What is a parlay bet in sports betting?

## Understanding Parlay Bets 🎲 A parlay bet is a single wager that combines multiple individual bets into one, requiring all selections to win for the bettor to receive a payout. This type of betting offers higher potential returns than placing individual bets but comes with increased risk since one wrong prediction defeats the entire wager. ### How Parlay Bets Work 📊 When you create a parlay, you're essentially rolling over your winnings from each bet to the next selection. The odds of each individual bet are multiplied together, resulting in higher overall odds for the parlay. #### Example Calculation Imagine betting on three NFL games: - **Game 1**: Team A to win at odds of 2.00 - **Game 2**: Team B to win at odds of 1.50 - **Game 3**: Team C to win at odds of 1.80 Combined odds: 2.00 × 1.50 × 1.80 = 5.40 A $100 wager would pay $540 if all teams win, but you lose the entire $100 if any team loses. ### Common Parlay Components * Moneyline bets * Point spreads * Over/under totals * Player props * Game props ## Advantages and Disadvantages ### Pros ✅ * Higher potential payouts * More excitement from multiple games * Small stake for big return potential * Great for casual bettors ### Cons ❌ * Higher risk than single bets * One loss ruins entire ticket * House edge increases with more legs * Lower probability of winning * Not recommended for professional bettors ## Strategies for Successful Parlay Betting 💡 1. **Limit the Number of Bets**: Keep parlays to 2-4 legs for better odds of winning 2. **Research and Analysis**: Thoroughly research each selection 3. **Avoid Heavy Favorites**: Look for value in your selections 4. **Consider Correlation**: Look for related outcomes 5. **Bankroll Management**: Only wager what you can afford to lose ### Same Game Parlays Many sportsbooks now offer the ability to parlay multiple bets from the same game. For example: > "I like to pair a team's moneyline with their star player's over on points when I feel strongly about a game." - Professional bettor Steve Stevens ## Risk Management 🛡️ ``` Recommended Parlay Betting Allocation: Bankroll: $1,000 Maximum Parlay Bet: $20-50 Weekly Parlay Budget: 5% of bankroll ``` ## Common Mistakes to Avoid ⚠️ * Chasing losses with bigger parlays * Including too many legs * Forcing picks to increase payout * Ignoring odds value * Betting more than you can afford to lose For more information on sports betting strategies, you can check out [DraftKings](https://www.draftkings.com/), [FanDuel](https://www.fanduel.com/), or [this guide](https://www.actionnetwork.com/) from the Action Network. Remember, while parlays can be entertaining and potentially profitable, they should typically represent a small portion of your overall betting strategy. Most successful sports bettors focus primarily on straight bets while using parlays selectively for entertainment or specific situations.

What is a parlay bet in sports betting?

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