What is a Parlay in Sports Betting?

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What is a Parlay in Sports Betting?
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Sports Betting has grown in recent years, and how consumers can pick winners has become more innovative.

Gone are the days where a punters only option was to pick a winner, and there are now many different types of bets on offer for fans of sports betting.

One of the ways to increase the odds for a sports bet and offered by many bookmakers in Online Sports Betting is the Parlay Bet.

What is a Parlay in Sports Betting?

A Parlay in Sports Betting is a series of at least two wagers in which a participant can choose which matches they would like to make a wager. The odds for each bet will multiply, but every bet needs to be predicted correctly to receive a payout.

A parlay is available on most sports, and it is always a popular option for NFL Sunday and any given Slate of NBA Matches.

The more matches included in a Parlay will increase the odds, which means a bigger payout, but less to chance to win.

The Sports Betting Parlay, also known as an Accumulator or Multi Bet, is a popular option for Sports Fans that like a low-risk high reward scenario.

The chances of picking one are not the greatest, but if a punter is lucky enough, they can take home a decent amount.

What is an example of a Parlay in Sports Betting?

The Parlay Sports Bet is an accumulation of bets that all need to be predicted correctly for the bet to win.

In a Slate of NBA Games this evening, the odds for each of the favourites to win are as follows.

$1.28

$1.64

$1.35

$1.30

$1.53

$1.39

If we included all the favourites in a Parlay, the bet would look like this, and to figure the finals odds, they would be multiplied.

$1.28 x $1.64 x $1.35 x $1.30 x $1.53 x $1.39 = $7.83

If a $10 Parlay was placed the punter would win $10 x $7.83 = $78.3 or $68.30 Profit.

This is essentially how a Parlay would work, and the odds will differ based on which matches are chosen.

As you can see, if a couple of outsiders are included in the Parlay, Accumulator or MultiBet, the odds would increase dramatically.

Unfortunately, every match needs to be predicted correctly for the punter to win and including too many legs in a Parlay Sports Bet is always a risky Play.

The Parlay Sports Bet does make a Slate of NFL, NBA, NHL or MLB games all the more exciting, and it can get interesting when most of the matches have been predicted correctly, and it comes down to one of the last games.

How to Pick a Parlay?

There are never any certainties in sports betting, and it is always essential to gamble responsibly.

The Parlay Bet relies more on luck because of the accumulation of bets, but an edge can be gained through a bit of research.

It is essential to do your research on the matches and not include too many legs or games in the bet.

Getting sucked into the more enormous odds and the potential bigger payout is easy to do, but with the use of your sports knowledge and smarts, punters can pick a parlay at a higher percentage, but there is no such thing as a certainty.

Logging Bets on a spreadsheet or notebook is always a good option to keep track of form, but it is more essential to gamble responsibly and never chase your losses.

Sports Betting is supposed to make the matches more exciting, and the Parlay Bet gives punters a chance to win big with little spend.

For more information on some other betting options visit the following posts. 

What is an NBA Parlay?

What is the Spread in Betting?

NBA Player Props

NBA Over-Under Bet

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