Your complete
parlay betting
guide
Want to turn that cheap CA$10 bet into a whole stack of cash? A parlay could be the way to go. Every sports bettor dreams of those big wins that can put a real spring in your step, which probably explains why so many players like to take a punt on parlays from time to time.
So, what is parlay betting? What does it offer? And what are the risks and rewards to be aware of? I’ll answer all these questions and more in my no-nonsense guide to sports betting parlays below.
What is a parlay in betting?
A parlay in sports betting is when you combine two or more bets on a single bet slip. Why? To increase the potential value of your wager.
Let’s say you were to place CA$10 on a sports betting parlay. If you win, your potential prize pot will be significantly bigger than if you placed a single moneyline bet.
I guess the parlay betting meaning is easier to understand when you consider what this style of wagering is called elsewhere in the world. In the UK, for example, parlays are known as “accumulators”; this makes sense because you’re effectively accumulating how much you stand to win in a single wager by combining multiple different bets.
At this point, it’s worth noting that to win a parlay, you must win every bet on your wager slip. If one element of your parlay doesn’t land, you’ll lose the lot – that’s what makes them a riskier alternative to standard single bets.
What are the pros and cons of
parlay betting?
Advantages
- Boost the amount you can win on a single bet
- Inject excitement into your sports betting strategy
- Enjoy a more flexible betting experience across multiple different sports
- Make big wins from relatively small bets
- Showcase your sporting knowledge with an expert parlay strategy
Disadvantages
- Parlay betting is inherently risky since you’re effectively spreading the probability of winning
How do you place parlay sports bets?
Much like with
matched betting, parlay betting is a piece of cake when you know how. With that in mind, let’s take a quick look at how a parlay sports bet typically plays out.
- Step 1:
Log into your online sportsbook account. If you’re not yet a member of a sports betting site, I’ve selected some of the
best gambling apps in Canada
and featured them in the banners on this page, so be sure to check them out.
- Step 2:
Select the bets you want to combine and add them to your parlay bet slip. Note that not all bet types can be combined on a parlay, as there may be too much correlation and overlap between them.
- Step 3:
Once you’re happy with your parlay selections, tap through to the bet slip confirmation page. Here, you’ll need to decide how much you want to wager on the parlay, at which point you’ll see a breakdown of your potential winnings.
- Step 4:
With your wagering amount set, all that remains is to confirm your parlay and lock it in. From there, it’s a case of following the action and keeping your fingers crossed that all of your bets land.
What are the advantages and disadvantages of
parlay sports betting?
Never has the term “risk vs reward” been truer than in the case of parlay betting. The prospect of claiming a big sportsbook win shouldn’t blind you to the fact that parlays are inherently risky, and you need to be aware of the benefits and pitfalls of a sports betting parlay from the outset.
With that in mind, here’s a look at the key advantages and disadvantages of parlay bets.
The advantages of parlay sportsbook bets
| Inflate your potential payouts | Well-placed parlays can multiply your potential winnings tenfold. Since parlay odds are multiplied together, there are some massive take-homes up for grabs. |
| Up the fun factor | I won’t lie – nothing beats the thrill of waiting for a parlay bet to settle. As the play unfolds across multiple different games, you’ll be on the edge of your seat and willing your bets across the line. |
| Low risk, high reward | Yes, parlay betting is risky, but you don’t need to bet big to make awesome wins. Think about it: a CA$10 bet could easily become a CA$200+ payout if you make savvy selections, so it’s definitely a low-risk, high-reward strategy. |
| Get rewarded for your knowledge and instincts | Parlay betting is the ultimate flex for diehard sports fans who know their teams, leagues and clubs inside and out. Whether you’re into hockey, football or basketball, or are searching for the best UFC betting sites, sportsbook parlays let you showcase knowledge, skills and intuition by making expert predictions on a single bet slip. |
| Flexibility | What’s great about betting parlays is that you can combine bets from different sports on a single bet slip. This lets you build a flexible betting strategy that’s entirely your own |
The disadvantages of
parlay betting
Since you need to land all your legs in a single parlay to win, this does increase the risk of coming away empty-handed. Basically, the more bets you add to a parlay, the higher the risk and the higher the potential reward, so you do face a tricky balancing act.
There’s no getting around the fact that parlay sports betting is difficult. No matter how useful this guide may be, you do face a bit of a learning curve and lots of trial and error before you master the basics.
Encourages bad betting practices
Parlays offer some massive wins that can tempt you into making reckless decisions. Always play within your means and don’t go chasing huge parlay payouts if you’re not confident about the wagers you have to make.
What are the best
sports betting parlay
strategies?
If you’re keen to nerd out on parlay betting, there are several strategies you should study up on. Here are three of my favourites that may be of interest to the most passionate parlay-ers out there.
| Moneyline parlays | This is one of the most common parlay sports betting strategies and the easiest to master. The more moneyline bets you add to a single parlay, the higher your potential payouts. |
| Hedging parlays | When you include a mix of favourites and underdogs on your bet slip, this is called a hedging parlay. Personally, I’m a big fan of this parlay betting strategy as it helps to balance out the possibility of making a loss. |
| Correlated parlays | Correlated parlays are when you bet on two closely related outcomes and combine these on the same bet slip. You need to be careful about the type of bets you combine as bookies may not allow too much overlap, but if you play it smart, there are some excellent wagering opportunities to be had here. |
What is a parlay in betting? It’s the ticket to a good time!
Placing parlay bets isn’t just about scoring massive sportsbook wins (although that is definitely one of its major plus points). It’s also a chance to ramp up the excitement of your sports betting strategy while showcasing your hard-earned knowledge of the best teams, players and tactics in your favourite sport – whether that’s for hockey, football, boxing, golf or
ufc betting site.
I should caveat this by saying that parlay sports betting isn’t for the faint-hearted or risk-averse. Sure, you can make some nice wins from small bets, but the odds of losing are significantly higher than they are for standard betting types, so you need to practice restraint and gamble responsibly.
With all that said, if you are still interested in parlay sports betting in Canada, be sure to give the brands featured in the banners on this page a try. I’ve selected some of my favourite Canadian sportsbooks that accept parlay bets, so give them a try and benefit from a nice welcome bonus to boot.
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Parlay betting
FAQs
?? Is parlay betting legal in Canada?
Yes, parlay betting is legal in Canada and some of the country’s leading sportsbooks accept parlay bets. Before you join a sports betting site in Canada, be sure that the brand is legally allowed to operate in your state.
?? Can you use sportsbook bonuses with parlay bets?
Sure! If you’re looking to redeem a welcome bonus with a new bookmaker, you can use your free bet credit on parlay bets. Always check the bonus T&Cs for any restrictions on the types of qualifying bets you can make when redeeming the promotion.
??? How risky are parlay bets on sports betting sites?
Parlay bets are riskier than standard bets because they require you to win multiple bets in order to take home the prize pot. However, you can win big payouts for only a small wagering amount, so it’s a case of risk vs reward.
