When you are learning how to be a bookie, it is important for you to learn the different types of bets that your players can make in a sportsbook. Knowing what is essentially your product helps you manage the lines better. And from a marketing perspective, it also helps you know how to promote your sportsbook. When looking at the most common sports betting lines, sportsbooks tend to promote the most popular wagers: the spread, the totals, and the moneyline. But if you want your sportsbook to earn more, you should also explore more lucrative options like parlays. But why are parlays important to bookies?
Parlays are proposition bets that combine multiple wagers into one single bet. For instance, one can make a parlay bet predicting that the Chiefs and the Buccaneers will both win their games this Saturday. The more common option would be to make separate wagers, say $10 each. But, if one combines these wagers into a parlay, the payout is higher. Parlays can have two legs, like our example here, but can be as complex as 5 separate wagers combined into a single parlay.
Parlays have a higher risk for bettors because all segments, or legs, of the bet has to win for the wager to be paid out. One single loss, and the wager loses. Bettors do tend to like betting on parlays because despite the risk, the payout potential, should they win, is high.
Why are Parlays Important to Bookies
From the perspective of a bookie, however, high risk bets also mean higher revenue for sportsbooks. Given the complexities of parlays, the probability of winning one is much lower than other bet types. Which means bookies can earn a lot from parlays. When you learn how to open a sportsbook, you will be given suggestions on bookie software that can help you track your sportsbook’s activity. There, you will be able to see the percentage of parlay bets you get compared to other wager types. You will also be able to see how much you earn from these wagers.
For example, in May 2022, Louisiana sportsbooks report that 48.2% of their sports betting revenue come from parlays. That’s almost half of their earnings in that month- amounting to $12.4 million in revenue. This year, sportsbooks in Illinois report that parlays account for around 60% of the wagers they receive monthly. Seeing how popular parlays are, it is an advantage for bookies to promote and encourage parlays bets in your sportsbooks. And with the best bookie software, you will be able to offer the best parlay lines to your players. This bookie pay per head demo will give you an idea of what the best bookie software provider offers.