NHL can be a very profitable sport if you play your cards right and one of the ways in which bettors like to bet the NHL is through parlays, so when is the best time to play NHL parlays for profit?
What is an NHL Parlay?
For those who are not in the know and wondering what the hell we are talking about, a Parlay is essentially a slang word for what’s known as a combo bet. There are many different types of combo bets but for now we are only using a straight combo or straight parlays meaning if one leg of your bet is a loss, the entire bet is also a loss even if all your other selections win.
NHL parlays are not for everyone but if you can learn when to utilize them and take advance of them you might just be able to make some long term profit. Parlays can have between two and twenty selections, of course the more selections, the bigger the odds and the lesser the chance of winning.
Different Types of Parlays
Sports bettors can do many different types of NHL parlays, and there are multiple approaches to each type but not to complicate things we are going to look at the three most common types.
Single Game Parlays
Just as the heading says, this type of parlays involves just one game. The approach to this type of parlays could be that you believe team A will win by 2+ goals and the total will go over.
As a single bet these two selection might be only +110 and -125 each respectively but when we combine the two together, we get +275 and obviously the more selections, the bigger the odds but also the lesser chance of winning.
Moneyline Parlays
Moneyline Parlays are amongst some of the more popular parlays bets and it simply means which team will win the game, will it be team A or team B, overtime and penalty shootouts count when betting the moneyline.
Although underdogs can be bet on the moneyline parlays, the majority of bettors use this type of parlay when they believe 2/3 or maybe even 4/5 teams might win and they don’t wish to lay the juice on them as favorites and sometimes heavy favorites.
Over/Under Total Parlays
The final most popular parlays in NHL is the total line to go over or under, the top rated sportsbooks set the lines for each individual game, usually between 5.5 and 7.0 in the NHL.
Just like the moneyline parlays, a sports bettor might believe that a few selections are worth targeting in a parlay bet for better odds as the single bets can sometimes see juice as low as -140 for a total to go over or under. As an example three over/under selections at odds of -140, -110, -120 combine for +450 NHL betting odds.
Combination Parlays
So there are many different types of parlays and the most popular of all is the combination parlay, which essentially means picking different markets from different games as some games the moneyline, total or puck line might be the best bet and you don’t want to ruin your chances by taking all the same markets across the board when some games the better bet is going to be on another market.
An Example of this type of Parlays:
- Montreal Canadians Moneyline -110
- Toronto Maple Leafs -1.5 PK Line +120
- Colorado Avalanche v LA Kings Under 6.5 -110
Odds: +700
When to Play NHL Parlays for Profit
The best approach to betting NHL parlays for Profit is when firstly there is a big slate of games on the card, you don’t want to be picking 2-5 parlays selections from 2-5 NHL games. It’s much wiser to target 2-5 selections when you have 8-15 games taking place.
Of course it’s at your own discretion how many selections you take in your parlays but its widely advised between 2 and 5 selections to be the standard.
There are multiple angles to approach betting NHL parlays but one of our favorite ways to approach NHL parlays for profit is when we have a big slate of games (8 or more) and there are three of four favorites who look like a solid bet on the moneyline.
Combing all these selections will give us bigger odds and its likely they won’t lose which could cash as a winner, of course each individual game has its own case such as their could be a strong favorite playing a weak team and the weak team just happens to be on a back-to-back or a team is on a hit streak. Things like this are worth looking out for when making parlays.
You should always be looking to hedge your parlays if possible, meaning if you have a four-legged parlay and three bets already won, you can guarantee a profit by cashing out or hedging the bet.
Always seek any sportsbook offers on NHL parlays such as parlay insurance meaning if one selection of your parlays is a loss you will get your stake back or a free bet.
