What Does Parlay Mean in Gambling?

Parlay is a common name used in gambling to refer to placing more than a single bet in one unit. In parlay gambling, the gambler places two bets separately and then unites them into a single bet. The bets may be more than two. The main goal of the bettor is to win big.

This type of gambling has its pros and cons.

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Advantages of Parlay gaming

  • It is fun – Those who accumulate their bets do it for the fun of it. The thrill of thinking of a possible multiple win is unmatched. This gaming works like the lottery.
  • Big wins – If the individual teams that you placed the bet for win, it is a big win for you. You stand a chance of doubling your win. The payouts are so exciting.

Disadvantages of Parlay gaming

  • Low chances of winning – As much as you stand a chance of winning big, the chances of winning are very low. The fact that you placed several small bets, if one team loses, the whole parlay is lost. Imagine having accumulated ten bets for different teams then 9 teams win and only 1 loses.
  • Risky and complicated – Parlay bets involve a lot of risk taking. It needs an expert and someone who is ready to lose their money on the bet. It does not payout in the long run.
  • Just like any other betting, parlay can be addictive. You might end up spending all your resources on the games.
  • It is hard to calculate the payouts by yourself. Most players have to rely on the betting company to calculate the payouts for them.

Where to get Parlays

You can get parlay games on several platforms;

  • At the casinos – Several casinos run parlay games. For you to play in a casino, you need to have a parlay card. This card is resourceful when calculating your totals and choosing which teams to place the bets.
  • Online – you can also place your bets online or using mobile betting applications. The sports book helps you to calculate your odds and place the bets. There are multiple gambling sites that can help you place your bets.

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Who should play Parlays?

Parlays are not the best kind of gambling for someone who wants to get quick money. This is because the risk of losing is quite high. If you are looking for some quick money, you are better off placing an individual bet than accumulating them.

Risk takers and those who gamble for fun can enjoy parlays more than the rest. One needs to be very accurate in placing this bets. To minimize your risks, you can place two or three parlays as compared to multiple.

Who wins?

Parlays are tailored to benefit the sports books more than the players. They stand to gain because the players lose in most of their bets. The gambling companies make more profits from parlay games than from separate bets.

To sum it up, you must be ready to lose when placing parlay bets. You however will need great strategy to win with parlays.

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