Your friends are blowing up your group chat about today’s parlay. They keep sending screenshot after screenshot of winning tickets, and you want to find out how to get in on the fun. Well, the first thing to do is figure out what on Earth a parlay bet actually is — then you can start making money yourself. Check out more of our introductory sports betting content here!
What is a Parlay in Sports Betting?
When placing bets at a sportsbook, there are two main types of bets available: straight bets and parlay bets. A straight bet is a simple wager on a single event, while a parlay bet is a wager on multiple events.
A parlay bet is essentially a combination of two or more straight bets, and all selections must win for the bettor to win. While these bets generally have higher payouts than straight bets, the win percentage is much lower, as all selections must be correct to win the bet. This means that while a parlay bet can lead to a big payout, it is also a riskier bet than a straight wager.
Some sportsbooks also offer a special type of parlay bet known as a “same-game parlay,” or SGP. This allows bettors to get action on multiple outcomes within a single game, such as the winner, the total points scored, and the first touchdown, basket or goal scorer. SGPs often have worse odds than regular parlays due to sportsbook adjustments for correlation, making them even riskier.
While parlay bets can be exciting and potentially lead to a big payout, it is generally recommended that bettors place most of their bets as straight wagers. Straight bets have a higher win percentage and offer a better chance of making a profit in the long run. These bets should be used sparingly and only when the bettor feels confident in their selections — or the bettor is looking more for entertainment than for profit.
