What can you do with a Parlay bet?

To put it simply, a Parlay is what is called in Europe a combined bet.
The Parlay allows you to maximize your potential winnings by combining several individual bets into one large bet. Most American sports betting sites will allow you to assemble your own bets with as many bet components as you want. Generally, this system is called coupon. The return on investment is significantly more profitable than the sum of all its constituent parts made as individual bets.

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However, it is also statistically much more difficult to win such a bet, as you must win every leg of it. Suppose you have a 7-leg betting coupon on MLB and you correctly predict the first 6 matches but lose the last one. In this case, you lose your entire bet and get nothing even with 6 correct results. Thus, parlays offer substantial risk for their huge reward and it takes significant experience to know when and where to place an appropriate parlay bet.

Let's take an example

The following example will show you the advantage of using the betting system. Suppose you find attractive odds on four distinct matches or bets for the day. You can bet on these individually, or you can combine them all into one bet. Here’s how the payout can differ between these two strategies:

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The Atlanta Braves (-135) against the Milwaukee Brewers (+160)
The New York Yankees (-155) against the Seattle Mariners (+185)
The Washington Nationals (-130) against the New York Mets (+140)
The Oakland Athletics (+165) against the Cleveland Indians (-175)

For simplification purposes, let’s say you bet $100 on each match, and all your predictions are correct. A bet on the Braves wins $74.07, a bet on the Yankees pays $64.52, a bet on Washington pays $76.92, and - by a surprise you saw coming - a bet on the Athletics pays $165. In total, on these four individual bets, you won $380.51 risking $400. That’s a nice sum and most MLB bettors would be satisfied with the payout.

However, since you were so confident with these four choices, you could have won much more by combining them. When betting on your favorites, parlays are generally interesting to add about 20-50% to the value of your bets taken individually. Even better, if you have an outsider in your bet, the payout is generally multiplied by 2 or more. In the example above, you could have won about $1,000 instead of $400. Obviously, this is a much larger gain, and that’s why sports betting in general is so appealing to bettors.

Generally speaking, the more legs your combined bet has, the higher the percentage increase in total winnings compared to the individual bets themselves. Generally, the more outsiders you have in your bet, the more multiples of your initial stake you will receive.

When to take the Parlay risk?

If you want to make the most money possible, you probably want to know exactly when to make parlay bets. A little tip here is that, although parlays pay a little better than individual bets, they are exceptional when you include at least one outsider (with separate direct bets, the outsider increases the payout of the bet certainly, but in a lesser way than making a combined bet).