Betting On Nascar For Beginners - Do’s And Don’ts Of Motorsports Parlays
If you haven't heard by now, a bettor won $1 million off a $13.49 bet on the 2022 Coke Zero Sugar 400 NASCAR Cup Series race at Daytona on August 28, 2022.
Cody Ware (+2000), B.J. McLeod (+2000), Landon Cassill (+1500), and David Ragan (+950) all finished 10th or better in a crash-filled race, capping off the four-leg parlay of top-10 finishers.
In this article, we will cover betting on NASCARfor beginners and know how you too can win a million dollars by betting on motorsports.
NASCAR is the most popular form of car racing in North America, with plenty of speed, thrills, and crashes.
Of course, you can bet on it if you can watch it. There are numerous good NASCAR betting opportunities for those who are well-versed in the sport, particularly when it comes to betting. So, how should you go about NASCAR betting?
Here are some useful strategies to help you use NASCAR for building your bankroll.
Betting On Nascar For Beginners
Beginners Guide to NASCAR Betting 2022 | How to Bet on NASCAR in 2022 | NASCAR Betting Tips
With a massive following in North America and multiple races taking place at different racetracks almost every week from February to early November, NASCAR betting is one of the most popular wagering options for motorsports fans.
NASCAR has several racing series and styles, the most popular of which are the Truck Series, Xfinity Series, and Cup Series. All of these races are available for NASCAR betting at most sportsbooks.
Learning how to bet on NASCAR is simple if you know what to look for each week. Here are some betting fundamentals and tips to get you started.
NASCAR races are held on various track layouts and distances. They also take place in a variety of climates and temperatures, all of which have an impact on the race's outcome.
NASCAR betting odds are set by betting sites based on a driver's current form, their history at specific tracks, and track styles. Other factors considered in the odds include the overall success of the race team, qualifying times and starting position, pre-race preparation/accidents, and car manufacturer.
Unlike footballor basketball, which have extensive odds menus, NASCAR betting is typically limited to a few different wager types for each race, depending on the sportsbook. NASCAR odds are typically shown in American odds.
Betting Parlays Explained
In most cases, betting parlays is a losing proposition in the long run. That is why books provide them. However, this does not preclude you from betting on motorsports.
Even if the chances of the parlay hitting are extremely low, they can be not only entertaining but also profitable in the long run. So, let's go over the dos and don'ts of betting parlays in sports.
Do Know The Odds Calculations
Assume you're parlaying two props, each of which has odds of +500. In this situation, what are the odds of the full parlay? As we can see, in this case, the parlay should pay out $3500 and return our $100 bet.
The math is fairly straightforward. To break even, each bet at 5-to-1 odds must hit one out of every six times. As a result, in decimal odds, it becomes:
- 6.00 x 6.00 = 36.00
- 36.00 – 1 = 35.00
So, if the odds are reasonable, we'd expect a book to pay this parlay out at +3500. If a book offers less than this amount, they are holding more on each individual bet than they already do.
Don't Bet The Parlay If You Wouldn’t Bet Each Leg Individually
Aside from calculations, it's not a good idea to bet a parlay if you wouldn't make each leg of the bet separately, assuming the bets aren't correlated.
I frequently see bettors use parlays of race winners from multiple races to get "better odds" on a driver they believe will win the second race. That is a logical fallacy.
To begin with, you are not getting better odds on the second driver. You'll only get better odds on him if the first bet is successful. And there's no guarantee that the first bet will be successful. Consider another example.
Assume you bet +300 on A.J. Allmendinger to win the XFINITY race on Saturday and +500 on Chase Elliott to win the Cup Series race on Sunday. Even if the book offers a reasonable +2300 on the parlay based on the parlay calculation, this is not a bet to make if either leg of the bet is a poor bet on its own.
Even if Allmendinger is fairly priced, or even slightly underpriced, you're still betting against him. Only if Allmendinger is offered at odds greater than +433 when the fair value of his winning is 25%, or +300, will this parlay be profitable.
