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Is Parlay Betting Worth It? A Look at Sports Gambling’s Biggest Trend

23-05-2024

It seems as though all people in the gambling world ever talk about these days is ‘parlay’ betting. Whether you scroll through X (Twitter) for a few minutes or join a casino stream on Twitch, you’re probably going to hear someone name drop this type of bet. However, just because something has become popular, doesn’t necessarily mean it’s good, especially when it comes to betting.

Is Parlay Betting Worth It?

Parlay bets can be worth your time based on the bigger profit margins that they offer. You’re combining two or more bets together to make one single wager, which ultimately increases the odds and opens up the opportunity for greater profit. For example, if you’re an NBA fan, you might place a combined bet of the Lakers to beat the Nuggets and the Celtics to beat the Bulls. However, the downside here is that there’s much more risk involved, so there’s a stronger chance the bet will fail.

What Are the Odds of a Parlay Bet Winning?

On average, here’s a look at the odds of a parlay bet winning:
  • 2-Team Parlay: 27.27% ⚡️
  • 3-Team Parlay: 14.37% ⚡️
  • 4-Team Parlay: 7.52% ⚡️

As you can see, the more teams you add to your parlay, the statistical likelihood decreases. This is because the odds of all your predicted teams winning are extremely high, even if you bet on the favorites. Whenever there’s a weekend of sports fixtures taking place, shock results can happen. Even the greatest sports bettor on the planet would struggle to successfully predict the outcome of 10 NBA games during the weekend, as it’s outright impossible to know what will happen for sure.

Alex Windsor from Gamble USA, a popular iGaming review site, has commented on this:

“The bigger a parlay bet is, the less likely it is to win — it’s that simple. Because of this, most successful sports bettors normally stick with 2-team, 3-team, or 4-team parlays. Not only does this reduce the risk, but it also opens up the opportunity for healthy profits, which is what your typical sports bettor wants. So if you’ve never placed a parlay bet in your life, start with a simple 2-team bet and work your way from there.”

Parlay Bets: A Short-Lived Trend or Here to Stay?

The future of sports betting is set to be dominated by parlay bets. Unlike a traditional ‘straight bet’, parlay bets provide the opportunity to win big, push your sports knowledge to the limit, and have fun supporting multiple different teams as the weekend’s sports action unfolds. Ultimately, this is why they’re expected to stick around for the long-term, especially now that most sportsbooks are prioritizing parlay bets above everything else.



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