What is a Parlay in Betting? - Parlay Betting in Canada Explained
Canadian bettors have multiple types of bets, and one of the most popular options is parlay. It’s a relatively straightforward way to bet, and widely supported by all sports betting sites.
Read on as we discuss all about parlay betting, including its upsides, downsides, and strategies.
What is a Parlay in Betting?
A parlay bet or accumulator is a single bet that contains two or more individual wagers, which require all of the selections winning to get a return. Typically, parlay bets will pay out more than placing the bets separately, but, if one or more selections lose, the entire bet loses.
The returns of a parlay bet can be calculated by multiplying the stake by the odds of the first selection, then the second, third, fourth and so on, depending on how many selections you pick. You can place 20+ selection parlay bets, but the chancing of the bet landing decreases with every selection.
Components of a Parlay Bet
Here's a simplified explanation of how it works, broken down into four main components:
| Component | Explanation |
|---|---|
| Definition | A single bet that links together two or more individual wagers for a high payout. All of the selections must win for the parlay to be successful. |
| Example | Betting on three football games. If all three bets win, the payout is significantly higher than betting on each game individually. |
| Risk | Higher risk since if any of the bets lose, the entire parlay loses. |
| Potential Reward | Higher potential reward as the payout increases exponentially with each added bet to the parlay. |
What is a Same Game Parlay Bet?
A same-game parlay bet is a feature available on some betting sites that allows you to combine multiple bets on a single game.
Essentially, you are betting on different outcomes in the same game, such as combining the result of the game, both teams scoring, the amount of corners, and much more.
Below is an example of a same-game parlay bet, also known as a "Bet Builder", on a few bookmakers.
Is Parlay Betting Legal in Canada?
In Canada, sports betting regulations vary from province to province, but the vast majority are friendly to parlay selections. For emphasis, parlay betting was made legal in 1985, and it took up to 36 years — in 2021 — before single-event wagering was permitted in Canada. Hence, parlay is more popular than single-game bets in the country.
However, to gamble legally with parlays in Canada, you must register with licensed sports betting sites. In provinces like Ontario, Quebec, and British Columbia, licensed betting sites are largely government-operated. Even independent brands have to register and work with the government to offer legal gambling in the regions.
Meanwhile, other provinces like Manitoba and Alberta license private sportsbooks that offer parlay betting. Ultimately, identify what parlay betting sites are authorized in your region and only register with them.
How to Place a Parlay Bet in Canada
While it involves picking multiple selections, placing a parlay bet is relatively straightforward. Find out how to go about it in the subsequent sections.
Choosing a Bookmaker
First, you have to identify a reliable parlay sportsbook to use. Your preferred platform must be legal and licensed to operate in Canada. Plus, it’s essential to evaluate the betting site's reputation and confirm that the operator is trustworthy. Other critical factors to consider include:
- Payment methods
- Bonuses and promotions
- Available betting markets
- Competitive odds
- Customer service
Step-by-Step Guide
After pinpointing the right parlay sportsbook in Canada, follow these instructions to place your bet:
- Visit your select betting site's official website and create an account.
- Confirm your email/phone number after registration to activate your account.
- Navigate to the Cashier section and make your first deposit.
- Claim the available welcome promotion for new bettors.
- Switch to the sports category pages you want to bet on.
- Click on odds to pick your legs and add them to your bet slip.
- Review the bet slip and confirm that all legs were correctly selected according to your predictions.
- Enter your stake amount and submit the parlay bet slip.
Now, all you have to do is wait for the events to play and check if you win.
Advantages and Risks of Parlay Betting
Parlay betting in Canada is one of the best ways to wager on sports events. However, it has its pros and cons. Let’s look at both sides of the equation:
Potential Rewards
The primary advantage of parlay betting is that it offers higher payouts than single-game wagers. When you combine legs into one slip, the sportsbook multiplies all the odds by your stake amount. So, the compounded odds result in much higher potential winnings than if you placed the bets separately.
Increased Risks
With high rewards comes high risk. The fact that all legs in the parlay must play correctly for you to win makes the bet type challenging. If one selection isn’t correct, you lose it all. Additionally, the more legs you add to the accumulator bet, the lower the probability of winning.
Betting Sites with Parlay Insurance
Some betting sites also offer parlay insurance which usually refunds your stake if your bet loses by one selection. These parlay insurances typically cover bets with four or more selections, and mostly refund the stake as a free bet or cash.
However, Parlay insurance often only applies to certain sports and betting markets. Be sure to check out the promotions page on the bookmaker of your choice to see if they offer parlay insurance.
For example, bet365 offers parlay boosts of up to 70% extra, an early payout bonus for several sports, including NHL, NBA, MLB, & Soccer.
The early payout bonus marks your selection as a winner if your team is winning by a certain amount at any point in the game, and stays a winner even if the bet goes on to lose.
Strategies for Parlay Betting
We’ve established that parlay betting promises more potential rewards but with increased risks. To help minimize the risks, here are some helpful parlay betting strategies to apply:
Research and Knowledge
Always research and analyze your predictions carefully. That way, you can make informed picks when selecting legs for your parlay. A good approach is to focus on familiar sports rather than trying new games.
Risk Management
Many Canadian sportsbooks will let you accumulate up to 20 selections in a parlay. But that doesn’t mean you should overload your slip with too many legs. To reduce the risk, keep your parlay at 4 or 5 selections.
Betting Tips Specific to Popular Canadian Sports
It also helps to recognize the variations between different sports in Canada and follow strategies specific to each one. Here are some tips we recommend:
- Hockey: Pay attention to stats like goals scored, power play efficiency, and penalty kill success rates.
- Football: Check the winning team's H2H records against their opponents.
- Basketball: Follow the news and stay updated on reports on injuries, game schedules, and player availability.
Thomas is responsible for all content on BettingGuide Canada. With his extensive knowledge of the gambling industry and college degree in law, he knows what you should look out for when choosing the best casino or sportsbook.
