What is a Parlay Bet? Parlay Betting Strategy & How it Works
Parlay betting is a popular bet type and a strategy many sports bettors use to boost odds and increase wins on an individual wager. But what exactly is a parlay bet, and how do you place one? Read on to learn about parlay betting at Stake.com with some tips, tricks and strategy ideas.
What is a Parlay Bet?
In sports, a parlay bet is a wager you can place on multiple outcomes on the same betting slip. Sometimes called an accumulator or multibet, it’s a good way of bringing selections together to improve your odds. The key thing to know about a parlay bet is that for it to win, all of your selections need to be correct, making it a multi-level wager.
Parlay bets differ from same game multi bets, which refers to multiple bets placed on a specific fixture.
How Does a Parlay Bet Work?
A parlay bet brings multiple selections into the same wager. So, rather than betting on four soccer matches as individual moneyline bets, you can combine them into one wager, meaning your single bet has four selections.
If all four selections win, you will win your entire parlay bet. However, if only one team lets you down and fails to win, you will lose the entire bet. So, while the risk is greater than a single bet, so is the reward, as parlay bets typically pay out decent odds when they come in.
How to Make a Parlay Bet?
Making a parlay bet at Stake.com is easy. You can head to our online sportsbook and make the types of bets you think will occur. These will then be automatically grouped into a parlay bet (or accumulator), and the odds for the parlay will be given. You can then decide how much to wager before confirming the bet and watching the action unfold.
Examples of Parlay Bets
Okay, so what does this type of bet look like? Let's take a look at some common parlay bets as examples:
The easiest way to place a parlay bet is to back two teams to win in a game week. Here’s what an NFL two-gameparlay could look like:
Cincinnati Bengals vs Cleveland Browns
New York Giants vs Green Bay Packers
Bengals & Packers to win @ +350
Remember, both the Bengals and the Packers would have to win their respective games for you to win your parlay bet.
Let’s turn to the NBA for an example of a three-bet parlay, assuming that you want to add an additional team to your parlay for a potentially larger payout:
Los Angeles Lakers vs Golden State Warriors
Miami Heat vs New York Knicks
Denver Nuggets vs Phoenix Suns
Lakers, Knicks, and Suns to win @ +850
Finally, let’s take a look at the NHL for an example of how a four-team parlay bet could look at Stake.com:
Toronto Maple Leafs vs Florida Panthers
Seattle Kraken vs Dallas Stars
Edmonton Oilers vs Vegas Golden Knights
Carolina Hurricanes vs New Jersey Devils
Maple Leafs, Kraken, Golden Knights, and Devils @ +1,450
The same format is true for five-team parlays and beyond. Remember, the more teams you include in a parlay, the longer the odds become. These are all examples of moneyline parlays.
A same-game parlay bet is a wager on multiple outcomes occurring in the same game. For instance, in soccer, you could place the following same game parlay:
Liverpool vs Chelsea
Chelsea to win, Aubameyang to score at any time, and over 2.5 corners in the first half +1,150.
The above three selections are all associated with the same game, and all must occur for you to win your bet.
How Does a Parlay Bet Payout?
A parlay payout will only occur if all of the selections are successful. So, you must wait until all matches are finished before your bet is settled. This is important to remember if the selections in your parlay occur on different days or at different times. You will lose your entire stake if one or more of your parlay ticket selections don't happen.
Benefits of Parlay Bets
The main benefit of parlay bets is that it increases your potential winnings when compared to placing multiple single wagers. This is because the likelihood of all of your selections winning is less likely, offering you a larger potential payout as a result.
Parlay bets are also exciting. Cheering on multiple teams (or looking for multiple outcomes to occur in the exact match) is enjoyable and a great way to get involved in sports you don’t usually watch or enjoy. This makes parlay betting a great wager type for recreational bettors, as well as avid sports betting fans.
Risks of Parlay Bets
The biggest drawback of parlay bets is that they’re riskier than single-game wagers. For example, if you bring three teams together in a three-team parlay and one loses, you lose the entire bet.
However, if you bet on those three teams individually, and two of them win and only one loses, you would win two bets and lose one.
Of course, sports bettors justify parlay bets due to the increased potential winnings, and it’s a classic case of risk vs reward.
Parlay Betting Strategies, Tips & Tricks to Win
To help you make the most of parlay betting on upcoming sports, here are some top tips to inform your betting strategy before making you parlay picks at Stake.com:
Always do your research before placing a parlay bet, no matter the sport you’re betting on. Research will help you to make intelligent betting decisions and is invaluable to any sports betting strategy.
Don’t get carried away with parlay betting. While you can access incredible parlay odds with 10+ teams in a parlay bet, they’re long odds for a reason! Bet responsibly and always weigh up the risk against the potential rewards.
As well as making pre-match parlay bets, you can place several live parlays at Stake.com. For instance, in soccer, a live parlay can include things like the number of corners and cautions in a match and a player to score a goal at any time. Be mindful that live parlay bets are subject to live markets, and the odds can change quickly.
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