What exactly is parlay in online betting?

What exactly is parlay in online betting?
Posted by: top24casinos
Posted on: January 14 2022

What if you could place a wager on more than one game and outcome at the same time? It turns out you can. This type of sports betting is called parlay, and you can find this option at online bookmakers and some of the best casino sites in India like 10Cric and Pure Win.

Parlay betting is a popular form of sports betting where players can combine multiple bets into one. This sports bet offers huge rewards, but it comes with great risk. So, how does this bet exactly work? And is it good for online cricket betting?

Let’s find the answer here in our betting guide.

Defining the Parlay betting

Parlay betting comes in different names. Americans call this wager “parlay betting” while Europeans refer to it as “accumulator betting”. Here in India, many online casino sites and sportsbooks refer to this as “multi-bet”.

Regardless of the name used in a sportsbook, the concept of parlay betting is straightforward. This is one wager that tied together two or more bets instead of placing multiple individual wagers. The bettor simply groups different bets into one giant bet.

This type of wager is very popular as it offers bigger payouts when compared to other types of online betting. The more bets added inside, the bigger the potential payout. But as mentioned, the risk that the bettors have to take is also greater. For the bettors to win in parlay betting, all the individual bets involved must win. If any of the single bets in the parlay loses, the entire parlay bet loses as well.

Let’s see an example. Say you wager a three-team parlay which involves three spread bets:

  • Team A: -2.5
  • Team B: +4
  • Team C: -10

In order for your parlay bet to win, Team A must win by at least 3 points, the Team B must win outright or lose by less than four points, and Team C must win by at least 11 points. Now, even if only one of the team loses and two teams win, the overall parlay still loses.

There is variety of wagers that can be included in a parlay bet. These may include moneylines, game totals, and bets against the spread. Take note that you can’t wager against the spread and Moneyline from the same game.

Parlay Payouts

The size of your parlay payout is determined by the number of bets involved and the particular odds for those bets. Payouts will vary depending on the number of games added to the parlay, as well as the odds for those bets.

Calculating your potential payout can be done manually. If the Indian bookmaker is using the decimal odd format, you simply need to multiply all bets with the stake. Let see another example. Say, you’re betting INR 100 on a three-team parlay with the following odds: 1.3, 1.5, and 1.4. Here, you will have:

  • (1.3 x 1.5 x 1.4) x 100 = INR 273

Using the example, you can win INR 273 if all your bets in parlay win. This is higher payout when compared to 3 single bets with using INR 100 budget. If you have a similar budget, you can only place INR 33.33 on each bet. To compare, the maximum amount you can win in this wager is INR 142, considering you win all the matches. However, the upside of the single bet is that you’d still won some amount in case one of those matches doesn’t go through.

For other online bookmakers that use other types of bet, you can convert them to decimal odd first before doing the computation. In our past betting guide, we also provided a way on how you can calculate your online betting odds.

Two main types of parlay betting

Parlay betting comes also in different forms. However, the most common type of parlay you’ll find in sportsbooks and the best casino sites in India are the Round Robin and Teasers.

1. Round Robin Parlay

Nothing is more annoying for a bettor than missing one game in a parlay and losing the entire thing. This is where Round Robin parlays steps in.  In this type of parlay betting, you are allowed to place multiple parlays across different games. In simpler words, Round Robin is simply two or more parlays that are played at once.

This can be very useful as you can group the team you are more confident to bet at. A round robin bet is similar to boxing horses if you’re familiar with horse racing. The Round Robin will include 3 to 8 teams or totals chosen by the bettors. They’ll then determine how many teams or totals to join for the Round Robin. The number of different parlays the bettor has will be determined by the mix of teams.

2. Teaser Parlay

A teaser bet, like a standard parlay, combines many selections into a single wager. What makes this type of wager really interesting is that you are allowed to adjust the spread for each game you pick, as long as,e ash long as you are using the same number of points.

This type of parlay betting is more common in basketball and football betting. Furthermore, the payments are fixed according to the number of teams playing and how many points the spread is moved by.

Parlay in online betting

Parlay betting offers far higher profits than any other form of online betting. Many bettors choose this type of wager in cricket because of this reason. But before you get out there and place a parlay bet, you should understand the risk. For you to win a parlay bet, all the individual bets inside should all win. If one of the bets inside loses, you’ll get nothing.

There are, however, few methods for increasing your chances of winning in parlay sports betting. The simplest method is to use a casino bonus. Best casino sites in India offers different types of bonus including no deposit bonus India, which is like a free bet. Utilizing this free money allows you to reduce your chance of losing cash.