Parlay betting, otherwise known as accumulator betting, is a type of wager that combines several selections into a single bet. So, as opposed to betting on a single outcome, you are gambling on the result of multiple events. For you to win a parlay bet, it is imperative that all your selections win. If either of the bets within the parlay loses, you lose the entire bet.
A parlay bet is advantageous in the sense that it offers higher payouts as compared to individual bets owing to their high risk factor. For the same reason, it is more enticing, but at the same time riskier since all your selections need to be successful.
This page contains all the necessary information related to parlay betting in football, including its benefits, strategies, tips & tricks, etc. to help you make informed decisions with your bets. So, let us dive into the details and absorb as many details as possible.
What is a Parlay Bet?
A parlay bet is nothing but an accumulator bet, and the names are used interchangeably depending on the region where the gambling is taking place. In football, it includes combining more than one bet into a single wager. In comparison to a single bet, it contains a higher risk factor, but comes with an enhanced payout. You must also remember that all your selections must win; a loss in even one selection will lose you the entire bet.
So, firstly, each bet carries its own odds, and with each selection that you add, the potential winnings increase, too. Secondly, the odds of your bets get doubled; this means that if you have two selections with odds of 2.00, the odds of the parlay bet will go up to 4.00.
Let us take the example of three matches in the English Premier League – Arsenal vs Manchester United, Liverpool vs Manchester City, and Tottenham vs Chelsea.
Say, in case of an individual bet on each game, you bet on Arsenal, Liverpool and Tottenham to win. In a parlay, instead of placing three separate bets, you will be combining all three bets. So, all three teams, Arsenal, Liverpool, and Tottenham, must win their respective matches for you to win the parlay. If either team loses, you win nothing.
What are the Different Variations of a Parlay Bet?
One of the fun aspects of a parlay bet is that it has its own set of variations for bettors to try out. Each one of them has its respective type of bet where you wager on a different number of selections. Let us take a look at these variations.
- Double: A double bet involves making two selections. Out of all the variations, it is the simplest. In order to win a double bet, both your selections should be correct; if either bet loses, your entire bet is lost
- Treble: In a treble bet, you make three selections. Again, all three of your selections must win without which you will not earn a payout
- Trixie: Like treble, a trixie bet involves three selections but multiple bets. So, you get a total of four bets in all – three doubles and one treble. If one of your selections loses, you might receive a portion of the total payout, but in order to receive a full pay, all the selections must win
- Yankee: A Yankee bet comprises four selections, with 11 separate bets placed in total. This includes six doubles, four trebles, and one fourfold accumulator
- Lucky 15: Here, you get a total of 15 different bets, comprising four selections, which are four singles, six doubles, four trebles, and a fourfold accumulator. To earn any kind of return, at least two selections must win
- Super Yankee: Also known as a Canadian bet, it contains five selections and multiple bets, including ten doubles, five fourfolds, and one fivefold accumulator. Again, two selections must win so that you can receive some type of payout
- Heinz: In a Heinz bet, you get six selections and multiple bets in the form of fifteen doubles, twenty trebles, fifteen fourfolds, six fivefolds, and one sixfold accumulator. You need to get at least three selections to receive any return
Thanks to their structure and payout possibilities being dissimilar, these variations present a unique risk element along with better financial rewards.
Advantages and Disadvantages of a Parlay Bet
Like any gambling element, a parlay bet also comes with its share of pros and cons. Below, we have highlighted some of the key aspects on both sides.
Advantages
- Better payout: In comparison to individual bets, a parlay bet offers significant payouts since you get to combine multiple selections into a single wager. Since the odds multiply, the payout increases as well
- Small investment: You get the flexibility of wagering the smallest amount in parlay bets. The returns, however, are larger, thus earning you colossal profits every time you win
- Added excitement: When you bet across multiple games, it adds to the excitement. The potential of winning big from a tiny amount can make betting on several matches worthwhile
Disadvantages
- Greater risks: The risks associated with parlay bets are much greater than individual bets because even with a single loss, you stand to lose the entire bet. The more selections you choose, the higher is the challenge
- Less control on outcome: Out of your five selections, the first four may earn you victories. However, the last bet ends in a loss and that unexpected result can spoil the joyous experience. With no control over your bets, you are left vulnerable
- Lower win probability: You are required to get multiple selections correct in parlay bets. This decreases the probability of winning significantly
Handy Tips and Tricks for Parlay Betting
By following the below tips, you can optimize your winning potential, however, do note that parlay bets carry a low win probability owing to their unpredictable nature. Regardless, you can incorporate the below tricks in your bets with the aim of receiving higher payouts in sight.
- Research is key: Make sure that you conduct your research on the competing football teams, along with the current form, player injuries, etc. Being well-informed can increase your chances of winning
- Reduce selection numbers: Granted that the more selections you make, the higher is the payout. But at the same time, you cannot ignore the possibility of a loss, and as a result, it is better to limit your number of selections to minimize risk
- Expand your selections: When we say expand your selections, we specifically mean venturing out of a single league and making selections across different leagues. So, if you are considering three selections, place one on the Premier League, another on La Liga, and the remaining one on Serie A
- Manage your bankroll: Ensure that you have a set budget for selections. Only wager the amount that you can afford to lose on a given day. While at it, do not chase losses. This will ensure that you do not extinguish your balance
- Compare the odds: You can also visit different sportsbooks and browse through their odds on similar games. This will present you with an insight into what you can expect for your selections
- Partial cash out: Some bookmakers offer you the option to partially cash out your parlay amount before all the selections come to a close. If all your selections until now have been favorable, but you are unsure about the last one, you can withdraw a portion of your bet money
- Track your parlay bets: When you keep a close eye on your bets, you begin to assess the reasons why you won or the mistakes that you made leading to a loss. This helps in making informed decisions on your future wagers
Conclusion
So, the general consensus about parlay betting is that it is lucrative, but has a fair amount of risks involved, which makes the whole experience unpredictable. If you are a bettor in search of one such experience, then parlay betting might be suitable for you.