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Parlay Bet Meaning- What is a Parlay Bet?

A parlay bet, also known as an accumulator, consists of two or more individual bets. This betting guide explains how to parlay bet and highlights its advantages and shortcomings. Due to their higher potential payouts, such bets are popular among casual and veteran punters alike.

Parlay betting is possible on any sports and market, including popular ones like point spreads, money lines, and totals. To win, you must predict all the parlay legs on the betting slip. This requires knowledge of the sport you are betting on, research, and good bankroll management.

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How to Make a Parlay Bet?

One parlay consists of at least two selections, although bettors frequently add more games. You start by identifying the sport and markets that show potential. Each time you find a bet worth placing, you add it to the betting slip, and the parlay odds will grow. These are calculated by multiplying the betting odds of individual games. The higher the number of selections, the bigger the potential winnings. Since you need to predict all the games on the betting slip, variance increases with each bet you add.

How to Place a Parlay - Step-by-step Guide

A parlay bet is as easy to place as a straight bet, as there is just an extra step. It is a skill you should master when betting on sports, and these are the five steps to take. You decide how many leg parlays you add and if you focus on a single sport or different ones. Remember that, unlike a single wager, all your parlay picks must be correct, otherwise the entire parlay loses.

Step 1
Choose a sportsbook among the licensed and regulated ones.
Step 2
Select multiple outcomes based on your preferred types of sports betting .
Step 3
Add all the individual bets on the same bet slip.
Step 4
Use the parlay calculator to determine potential payouts.
Step 5
Review the betting odds and place the parlay bet.

How to Calculate Payouts from a Parlay Bet?

Winning parlay bets have significant potential payouts because multiple selections are in play. To calculate these amounts, you must multiply all the betting odds from individual wagers. This is done automatically by most online bookmakers, although free calculators are available online. They work for decimal, fractional, or American odds to cover all formats.

If displayed differently, the first step is to convert the individual legs to decimal format. Next, you multiply the odds of all the selections added to the accumulator. Finally, you decide on the stake and multiply this amount by the resulting odds. Unlike system bets, you need all the parlay legs to be correct; otherwise, you incur parlay losses.

How to Read Parlay Odds?

The first thing you need to master after you learn how to bet on football is to read the odds. This knowledge is used for any bets, including a single parlay and two-leg parlay wager. The common denominator is that the odds are always multiplied, and all selections must be correct. The potential winnings represent the bet amount multiplied by the total odds of the entire parlay.

Bookmakers will frequently display the odds in decimal odds format. If necessary, you can use a calculator to convert American and fractional odds into decimals. When betting on sports, odds of 1.80 indicate that you won a total of $180 and a profit of $80 if you bet $100. Odds of 2.00 double your investment, while odds of 10.00 will increase your winnings ten times.

Parlay Betting Across Major Sports

The beauty of a parlay builder is that you can combine many sports on the same betting slip. You can use advanced football betting strategies and add tennis, basketball, or hockey. You can also create dedicated betting slips, such as an NFL parlay builder focused solely on the NFL season.

Football is the preferred sports parlay because of its popularity and available bets. Bettors can combine outcomes like football game results, total goals, or specific player performances. You must constantly hunt for value in odds to make money betting on football. The best parlay bets consist of a mix of low odds for favorites winning and surprising results.

Underdog betting is challenging, but sports bettors can replace the money line with spread betting. Teasers can be used to give an advantage to the weaker team, but this drives down the odds. The parlay builder helps by multiplying the smaller odds to offer higher potential payouts.

A parlay example

  • New York Giants to win @ 1.80
  • Los Angeles Lakers to cover -5.5 spread @ 1.90
  • Toronto Maple Leafs to win @ 2.00
  • Manchester City to win @ 1.60
  • Rafael Nadal to win @ 1.50
  • Baltimore Orioles to win @ 2.10
  • All six odds are multiplied so you get 1.80 x 1.90 x 2.00 x 1.60 x 1.50 x 2.10 = 34.47
  • If you bet $100, the payout will be $3447, with a net profit of $3337.

