What is Parlay Betting? Meaning & Examples Explained
Parlays are an interesting way that bettors are able to multiply potential payouts on sports bets. But what exactly is parlay betting? A parlay definition simply is placing one bet that consists of many individual bets. All bets in a parlay, or a "leg," must be won for the entire bet to be a winner. This is an awesome means of maximizing probable winnings beyond single bets. The negative is that there's a greater risk because a bad choice can cause the entire parlay to lose
A parlay is simply a wager wherein a number of wagers are wrapped up into one single individual wager. All of these wagers must win on their own for the parlay to reward.
The greatest appeal of parlay betting is its potential for higher payoffs than single or straight bets. This higher payoff, however, comes with higher risk since each component must be correct.
To understand exactly what is a parlay bet means understanding how odds compound. Suppose you have three bets, each of which is +100 odds. If each win individually, investing $10 per bet individually would result in $30 profit.
Although, wagering the same $10 on a parlay of all three can pay much more, typically around $70, depending on the bookmaker's odds.
To have a better idea of what parlay betting is, suppose the following simple example with football. Suppose that you place a three-leg parlay of:
Team A to win their match
Team B wins their match
Team C wins their match
If all three teams succeed, the parlay is successful, and the return is multiplied greatly. But if one or more teams lose or even tie, the whole bet fails, and there is no reward. This shows the beauty and the risk of parlays.
Various sports are another case in point. A bettor may combine an NBA basketball moneyline bet with an MLB baseball run-line bet and an NHL hockey puck-line bet. The concept holds true across all sports: two or more bets on a single ticket, wherein each leg must win in order to receive a payout.
Knowing what a parlay bet is naturally brings with it comparison to straight bets. Straight betting has every wager isolated. A bettor placing three separate wagers can win on two and lose on one but still come out with winnings on winning wagers.
In parlay betting, however, all the selected outcomes must be correct. One mistake makes the whole parlay void.
While parlays offer larger potential gains due to better odds, they in fact provide more risk.
Straight bets are safer with lower payouts but higher likelihoods to ensure a certain amount of returns.
It is significant that gamblers take these differences seriously. Gamblers who want regular winnings may find the reliability of straight bets suitable.
Bettors who prefer high payments, on the other hand, may opt for parlays in full knowledge of the risk involved.
Now that you know about what parlay betting is, go ahead and give it a try yourself with caution and knowledge. Choose your selections wisely, manage your bankroll well, and have a clear understanding of the risks. With wise gambling, parlays can add excitement and possibly reward your sports betting experience.
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