In sports betting, a parlay is a wager made by taking a series of bets on a number of sports. The term comes from the phrase “parallel play,” which in turn comes from the concept of parallel processing in computer hardware. When a computer processes several tasks at the same time, it is said to be using parrallel processing.
The advantage of a parlay is obvious. By placing bets on a number of sporting events, you increase your chances of winning. Additionally, you stand a better chance of winning money since more people are playing. There is also an increased chance of getting the best odds available for the events you are betting on. The disadvantage is that you have to commit a lot of money to a single bet and the chances of losing it all may be quite high.
How Do You Place A Parlay Bet?
In sports betting, you have the option of placing a bet on each individual event or on the series of events. The advantage of a single bet on an individual event is that you can always withdraw your money should you lose. With a parlay, you are committing more money to the outcome of multiple events, which makes it more risky.
To place a parlay bet, you will need several sets of betting money. One set should be placed on each individual event, with the remaining funds divided among the series. In the case of a losing bet on any individual event, you have the option to take your money back. In the case of a winning bet on all events, you earn a return of your original investment plus profit.
When Should You Take A Parlay Vs A Single Bet?
Although the choice is yours, in most cases you should take a parlay when you have several events you feel confident will be winners. The advantage of a parlay is that you get to combine several winning bets into one. On the other hand, if you feel that there is only a small chance of any individual event being a winner, then a single bet may be a better option. You should also consider the amount of money you are willing to risk on each bet. The more you risk, the more you stand to win.
What Is The Difference In Terms Of Odds?
When placing bets in sports, the difference in odds is quite significant. In the case of a single bet on an individual event, you will typically find the oddsset to be about 3-1 or 4-1, meaning you have a one in three or one in four chance of winning. For example, if you wager $10 on NFL football, the odds are likely to be 3-1 or 4-1 in your favor.
With a parlay, you are typically looking at 8-1 or 10-1 odds, which are much higher. In the case of the NFL example above, the odds would be 8-1 or 10-1 in favor of the Patriots or the Giants respectively. The higher the odds, the more the payout will be should you win. However, in some cases, the lower the odds, the bigger the payout if you do win.
How Do You Calculate Your Odds Of Winning?
In the case of single bets on individual events, the odds of winning are generally determined by the combined probability of the other teams in the league not winning. For example, if the Patriots and the Buccaneers both win their respective games, your odds of winning would be 3-1. In the case of a parlay, you are looking at the combined probability of all the individual events going in your favor. If all five of your bets are winners, you will win your investment back plus profit, plus the original amount you put into the parlay.
The more wins you get in a row, the better. In most cases, you will want to avoid backing down from a parlay once you have started, unless the probability of you winning continues to decrease, which in most cases it will. When that happens, it may be time to cut your losses and take your money back.
How Much Does It Cost To Place A Parlay Bet?
The cost of placing a parlay bet will always depend on the amount you are willing to lose. The lower the cost, the more you are willing to wager. For example, if you are playing $10 on each of the five NFL games, the cost would be $50. If you are playing $100, the cost would be $500. Keep in mind that the less you wager, the lower your profit will be, but the lower your risks are too.
If you are looking for a no-risk wager, then you may want to consider placing a parlay bet. The more you risk, the more you stand to win, but the cost to place this wager is generally quite high. When placing a parlay bet, you are committing several hundred dollars or more to the outcome of multiple games. In most cases, you won’t be able to take your money back and will have to place another wager, or you may decide to don’t place the parlay. This is why it is considered a high-risk wager, especially if you are playing with smaller amounts of money.
Placing bets in sports is simple. You are usually looking at either a single event or a series of events. You place a wager on each event and if any of the games are won, you win your investment back plus profit. In most cases, you will want to avoid backing down from a parlay once you have started, unless the probability of you winning continues to decrease, which in most cases it will. When that happens, it may be time to cut your losses and take your money back.