Types of Parlays

Accumulator bets come in many forms, and searching for the perfect parlay is never-ending. Unlike straight betting, you have several options with unique advantages and shortcomings. These are the five most popular options for beginners and experts to create a parlay ticket:

  • Traditional Parlay —This is the standard version of the accumulator bet review, combining two or more individual bets. You must correctly predict all legs to win, so punters prefer safer games. Asian handicap bets are frequently employed to reduce the risks and increase the winning frequency.
  • Round Robin Parlay – is a more complex type of parlay betting with smaller accumulators. It is a basic system wager that carries a lower risk because you still win if one selection loses. For example, you can bet on four teams with a round-robin, creating six different 2-team parlays.
  • Same-Game Parlay – is a popular parlay picker focusing on markets from a single game. The best sports betting exchanges allow you to create bet builders from a single sport. You only need information for a single game, which makes it easier to find parlay betting tips.
  • Progressive Parlay – is an exotic parlay where you can lose a selection and still win. The downside is that the odds are reduced significantly as you only receive a small percentage. Only a handful of crypto betting sites offer these niche parlays.

Strategies for Creating a Parlay Bet

It’s easy to understand what a parlay bet is, but turning it into a tool for long-term winnings is more challenging. There are a handful of betting strategies that can help you secure the positive expected value that will help you offset the house edge.

  • Keep the stakes lowdon’t be greedy when placing a parlay bet because you must win every selection. Focus on the safer games and use handicap betting if necessary to reduce the risks. Even if the odds shrink, the payout is decent as the odds are multiplied.
  • Bet small parlays – keep the number of selections low, and don’t add too many bets on the same slip. A single mistake is enough to lose everything, and this is not a risk you can afford. Start with two or three selections and gradually increase their number.
  • Combine different markets – don’t hesitate to mix favorites from lower leagues with famous football clubs. Do the same with betting markets and reduce the correlation between events to reduce risks.
  • Include longshot bets – if you find reliable sports betting tips, don’t hesitate to include a riskier bet. This can increase the potential payouts, especially in parlays with two or three selections. Adjusted odds improve your chances and reduce the risk of the parlay loss.

Pros and Cons of a Parlay Bet

PROS

  • Parlay betting allows you to win a bigger payout by multiplying the odds.
  • You can combine different sports, player props and non-sporting events.
  • The larger the parlay, the less you have to bet to enjoy decent potential winnings.
  • You can follow several games with a single bet.

CONS

  • The risks are higher compared to a single bet, as all your predictions must be correct.
  • Variance is higher due to the lower winning probability, so your bankroll is under pressure.
  • Overconfidence and greed are a threat, as you can add too many bets for bigger odds.

Pick Up a Parlay Bet and Wager Online Today

Parlay betting is one of the most popular forms of wagering for a good reason. There are many sports to bet on, and you can add any market on the same betting slip. The odds are multiplied, so you get high potential payouts even if you bet on favorites. Risk-averse players love parlay bets because they allow them to combine many events with a high probability of winning.

Parlay bets can be used on both pregame and live bets for the same sport and combine several markets. This greatly increases the fun factor, as you have plenty of events of interest in every match. Prudence, solid bankroll management, and thorough research are needed to offset the inherent risks. Do everything by the book, and parlay betting will reward you for your efforts.

FAQ About Parley Betting

A parlay bet is an accumulator in which you and several bets on different matches have the odds multiplied for one larger potential payout.

You must correctly predict all the events added on the betting slip. The more predictions you make on a single parlay, the more difficult it is to win.

Online bookmakers will usually void the match, so you get odds of 1.00 on the canceled event. If the rest of the games won, all their odds are multiplied by your steak, and you are paid.

You create smaller parlays within the greater betting slip so you can win with two, three, or more selections. You get a lower potential payout, but the risks are also reduced.

If you lose on a single selection, you will still be paid a fraction of the original or potential payouts. Most sportsbooks will pay 10% of the initial payout, although the percentage can differ.