Parlay Bet: What It Is and How It Works

A parlay bet is an exciting option within sports betting that promises big rewards for those who dare to take big risks. A parlay bet combines multiple bets into one, requiring all selections within the parlay to win for the bettor to see a return. The more options you choose, the more chances there are for you to get it wrong, which also means that there are more chances for you to win a big return. Therein lies the allure of the parlay. The right parlay bet can return substantial payouts, far exceeding what the individual bets might yield separately.

What Is a Parlay Bet?

A parlay bet is a single bet that links together two or more individual wagers for a higher payout. The catch is that all the bets in the parlay must win or the entire parlay is lost. Parlays can be made across different sports, game propositions, or even point spreads, offering flexibility and the opportunity for creative betting strategies. The more bets that are combined into a parlay bet, the higher the potential payout — but also, the higher the risk.

How to Make a Parlay Bet

To make a parlay bet, a bettor must select two or more outcomes to include in the bet. This can be done at a sportsbook, through an online betting platform, or at a casino offering sports betting services, like Boot Hill Casino. To start, you need to choose the games or events you want to bet on. Then you need to select the type of bet you want for each game. For example, maybe you want to include an over/under on who will win a game, or maybe you want to take your chances on a point spread.

Finally, you’ll need to decide how much you want to bet. You place a single amount on the parlay bet, no matter how many individual bets are included within it. Choose carefully: Once you’ve submitted your selections, you cannot change them. Make sure you review the potential payout and understand the odds for each selection within the parlay, as these will influence the overall odds and payout of the parlay bet.

How Does a Parlay Bet Work?

The mechanics of a parlay bet are straightforward but require that each component bet within the parlay be won for the parlay itself to be a winner. If any of the bets within the parlay lose, the entire parlay is considered a loss. However, if all the bets win, the payout is significantly larger than if the bets were placed individually. The reason for this is that the winnings from each selection are compounded into the next, exponentially increasing the total return as more bets are added to the parlay.

The appeal of parlay bets lies in the potential for a big payday from a relatively small wager. However, bettors should approach parlays with caution, as the compounded risk can also lead to quick losses. Successful parlay betting requires research, discipline, and a bit of luck, as predicting the outcome of multiple events is inherently more challenging than predicting an event for a single bet.

How Does a Push Work in a Parlay?

A push in a parlay occurs when one of the bets neither wins nor loses, typically because the event ends in a tie or hits the exact point spread. In such cases, the bet is essentially removed from the parlay, reducing the number of total bets without causing the entire parlay to lose. For example, if you have a four-team parlay and one game pushes, the parlay reverts to a three-team parlay. The odds and potential payout are then recalculated based on the remaining bets.

How to Calculate Parlay Bet Odds

Calculating parlay bet odds involves multiplying the odds of each individual selection within the parlay. The easiest way to do this is by converting the odds for each bet into decimal format (if they aren’t already), multiplying them together, and then converting them back to the desired odds format. Most sportsbooks and online betting platforms provide tools or calculators to automatically compute the odds for your parlay, making it easier to understand your potential payout before placing the bet. The friendly associates at Boot Hill Casino are also happy to help answer your questions or help you calculate the odds on a parlay bet.

How to Calculate Parlay Bet Payouts

To calculate parlay bet payouts, you multiply the stake by the decimal odds calculated for the entire parlay. The formula looks like this: Payout = Stake * (Odds of Bet 1 * Odds of Bet 2 * … * Odds of Last Bet). Remember, the stake is the amount wagered on the parlay as a whole, not on individual bets within it. Again, many sportsbooks will automatically calculate potential payouts for you, but understanding the process can help you assess the value of a parlay bet and whether you are willing to pay to make it.

Types of Parlays

While there are many types of bets that comprise one parlay bet, there are also many types of parlay bets that you can choose. It’s one of the many characteristics of parlay bets that makes them so exciting for players. It’s hard to get bored when you have so many options. Take a closer look at some of the types of parlay bets available to see which might appeal to you:

Single-Sport Parlays

Single-sport parlays involve multiple bets from the same sport but in different events or games. This type of parlay allows bettors to leverage their knowledge and insights into a particular sport, combining their predictions for higher potential returns. It’s a popular choice during busy sports seasons, where many games are played simultaneously.

Multi-Sport Parlays

For those who follow more than one sport closely, multi-sport parlays offer the opportunity to combine bets across different sports into one wager. This type of parlay can increase the excitement of following multiple games, as it requires outcomes from varied sports to turn in your favor for a win. It’s an excellent test of a bettor’s overall sports knowledge and forecasting ability.

Same Game Parlays

Same game parlays allow bettors to make multiple picks from a single game or event. This could include betting on the game’s outcome, over/under, or specific player performances. Same game parlays have become increasingly popular due to the detailed and strategic bets they allow within a single game’s context, offering a deep dive into the nuances of that event.

Progressive Parlays

Progressive parlays are a bit more forgiving than traditional parlays. They allow for one or more incorrect picks but still provide a payout, albeit a reduced one. This type of parlay is less risky, making it an attractive option for those who appreciate the parlay format but seek a slightly higher chance of earning a payout.

Teasers & Pleasers

Teasers and pleasers are special types of parlays that allow you to adjust the point spread or totals line in your favor (teasers) or against your favor (pleasers) for a change in payout. Teasers make it easier to win your bets but reduce the potential payout, whereas pleasers increase the difficulty but offer significantly higher rewards.

Round Robin

A round robin bet is a way to create several smaller parlays from a larger list of picks. This strategy increases the chances of winning by spreading the risk across multiple combinations. While it requires a higher overall stake, the round robin approach can yield returns even if some of the bets in the combinations lose.

Should You Place a Parlay Bet?

Deciding whether to place a parlay bet comes down to many personal factors, including your preferred betting strategy, tolerance for risk, and knowledge of the sports involved. Parlaybets offer the chance for a high payout from a small stake, making them attractive to many bettors. However, the risk is significantly higher since one wrong pick can ruin the entire bet, and that can turn away many bettors. Others can find the bets too complicated, thereby making them stressful and not enjoyable. Still others are intrigued by that complexity, which makes the bets more fun. If you enjoy the challenge and have confidence in your selections, parlays can add excitement and potential value to your betting experience.

Bet at the DraftKings Sportsbook at Boot Hill Casino

For those looking to explore the world of sports betting, including parlay bets, the DraftKings Sportsbook at Boot Hill Casino offers a dynamic betting environment with a wide range of options, from single-sport to round robin parlays. Whether you’re a seasoned bettor or just starting, DraftKings provides a user-friendly platform that makes it easy to construct your ideal parlay. Our friendly and knowledgeable associates are also available to provide assistance to help you make informed decisions. Enjoy a delicious meal in our comfortable lounge while you watch your favorite games on our high-definition screens and make your best wagers in the process. Enjoy sports betting and more at Boot Hill Casino.