Parlay: High-Stakes Gambling

Players who enjoy a little risk when it comes to gambling probably like to parlay. A parlay is a series of bets where every bet must be won in order for the player to collect the winnings. For example, if a player is betting on a basketball game, he can parlay the bet saying team B will win, team A will lose by more than 16 points and the total points scored in the game will be more than 80. If the player wins all the bets, he gets paid. If the player loses just 1 bet, he loses.

What Are the Odds?

The benefit of a parlay is that they have higher payoffs. Unfortunately, the odds in parlay are not 50-50 and are usually for the bookmaker as most online casinos offer poor odds. While certain circumstances might call for a parlay, it's less risky to place individual bets. When a gambling site offers odds of -115 on a bet, the odds change in your favor and you can use this to place a parlay. However, you won't want to parlay when the odds offered by the gambling site are -110.

When Parlays Work to Your Advantage

Sometimes gambling sites offer cash bonuses or free play credits. Cash bonuses are great because if players place them on a bet, they win both the cash bonus and the winnings. Free play credits are different because players only receive the winning amount. However, when players use free play credits to make parlays they can compound their winnings multiple times to receive a larger winning amount. When gambling sites set betting limits, players can place a single parlay bet within the betting limit to win big.

Co-Related Parlays

Co-related parlays mean that when the player wins the first bet, it is more likely that he will win the second bet as the 2 bets are seemingly related. An example of a co-related parlay during a football game is to bet that team B will win, and that team A will lose by a set number of points. The player will also set an over-under bet on total points scored. Co-related parlays can be found during many sports gambling situations, or any situation where low totals and high spreads are a possibility.

Parlays are a high-stakes way to gamble. Placing a bet is just half the battle. If you know the advantages and disadvantages of a parlay during any bet, you could end up winning big.