Lesson 3. What Is a Parlay Bet and Its Calculation Features?

Parlay bets combine relative simplicity in calculation and forecasting with high odds. They are often favored by newcomers because with an investment of 10 rupees, for example, one can relatively easily win 100 or more. However, to obtain a sum many times greater than the initial stake, it is necessary to understand the mechanism, limitations, and peculiarities of a parlay bet.

Find out all the information about parlay bets and their features.

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What is a Parlay?

A parlay is a combined bet consisting of two or more single bets on different sporting events. Unlike a single bet, a parlay bet wins only if the player correctly predicts the outcome of all events. If at least one outcome is incorrect, the entire bet is lost — this is known as the collapse of the parlay. If one outcome wins and the others result in a refund, the bet is considered a win, but the coefficient does not account for the events resulting in refunds. If all events in the parlay result in refunds, the stake amount is returned to the player with a coefficient of 1.0. In some cases minus the commission of the bookmaker’s office.

Calculation Example

The coefficients of all events included in the parlay are multiplied together. 

For example, let’s choose three matches:

  1. Odisha FC – Kerala Blasters.
  2. Punjab FC – Bengaluru FC.
  3. Mumbai City FC – Jamshedpur FC.

For each sporting event, a coefficient is selected with the most probable outcome: 2.28, 2.55, and 1.62. Individually, these coefficients are not high, but in a parlay bet, after multiplication, they result in 9.42. Considering the relatively high probability of a successful outcome for each match and the need to make only one bet, this gives a significant advantage to the player.

In the event that one of the matches, for example, Punjab FC – Bengaluru FC, ends in a draw and results in a refund, the overall winning coefficient will be 2.28 x 1.62 = 3.69. This is also good for events with a high probability.

Understand by example how parlay bets on matches are calculated.

Special Features of Parlay Bets

Many bookmakers offer additional features such as bonuses, insurance, or cash-out to attract players to parlays. Let’s take a closer look at these features. Let’s take a closer look at these features.

Bonuses on Parlays

Some bookmakers offer bonuses if the parlay bet includes many outcomes, usually 4–7. Considering that the more outcomes are included in the parlay bet, the lower the probability of winning. Bookmakers often generously offer additional increases in stakes, free bets, or higher loyalty program rankings.

Parlay Insurance

The parlay insurance feature has several limitations:

  1. Number of sporting events: primarily more than 4.
  2. Number of insured sporting events: usually one, occasionally two.
  3. Minimum coefficient for each sporting event in the parlay: often from 1.6 and higher.

For example, a parlay bet is placed on 5 sporting events:

  1. Odisha FC – Kerala Blasters.
  2. Punjab FC – Bengaluru FC.
  3. ATK Mohun Bagan FC – East Bengal.
  4. Mumbai City FC – Jamshedpur FC.

For each of them, an outcome is chosen with a coefficient exceeding 1.6. Thus, the total bet will be:

2.28 x 2.75 x 4.3 x 1.62 = 43.68.

Afterward, insurance is selected for one of the least likely sporting events, for instance, ATK Mohun Bagan FC – East Bengal, where the probability of a draw is 4.3. In the scenario where 3 matches are won as per the player’s predictions and the bet on ATK Mohun Bagan FC – East Bengal loses, the calculation will be 2.28 x 2.75 x 1.62 = 10.16. However, if the loss occurs with another sporting event, the entire parlay bet will lose.

Find out how parlay bets are insured.

Cashout

This function is a request from the player for early payment of an express bet if events in it go with a favorable outcome.

For example, for the previously mentioned sequence of events:

  1. Odisha FC – Kerala Blasters.
  2. Punjab FC – Bengaluru FC.
  3. ATK Mohun Bagan FC – East Bengal.
  4. Mumbai City FC – Jamshedpur FC.

If favorable outcomes occur in two out of four events, the player can request a cashout, and the winning coefficient will be:

4.3 x 1.62 = 6.97.

See how parlay bets allow cashback.

Limitations on Parlay Bets

Bookmakers may impose the following restrictions:

  • Prohibition on combining two different outcomes for one sporting event;
  • Limit on the number of sporting events or the total coefficient;
  • Minimum bet amount limit.

In Conclusion

The main advantage of a parlay bet is its extremely high coefficient. However, the risk of losing increases proportionally with the number of outcomes added to the parlay. Another implicit disadvantage is the bookmaker’s margin, which is deducted from the base bet amount for each outcome. When placing a parlay bet, it is essential to carefully review all the limitations imposed by the bookmaker on this type of bet.

Learn More

Find out all the information about single bets and their features.

Single Bet: Brief Overview, Calculation Features, Instructions for Betting

A single bet, as the name suggests, is a bet that provides for one outcome. The player can calculate the amount of expected winnings independently by simply multiplying the bet amount by the odds offered by the bookmaker.

Previous lesson

Find out all the information about system bets and their features.

What is a System in Betting – Simple About Complex

Bookmakers operate with three main types of bets: single, parlay, and system. The latter is considered the most complex.

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