What is a Parlay Bet? Parlay Betting Strategy & How it Works
There are lots of different ways to bet at Stake Sportsbook and parlay betting is something that’s available on most events. Parlay betting is a fun way to combine multiple bets into one, increasing the odds and your potential payout.
Read on to learn about parlay betting at Stake.com with some tips, tricks and strategy ideas.
What is a Parlay Bet & How Does it Work?
A parlay bet, also known as a multibet or accumulator, is essentially a combination of multiple bets. Rather than making separate moneyline bets you can combine them. This increases the odds and your potential winnings.
If you placed two separate bets, you could win one and lose the other, win both or lose both. However, if you place a parlay bet, all the outcomes you bet on need to occur for your bet to be successful. The risk is higher, but so is the reward, and the more selections you add to your parlay, the higher the odds will get.
Each bet within the parlay is known as a selection or leg. So a parlay with 3 selections is known as a 3-leg parlay. There are also same game parlays, which let you bet on multiple outcomes within a single game.
How to Place a Parlay Bet on Stake
Placing a parlay bet at Stake is really straightforward. All you have to do is follow these steps:
Before entering your stake and confirming the bet, you can add another selection and choose the multibet option in the bet slip
Add as many selections as you like, then enter your stake, check the odds and confirm to place the bet.
If you want to place a same game multibet, you can select the event, choose the same game multi market tab and then your selections.
Live Parlay Betting
Parlays can be placed on live sports. There’s a wide range of pre-match and live betting markets to choose from on a variety of sports at Stake. Simply open the live sports section to see matches that are currently taking place and view the live odds. You can combine multiple selections here, although the odds in your bet slip can change quickly.
Examples of Parlay Bets
There are lots of different types of parlays. Here are some examples:
Two-team parlay
The easiest way to place a parlay bet is to back two teams to win in a game week. Here’s what an NFL two-gameparlay could look like:
Cincinnati Bengals vs Cleveland Browns
New York Giants vs Green Bay Packers
Bengals & Packers to win @ +350
Remember, both the Bengals and the Packers would have to win their respective games for you to win your parlay bet.
Three-team parlay
Let’s turn to the NBA for an example of a three-bet parlay, assuming that you want to add an additional team to your parlay for a potentially larger payout:
Los Angeles Lakers vs Golden State Warriors
Miami Heat vs New York Knicks
Denver Nuggets vs Phoenix Suns
Lakers, Knicks, and Suns to win @ +850
Four-team parlay
Finally, let’s take a look at the NHL for an example of how a four-team parlay bet could look at Stake.com:
Toronto Maple Leafs vs Florida Panthers
Seattle Kraken vs Dallas Stars
Edmonton Oilers vs Vegas Golden Knights
Carolina Hurricanes vs New Jersey Devils
Maple Leafs, Kraken, Golden Knights, and Devils @ +1,450
The same format is true for five-team parlays and beyond. Remember, the more teams you include in a parlay, the longer the odds become. These are all examples of moneyline parlays.
Same-game parlays
A same-game parlay bet is a wager on multiple outcomes occurring in the same game. For instance, in soccer , you could place the following same game parlay:
Liverpool vs Chelsea
Chelsea to win, Aubameyang to score at any time, and over 2.5 corners in the first half +1,150.
The above three selections are all associated with the same game, and all must occur for you to win your bet.
How Does a Parlay Bet Payout?
Parlay bets payout if every outcome on your selection occurs. So if you place a parlay on Bournemouth, Aston Villa, and Liverpool to all win, each team has to win for your parlay to be successful. If any team in your bet loses, your bet is unsuccessful, and you lose your stake.
Because there’s a greater risk, the odds for parlay bets can be much higher, which is why they’re such a popular option. However, you need to know how the odds work and how to calculate your payouts before you start making parlays.
How to Calculate Parlay Payouts & Understand Odds
The odds for parlays work in the same way as any other type of bet. Higher odds mean higher potential winnings, but also indicate that the probability is lower. The more selections you add, the higher the odds will be, as there’s a lower chance of each leg hitting. To make things easier for you to calculate payouts of your parlays, you can switch between decimal format, fractional format and American odds.
Advantages & Risks of Parlay Bets
Advantages
Increase your odds - Parlay bets can have extremely high odds compared to individual wagers, leading to a larger payout from a small stake.
More control - You can build your own bets with the same game multibet, giving you more freedom and control.
Lock in profit - If you’re already up with several legs of your parlay, you can lock in profit with cashout or by betting on the other outcome.
Risks
Lower probability - Adding more legs to your parlay lowers the probability of success compared to a single wager.
Complex strategy required - To be consistently successful with parlay bets, there are more factors you need to consider, which requires a more complex betting strategy.
One leg can spoil it - A successful parlay can be brought down by just one leg.
Parlay Betting Strategies, Tips & Tricks to Win
Do your research - It pays to consider the available data and statistics when making your picks. Pay attention to recent form and head-to-head results as well as the underlying performance of each team or athlete.
Don’t add legs for the sake of it - Sure, another leg to your parlay can increase the odds, but it will also reduce your chance of success.
Hedge your bets - When possible, you should look to hedge your bets to ensure you profit no matter what the outcome. If several selections in your parlay have already hit, you can bet against the other legs or cash out if available.
When you sign up to Stake.com, it’s important to read through the terms of use and understand the sports betting rules. Specific rules may apply to certain sports and how outcomes are recorded, affecting your parlay bets. Stake is a fully licensed and regulated online sportsbook, which means that your safety and security are a priority.
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