What is a Parlay in Sports Betting?

by BettingPros Staff |
Jun 03, 2023

In the dynamic world of sports betting, one term that frequently pops up is “parlay.” So, what is a parlay in sports betting? If you’re a novice in this exciting field, the terminology might seem intimidating. But fear not. This guide aims to break down the concept of parlay betting, its benefits and risks to help you navigate the sports betting landscape more proficiently.

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Sports Betting Parlays

Let’s learn more about parlays in sports betting.

Defining a Parlay in Sports Betting

A parlay is a single wager that combines two or more bets. For a parlay bet to win, each individual bet within the parlay must win. This element of linked bets results in higher potential profits, but conversely, an increased level of risk.

How Does a Parlay Work?

In a parlay bet, you’re linking together multiple bets into one larger bet. These bets can be from different sports or even different types of bets, like point spreads, moneylines or over/unders. The key point is that for the parlay to win, every single one of these bets must win.

For example, if you place a parlay bet on three different football games, all three teams must win their games for your parlay bet to pay out. If even one team loses, you lose the entire parlay.

The Appeal of Parlay Betting

The primary appeal of parlay betting is the potential for larger payouts. Because of the increased risk involved (all of your picks must win), sportsbooks will offer significantly higher payouts for winning parlay bets compared to individual straight bets. This potential for high returns makes parlay bets particularly attractive for bettors seeking a large payout from a small wager.

The Risks of Parlay Betting

While the higher potential payouts make parlay betting appealing, it’s essential to consider the increased risk. The requirement for all linked bets to win means that the chances of a payout are significantly lower compared to single bets. So, while the potential for large payouts can be tempting, it’s crucial to balance this against the increased risk involved.

Check out more Sports Betting 101: Strategy Tips & Advice >>

Understanding the answer to “what is a parlay in sports betting?” is a fundamental step in becoming a successful sports bettor. Parlay bets offer the potential for large payouts, making them an exciting option for many bettors. However, the increased risk involved means that they require careful consideration and should be a part of a balanced betting strategy.

Now that you know more about parlay betting, you are better equipped to make informed decisions and potentially improve your sports betting performance. Always remember that while the potential returns are high, so are the risks. Happy betting!

AI was used as a resource for this piece.

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