To be successful in gambling, there are two attributes every gambler must possess. They are ‘know when to stop’ and ‘when to be a bit greedy.’ To make a large profit in gambling, you must have an aggressive risk-taking tendency. This will help you stake larger or bet more. So, you must be wondering what does Parlay mean in Sports Betting?
One of the sports wagers that enable gamblers to earn more from betting is parlay betting.
What Does Parlay Mean?
Parlay is a great-risk, high-reward type of betting. Also known as accumulator, combo, or multi bet, a parlay is a single bet composed of two or more bets. Winning in this type of gambling is dependent on all the individual bets winning together.
This type of betting is avoided and shunned in most betting communities because of the low probability of winning. It is not meant for everyone but for those willing to take a little risk for a higher profit.
Factors Affecting a Parlay
To make a profit from parlay betting, all individual wagers must win together. So if any of the multiple bets of the parlay loses, the entire parlay loses irrespective of whether any wager has won.
A parlay can also win if any of the wagers in a parlay push, probably due to a bad weather condition. In this case, the number of bets in the parlay reduces. When the number of bets reduces, the total amount of odds also comes down accordingly. This naturally causes a drop in profit.
How is a Parlay Payout Calculated?
Most betting platforms automatically calculate your payout odds so that you don’t have to do it yourself. This is the breakdown of how it is done.
If your betting odds are American, you should convert them into decimal with a betting odds converter. If your betting odds were already in decimal or you converted them into decimal, multiply the decimal odds of all your bets to get your multiplier.
After a multiplier has been derived, you should multiply it with your wager amount to get the total amount of your payout.
As earlier stated, all these calculations are done by your betting platform automatically.
Pros and Cons of Parlay Betting
Parlay betting provides a large payout earned with a small investment. Most sportsbooks offer an early cashback option to their customers. Individuals who stake on early and night games on parlay tickets can earn more with lesser risk.
The biggest drawback in parlay betting is the added risk that comes with multiple bets. The odds of winning a single bet are 50%, but with increased teams in the parlay ticket, the odds of winning worsen.
Parlay bets are an all-or-nothing bet. Winning three bets of a four-bet combo does not earn any profit. So before attempting this type of betting, all these factors must be considered.
Although Parlay betting is risky, the rewards from it are exponentially greater than other wagers. If you want to earn more from gambling, parlay betting is the perfect option, but do not fail to consider its risks.