Parlay Betting Explained
Learn how to place parlay bets, and which bookies offer the best odds and bonuses for parlay betting.
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 loses, 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. On some top betting sites in Canada, you can place 20+ selection parlay bets, but the chancing of the bet landing decreases with every selection.
If you want to regularly place parlay bets, we recommend using betting sites with parlay insurances, boosts, or other bonuses for parlay betting. 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.
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. |
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. But, 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.
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.
