What Are Parlays in Betting?

Parlays are a style of betting where you make multiple wagers on the outcome of multiple sports events that are either currently underway or set to take place in the near future. Essentially, you are betting on the result of more than one event, with the chance of winning increasing if any of the wagers you make come in.

The beauty of this type of bet is that it combines multiple sports into one wagering event, meaning you get to keep an eye on more games than usual. The downside is that you have to wait until the end of all of the events you have chosen to place a wager on to see whether or not you have won, leading some to question whether or not it is actually worth the effort.

The Need For Speed

Whether you enjoy watching sports or betting on them, you have to admit that nothing beats the adrenaline rush of placing a wager on the outcome of a sporting event that you feel may go your way. Unfortunately, there is no guarantee that your wager will pay off, especially in today’s world of cryptocurrency where the price of Bitcoin is constantly in flux. But that is the beauty of gambling: the thrill of a win and the rush of feeling like you have made the right call are enough to make it worth the effort.

To be able to enjoy this rush without risking your money, you can use one of the many online betting platforms that allow you to gamble on the outcome of sporting events in order to determine whether or not your wagers paid off. These platforms, also called sportsbooks, provide a safe and secure way for you to place your wagers, receive your winnings, and watch your favourite sports without needing to leave the comfort of your home. Some of the most popular sports that these platforms offer gamblers include:

  • American football
  • Basketball
  • Hockey
  • Tennis
  • Baseball
  • Gymnastics
  • Golf
  • Motorsports
  • Racquetball
  • Skiing
  • Snooker
  • Squash
  • Table tennis
  • Volleyball
  • Water polo

When Will These Sports Events End?

While we admire the courage of those who are able to place winning wagers on the outcomes of sporting events despite adverse circumstances, it is still essential to keep in mind that sometimes events do not end as expected and you do not gain back what you have lost. This is why it is essential you make sure that the events you have chosen to wager on will end before the end of the next bet cycle in order to see your winnings.

The only way to be sure that this occurs is to do your research into the odds of each sporting event and determine whether or not the results you are seeing are actually worth betting on. Some people like to lay their money down on long-term odds of +300 or more in order to secure a return on their investment, whilst others prefer to take the more traditional route and go for single games with odds of less than +150 or more. Sometimes the lesser the odds the more appealing these types of bets become, especially if the event is less likely to end in your favour. But it is always essential to do your research and find out what the current odds are before betting on an event that you feel may not end in your favour. Sometimes it is better to walk away and place a different wager that you are more likely to win.

Types of Parlay

In the same way that there is more than one way to win at poker, there is more than one way to parlay. Basically, this just means you can combine different types of bets to create a winning combination. Some of the most popular parlay combinations are:

  • Double Super Bowl; You are betting on the Super Bowl to go under (+105) and you have also got some insider information that the other team is going to lose (+325) and the half-time show will be funny (–210)
  • Full House; You are placing a wager on the Yankees to win the World Series (+125) and the Red Sox to win the AL East (+175) with the same stake
  • Green Bay Special; You are putting your money on the underdogs (Packers) to win the Super Bowl and the Big Game (the NFL Championship) (+350) with the same stake
  • Get Me To Athens; You are betting on the A’s to win the World Series and the Red Sox to win the AL East with the same 1.5 stake
  • Babe’s Final Game; You are placing a wager on the Yankees to win the World Series and the game is going to be memorable (Babe Ruth’s last game – April 21st, 1924) (+250)

As you can see, there is a lot of variety when it comes to parlay combinations, but the odds usually favour the person who is willing to risk the most, mainly because there are more combinations available to them than to the person who is playing alone. In general, it is a good idea to stick to the traditional parlay combinations where you have more of an even chance of winning, such as:

  • Red Sox – Yankees
  • Red Sox – Athletics
  • Red Sox – Steelers
  • Red Sox – Patriots
  • Red Sox – Colts
  • Red Sox – Cowboys
  • Red Sox – Rams
  • Athletics – Twins
  • Athletics – Browns
  • Athletics – Cardinals
  • Yankees – Pirates
  • Yankees – Giants
  • Yankees – Cubs
  • Yankees – Reds
  • Yankees – White Sox
  • Pilgrims – Redskins
  • Pilgrims – Raiders
  • Pilgrims – Browns
  • Patriots – Saints
  • Patriots – Steelers
  • Steelers – Cowboys
  • Patriots – Redskins
  • Patriots – Vikings
  • Patriots – Lions
  • Saints – Falcons
  • Saints – Giants
  • Saints – Cowboys
  • Saints – Redskins

What Are My Chances Of Winning?

One of the main reasons why people enjoy betting on sports is that they can make educated guesses as to whether or not they will win based on the betting line. These lines are generally set by bookmakers according to how much money they are willing to risk on a certain outcome. As long as you abide by the rules of the bookmaker, your chances of winning should increase.

For example, the Patriots are favoured to beat the Texans this Sunday night in the American Football Conference (AFC) divisional round. The over/under for the game is set at 43, with New England as a 4-point home favourite. If you look at the lines on other bookmakers and consider the fact that the Patriots are one of the most popular teams in the country with a 70% winning rate this year (as opposed to the 38% winning rate of the average NFL team), you can see why someone may choose to wager on New England this weekend.

Is It Worth It?

With all of the advantages that come with placing wagers on sporting events, there is still no clear indication as to whether or not it is actually worth the effort. On the one hand, you have the potential to make huge profits based on the results of several sports teams in a row, much like the multi-sports betting event that is the parlay. On the other, you have the possibility of losing a large sum of money based on the results of a single game. The key factor will depend on your personal preferences:

If you are the type of person who enjoys gambling and feels that the thrill of a potentially winning wager is enough to justify the effort, then parlays may be for you. But if you are the type of person who feels that the potential to lose a large amount of money is more than enough to discourage risk-taking, then you should probably stick to the safer options and avoid betting on the outcome of sporting events.