everyone is winning more and losing less on BetOpenly!
BETOPENLY PARLAY STRATEGY
Obviously you would not want to be placing all of your bets as a parlay, nor would you want to be choosing to house every parlay that comes across your screen. Developing a strategy for how you plan to attack the parlay market on BetOpenly, and refining that strategy over time, is paramount to your success.
It is important at this moment for me to disclose that I personally do not bet on sports, so anything that I am about to suggest is purely an opinion based on the system as I understand it. That being said, I am quite removed from the ranks of the stupid, and firmly believe that you could stand to make a decent amount of money using what I am about to suggest as a starting point for your approach to BetOpenly parlays.
When you are placing parlays for yourself, using BetOpenly to place your two fighter parlays can be extremely lucrative. Just take another look at the betting odds available on BetOpenly above when it comes to the two massive favorites, Grant Dawson and Joe Pyfer. That is a monster difference, and should you place those two fighters in a parlay alone on BetOpenly, your parlay odds would be -164 on BetOpenly and -196 on a popular offshore sportsbook. That is about an $11 difference on a $100 bet in your favor should you win that parlay on BetOpenly.
This is where things get really fun because you can play both sides of the parlay debate in a way that I personally believe will give you an edge if you are playing them on BetOpenly. Those two team parlays are fairly safe in my opinion, as evidenced by WeWantPicks hitting at nearly 70% on them over the last year and a half. Once that third or fourth leg gets added though, things get very risky, very quickly.
It would be my suggestion that while placing your two team parlays on BetOpenly is a winning strategy, so is playing the role of house in other people’s three and four team parlays. I suggest looking for three team/fighter parlays that are including at least one fighter at dog odds or at least near pick’em odds. Four team/fighter parlays in the same fashion but you can expand the odds a bit to just having one under -150 or so. These bets will require you to place the lion’s share of the money up because the side you are on is that advantageous.
HAPPY PARLAY BETTING ON BETOPENLY
With the added benefit of not only getting the best available odds, but also being able to play on the house side of the parlays, there is very little reason that someone involved in sports betting should ever question the benefit of the parlay system on BetOpenly. If you are not currently on BetOpenly, you should consider getting registered on the platform expeditiously so that you can start realizing all of the added savings by avoiding the juice at traditional sportsbooks.