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What is a Key Parlay Bet?

Key Parlay Betting

One of the most heard concepts in the betting world is the parlay, which are combined bets that integrate at least two selections in a single bet. However, there is also something called key parlay, an interesting strategy that offers a good way to diversify and reduce risks while maintaining the possibility of obtaining significant profits. If you want to know more about keyparlay, you are in the right place, as in this article we will explain in detail how it works and the best way to take advantage of it.

Table of contents

  1. 📖Key Parlay Defined
  2. ❓How Does Key Parlay Work?
  3. 🔍Structure of a Key Parlay
  4. 💡Tips and Strategies

Key Parlay Defined

Before going into what key parlay is, we will remember what parlay means in sports betting and why this bet is so popular all over the world.

Parlays are combined bets with two or more selections, also called combined or multiple bets. In these bets, several predictions are combined in a single betting slip. The main attraction is that with a small investment you could obtain huge profits, although for this to happen, all the selections must be winners, since, if only one of them fails, the entire bet is lost.

The basis of this type of bet is that the odds of the different selections are multiplied by the amount of the bet, resulting in an attractive profit.

To make it clear how parlay bets work, we will give an example. Let's suppose that we make a selection of three events. On the one hand, we have a football game between the Chiefs and the Cowboys with odds of +100 (2.0) for a KC victory, on the other hand, a basketball game between the Los Angeles Lakers and Golden State Warriors with odds of -125 (1.8), and, finally, a tennis match between Carlos Alcaraz and Novak Djokovic with odds of -200 (1.5).

  • To calculate the total odds of the parlay bet, the individual odds in the decimal format of each selection are multiplied, that is, 2.00 x 1.80 x 1.50 = 5.40 and we multiply this figure by the amount we allocate to bet, for example, if our amount is $100, we would get a profit of $540 if all our predictions are correct.

How Does Key Parlay Work?

Now that we have recalled the concept of parlay, it is time to delve into key parlay, which is a variation of traditional parlay bets.

The particularity of key parlay is that it refers to the combination of two selections in different sporting events in which one or more predictions are added.

In key parlay betting, you must choose at least four predictions on different sporting events, and in order to aspire to a potential profit, as in the rest of the combined bets, all the predictions made must be correct.

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The Basic Structure of a Key Parlay

Key Selection: The user must identify a selection that he considers the safest, which he will use as a basis for all betting combinations.

Multiple Parlays: The user will then combine this key selection with other different selections to form multiple parlays. For example, if the user has five selections (A, B, C, D and E), and selection A is the key, he will have the following parlay combinations :

  • Parlay 1: A + B
  • Parlay 2: A + C
  • Parlay 3: A + D
  • Parlay 4: A + E

With this, the key selection (A) will be present in all parlays, and the user will be betting that the key selection will win, along with at least one of the other selections.

To make the key parlay operation clear, we will detail its operation; let's suppose that the user is very sure that Team A will win its match, so he chooses it as the key selection. Then, with the notion that said team will win, he creates the following key parlays :

  • Parlay 1: Team A + Team B
  • Parlay 2: Team A + Team C
  • Parlay 3: Team A + Team D
  • Parlay 4: Team A + Team E

If Team A wins its match, the user still has several opportunities to make a profit, as long as at least one of the other selections (B, C, D or E) also wins.

It is worth noting that in a key parlay, there can be as many teams as you want and you can also choose several key teams.

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Tips and Strategies for Key Parlay Betting

After reviewing how parlays and key parlays work, it is time to talk about recommendations to reduce the risk margin and some strategies that can help you if you are interested in making combined bets.

  • The first recommendation for both combined and single bets is to have at least a basic knowledge of what you are going to bet on, as well as to do a market analysis to see where the best odds are.
  • If you are just starting out in the world of combined bets, we recommend that you avoid introducing selections just because it increases the final odds. On the contrary, it is preferable to choose the minimum number of teams in the key parlay so that you have greater control over them, and even if you do not get large profits, they are safe.
  • Bet small amounts of money, as this will help you minimize potential money losses if you do not get a prediction right.
  • Avoid emotional bets, that is, always do it with the utmost objectivity and with prior research that allows you to make clearer and more informed decisions.
  • Manage your bankroll appropriately so that you do not allow yourself to spend more than you have budgeted. One recommendation is that no bet, no matter how confident you are, should exceed 5% of it.
  • Always remember to look for sportsbooks that are legal and operate under the rules of the country in which you reside and, most importantly, that offer parlay bets and their derivatives.
  • Last but not least, consider using promotions to your advantage, as many sportsbooks offer enhancements on parlays or insurance that can give you an additional advantage.

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