Parlay Betting Explained
Parlay betting is a lot simpler than you think, but once again it comes down to the person explaining it. Many pages online are difficult to understand, especially if you are new to sports betting are still need to learn the basics. We try to provide users with a simple explanation of how different betting methods work and what they can offer you in rewards.
Parlay is a highly rewarding system but can be very risky when you are doubtful about the winning teams as multiple teams or games are selected for this type of bet. Parlay betting can be used by all bettor levels, it’s simply a matter of understanding how the system works, how to calculate the odds and everything else it involves. As mentioned above, it’s easy to comprehend, which is why we offer a step by step explanation along with examples to guide you through.
How Parlay Betting Works
Most major betting sites will offer a Parlay bet option that allows you to wager a lot less but win a massive amount. A parlay involves 2 or more games at a time, which is what makes it different from regular betting.
Once the option is selected, you need to choose the games involved with the parlay bet, users can choose multiple, but keep in mind the more you choose, the riskier it gets. Once your games have been selected, you will find the site presents you with a massive winning amount even when you just wager £10.00.
This is because with Parlay betting you do not receive the winnings for each match that has been played. Instead, the site will automatically bet your rewards on the next game selected by you, which is why you need to choose 2 or more. On the first game, your initial bet will be used, which is £10.00 for the example.
Should your selected team win, the full winning amount along with that £10.00 will be wagered on the next game only. If the second game also results in a win, your winnings will be much higher but re-wagered on the next game if any have been selected. This way your winning amount is multiplied continuously, which is how the bet becomes so big.
The reason you need to know what you are doing with this type of bet is that all your teams have to win for it to work. For example, if you select 5 games and bet £10.00 and stand to win £155.00 from those games, but lose a single match, you will not see a dime.
This is because the wager wagered is re-bet on the next game selected, making is the same as collecting your winnings from the first game and betting everything on the next game, and the next after that. This is exactly what Parlay betting is and why it’s risky but rewarding.
The Math Involved With Parlay Betting
To work out what you can win with a Parlay bet is really easy. You will, however, need the odds of each game and the value you are planning to wager. Here we will use decimal odds, which most sites offer or include an option to convert how it is displayed.
Wagering on 3 games will work as followed. We will use games A, B, and C as those we are wagering on. Game A had odds of 2.55, Game B = 1.84, Game C = 2.42. For this Parlay bet, we will wager £10.00 to keep things simple.
Once you have the odds and the bet value, we can calculate the winnings. Work out the Parlay odds by multiply the odds with each other (2.55x1.84x2.42=Odds), once you have the odds, you can multiply it by the bet amount and subtract the bet to get to the total amount you can win.
Our teams would add up to Parlay odds of 11.354, multiply that with the bet of £10.00, which would be £113.54, now just subtract £10.00 to get to the total won amount of £103.54 for this particular Parlay bet.