Parlay: Meaning and Definition
A parlay bet is a multiple bet that can typically have up to 12 or 15 selections, depending on what the operator allows. You need all the selections from your bet slip to win to get a payout on your parlay bet.
Summary
Parlay is a type of bet that consists of multiple selections from different events. It is a term commonly used in the US to refer to an accumulator bet.
What Is a Parlay?
A parlay bet is a multiple bet where you need all your selections to win in order for your bet to win, which makes a parlay riskier than multiple system bets, such as a Super Heinz bet, for example.
When you add two or more selections to a bet slip, you have created a parlay bet, because even a double and a treble bet can be called a parlay.
Why It's Important
A parlay bet allows for larger wins because the odds of all your selections are multiplied by each other first, and then by your stake. You get the final potential payout once you add a parlay bonus, if the sportsbook offers one.
The more selections you add, the higher the bonus percentage, but you should be aware that every next selection increases the risk and lowers the possibility of winning.
How It's Used
First, you should look for a sportsbook that boosts multiple bets, meaning that your parlay would have a larger payout in case of winning. Next, you need to look into the odds for events and markets you wish to bet on, and select the ones you wish to add to your bet slip.
Some bettors prefer adding selections with lower odds to minimise the risk, but that is entirely up to your betting style. The amount you wager should also reflect how much risk you are willing to take on your parlay bet.