In that case, you should bet Allmendinger alone rather than parlaying it with a losing bet to break even. These kinds of wagers are common in motorsports.
In 2022, for example, BetMGM frequently offered prop bets in which the bet wins if driver A is the top Ford, driver B is the top Chevy, and driver C is the top Toyota.
To begin with, they usually cut even more than the fair odds you should expect from the parlay calculation. Second, at least one of these bets is an EV bet the vast majority of the time.
Do Parlay Multiple Independent
In contrast to the preceding thought, it is acceptable to parlay multiple +EV bets as long as each bet result is independent of the other. The main point to remember here is to scale your bet size appropriately.
Because we're combining multiple bets, the total parlay's expected odds are typically very low. As a result, even if each parlay is a good bet, it is common to go on long-losing streaks. If you aren't properly sizing your bets and managing your bankroll, you can quickly go broke by betting even the best of parlays.
Don't Parlay Negatively Correlated Bets
Four drivers finished in the top ten, resulting in a $1 million winning parlay. Even if each driver's individual odds are +EV, parlaying top-10 bets is a poor value proposition 99.9% of the time.
This is due to the fact that we are parlaying two +EV bets that are "stealing" from each other. If you parlay two drivers to finish in the top ten, you really only need one to finish in the top ten and the other to finish in the top nine.
But the book isn't giving you top nine odds, which should be longer than top ten odds. They are still giving you the top ten odds on each driver. This is amplified if you make it a three-leg parlay.
A bet may be disguised as "all Joe Gibbs Racing drivers to finish inside the top 10" by bookmakers. This is a combination of four drivers who finished in the top ten. That means finishing 10th or better, then 9th or better, then 8th, and finally 7th or better.
Don't Make The Crazy And Multiple-Legged Parlay
We're all looking for the big, crazy, multi-leg parlay that pays off big. That is part of the allure and fun of betting and sweating. However, regardless of sport, these are typically terrible bets to make.
That's because there are so many things that could go wrong. Not only from a results standpoint but also from a mathematical standpoint. In fact, this particular $1 million winning betbroke the rule of negative correlation.
Signing Up For NASCAR Betting Online
When it comes to opening online sports bettingaccount, the first step is to find the right sportsbook. The fact that you are reading this means that you are already in the right place.
We have a comprehensive list of casinos to suit your needs, as well as a wide range of bonuses and promotions to get you started.
If you live in a state where gamblingis legal, your local casinomay have or is planning to open a sportsbook. This is usually the location of the first online sportsbook.
Many states are launching live sportsbooks before launching an online casino, but don't worry, this is just the beginning. Once the live sportsbook is fully operational, a mobile app and a web-based betting platform are likely to follow.
In some states, you must complete your registration at the casinoin person. This is done to prevent identity theft and underage gambling. The process will be simple and straightforward, whether in person or online.
You'll be up and running in minutes. All that remains is for you to make your first deposit. If you are in person, inquire about their deposit options if you are not using cash.
If the state already has an online sportsbook, it will almost certainly accept the majority of payment processor options, including credit cards and e-wallets.
People Also Ask
What Do The Odds Mean In NASCAR?
You bet on which driver will win the race in NASCAR. The odds are the same as in other sports, and they are typically displayed in American odds, also known as Moneyline odds.
Is There A Strategy In NASCAR?
You can't have a strong NASCAR betting strategy unless you understand the significance of track history. Many NASCAR drivers perform exceptionally well on some tracks and only mediocrely on others. There is no black magic at work here.
Can You Bet NASCAR Live?
NASCAR live betting is betting on the race after it has begun. Once the race has begun, all sportsbooks will remove the pre-race lines from the board and begin offering live betting odds (if they have that available).
Conclusion
It takes a wise bettor to recognize that there is more to NASCAR betting than meets the eye. Although it has been mocked over the years for being a sport in which you simply keep "turning left," it is actually a lot more sophisticated than some believe.
Betting on NASCAR is exciting because your heart rate increases as the drivers satisfy their need for speed. You can now get started and place bets on the big races now that you're well-versed in the subject.