Parlay bets are a type of bet used in sports betting. It is a high-risk and high-reward bet type that uses multiple bets for the win. Parlay betting allows players to bet on multiple sports using a single ticket. It can result in getting a much higher reward than individual bets. Before starting parlay betting, ensure you understand the betting style carefully.
If you are new to Parlay bets, this guide is for you. Let’s understand all you need to know about this betting style in detail.
What is a Parlay Bet
A parlay bet is a single wager that includes multiple individual bets. These bets are also known as “legs”. For a successful Parlay, each leg must win. Even a loss of a single bet will result in a loss of the whole bet. However, the return for a successful bet is much higher. Due to this high-risk and high-reward betting, many iGamers prefer Parlay Betting.
How Parlay Bets Work
When placing a parlay, each selection keeps its original odds. These odds are then multiplied together to form one combined parlay odd. This combined odd determines the final payout.
As more legs are added, the odds grow quickly. With an increase in legs, the bet reward is increased as well. However, multiple bets reduce winning chances. Successful parlay betting requires careful selection of each bet.
How To Find Parlay Odds
Finding parlay odds is done after a simple calculation of all odds. A parlay combines the odds of each selection into one final price. This final price determines your payout.
Here is an example for you to understand it easily.
- Team 1 – Winning odds = 1.80
- Team 2 – Winning odds = 2.00
- Team 3 – Winning odds = 1.50
To find the parlay odds, multiply the odds of all selections.
Parlay Odds = 1.80 x 2.00 x 1.50
Combined Odds = 5.40
How Parlay Payouts Are Calculated
Calculating the odds is rather simple. You multiply the stake by the odds. The final number is your payout odds. It is a combination of all stakes and their payouts.
Stake × Combined Odds = Total Payout.
Example:
- Stake: ₹500
- Combined odds: 5.00
Payout = ₹2,500
This payout includes your original stake. Profit would be ₹2,000.
Types of Parlay Bets
Various sorts of parlay bets can be found online. Your odds will depend on the sportsbook you choose. Every option has its own risk and reward profile for flexible services.
- Same-game parlays
It allows multiple selections from a single game or match.
- Cross-sport parlays
It combines bets from different sports. Players can choose multiple games of their choice.
- System parlays
It allows partial wins, which reduces the risks. Even if not all selections win, the risk of losing is reduced.
These variants will help to tailor parlay for different bettors.
Advantages and Disadvantages of Parlay Bets
Parlay betting offers several benefits that attract bettors.
- Higher payouts from smaller stakes
- Increased excitement across multiple matches
- One wager covers several events
- Flexible betting options
For experienced bettors, parlays can add variety to a betting strategy.
Despite the appeal, parlays come with notable drawbacks.
- One losing leg cancels the entire bet
- Lower probability of winning
- Not ideal for consistent profits
- Can encourage risky betting habits
Casinos Betting Tips for Parlay Betting
Using the right approach can improve your experience with parlays.
- Limit parlays to two or three legs
- Avoid chasing very high odds
- Research team form and statistics
- Mix safer selections with moderate risks
- Set a budget
Conclusion
Parlay bets are best suited for entertainment purposes. They do offer large payouts, but also increase the risk. Bettors who understand multiple games can try parlay bets. In this blog, we explained how to calculate your odds and payouts in simple terms. Use this Casinos Betting guide to ensure you make well-informed decisions while betting online. Use Casinos Betting to get the latest updates for all your industry doubts. We keep you updated about the latest games and bets for an enjoyable betting experience.
FAQs
Q1: What is a parlay bet?
A: A parlay bet combines two or more bets into one wager. If all selections win, the odds get multiplied for the payout.
Q2: Why do parlay bets offer higher payouts?
A: Parlay payouts are higher because the odds of each selection are multiplied. It increases the payout return.
Q3: What happens if one leg of a parlay loses?
A: If even one selection loses, the entire parlay bet is considered a loss.
Q4: Are parlay bets good for beginners?
A: Beginners can try small parlays with two legs. This method is not safe for new betters.
Q5: How many teams should I include in a parlay bet?
A: Most bettors prefer two or three teams. It helps them to balance risk and potential payout.
