Parlay Bets: What are They and How Do They Work

avatar

Lina Almans

28 April 2023

Comment 0

Sports betting can be a great way to make some serious cash, especially with parlays offering high odds. But beware: one bad pick can ruin the whole bet.

What is a Parlay Bet?

A parlay (also known as an accumulator or multi) is when you combine multiple independent bets into one big bet.

To win, you have to get all of the outcomes correct.

If you get even one wrong, you lose the entire bet.

You need at least two ‘legs’ (independent bets) to make a parlay, otherwise it’s just a regular single bet.

Most betting sites set a maximum number of legs that you can include in a parlay. For example, BetMGM limits same-game parlays to 10 legs and regular parlays to 16 legs, though this can vary by sport or event.

Exclamation point

It’s important to remember that you can only combine independent outcomes in a parlay.

That means you can’t include bets on events that affect each other. For example, you can’t include two bets on different outcomes of the same game in your parlay.

Parlay Bet
What is a parlay bet

How to Make a Parlay Bet

  1. First, you’ll need to choose which games or events you want to bet on.
  2. Next, let your bookie know which selections you want to include in your parlay.
  3. Once you’ve made your selections, you’ll see them in your bet slip.
  4. Then, you’ll need to decide how much you want to wager.
  5. Finally, hand over your money and wait for the results.

If all of your selections come through, you’ll be a big winner! 

Calculating Parlay Payouts

EVENTBETODDSRESULT
Barcelona vs Real MadridBarcelona to win1.90Win
Manchester United vs LiverpoolBoth teams to score1.80Win
Bayern Munich vs PSGPSG to win3.50Loss

Let’s say you wagered a $100 bet on this 3-event parlay, the total odds of the bet would be:

1.90 x 1.80 x 3.50 = 11.97

If all three events win, your potential payout would be $1,197 ($100 x 11.97). However, if even one event loses, your entire bet loses.

Cashing Out of a Parlay

If you’re on a winning streak with your parlay, your bookie might offer you a cash out option. This means they’ll give you a payout based on the likelihood of the remaining outcomes and your initial bet size. So, you can choose to cash out and take your winnings or let it ride and hope for an even bigger payout.

Pros and Cons of Parlay Bets

PROSCONS
Big payouts with high oddsBookie’s cut increases with each added leg
Exciting and adrenaline-filledOne bad pick ruins the whole bet

FAQ

WHAT’S A PARLAY BET?

A parlay bet is when you combine multiple individual bets into one big bet, with higher potential payouts.

WHAT’S THE DIFFERENCE BETWEEN A PARLAY AND A SYSTEM BET?

Simply put, a parlay is a combination of single bets, while a system bet is a combination of parlays.

WHAT’S THE CATCH WITH PARLAYS?

Keep these two things in mind for accumulator betting: first, you pay the bookie a margin with every bet, and with parlays, you pay it multiple times. Second, the trap of accumulator betting is not math, but psychology. You might think that favorites are invincible, but when combining ten or more matches in a parlay, it’s tough to assess each contest in detail.