Parlays are one of the most popular types of bets in the US. If you are a regular sports bettor, you will typically place a lot of separate wagers every day. Sportsbooks are aware of this and so developed a type of bet that allows you to combine several wagers into in the hopes of winning a large payout at increased odds. This type of bet is also known as a parlay.
If you have not come across a parlay before, it might seem very simple at first glance. Just a case of making at least two selections and then keeping your fingers crossed they all win. However, there are numerous rules in place and several variations of the standard parlay bet that adds some complexities, depending on where you are betting.
There have also been several parlay strategies adopted by bettors since the humble parlay bet was first introduced, and this guide talks about one of those approaches, which is open spots parlays. But first, let’s explain what a parlay is and how they work.
What is a Parlay Bet?
Simply put, a parlay bet is a wager that contains at least two individual bets combined into one. To win a parlay bet, every selection you make must win. If even one fails, the whole parlay bet is lost, which makes them one of the most challenging but exciting bet types.
Let’s look at an example. We are in the middle of the NFL season, and you want to bet on three separate games. You think the Kansas City Chiefs will win, the Detroit Lions will cover the spread and the total points scored by the Seattle Seahawks will be under 42. You can place three separate wagers on each of these outcomes.
However, if you want a higher payout and you really believe in these predictions, you can combine the three bets into one parlay. If all of the selections end up winning, your payout will be far higher than if you bet on each outcome individually.
What Does Open Spots Mean in Parlay Betting?
Since parlay bets gained popularity in the sports betting industry, there have been numerous adaptations and strategies that have developed from a simple parlay. One of those is open spots in parlays where you select some of the legs in your parlay wager instantly, and then leave some legs ‘open’ allowing you to finish the rest of the selections at different times or even on separate days. The number of open spots in a parlay wager will depend on the amount of legs you have already added. So, if a parlay bet had two completed selections out of three, there would be one remaining ‘open spot’.
These open spots can be filled with games and events that don’t even have odds or a market at the time the parlay is initially placed.
Example: 3 team parlay $100 bet wins $600
- Leg 1: Patriots -8
- Leg 2: Bills -14
- Leg 3: Open Spot
Open Spots rules and restrictions:
- Open sports can only be used on parlays and not teasers.
- There is a maximum limit of two open spots per parlay.
- Open spots can only be held for 90 days. Any bet that remains after this period will be declared as a loss.
- Once an open spot has been filled, you cannot edit at a later date.
Another thing to note is that any open spot will automatically be considered as a standard -110 moneyline, and the potential payout from the initial parlay bet will be calculated on this. However, once you fill that open spot with your selection, the potential payout will be adjusted accordingly if the new leg is a moneyline that doesn’t have odds of -110.
Benefits of Open Spots Parlays
The biggest benefit for having open spots in a parlay wager is the flexibility it provides. Conventional parlays require you to lock in your selections at the same time, which is difficult if you want to bet on games coming up in the next few days or you are waiting for that latest injury news before committing on a final decision. With an open bet, you can choose your legs now as you usually would, then fill the remaining spots at a later date, meaning you can take advantage of some better opportunities once they present themselves.
Another perk is open bets in parlays can help to mitigate risk. If you aren’t totally convinced on certain games, just leave those spots open and then fill them when you are more confident in your picks. This means you are not making snap decisions, and reduces the chances of you losing your whole parlay bet because of one dodgy game.
Additionally, open sports parlays allow you to plan ahead and become more strategic. You can spread out your risk and also potentially increase your payout. For example, if two of your legs have already won and it is looking good, you can be more selective about filling the open spots. It is all about taking the time to make informed decisions, which will ultimately improve your chances of being successful.
How to Place Open Spot Parlays
Placing an open parlay bet is a straightforward process. Most online betting sites will have a specific option for open wagers when you are building your parlay.
First, choose the games that you are confident in and add them to your parlay. When the betting slip appears on the screen, you will see an option to leave one or more spots open. Select how many spots you want left open and then place your bet.
As the games take place, you can keep track of the outcomes and fill in the open spots at any time before the final game. Make sure you are aware of the deadlines to fill in these open spots, as sportsbooks will require you to complete your parlay wager within a set time period.
Tips for Open Parlay Betting
Now that you know what open spots parlay betting is, you can use this as part of your wider parlay betting strategy. You could also incorporate other types of parlays such as same game parlays, which allow you to combine several bets from one game. Here are some tips to consider before placing any parlay bets:
Diversify: When building a parlay, think about diversifying your bets. Don’t combine bets that will be determined by one key factor. Always place a variety of bets to reduce risk.
Do your research: The more informed decisions you make, the more likely you are to make a profit. Make sure you research the leagues, teams, and players you are betting on and analyze all of the stats and odds to give yourself the best chance of winning.
Utilize cash out: Most sportsbooks offer some form of cash out, giving you the opportunity to settle your bet before the game is completed. This can be very beneficial to minimize losses.
Manage your bankroll: This should be the case for any betting activity really, you should always set a budget and stick to it.
Open Spots Parlays Can Enhance Your Betting Strategy
Having a good understanding of what an open bet in a parlay is and how to use these spots to your advantage can really play a big role in your overall betting strategy. Open spots give you greater flexibility, help with strategic planning, and can also reduce the risk. By maximizing these benefits, you can make better choices and increase your chances of earning higher payouts.
