What is a Parlay Bet?

what is a parlay bet

A parlay bet is a wager that combines multiple individual bets into one, allowing the bettor to win a significantly larger payout compared to placing single bets. This strategy is often times used in sports betting. In the context of casino games, this type of betting is less frequently discussed but can be applied in various forms, such as in table games like roulette, blackjack, or even craps. A parlay typically involves two or more bets that must all win for the overall wager to be successful. The entire parlay loses if one bet is lost.

How Parlay Bets Work

Parlay betting in casino games is relatively straightforward. The bettor first makes an initial bet, and if that bet wins, they can choose to “parlay” or roll over the winnings into another bet. Instead of pocketing the first win, the player adds it to a new wager. The second bet is often based on a different outcome, but in some cases, players can parlay in the same type of game.

For instance, in a game of blackjack, a player might win their first hand and then parlay the winning wagers by betting on another hand. If they win again, the potential parlay winnings grow even larger with each successive win, making the strategy attractive but risky. However, should they lose the second hand, the entire parlay is lost.

3 Types of Parlay Bets

In casino games, parlay bets can vary based on the types of bets and games involved. Here are a few common types:

  1. Straight Parlay: This is the most common type of parlay bet. A player places an initial wager and, after winning, reinvests the entire winnings on another bet. The sequence continues until the player decides to stop or loses the bet.
  2. Multi-game Parlay: In some casino environments, such as online platforms or when mixing games at a casino, a player might parlay bets across different games. For instance, winnings from a blackjack game could be parlayed into a roulette spin, or a craps roll could be followed by a blackjack hand.
  3. Progressive Parlay: This is a more complex form of parlay betting where the player sets a specific goal for how many consecutive bets they intend to win. Even if they lose one bet, they might still win a smaller payout, depending on the structure of the progressive parlay system.

How to Calculate Parlay Odds and Payouts

man using a big calculator

Calculating the odds and payouts in a parlay involves multiplying the odds of each individual bet to determine the total payout. In some casino settings, players may also encounter promotions or bonuses that offer a parlay odds boost, which increases the potential payout for a parlay bet. For example, a casino might boost the odds for a player’s parlay if they bet on specific games or events, further enhancing the potential reward.

  1. Roulette: If you parlay a bet on red with odds of 1:1 and a specific number bet with odds of 35:1, the combined parlay payout odds would be 1:1 × 35:1 = 35:1. This means that if both bets win, the payout is 35 times the original wager.
  2. Blackjack: In blackjack, if a player parlays a winning hand (with a payout of 1:1) into another hand, the payout for two consecutive wins would be double the payout of a single win.

The formula for calculating the total payout of a parlay bet is:

Total Payout = Initial Bet x (Odds of Bet 1) x ( Odds of Bet 2) x …

For example, if a player bets $10 and the odds of winning the first bet are 2:1 and the second bet are 3:1, the total payout would be:

Total Payout = 10 x 2 x 3 = 60

However, if any of the bets in the parlay lose, the entire wager is forfeited, and the payout is zero.

Examples of Parlay Bets

The potential for large parlay payouts here can be tempting, but the risk is also high. Here’s how you can bet parlays in casino games:

  • Roulette Scenario: A player places a $10 bet on black, which wins. Instead of collecting the $10 win, they leave the entire $20 (original bet plus winnings) on black again. If the next spin also results in black, the player now has $40. If the second spin results in red, the player loses everything.
  • Blackjack Scenario: A player bets $50 and wins, receiving a payout of $100 (including the original bet). They then place the full $100 on the next hand. If they win again, they have $200, but a loss on the second hand results in losing the entire $100.
  • Craps Scenario: A player bets $20 on a hard 8. It wins, paying 9:1 odds, resulting in a payout of $180. The player then parlays this $180 by betting on the next roll being another hard 8. If it hits again, the payout would be substantial, but if any other number shows up, they lose all $180.

Pros and Cons of Parlay Betting

green check and red x marks

Pros

  • Higher potential payouts: The biggest draw of parlay bets is the ability to significantly increase winnings in a short period. This can be particularly attractive to casino players who are looking for bigger rewards.
  • Thrill factor: Parlay betting adds excitement to the gaming experience. The opportunity to exponentially grow winnings heightens the tension and enjoyment of the game.
  • Simplicity: In many casino games, placing a parlay bet is as simple as leaving the winnings on the table and declaring your intention to parlay, making it an easy concept to grasp for players who are familiar with single bet strategies.

Cons

  • Increased risk: The risk with a parlay bet is higher because all outcomes must win for the bettor to receive a payout. A single loss results in forfeiting the entire bet, which can quickly lead to losses.
  • Lower odds of winning: The odds of winning multiple bets in succession are lower compared to placing single bets, which makes parlay betting a high-risk strategy.
  • Emotional strain: The emotional rollercoaster of parlay betting, where a player can accumulate substantial winnings only to lose everything on one bad result, can be stressful for some players.

Is Parlay Bet Safe?

Parlay bets are not inherently “unsafe,” but they are riskier than traditional single bets. The allure of large payouts can tempt players into chasing big wins, but it’s important to remember that the higher the reward, the higher the risk. In casino games, parlays often cater to those who are willing to take substantial risks in exchange for the chance of winning large sums. Players who are strategic and understand the mechanics of each game have a better chance to win parlay bets, though the risks remain high.

If you’re looking to minimize risk, parlay betting may not be the best option. The safer route in casino games is usually sticking to single bets and collecting winnings gradually. However, for players who enjoy the thrill of higher stakes and understand the increased risk involved, parlays can add an extra layer of excitement to their casino experience.

Ultimately, whether a parlay bet is safe depends on your risk tolerance and understanding of the game. Like all forms of gambling, it is important to set limits, manage your bankroll carefully, and avoid chasing losses when engaging in parlay betting.