Parlays are a great way to get more payouts and lower your risks at the same time. However, it’s important to understand when to bet on them and how to calculate your odds.

The best time to bet on a parlay is when you have an excellent read on one game or event. For example, you might want to bet on a match between a big favorite and an underdog. This will provide you with the most winnings, but only if all of the picks are correct.

You can also take advantage of correlated parlays, which are bets that predict a similar outcome. For example, if you have a good read on a college football game, it could make sense to place a parlay on the favorite and over or under bets.
If you are betting on a moneyline, point spread or totals parlay, you should always add at least one underdog team to the mix. This will significantly increase the odds of your bet.

A good rule of thumb is to bet no more than three teams in any NFL or college football parlay, although there are exceptions to this rule. Adding more than three teams will reduce your chances of cashing, so choose wisely.

Some of the best online sports betting Singapore sites offer round robin parlays, which let you create multiple smaller parlays from a larger list of picks. This is a great way to increase your odds of winning and protect yourself against the last leg. It’s also a great way to hedge against losses on a parlay, which is a valuable tool in any sportsbook.