Parlay Betting Explained: Online Betting Dictionary
If you are new to sports betting, you may have come across the term “parlay betting” and wondered what it means. Parlay betting is a type of bet that involves combining multiple bets into one. This article will explain what parlay betting is, how it works, and some tips on how to use it effectively.
What is Parlay Betting?
Parlay betting, also known as accumulator betting or combo betting, is a type of sports betting that involves placing a single bet on the outcome of multiple events. The bettor selects two or more outcomes they want to bet on, and all of them must win for the bet to be successful.
For example, let’s say a bettor wants to place a parlay bet on three NFL games. They choose the point spread for each game:
- Game 1: Chiefs -7
- Game 2: Cowboys +3
- Game 3: Packers -5
If all three teams cover the spread, the bettor wins the parlay bet. However, if any one of the teams fails to cover the spread, the entire parlay bet is lost.
How Does Parlay Betting Work?
Parlay betting works by multiplying the odds of each individual bet to create a larger potential payout. The odds of each bet are combined, and the resulting odds are multiplied by the bet amount to calculate the potential payout.
For example, if a bettor places a $10 parlay bet on three teams with odds of +110, +200, and -120, the overall odds of the parlay would be 7.4 to 1. If all three teams win, the bettor would win R74 (7.4 x R10). However, if any one of the teams loses, the entire parlay bet is lost.
Types of Parlay Bets
Point Spread Parlay
As explained above, a point spread parlay bet involves betting on the outcome of multiple games with point spreads.
Moneyline Parlay
A moneyline parlay bet involves betting on the outcome of multiple games based on the straight-up winner, without taking the point spread into account.
Totals Parlay
A totals parlay bet involves betting on the combined score of multiple games, also known as the over/under.
Futures Parlay
A futures parlay bet involves betting on the outcome of multiple events that will take place in the future, such as the winner of a championship or tournament.
Pros and Cons of Parlay Betting
Parlay betting can offer higher potential payouts than individual bets, but it also comes with higher risk. Some pros and cons of parlay betting include:
Pros
- Higher potential payouts
- Can be more exciting than individual bets
- Allows bettors to bet on multiple outcomes with a single bet
Cons
- Higher risk of losing the entire bet
- May be more difficult to win than individual bets
- Requires a larger bankroll to place multiple bets
Tips for Using Parlay Betting Effectively
While parlay betting can be risky, there are ways to use it effectively. Some tips include:
- Limit the number of bets in a parlay to minimise risk
- Bet on outcomes with a higher probability of winning
- Consider using parlay bets as a supplement to individual bets
- Set a budget and stick to it
- Shop around for the best odds
By limiting the number of bets in a parlay, the bettor can minimize the risk of losing the entire bet. Betting on outcomes with a higher probability of winning, such as favorites or teams with a strong track record, can also increase the likelihood of a successful parlay bet. Using parlay bets as a supplement to individual bets, rather than as the primary betting strategy, can also help minimize risk.
Setting a budget and sticking to it is essential for responsible betting, and it is especially important when using parlay bets. Betting on multiple outcomes with a single bet can quickly become expensive, so it is crucial to set a budget and avoid chasing losses. Additionally, shopping around for the best odds can maximize potential payouts. Parlay betting can be an exciting and potentially profitable betting strategy, but it comes with higher risk than individual bets. By understanding how parlay bets work and following some tips for using them effectively, bettors can increase their chances of success while minimizing risk. As with any form of gambling, responsible betting is essential, and it is important to set a budget and stick to it.
FAQs
Is parlay betting legal?
Parlay betting is legal in many countries worldwide. However, it is important to check local laws and regulations before placing any bets.
Can you use parlay bets in all sports?
Parlay bets can be used in many different sports, including football, basketball, baseball, and more.
What is the maximum number of bets you can include in a parlay?
The maximum number of bets that can be included in a parlay varies by sportsbook, but it is typically around 10 to 12 bets.
Is it possible to cash out a parlay bet before all the games have finished?
Some sportsbooks offer cash-out options for parlay bets, allowing bettors to cash out before all the games have finished. However, the cash-out amount is typically less than the potential payout of the bet.
Can you place a parlay bet online?
Yes, many online sportsbooks offer parlay betting options. It is important to choose a reputable and licensed sportsbook to ensure fair and secure betting.
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