Parlay Betting – Guide

Parlay betting offers huge payouts, lots of excitement and flexibility to gamblers. But before you make a parlay bet, find out how it works with our guide.

Online sports betting is getting more and more popular among sports enthusiasts in the Philippines. Hence why online sportsbooks nowadays offer a wide range of betting options. If you are an ardent bettor, you might have come across parlay betting. It is one of the most commonly offered sports betting options online.

Parlay betting is popular because it allows you to assemble different bets into one bet slip. This can earn you higher payouts if all of your picks win. More about how it all works you’ll find in this full guide.

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What Is Parlay Betting?

The meaning of the word ‘parlay’ is cumulative bet. Hence why in Europe parlay betting is actually known as accumulator bets. The term itself is derived from the French ‘paroli’ or ‘double stake’. 

A parlay is one bet combining multiple (two or more) straight bets in one ticket. In other words, it’s grouping several singles into one big bet. The bet ticket can include point spreads, futures, unders/overs, moneylines, totals, or even prop bets. However, the bets must be of different games. 

Parlay betting appeals to punters with its larger payouts in comparison to selecting a single team to win. Nonetheless, there is a considerable risk because for the parlay bet to be successful every leg on the bet ticket must win. Otherwise, the whole parlay is void even if just one leg loses.

Online Parlay Betting

Odds and Parlay Bets

Parlay bets are available at most online sports betting sites but sometimes under different names. Parlay bets, combo bets, multi-wagers, or accumulator bets are all terms referring to the same thing. Of course, each operator has its own terms and conditions, so make sure you’re familiar with them first.

The parlay odds are similar to traditional betting odds. However, the numbers are much bigger than with individual bets, which also means you get larger payouts. Although the odds can be expressed in various formats like decimal, fractional, or American (1/3, 1.33, and -300, respectively) – the value is the same.

To make a parlay, you just simply multiply the individual odds. But if you are using the American odds format, it’s easier to convert to decimal odds first. So for instance, if you are betting on three teams with odds 1.6, 2.2, and 1.9, the calculation is as follows: 1.6 x 2.2 x 1.9 = 6.688. Remember that Parlay odds vary across sportsbooks depending on the number of teams in a parlay bet. Additionally, the odds frequently change, so always double-check before placing bets.

How Parlay Bets Work

Each bet in a parlay must win for you to win the entire bet. Otherwise, you lose even when a single team loses. You can combine different teams from different sports or different teams in the same sport. For example, you create a straight-up bet on a baseball game, plus a basketball point spread bet.

To calculate your payout, add up all odds and multiply them by the stake. For instance, if your total odds (1.6 x 2.2 x 1.9) from three events are 6.688 and the stake is $100, then your payout is $668.80/ But of course, only if all three bets are successful. If you were to make three individual $100 bets, your payout would be $570 (160 + 220 + 190) if successful. This is significantly lower than what a parlay pays. Not to mention your stake is now $300 compared to just $100 in a parlay.

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Why Choose Parlay Betting?

Parlay betting has many advantages over individual bets but most notably:

Higher payouts 

Each accumulator bet has a bigger potential payout in comparison to placing several individual bets. So, punters have a chance of bagging significantly larger winnings if they successfully predict the outcome of multiple games. 

Flexibility 

Combining multiple wagers into a single bet offers a direct ticket to winning big. But better yet, you can build a parlay however you like. The minimum is two bets and you can go as high as 15. Moreover, there is a wide range of choices – spread bets, over/under, or even Moneyline bets. Some bookies may also allow the addition of prop bets in a parlay.

Easy to Hedge

Parlay bets have an inbuilt hedge – parlay four teams to win, and hedge this bet with individual games but for a lower amount. If all are successful, you will win more. However, you may bank on the individual bets if the parlay fails.

Parlay Betting Options

When it comes to parlay betting, you have so many options. Within a single parlay, you could combine various types of bets, such as:

Over/ Unders

Also called Totals Bet, the Over/ Unders mean a combined score for both teams. The bookmaker sets the totals of both games based on how they think the game will unfold. Punters choose whether the score will be under or over the set totals. 

Point Spreads

A point spread is a bet on the margin of victory. Stronger players or teams are favored by a specific number of points based on the perceived ability differences. Also called equalizer bets, these bets try to create an even chance of winning the game for both teams or players.

Teasers

The teaser bet is similar to a multi-team parlay bet. In other words, bettors can select multiple teams to add to a bet slip. But teasers lack moneylines and punters can move the totals (+/-) or each point spread. The additional points are what make it easier to win. 

Moneyline Bets

It’s pretty straightforward – pick the winner of the game or event. The odds are set based on the player’s or team’s ability. Thus, the amount to win or lose varies considerably depending on the event. Favorites have a minus sign, while underdogs have a positive sign.

Conclusion

Parlay betting is so popular because if successful, the payout is much higher than any other bet. However, there’s always a risk that if even one team doesn’t make it, you lose the entire bet. If you enjoy taking risks, a parlay bet might be a great match for you. Moreover, you get the flexibility of building your parlay with as little as 2 and up to 15 bets. Discover which platforms can offer you parlay betting on our sportsbook review page. There you’ll find the top online bookies in the Philippines.

FAQ

A parlay bet, also called a combo, accumulator, or a multi bet, is a bet that combines multiple individual bets into one.

In parlay betting gamblers link multiple bets to create a single but larger bet with a greater payout. Since it's treated as one bet, every game within the parlay must be successful for the bet to win.

Though parlays have higher payouts and are very exciting, they may not be the best choice for the risk-averse because the risk is equally high.

A parlay can be placed on any sport because it's an accumulator bet featuring different bet types like the Moneyline, point spreads, teasers, etc.

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