What Is A Parlay? Sports Betting Terms Explained

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In the world of sports betting, parlay bets are a popular and potentially rewarding strategy. A parlay bet involves the consolidation of multiple individual wagers into a single bet, with the promise of increasing the potential payout. To secure a win, every included bet must be correct; a single incorrect prediction can result in the entire parlay being forfeited.

The Concept of Parlay Bets

At its core, a parlay bet represents an intriguing approach to sports betting. It’s about merging several individual bets into one, creating a comprehensive wager that can yield significant returns. This consolidation is particularly attractive to those seeking to maximize their potential winnings.

They can include wagers on various aspects of sports events, such as the outcome of games, point spreads, and even over/under totals. Combining these predictions into a single bet allows bettors to amplify their potential profits significantly.

Balancing Risk and Reward

The allure of these bets lies in the potential for substantial payouts. However, it’s essential to recognize that with great rewards come corresponding risks. To make a profit with a parlay bet, every single bet you include must pan out as predicted. This requirement adds an element of excitement and risk to the betting experience.

Imagine creating a parlay bet encompassing three NBA games. Correctly predicting the winners of each game leads to a significant boost in your initial wager and a much larger payout. But remember, if just one of your NBA game predictions goes wrong, the entire parlay is lost, underscoring the inherent risk of this strategy.

An NBA Parlay Example

To illustrate the concept further, let’s delve into an NBA scenario. Suppose you decide to create a parlay bet involving three NBA games. You correctly predict the winners of each game, and all your selections prove accurate. As a result, your initial wager multiplies, and you reap the rewards of a significantly larger payout.

Below you can see an example of this NBA parlay on both FanDuel and DraftKings. In both example, there are three teams selected to win. If all three teams win their respective games, the parlay would hit and you would win.

Parlay bets offer an exciting and potentially rewarding way to engage in sports betting. By consolidating multiple predictions into a single bet, bettors can boost their potential winnings. However, it’s essential to remember that the risk of losing the entire bet is also heightened, making parlay betting a strategy that requires careful consideration and a bit of luck.

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Eamonn KeenanEamonn Keenan
Eamonn Keenan, with a Digital Arts Degree from the University of Tampa, brings over a decade of sports betting experience to his role as Creative Director at BettingHero.com. Starting with Betting Hero in the Fall of 2020, Eamonn has been deeply involved in the industry, assisting customers with major sportsbook and casino operators like BetMGM, Caesars, DraftKings, and others. A self-proclaimed sports fanatic, he has a keen interest in professional hockey, MMA, NFL, NCAAB, NCAAF, and MLB. Eamonn enjoys researching teams and players to predict game outcomes, highlighting his passion for sports betting.