What's better than winning one bet? How about winning a line of multiple bets and seeing your profits fly through the roof? Parlay bets are a way that makes that possible as it's a betting method that combines two or more bets like Over/Unders, moneyline or others.

Bettors love parlays as even though the chances of winning are small, they guarantee a big win when they do win. A parlay bet with two or more outcomes always offers a higher payout than betting individually on each outcome. The aim is to get all the bets correct to win in a parlay.

We'll be explaining everything you need to know about parlay betting so you can start reaping your rewards.

Introduction to Parlay Betting

Parlay bets are also known as accumulators or combo bets. It's an individual bet that combines two or more bets and all outcomes need to be correct.

From the bettor's side, parlay bets are enticing as you have the potential to win more than if you bet on each game individually (assuming the total of every side's amount is equal).

Parlay bets usually cover multiple matches and bet the handicap or moneyline in each. If all your chosen games win, you win the parlay. However, even if one of them loses, then you lose the parlay.

How does Parlay Betting Work?

So now you know that parlay betting requires you to combine more than one outcome within a single bet and you also need to get each bet correct to win the parlay. But how does it work in action and how does it influence your chances of winning the entire bet?

Let's check out an example and calculate some outcomes. Let's assume that in the following parlay, the teams in each game have an even chance of winning (50:50).

Most bookies offer a 2.5:1 payout for a parlay with two matches. In other words, a $100 bet that correctly predicts both outcomes give you a $260 profit ($160 of the initial profit + your $100 stake).

If you, for instance, bet $50 on every outcome separately, your profit would be $50x2, which equals $100 and adding your initial $100 stake, which brings a total of $200.

This shows that the parlay, at a payout ratio of 2.5:1, earns you an additional $50 overall compared to betting two bets individually.

Bigger payouts also come with greater risk. The more bets you put in one parlay ticket, the higher the probability of failure but you'll have a bigger reward potential. This is why bookies love taking parlays, as if you don't get all the best right, you'll lose.

Calculating Parlay Odds and Payouts

There's another thing to consider before you place your stake on any parlay bets.

Calculating parlay bet odds requires your format to be in decimal form. If you're used to the American betting odds format, you'll need to convert the numbers by using an odds calculator or change the settings of the bookie you use.

You want to start your parlay with a favourite with 1.66 odds and an underdog with 4.6. All you need to do next is determine the potential payout by multiplying these odds by the betting amount:

1.66 x 4.6 x $100 = $766

If you have more than two bets on a parlay, make sure it's in decimal format and include it in the calculation.

Parlay Betting on Football (Soccer)

It's the most popular sport globally, and football lets you fulfil your betting desire at any time of the day. There's barely any moment when there isn't a football match that is in progress or about to start.

When betting on parlay bets on football matches, remember that the results are based on the score after 90 minutes with the additional stoppage time (unless the site says otherwise). There are some things that won't impact your original bets, including penalty shoot-outs in the extra time and Golden Goals.

Is It Worth It to Bet on Parlay?

Many bettors consider parlay a sucker's bet, but others will say it's worth taking the risk. The truth depends on the picks of matches you make for the bet and their reason.

An experienced bettor may tell you that a parlay is a right bet to make as you have an edge that the bookie or casino didn't see and you'll have higher odds in parlays compared to betting on the matches individually.

However, you need to consider that even when you do have a strong take on a correlated outcome, if the matches are at different times of the day, you may be better off just betting on the first event. Then, parlay the entire amount (profit + initial bet) on the subsequent bet. This way, you might get better value.

Indeed, this is entirely time-dependent, but it's something worth considering. The catch is that if you think the first match's outcome correlates to the second, most bookies will think so. So you'll either need to bet on the second game ASAP before the line moves or completely miss out on it.

Summary of Parlay Betting

Parlay betting is a betting market that lets you bet on two or more bets. Bettors favour parlay betting as even though the chances are small, it guarantees some huge winnings if they win. A parlay bet with multiple outcomes is always more profitable than betting individually on every outcome.

Parlay bets usually consist of multiple games and bet the point spread or moneyline in every one of them. You win the parlay bet if all your chosen games end up winning. However, if just one of the bets loses, you lose the parlay. Before you make a bet in a parlay, studying every match and looking at the player's stats is crucial and make sure that it's all in decimal odds format.