Parlays

Publication date: 11 Oct 2024

What are Parlays?

Parlays are a type of sports betting where multiple individual bets are combined into a single bet. In order to win a parlay, all of the bets that make up the parlay must win. Although parlays are riskier than single bets, they offer the opportunity to significantly increase your potential winnings due to the cumulative effect.

How do parlays work?

A parlay consists of two or more separate bets, called legs. Each leg represents a different selection, whether it is a bet on the winner of the game, an over/under, or a point spread. The more legs in a parlay, the greater the potential winnings, but also the greater the risk.

• For example: Suppose we decide to make a parlay with three bets:

1.     Team A to win at odds 2.00.
2.     Team B to win at odds 1.80.
3.     Over/Under more than 2.5 goals in the third game at odds 1.90.

To win the parlay, all three events must occur. If at least one of the events doesn’t happen, the entire parlay loses.

Pros and Cons of Parlays

Pros:

• High potential winnings. Due to the multiplying effect of the odds, even small amounts can result in significant winnings.
• Addictiveness. Parlays add intrigue because the outcome of several events at once becomes important.

Disadvantages:

• High risk. All events must play out, which significantly reduces the odds of winning.
• No partial wins. If 2 out of 3 leagues win, the entire parlay is still lost.

When to use Parlays?

Parlays are suitable for players who are willing to accept a higher level of risk in exchange for potentially large winnings. They can be especially useful when a player is certain of the outcome of several games and wants to maximize their winnings.

However, it is important to remember that as the number of leagues increases, the probability of winning parlays decreases significantly. Therefore, a sensible approach and a good understanding of the sport you are betting on is the key to success with parlays.