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Parlay Betting
Find out the secrets of parlay betting with this comprehensive how to guide with examples, calculations and different types.
Parlay Bet Guide
A parlay bet is a type of wager that combines multiple individual bets into a single, larger bet.
In a parlay bet, all the bets must win for the bet to be successful. A parlay bet offers higher potential payouts because of the increased risk of having to win multiple individual bets, but the odds are stacked in your favor when everything aligns.
This MadMarket guide will explain the fundamentals of a parlay bet, different types of parlay bets, and how to use the Edge Sports Trading Platform to maximize your betting strategy.
Parlay Bet: Meaning, Calculation, and Example
In order to understand what a parlay bet is, let’s go through the meaning, calculation, and example of parlay betting.
Parlay bet meaning: A parlay is a wager type in which two or more bets are linked together to create one bet with a greater payout.
But all the selections must win for the bet to win. Bookmakers will give you bigger and bigger payouts for adding more games to your parlay because winning it gets more unlikely with the more teams you add.
Parlay bet calculation: The calculation of a parlay bet involves multiplying the odds of the individual bets together to determine the overall odds of the parlay. For example, if you have three bets with odds of 3.00 (2/1), 4.00 (3/1), and 2.50 (3/2), you multiply them together:
- 3.00 x 4.00 x 2.50 = 30.00 (29/1 ) [This is the combined odds for the parlay.]
To determine your potential payout, you multiply your stake by the combined odds. For example, if you wager €5 on a parlay with combined odds of 30.00, your potential payout will be:
- €5 x 30.00 = €150 (This is your total return, including your stake. The Total profit is €145.)
Parlay bet example: Imagine you place a parlay bet on three different football games:
- Bet 1: Team A to win at 3.00 odds
- Bet 2: Team B to win at 4.00 odds
- Bet 3: Over 2.5 goals in the match between Team C and Team D at 2.50 odds.
If all three bets win, the total payout is calculated by multiplying the individual odds (3.00 x 4.00 x 2.50 = 30.00). So, a €10 stake would return €300 (including the original stake).
What is a Parlay Bet?
A parlay bet is essentially a combination of multiple individual wagers placed together.
To win a parlay, all selections within it must be correct. If one leg of the parlay fails, the entire bet is lost, which makes parlays a high-risk, high-reward betting option.
For example, a bettor might combine selections like a football game winner, an over/under bet, and a point spread from multiple games.
Instead of betting on each event separately, the bettor combines all three into one parlay, which offers a bigger potential payout due to the added difficulty of winning all bets involved.
Placing a Parlay at Edge
Looking to find out how to place a parlay bet? To place a parlay bet at Edge, follow these steps:
- Log in to your account: Make sure you’re logged into your Edge betting account.
- Select Multiple Bets: Browse through the events or games you’re interested in. For each bet you want to include in your parlay, click on the odds to add it to your betting slip.
- Navigate to the Parlay Section: Once you have selected multiple bets, look for the “Parlay” option on your betting slip. This option will combine your selected wagers into a parlay.
- Review your parlay: Double-check that all selections are correct and the combined odds look accurate. Ensure that you’re happy with the potential payout.
- Place your bet: Enter your desired wager amount and place the parlay bet. Once confirmed, the bet is locked in.
Types of Parlay Bets - Examples
Pros & Cons
Pros
- Higher Payouts: Since parlays involve combining multiple bets, they offer much higher payouts than placing individual bets.
- Low Initial Stakes: You can wager a relatively small amount of money and still have the potential to win a significant sum.
- More Excitement: Parlay betting can make games more exciting, as the outcome of one game can affect several other bets in your parlay.
Cons
- Higher Risk: With multiple bets in a single parlay, the likelihood of losing increases. Even one failed bet results in losing the entire parlay.
- Complicated to Win: Unlike straight bets, where you only need one outcome to be correct, parlays require all selections to win, making them harder to hit.
- Limited Payouts on Losing Parlays: While payouts are attractive, a parlay that fails on one leg can lead to significant losses if you’re not careful with your stake size.
Conclusion
Parlay betting is a thrilling and potentially rewarding way to place bets, combining multiple individual wagers into one larger bet.
It offers the chance for higher payouts but at the cost of increased risk. Understanding the types of parlays, calculating odds, and being mindful of the pros and cons can help you approach parlay betting with a more strategic mindset.
Always remember that while parlays can be enticing, they require careful consideration and management of risk to avoid substantial losses.