Sports News Blitz betting and casino guide: What is parlay betting?
Parlay betting, also known as accumulator betting or combo betting, involves combining multiple individual bets into a single wager, with the key feature being that all components of the bet must be correct for the overall bet to win.
Parlay bets offer the potential for higher payouts than individual bets because the odds of each component bet are multiplied together. However, since all components must win for the parlay to pay out, the risk of losing the entire bet is also higher.
Here, Sports News Blitz explains the tricky art of parlay bets.
How parlay betting works
Select Multiple Bets: To place a parlay bet, you choose two or more individual bets (also known as ‘legs’) that you want to combine into a single wager. These individual bets can be from the same game or different games and can include various types of bets such as moneyline, point spread, totals, or prop bets.
Combine Bets: Once you’ve selected your individual bets, you combine them into a single parlay bet. The odds for each component bet are multiplied together to determine the overall odds for the parlay. For example, if you have two individual bets with odds of -110 each, the combined odds for the parlay would be -110 * -110 = +121.
Place Your Wager: After combining your bets into a parlay, you specify the amount of money you want to wager on the parlay. The minimum and maximum bet amounts may vary depending on the sportsbook.
Winning or Losing: If all components of the parlay are correct (i.e., all individual bets win), the parlay bet is considered a winner, and you receive a payout based on the combined odds. However, if any component of the parlay loses, the entire parlay bet is lost, and you do not receive any payout.
Parlay betting offers the potential for significant payouts, especially when combining multiple bets with favourable odds.
However, due to the increased risk of losing the entire bet if just one component is incorrect, parlay betting requires careful consideration and should be approached with caution.
It’s essential to do thorough research and have a good understanding of the sports and betting markets before placing parlay bets.
READ MORE: Sports News Blitz betting and casino guide: What is moneyline betting?
