Betting jargon can sometimes make things seem more complicated than they are. One term that often confuses new bettors is parlay. While it might sound like something out of a card game, a parlay bet is a straightforward yet strategic wager that can increase potential returns.
This guide explains exactly what a parlay means in betting, how it works, and how it differs from other types of bets. We’ll also look at the risks involved and common strategies to consider.
Essential Takeaways
- A parlay bet combines multiple selections into one wager, and all must be correct to win.
- While parlays offer higher potential payouts, they come with increased risk since a single incorrect selection results in a loss.
- Smart parlay strategies include keeping selections low, focusing on lower odds, and researching match conditions before placing bets.
What Is a Parlay Bet?
A parlay bet is a single wager that links multiple individual bets together. To win, every selection in the parlay must be correct. If even one bet loses, the entire parlay is lost. Because of this, parlays are considered high-risk but can offer larger payouts compared to placing each bet separately.
Parlays can include bets from different matches or even different sports. Some bettors enjoy creating parlays for betting on multiple events in the same sport, while others mix selections from various events.
Example of a Parlay Bet
Let’s say you place a three-leg parlay on the following football matches:
- Manchester United to win against Chelsea
- Liverpool vs. Arsenal – Over 2.5 Goals
- Tottenham to score first against Newcastle
If all three outcomes are correct, the bet wins, and the payout is calculated based on the combined odds of each selection. If just one bet loses, the entire wager is unsuccessful.
How Does a Parlay Bet Work?
Step 1: Choosing Your Selections
A parlay bet starts with selecting two or more outcomes. These can be from different sports or events. Each selection is referred to as a “leg” of the parlay.
Step 2: Understanding the Odds
The total odds for a parlay are determined by multiplying the odds of each individual selection. If you select three events with odds of 2.00, 1.50, and 1.80, the total parlay odds would be:
2.00 × 1.50 × 1.80 = 5.40
This means that if you bet £10, your potential return would be £54 (including your stake), provided all selections win.
Step 3: Placing the Bet
Once you have chosen your selections and checked the odds, you enter the amount you wish to bet and confirm the wager. The bet is now active and will be settled once all events have concluded.
Types of Parlay Bets
Parlays can take different forms depending on the bookmaker’s offerings. Here are a few common variations:
Traditional Parlay
A straightforward parlay where every selection must win for the bet to be successful.
Same-Game Parlay
Instead of picking outcomes from different events, all selections come from the same match. For example, you might bet on a player to score, total goals, and the winning team in a single football match.
Progressive Parlay
A modified version that allows a certain number of incorrect picks. While the payouts are lower, it offers some flexibility compared to a standard parlay.
Teasers
A variation where the bettor can adjust point spreads or totals in their favour, but this comes with lower odds.
Parlay Bets vs. Single Bets: What’s the Difference?
A single bet is a straightforward wager on one outcome. If you bet on Manchester United to win, and they do, you win the bet.
Parlays combine multiple selections into one bet, and each selection must be correct. While this increases the potential payout, it also raises the risk. The difference in sports betting odds between single and parlay bets often attracts those looking for higher returns.
Pros and Cons of Parlay Betting
Pros:
Higher Potential Payouts – The combined odds mean that a small stake can lead to a significant return.
More Betting Options – Allows bettors to combine different events into one wager.
Diverse Strategy – Ideal for those who enjoy predicting multiple outcomes.
Cons:
Higher Risk – If one selection is incorrect, the entire bet is lost.
Lower Probability of Winning – The more selections added, the harder it is to win.
Limited Cash-Out Options – Some bookmakers may not allow early cash-outs on parlays.
What Are the Best Strategies for Parlay Betting?
While parlays can offer big payouts, they also require a careful approach. Here are a few tips to consider:
Keep the Number of Selections Low
Adding too many selections increases risk. Sticking to two or three legs keeps the odds reasonable while still offering good returns.
Focus on Lower Odds Selections
Instead of betting on several underdogs, consider adding bets with lower odds but a higher probability of winning. This reduces the chance of one unexpected result ruining the entire bet.
Research the Teams and Conditions
If you’re betting on sports events, check for injuries, team form, and weather conditions that might affect performance.
Consider Alternative Markets
Instead of only backing teams to win, explore markets like “Both Teams to Score” or “Over/Under Goals”, which can sometimes be easier to predict.
FAQs About Parlay Bets
What happens if a match in my parlay bet is cancelled?
If a match is cancelled or postponed, most bookmakers will void that leg of the parlay. The bet will still stand, but the odds will be adjusted accordingly. Check the specific rules for exact details.
Can I cash out a parlay bet early?
Some bookmakers offer a cash-out option, allowing you to settle a parlay bet before all matches are complete. This can be useful if most of your selections have won, and you want to secure a payout rather than risk losing everything.
Are parlay bets better than single bets?
It depends on your betting style. Parlays offer larger potential winnings but come with a higher risk. Single bets provide more control and a better chance of winning smaller amounts more frequently.
What is the maximum number of selections allowed in a parlay bet?
Most bookmakers allow between 10 and 15 selections in a parlay, but this varies. Adding too many increases risk, so it’s often better to keep selections lower for a better chance of success.
Parlay bets are an option for those who enjoy combining multiple selections into one wager. They offer the potential for higher payouts but come with added risk. Understanding how they work, choosing selections wisely, and managing expectations can help make parlays a useful part of a betting strategy.
Whether you’re interested in betting on football matches or exploring different betting markets, knowing how parlays work ensures you make informed decisions. If you’re considering your next bet, check the betting odds available to see if a parlay suits your approach.