In sports betting on casinos online, a parlay refers to a combination of bets (at least two and above) that you place, and you will only win a parlay wager when you win all bets in that parlay. For example, in a parlay bet, you have betted on two matches:
- Match 1: Team A vs. Team B
- Match 2: Team C vs. Team D
You have wagered that Team A will win as well as Team C will win. You will only win when both Team A and Team C have won their matches, or at least achieved a tie with their opponents. Many players opt to bet on parlays for one simple reason: the potential amount of winning that can be generated from a small bet.
Types of Parlay Betting
There are two basic types of parlay betting that you will often encountered at a casino that offers sports betting. The first type is a bet against the money line while the second type is against the point spread. The main difference between the two types of parlay bets is the winnings you can gain. The money line parlay payout is dependent on the team odds while the point spread parlay payout is a fixed payout. Let’s take a closer look at each type of parlay betting:
Money Line Parlay Betting
Imagine that in a match, you are pitting David against Goliath. Let’s not talk about the commonly known outcome of this biblical story but just think of the prediction for this match. Before the match commences, it is not fair to gauge that David and Goliath has equal chances of winning. Goliath will naturally have a higher percentage of defeating David.
In money line parlay betting, this fact is considered and that’s why if you bet on David (smaller percentage of winning) to win, you will receive a bigger payout in your parlay bet while if you bet in Goliath to win (bigger percentage of winning), you will receive a smaller payout in your parlay bet.
Point Spread Parlay Betting
For every casino who offers parlay betting based on point spread, they will have a system in play. For example:
- If you play 2 matches in your parlay, your odds will be 13-5
- If you play 3 matches in your parlay, your odds will be 6-1
- If you play 4 matches in your parlay, your odds will be 10-1
As you can see, the more matches you play for your parlay, the bigger payout you will receive. The payout is fixed as the casino will have given you a fixed odd so that you know exactly how much you will win, should you win your parlay wager. For example, if you are very lucky to win 10 matches in your parlay, you will receive the odds of 600-1. This means that if you have wagered $20 for your parlay, you will stand to win a whopping $12,000.
Which Type of Parlay Betting Will Benefit You More?
Simply put, it is better to join a sports betting casino that offers money line parlay betting than one that offers point spread parlay betting. Because money line parlay payouts are calculated by their true odds, you will actually win more money in such parlay bets. For example, if we consider the true odds of a 10-match parlay, the odds offered to you should be 1023-1, meaning if you wager $20, your payout will be $20,460.
All in all, parlay bets are pretty risky to try because of the number of matches you have to wager right to make a parlay win. However, the potential payout is certainly very attractive, so if you are feeling lucky, why not make a parlay bet today?