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There are few wagers in the sportsbook that are as misunderstood as the parlay. Granted, it is one of the more exotic wagers on the board, and it is also the basis for other multi-bet wagers.

However, it has gotten a reputation as a wager that pays out huge odds on small amounts. Of course, that is true, but it’s nowhere as easy as people make it out to be.

What Is A Parlay?

The first step in understanding the parlay is to correctly define it. A parlay is a single wager which links together two or more individual bets. To win the parlay, all of those bets linked together must win.

If any of the bets in the parlay lose, the parlay loses. On a winning parlay, the winnings from the first bet roll over to the second, which then rollover to the third and so on. This is why the payouts can often be very high.

The Art of the Multi-Bet

Many sports bettors don’t like the parlay at all. Others will swear by it. Everyone may not agree, but the parlay can be a good wager when used properly.

It takes a fair amount of discipline to not get in over your head, but that is true for every sports wager in the sportsbook. Employing the same strategy you apply to any wager will work for parlays too.

The parlay is a multi-bet, but that doesn’t mean it is more difficult than any other wager. Plus, you are rewarded when it comes in.

Long Shots

The trouble most sports gamblers get into when using a parlay is putting up too much money or putting in too many games. This essentially makes every parlay a long shot. It’s the trap of the parlay because, once you see how much it can pay, it’s hard to resist adding a few more games or a few more bucks.

However, this is not the smart way to play a parlay. After all, any gambler will tell you, betting only long shots is a terrible way to gamble and an easy way to lose.

Smart Plays

Yes, parlays can be considered smart plays if used correctly. However, the first thing you must do is eliminate the idea of a huge payout. Parlays work best when they are used to better your odds, not increase them tenfold.

One parlay on two home favorites is better than betting them separately. Finding the right time and place to use a parlay is the key. Otherwise, you’re basically just playing the lottery.

Keep It Simple

To avoid the parlay trap, remember to keep it simple. Don’t wager a large amount on any parlay. Don’t parlay many bets together.

Many say to never bet more than three games on one parlay, while others say two. Remember, you play parlays because you want to better your odds, not remake them.

Placing a small wager on a few games in one parlay is a great way to start and learn. The parlay is its own wager, just like the Over/Under or Moneyline or Point Spread, and should be treated as such.

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In the parlance of gambling, to “parlay” a bet means to risk a stake plus its winnings in successive wagers. For example, bet £2 on Arsenal at evens this week, and if they win parlay the original £2 plus the £2 profit on the Gunners again the following week for a total stake of £4. If they succeed again, parlay the bet by putting all £8 on them in the third week. Should they accomplish the hat trick, collect £16 for what was originally a £2 bet.

This type of parlay works quite nicely when the selections made are independent events and separated by sufficient time to collect winnings and make the next wager. However, such betting is not possible in cases where contests are being conducted simultaneously (e.g., three football matches on the same afternoon) or multiple bets are made on a single event (e.g., total score over/under, first goal scorer, team to win, etc.).

To remedy this situation, bookmakers introduced an alternative form of “parlay betting,” with selections treated as a group and only a single wager required instead of a succession of re-bets. Special odds are offered, depending on the number of selections. For example, in the case of all selections made at evens, the following parlay odds would apply, along with the true odds that would accrue if the bets could be made in succession:

#of Plays	Parlay Odds	True Odds
2	13-5	3-1
3	6-1	7-1
4	10-1	15-1
5	20-1	31-1
6	40-1	63-1
7	75-1	127-1
8	150-1	255-1
9	300-1	511-1
10	700-1	1,023-1
11	1,100-1	2,047-1
12	1,800-1	4,095-1

Obviously, the bookmakers have created some substantial margins for themselves. In order for the bettor to win and claim a return, all of the selections must succeed. If even a single selection fails, the entire stake is lost.

There is effectively no difference between parlay betting and the wager known as an “accumulator” bet other than the odds paid. Accumulator odds are typically calculated as a product of the individual odds on each selection. Parlay odds are most often based on “spreads” so that each selection can be offered at even money.

Single Bet Vs Parlays

One interesting variation on parlay betting is the “progressive parlay,” which allows some losses among the selections bet upon and the wager still pays out as a winner. The following chart serves an example:

Not all bookmakers offer progressive parlays, and those that do may limit them to certain major events. Again, the bookmakers have designed high margins into the odds paid on such parlay betting versus the true odds, but the advantage to the bettor is that if the very first selection fails, the entire wager is not automatically lost.

One concern of both bettors and bookmakers is what happens in the event of a draw. Terms and conditions must be clearly spelled out to protect both parties. In some cases, a “must win” rule may apply and the entire parlay bet will be deemed a loser in the event of a single draw.

In other cases, the wager may be reduced by one selection, so that a four-selection parlay bet becomes three selections and is rewarded accordingly. Some bookmakers have also introduced “ties win” parlay betting at reduced odds, while others offer “half-point” spreads so that no selection can result in a draw.

Published on: 28/06/2011

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