What are Parleys in Sports Betting?

What are Parleys in Sports Betting?

October 30, 2023

For many people, the excitement of sports isn’t just about watching their favourite teams win or lose. There’s an additional layer of engagement through betting on the outcomes of these games. When you begin your journey into sports betting, you’ll come across various types of wagers. Most novices start with straightforward bets, maybe on the final score of a football match or the winner of a horse race. However, after you’ve browsed a few of the betting websites UK punters frequent, you may have noticed an option for something called a ‘parley’. This article aims to explain what parleys are, how they work, and some of the considerations you should keep in mind if you’re thinking of placing one.

The Basics of Parleys

In simple terms, a parley is a single bet that links together two or more individual wagers. For the parley to win, each of the linked bets must win. If even one of the bets in the parley loses, the entire parley loses. On the flip side, if all the wagers within your parley win, the payout is significantly higher than if you’d placed each of those bets individually.

The risk is higher with parleys because every part of your bet has to come true for you to win anything. However, the reward is correspondingly higher as well. So, if you’re feeling confident and want to amp up the excitement, parleys could be a good choice.

The Math Behind the Payouts

To understand why the payouts for parleys are higher, you need to get to grips with the mathematics involved. When calculating a parley, the odds for each linked bet are multiplied together. For instance, if you have three bets with odds of 2/1, 3/1, and 4/1, the combined odds for the parley would be 2 x 3 x 4 = 24/1. This demonstrates the potential for huge payouts, especially when you include multiple bets with long odds.

However, it’s also easy to see how quickly the odds can stack against you. This is one reason many seasoned bettors advise newcomers to tread carefully when considering parleys.

Types of Bets in a Parley

Parleys are versatile. They can include various kinds of bets such as point spreads, moneylines, and totals (over/unders), to name a few. It’s even possible to combine different sports within a single parley. However, there are usually restrictions on linking correlated outcomes within one parley. For example, you can’t bet on a team to both win and exceed a specific number of goals; that would make it too easy to win big.

Strategies to Consider

If you decide to venture into the realm of parleys, some strategies can help increase your odds of winning. One common approach is to include bets with short odds to ‘anchor’ your parley. These are considered safer bets that are more likely to win, thus reducing the overall risk of your parley falling apart. However, bear in mind that every added wager increases the chance of one failing, and therefore, the whole parley failing.

An Exciting Option to Be Used with Care

As with any form of betting, parleys come with their pros and cons. The allure of a big win can make them seem like an attractive option, but the stakes are high. Parleys require a deep understanding of the sports you’re betting on, as well as a good deal of luck. They’re not for the faint of heart, but if you’ve got a solid strategy, a properly managed bankroll, and you’re willing to accept the risks, they can be an exhilarating addition to your sports betting experience. So, the next time you’re browsing through betting websites and see the option for a parley, you’ll now have a better understanding of what you’re getting into.

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