Parlay Explanation: Types and Definitions

Title: Casual Guide to Parlay Betting: Teasers, Round Robins, and Same Game Parlays

Author: Alex Windsor & Brian Webb November 27, 2024

Picture this: You're a sports enthusiast who can't help but place wagers on your favorite games. But why settle for one bet when you can combine multiple wagers in a thrilling, double-or-nothing style wager—that's where parlays come in!

Let's break it down:

What are Parlays and How They Work?

Parlays, combos, or accumulator bets are terms tossed around for the same thing—combined bets on at least 2 (or more) selections. The total payout is increased, but every selection must win, or the entire parlay collapses. Betting on parlays is simple, yet it comes with some unique rules (that may vary from site to site) that can make them even more engaging.

Here's where our friendly sportsbook expert steps in—to demystify what parlays are, their various types, and the rules you'll need to comprehend to nail your first parlay. Before you dive in, remember that not all sportsbooks are stellar for parlay betting, so do check out our separate guide on the Best Parlay Betting Sites.

Parlay Bet Types

We've got three fascinating types of parlay wagers to discuss, each with its own pros and cons:

Teasers

The simplest and most flexible type of parlay bet is the Teasers. In a Teaser, you can manipulate point spreads (winning margins) on your chosen selections to tilt the odds in your favor, though this means your payout will be reduced. As with any other parlay type, you can add as few as 2 teams or include over 10+ bets (even up to 16+ on some sites). The key? All must win for your Teaser to win.

Round Robin

The Round Robin market was designed to be a "parlayed parlay." It combines multiple parlays in a way that enables you to wager on all possible combinations of match-ups from your choices. Thus, giving you additional chances to win.

On certain sites, you can pick multiple selections as "Singles" and then convert them into a Round Robin parlay. If you're betting online, you'll instantly see the expected bonus payout for this move.

Same Game Parlays

Same Game Parlays involve wagers on several outcomes within a single contest. These bets are perfect for those more seasoned players and contests with countless proposition markets. If your confidence in predicting the match is high (e.g. the winning team, the exact score, players with the most points), you can create an exhilarating payout through a single-game parlay.

Parlay Betting Terms

Before you dive headfirst into placing parlay bets, it's essential to familiarize yourself with some common parlay terms:

Accumulator, Combo: synonyms for parlay bet
Boosted Parlay: promos that boost the odds and/or payouts for parlay bets
Cancel: when a sporting event is canceled or postponed indefinitely
Dog: an underdog or the opposite of a "favorite"
Favorite: a team or individual expected to win
Multiplier: a figure that multiplies your wager
Odds: the estimated chance of winning
Payout: the estimated reward proportionate to the placed wager
Point Spread: a winning margin, usually in points, that a team must meet or exceed
Push: an outcome in which it's impossible to determine a win or a loss; when at least one match in multi-game parlays results in a push or cancel, the parlay excludes it (e.g., a 5-game becomes a 4-game) and payouts are recalculated
Parlay Insurance: when the sportsbook refunds your wager if the parlay loses
Pre-built Parlay: a custom parlay selection created by the sportsbook
Straight bets: individual wagers, typically involving who will win the contest

Tips for Parlay Betting Success

Now that you have the basics under control, brush up on these tips to maximize your parlay winnings:

Shop around for the best odds: Different sportsbooks offer varying odds, so make sure to compare before placing your bets.
Stick to what you know: Sector focus can help you make informed choices and avoid placing bets blindly.
Start small: Practice with small bets to learn the ropes before diving into larger parlay wagers.

With this enlightening guide as your ally, you're now well-equipped to dive into the captivating world of parlays. So go ahead and have fun making your own parlay adventures❤️🚀✨!

As a sports enthusiast, you can delve into the world of parlay betting, which offers a thrilling, double-or-nothing style wager on multiple games, such as football, basketball, hockey, golf, tennis, racing, mixed-martial-arts, or even baseball.
To ensure you're getting the most from your parlay betting, become familiar with various types of parlay bets, like Teasers, Round Robins, and Same Game Parlays, each with their unique features and benefits.
Teasers, the simplest and most flexible type of parlay bet, allow you to manipulate point spreads to your advantage, though this reduces your payout.
Round Robin, a "parlayed parlay," combines multiple parlays and provides additional chances to win by wagering on all possible combinations of match-ups from your choices.
In contrast, Same Game Parlays involve wagers on several outcomes within a single contest, perfect for those seasoned players with high confidence in predicting match results, scores, and individual performances.
To navigate the realm of parlay betting successfully, familiarize yourself with common parlay terms like Accumulator, Combo, Boosted Parlay, Cancel, Dog, Favorite, Multiplier, Odds, Payout, Point Spread, Push, Parlay Insurance, Pre-built Parlay, and Straight Bets.