Parlay Bet

Parlay Bet Explained

With a parlay bet, you include two, three or more betting selections in your wager. The odds of all those events are multiplied, meaning your potential parlay payout increases as you add more picks to your bet slip. It is important to note, though, that you must predict all outcomes correctly to win your parlay bets.

Let's say you place a four-team parlay. Even if three of your bets win and only one selection lets you down, your entire parlay loses. That's despite all your other sports betting predictions being spot on. In contrast, when you place a single-game bet, you predict the outcome of only one match, and that outcome determines if you win or lose your single bet.

Let’s explain parlay bets. Imagine you have included three matches in your parlay bet - the Grizzlies to win against the Nuggets, Djokovic to defeat Tsitsipas, and the Real Madrid and Barcelona match to end in over 2.5 goals. You will need all of those things to happen to have a winning parlay bet. If the Grizzlies and Djokovic win, but El Clasico ends 1-1, you will unfortunately lose your parlay bet. That is the nature of these types of bets.

Parlay Bet Examples

The moment you add more than one selection in your bet, you have created a parlay wager. There are different types of parlay bets depending on the number of events you include in your bet slip. Stay with Betpack to learn what kinds of parlay bets you can compile.

Double Parlay Bets

As the name implies, when you place double bets, you include two selections in your parlay bet. Both of those legs need to come to fruition for you to win. Let’s say you are into American football betting and have created a two-team parlay backing the San Francisco 49ers to beat the Dallas Cowboys and the New York Jets to triumph over the Los Angeles Rams. You will have a winning bet only if both the Niners and Jets win their matches.

Treble Parlay Bets

With treble bets, you include three events in your wager. For example, you can create an English Premier League three-team parlay bet where you will predict that Chelsea vs West Ham, Everton vs Tottenham, and Manchester City vs Liverpool will all end with over 2.5 goals scored. If each match produces at least three goals, you have a winning treble bet. 

Four-Team Parlay Bets and Higher

You can already see how parlay bets work. As you might have guessed, four-folds are parlay bets that consist of four selections, but they are not where parlay bets end, far from it. You can include as many events in your parlay bet as you wish or as online bookmakers allow you to do. That means you can create long parlay bets consisting of 10, 20, 30, 40 or more selections.

Round Robin Parlays

When you place Round Robin parlay tickets, you create a series of coexisting smaller parlays on the same ticket. Let's say you back the Kansas City Chiefs, Miami Dolphins, and Tampa Bay Buccaneers in a three-team parlay. The Chiefs lose, while the Dolphins and the Buccaneers win. In a regular parlay, the Chiefs losing, will cost you your ticket.

However, in a Round Robin, you basically place three two-team parlays concurrently in the same bet. So, you get the following three parlays within the same Round Robin bet: Chiefs-Dolphins, Chiefs-Buccaneers, and Dolphins-Buccaneers. That way, even if the Chiefs lose, you still have the winning Dolphins-Buccaneers parlay.

Conclusion

A parlay bet is any bet in which you include two or more selections in your bet slip. It is one of the most common bets out there. In fact, chances are that most of the wagers you will place as a bettor will actually be parlay bets, as opposed to single or individual wagers.

The great thing about parlay bets is that they allow you to get substantial winnings with modest to moderate bet stakes. That makes them perfect for bettors on a tight budget and ideal for punters who want to enjoy watching as many matches as possible with only one bet.