What is a Parlay Bet?

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What is a Parlay Bet? Parlay Betting Strategy & How it Works

Parlay betting is a popular bet type and a strategy many sports bettors use to boost odds and increase wins on an individual wager. But what exactly is a parlay bet, and how do you place one? Read on to learn about parlay betting at Stake.com  with some tips, tricks and strategy ideas.

What is a Parlay Bet?

In sports, a parlay bet is a wager you can place on multiple outcomes on the same betting slip. Sometimes called an accumulator or multibet, it’s a good way of bringing selections together to improve your odds. The key thing to know about a parlay bet is that for it to win, all of your selections need to be correct, making it a multi-level wager.

Parlay bets differ from same game multi bets , which refers to multiple bets placed on a specific fixture.

How Does a Parlay Bet Work?

A parlay bet brings multiple selections into the same wager. So, rather than betting on four soccer matches as individual moneyline bets, you can combine them into one wager, meaning your single bet has four selections.

If all four selections win, you will win your entire parlay bet. However, if only one team lets you down and fails to win, you will lose the entire bet. So, while the risk is greater than a single bet, so is the reward, as parlay bets typically pay out decent odds when they come in.

How to Make a Parlay Bet?

Making a parlay bet at Stake.com is easy. You can head to our online sportsbook and make the types of bets you think will occur. These will then be automatically grouped into a parlay bet (or accumulator), and the odds for the parlay will be given. You can then decide how much to wager before confirming the bet and watching the action unfold.

Examples of Parlay Bets

Okay, so what does this type of bet look like? Let's take a look at some common parlay bets as examples:

Two-team parlay

The easiest way to place a parlay bet is to back two teams to win in a game week. Here’s what an NFL two-gameparlay could look like:

Cincinnati Bengals vs Cleveland Browns

New York Giants vs Green Bay Packers

  • Bengals & Packers to win @ +350

Remember, both the Bengals and the Packers would have to win their respective games for you to win your parlay bet.

Three-team parlay

Let’s turn to the NBA for an example of a three-bet parlay, assuming that you want to add an additional team to your parlay for a potentially larger payout:

Los Angeles Lakers vs Golden State Warriors

Miami Heat vs New York Knicks

Denver Nuggets vs Phoenix Suns

  • Lakers, Knicks, and Suns to win @ +850

Four-team parlay

Finally, let’s take a look at the NHL for an example of how a four-team parlay bet could look at Stake.com:

Toronto Maple Leafs vs Florida Panthers

Seattle Kraken vs Dallas Stars

Edmonton Oilers vs Vegas Golden Knights

Carolina Hurricanes vs New Jersey Devils

  • Maple Leafs, Kraken, Golden Knights, and Devils @ +1,450

The same format is true for five-team parlays and beyond. Remember, the more teams you include in a parlay, the longer the odds become. These are all examples of moneyline parlays.

Same-game parlays

A same-game parlay bet is a wager on multiple outcomes occurring in the same game. For instance, in soccer , you could place the following same game parlay:

Liverpool vs Chelsea

  • Chelsea to win, Aubameyang to score at any time, and over 2.5 corners in the first half +1,150.

The above three selections are all associated with the same game, and all must occur for you to win your bet.

How Does a Parlay Bet Payout?

A parlay payout will only occur if all of the selections are successful. So, you must wait until all matches are finished before your bet is settled. This is important to remember if the selections in your parlay occur on different days or at different times. You will lose your entire stake if one or more of your parlay ticket selections don't happen.

Benefits of Parlay Bets

The main benefit of parlay bets is that it increases your potential winnings when compared to placing multiple single wagers. This is because the likelihood of all of your selections winning is less likely, offering you a larger potential payout as a result.

Parlay bets are also exciting. Cheering on multiple teams (or looking for multiple outcomes to occur in the exact match) is enjoyable and a great way to get involved in sports you don’t usually watch or enjoy. This makes parlay betting a great wager type for recreational bettors, as well as avid sports betting fans.

Risks of Parlay Bets

The biggest drawback of parlay bets is that they’re riskier than single-game wagers. For example, if you bring three teams together in a three-team parlay and one loses, you lose the entire bet.

However, if you bet on those three teams individually, and two of them win and only one loses, you would win two bets and lose one.

Of course, sports bettors justify parlay bets due to the increased potential winnings, and it’s a classic case of risk vs reward.

Parlay Betting Strategies, Tips & Tricks to Win

To help you make the most of parlay betting on upcoming sports, here are some top tips to inform your betting strategy before making you parlay picks at Stake.com:

Live Parlay Betting

As well as making pre-match parlay bets , you can place several live parlays at Stake.com. For instance, in soccer, a live parlay can include things like the number of corners and cautions in a match and a player to score a goal at any time. Be mindful that live parlay bets are subject to live markets, and the odds can change quickly.

For more details about live betting, check out our guide that explains the differences between pre-match and live sports betting .

How to Deposit & Withdraw Funds to Bet on Sports

Easily deposit crypto units or your local currency into your account to place sports bets by following the steps listed below:

  1. Step 1 - Retrieve your deposit address, located in Wallet > Deposit.

  2. Step 2 - Choose the method that suits your needs. Stake.com supports multiple currencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (Doge), Litecoin (LTC), and others.

  3. Step 3 - Use your deposit address as the ‘send to’ location for your crypto wallet or exchange.

  4. Step 4 (Optional) - If you wish to make a deposit via fiat currency, you can use the payment method available for your currency , or you can buy crypto for Stake via Moonpay.

Stake.com offers live support to players via our customer support staff for help with issues regarding sports betting and depositing and withdrawing units.

Moonpay supports multiple payment options, including Visa, Mastercard, Apple Pay, Google Pay, and others, to buy cryptocurrency to place sports bets. For a full list of supported payment methods, please refer to the Moonpay documentation .

Sports Betting Rules, Regulations & Security

When betting on sports at Stake.com, please always remember to gamble responsibly and within your means. For full disclosure and more information regarding sports betting rules, regulations, and security, please refer to our terms and conditions.