Parlay Betting In Canada
One of the drawbacks of sports betting is that it's generally difficult to hit the jackpot. While it's possible to win thousands when you drop a loonie into a slot machine, winning big when betting on sports is more complicated. If you want to win serious cash, you'll either need to place large amounts of money on a sure thing with weak odds or try your luck on the unlikeliest of long shots. Of course, there's a much easier way to command huge payouts on a small sports wager by taking advantage of parlay bets. When you place a parlay bet, you'll be betting on multiple games at once. If all your games win, you can really clean up.
Parlay Betting Explained
Watch our video below to find out exactly what parlay betting is and how it works.
Getting Familiar With Parlay Bets
Don't let the fancy name fool you. Parlay bets are simple to understand and equally easy to make. When you place a parlay wager you'll be betting on multiple games or events at once. The catch is you'll need to win all your bets or you'll lose the entire wager. That means if you bet on five games and just one loses, you'll win nothing. While that might sound disappointing, the potential payouts can be massive if you manage to win, even on modest bets. Parlays usually involve between two and twelve games. It's also possible to have multiple sports on your parlay wager.
Parlay bets should be familiar to Canadian bettors. If you've ever played Proline, Sports Select, or other similar provincial sports lottery, you've likely placed parlay bets without realizing it. Of course, parlays on the internet are far more convenient, flexible, and financially rewarding, but the underlying principal is the same. Most gambling sites let you place parlay bets using point spreads, money lines, or over-under bets. Some sportsbooks let you mix and match for even greater rewards.
Placing Your Parlay Bets
When you visit an online sportsbook, it's easy to make a parlay bet. All you have to do is find the games and bets that interest you. Simply click or tap on the bets to add them to your betting card and enter the amount of your wager. You'll instantly see how much you stand to win. Some sites do require you to specify that you want a combination or parlay rather than individual bets.
Parlay bet payouts are calculated by multiplying all the odds along with your wager. Let's take a look at the following six game NHL money line parlay bet.
- Ottawa Senators 1.70
- Vancouver Canucks 1.30
- Boston Bruins 1.30
- Los Angeles Kings 1.45
- Columbus Blue Jackets 1.60
- Winnipeg Jets 1.85
If you were to wager $10, you would simply multiply the amount of your bet by each of the odds to calculate your potential payout. In this case, you could win $123.31. Let's contrast to betting on the games individually using the same money. If you were to split the $10 evenly and place six $1.67 bets, you would stand to win just $19.20. As you can see the parlay is far more lucrative. Of course, if you bet on the games on at a time, you would still win cash even if you lose one or more of your bets. Yet the best case scenario pales in comparison to what parlays offer.
Winning Big With Parlays
There's no denying that parlays improve your chances at winning big. In our earlier example, you can see how quickly the payouts on combination bets grow even on a 5 bet parlay. If you choose 6, 8, 10, or even 12 games, the amount of money you stand to win will grow exponentially. At the same time, adding more bets to the equation reduces your odds of winning. All it takes in one bad game to spoil your betting card, causing you to lose your entire bet. That's why it's a good idea to strike a balance. If you are betting a lot of cash, you'll want to reduce the number of games. At the same time, betting five or ten bucks could pay hundreds or thousands. If you know your sports, it's not impossible to parlay pocket change into riches.
Popular Betting Strategies
Most successful parlay bettors only dedicate a fraction of their gambling budget to combination bets. In addition, many people hedge their bets by choosing a few different parlays with some overlap. It's also a good idea to avoid betting more than five or six games, unless you are wagering small amounts of cash. We recommend going with the money lines, especially if you are optioning for a large number of games. While the odds are worse, winning is far more realistic.
Parlay betting is available at all the popular sportsbooks, but don't just jump at the first site you find. The odds vary widely between sportsbooks, so it always pays to shop around. Many sites offer special bonuses and promos on parlays from time to time. In general, it's important to know that parlays are difficult to win, but some players do find success simply by hedging their bets and doing enough research.
Placing Your Bets
All the best internet bookmakers and sports gambling sites offer some form of parlay bets. For the best licenced and regulated sites available in Canada, just visit our reviews. Whether you like betting on soccer, football, baseball, basketball, hockey, rugby, cricket, or anything else, you'll find great places to test your mettle and get rewarded handsomely in the process.
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