Everything You Need to Know About Parlay Betting
For some high rollers, parlay betting holds a special place in their sports betting activities. The good thing is that even though the chances of winning are low when placing parlay bets, you stand a much higher payout than when you place individual bets.
In this article, we explain what parlay betting is, how they work and if you should place parlay bets on your next wagers using 1xBit.
Table of Contents
- What is a Parlay Bet?
- How Do Parlay Bets Work?
- Examples of Parlay Sports Bets
- Should You Place Parlay Bets?
- How to Place Parlay Bets with Bitcoin
What is a Parlay Bet?
In sports betting, a parlay bet refers to a stake in which the bettor makes two or more wagers, popularly known as ‘legs’, and places them as a single bet.
It’s also fondly known as a combo, an accumulator, or multi-bet depending on the region or sportsbook.
Regardless of the terminology used, the concept is the same. You select as many bets as you want from a bet market and place a wager on them as one bet. The more bets you add to the string, the greater the risk, but the payout will also be huge if you predict all the outcomes correctly.
How Do Parlay Bets Work?
Generally, the working of parlay bets is the same, but the rules may differ among sportsbooks. The minimum number of legs is two wagers with the maximum being up to 20, depending on the bookie you choose to use.
In this type of betting the rule is that every leg in your bet must win for you to win a parlay. Therefore, if you place a bet with nine legs and get the first eight legs correct and the ninth loses, your bet is lost.
Parlay odds are usually higher than the odds provided for each leg to compensate for the increased risk. This means you will have a higher payout from a two-legged parlay bet than you would win if you bet on the two outcomes independently.
Additionally, sportsbooks allow bettors to place parlays on different bet markets. For instance, you can have a combo of legs drawn from the point spread bets, over/under bets, and moneylines.
Examples of Parlay Sports Bets
Now that you have the parlay betting definition and understand how the bets work, let’s look at examples of parlay sports bets.
NFL Parlay Bets
In NFL parlay betting, you can select multiple games, moneylines, totals, or props and create a bet with a potentially higher payout.
An example is a simple moneyline like betting on Tampa Bay Buccaneers (-120) and Falcons (-130) to win. You can place a separate $10 bet on each to win and cash out about $16, depending on the odds given. However, if you choose to parlay them as a single bet of $20, where you wager that both teams would win, the payout will be $44.87 if both teams win.
NBA Parlay Bets
You can still pick legs from different bet markets in NBA Parlays, be it the spreads, totals, or moneylines. The odds are multiplied like with other parlays to give you a higher payout if all the legs win.
For example, if you choose a fixed odds market like the totals or spreads with a selection of (+/-110), a three-leg parlay will pay +600, so a $100 wager will cash out $700, your stake included. A four-team parlay will pay +1200, so a $100 bet will have returns of $1,300.
MLB Parlay Bets
Sportsbooks also allow bettors to wager on MLB parlays in different bet markets. For example, if you choose to go with the moneyline and pick three teams to win, like Braves -160, Blue Jays -130, and Dodgers +120. A $100 bet on this wager would result in a $532.50 with a +532.5 parlay odd.
Also, if you select three underdogs with selections of (+140), (+150), and (+120) and stake $100, the payout would be $1,220.
Should You Place Parlay Bets?
Bettors dream of turning small wagers into huge payouts, making parlay bets popular among gamblers. There’s nothing wrong with throwing a few parlay bets once in a while for fun. It could pay off but making it a daily routine may not be the best idea.
While a parlay bet promises massive returns, a win is never guaranteed. Ideally, parlay bets are pretty difficult to win, especially if your bet includes many legs.
The more teams you have, the bigger the odds, but the harder it gets to win the bet. The massive odds typically reward a win's increasing risk.
How to Place Parlay Bets with Bitcoin
Sports betting is fun when you know you can cash out more money at the end of the game by placing a parlay bet. With crypto-only sportsbooks like 1xBit, you can cash out as soon as the last team wins at a minimal cost.
Here is how you can start parlay betting with bitcoin on 1xBit.
1. Visit the sportsbook’s homepage to create your account. This is an easy process that only requires your email address and password. If you have a promo code, there is a section to fill it out for a chance to win a bonus.
2. Once you’ve registered your account, log in to the sportsbook to make your first deposit by clicking on the ‘Deposit’ icon.
3. A window will appear showing the list of supported crypto coins on 1xBit. Click on ‘Bitcoin’ to proceed to deposit BTC. If you do not have bitcoin in your wallet, click on ‘Buy Cryptocurrency’ to acquire BTC from an exchange platform.
4. If you have some BTC in your wallet, copy the wallet address on your 1xBit account or scan the QR code to complete the deposit.
5. Once you fund your account, head to the 1xBit dashboard and click on ‘Sports.’ A list of the sports you can bet on will appear. Select the sport you want and click on it.
6. Identify the league you want to bet on and click on it.
7. Identify the teams you want to bet on, select the parlay bet legs on which you wish to place your wager, and then confirm your bet.
Sports betting with bitcoin is gaining much popularity thanks to the immense benefits it provides bettors. Provided you know the bet markets you want to explore, you only take a few minutes to place your parlay bet and wait for the outcome.
Register with 1xBit today and enjoy the speed and convenience of bitcoin betting.