Utilizing Open Parlays

As you probably know (or maybe don’t) I am a big fan of using parlays and rollovers as a strategic wagering tool. Yes, parlays are a sucker bet because most bettors are suckers. However, the math of parlays does not lie. The math is that if you can hit 52.5% or better on your straight bets, you actually have the edge in your favor on parlays of ALL sizes.

However, I am not here to sell you on parlays…the above articles I linked into this one (links in the above paragraph) will hopefully handle that task. What I am here to discuss is how to use open parlays to your advantage. With football season approaching, and that being the season when I achieve the largest gains on parlays, I figured it was a good time to discuss. So, let’s dive in!

What is an “open parlay”? Not every book (actually most do not) will offer an open parlay. An open parlay is when you can create a parlay (obviously to be a parlay it must have multiple legs) with at least one active wager but you leave “open” spots that you will fill later on with other wagers down the line. An open parlay would look something like the following…I like the Miami Dolphins -8, and I love parlays, but I have nothing else that interests me to parlay the Dolphins with at this time. I can create an “open parlay”. Let’s say I choose to have a three leg open parlay. My bet ticket would look like this…$5 on a parlay of Miami -8, OPEN, OPEN. At some point I will have to come back and put wagers into those “open” spots if I hope to get a result on my parlay and assuming Miami wins. If Miami -8 loses, then my parlay is dead anyway…the open spots do not matter. OK, so we have established what an “open” parlay is, now let’s discuss how to use it.

From here, when I have an open parlay, my strategy is simple. If Miami -8 wins, I want to then maximize the benefit of this open parlay by using only my “high percentage” wagers. I don’t want to just fire willy nilly to fill the open spots. I want to wait until the right moment. Using The Sharp Plays content, I would look to wait for a Group Buy and put it in…or perhaps a KB Consensus angle and put it in. Thereby I am using the percentages in my favor and maxing out the probability of this parlay coming through. So, from that point, the strategy of filling an open parlay is pretty basic…use your best wagers.

Some people just prefer open parlays versus rollovers. It’s a mental and comfort thing…I get it…we all have our preferences. Yes, the one drawback to using a rollover versus an open parlay is rollovers do not work if you are betting games at the same time…or have possible wagers in the future that could begin before the initial wagers conclude. So, if Miami -8 and Tampa +3 are the teams I want to bet together in a leveraged wager (i.e. a parlay or rollover) and both play at 1:00pm ET, and then I like Dallas -2 at 4pm ET as a possible play…but not ready to be it yet, then an open parlay is my only option. A rollover won’t work because the Miami/Tampa 1pm ET parlay might not be concluded by 4pm ET when I would have to bet Dallas. So, an open parlay is the best option for this time sensitive situation. However, if you have wagers that are going off with plenty of time between games, to me the rollover is the best option. Instead of the money being tied up, with a rollover you are always collecting back profits at the end of each wager. With an open parlay, your money is tied up until the end, no matter what.

For example, if I have a $1000 open parlay with Miami -8, OPEN, OPEN…and the Dolphins win, that $1,000 is tied up and out of my hands until I fill the open spots and win the whole parlay. If instead I bet $1,000 on Miami -8 in a rollover, when Miami wins I get the risk and profits in my hands and then have those to roll onto the next wager and the next wager…OR have the option to change my mind and just end my leveraged action at that time. Rollovers (a.k.a. Rolling If bets) aren’t really something you hear a lot about in gambling media, but they are something I discuss all the time due to their versatility. The rollover provides the leverage of a parlay, the options of an open parlay, but with the control of straight bets!

Sportsbooks don’t offer “rollover” bets (although 5Dimes did, it was called the Rolling If wager there) on their wager option menu. As such, people don’t realize that “rollovers” are a “thing” because they never see the term. However, rollover bets can be done at any book because all a rollover is just placing a bet and then “rolling over” the winnings and risk onto the next bet. Hell, rollovers can be done in most gambling situations…blackjack, craps, even stocks and options in the financial markets. It’s just taking your initial investment in something and rolling that investment and any gains into the next investment…and the next…until you decide to cashout. You could even bet $1000 at a horse race…collect back $1500 on a win in that horse race, and then “rollover” that $1500 on a hand of blackjack, win that blackjack hand and take the $3,000 you now have and invest it in DraftKings stock. So, you had a three leg rollover that involved a horse race, hand of blackjack and DraftKings stock!

Anyway, just my two cents, but I get asked about open parlays all the time, so I thought I would briefly discuss what they are to people who did not know, how I look to use them, and then my personal preference for open parlay situations (take a rollover when possible)…because unlike open parlays, every book will allow a rollover because once again…a rollover is just a series of independent wagers (straight bets, futures, teasers or parlays) where you are rolling risk & winnings (or just winnings after the first wager) from one bet to the next.

Now let’s get rolling or open parlaying and have some fun this season!

I hope you enjoyed the article and good luck in your action!