A progressive parlay is a united wager that combines several bets (legs) on different events, such as team sports or horse racing. This betting type can include from four to twelve stakes on separate events.
How does progressive parlay work and what differs it from similar betting approaches? I’ll guide you through the basics of this wagering type.
What is a progressive parlay?
Essentially, progressive parlays are akin to traditional parlays that allow a margin of error. Thus, a progressive parlay can still repay, even if some selections within it fail. While many sports bettors get tempted by the high potential payouts of standard parlays, progressive parlays are a bit less risky, with slightly lower rewards. The potential payout will shrink depending on how many legs in your parlay lose.
A progressive parlay is one of the numerous types of combined bets, such as parimutuel betting and round robin, which allow gamblers to multiply their profits. Round robin, however, can help further minimize the risks as it groups multiple wagers in separate smaller parlays. Therefore, this gambling method provides more frequent, smaller wins and enables you to hedge your bets and reduce the probability of losing everything if one selection fails.
How does a progressive parlay work?
The fundamentals of a progressive parlay are the same as a standard parlay. Several bet selections are united into a single wager. You get a full payout if all choices triumph. The revenue reduces proportionally to the number of failed legs.
The number of selections you can afford to lose depends on the total number of legs in your bet and on the conditions of a specific bookmaker.
For instance, if your parlay encompasses three to four legs, you’ll be eligible for a payout with one failed selection. In an eight-leg parlay, you’ll typically get a return even with two or three faulty legs.
How to bet a progressive parlay
You can place a progressive parlay by choosing several betting markets you want to unite into a single wager. While some bookmakers may allow for just two selections, others require a minimum of three or four. You should check the rules of your specific sportsbook, including their vigorish, to understand whether they offer progressive parlays and how they regulate this betting type.
Some sportsbooks only let you use spread betting with progressive parlays, so you’ll be unable to include any other wagers in your combined bet.
After assembling your parlay, choose the specific progressive parlay option. Note, that you should identify your wager as a progressive parlay, otherwise it will be considered a regular parlay.
Once you have submitted your stake, you can enjoy the game and wait until the events finish to receive your potential reward. The more winning picks appear in your wager, the higher return you’ll gain.
Betting a progressive parlay: a practical example
1. Choose your teams:
Let’s say you choose four teams that you believe will win their respective games:
- Team A
- Team B
- Team C
- Team D
2. Place your bet:
Decide on the amount you want to wager. Let’s bet $10.
3. Structure of the progressive parlay:
A possible payout structure may look the following way:
- If all four teams win, you get the maximum payout.
- If three out of four teams win, you still receive a smaller payout.
- If two out of four teams win, you may get your money back or a minimal payout.
4. Possible outcomes and payouts:
- All four teams win:
The odds for each game are 2.0.
Payout = $10 * 2.0 * 2.0 * 2.0 * 2.0 = $160.
- Three out of four teams win:
Let’s assume, Team D loses.
Payout = $10 * 2.0 * 2.0 * 2.0 * 0.5 (reduced odds for losing one game) = $40.
- Two out of four teams win:
Teams C and D lose.
Payout = $10 * 2.0 * 2.0 * 0.2 (reduced odds for losing two games) = $8 (you get most of your money back).
Progressive parlay betting strategies
Gamblers can apply various approaches to increase the probability of success with their progressive parlays.
Thus, you can diversify your betting strategy by combining elements of progressive parlay and spread betting. This method will balance the predictability of fixed odds betting with the variable returns of point spreads, which can increase the room for winning outcomes.
Further, you can manage risk and potential reward by using even money bets within progressive parlays.
Let’s take a look at several other approaches to stake progressive parlays.
Moneyline parlay
Applying moneylines with a parlay can bring substantial fruit when gamblers are confident in the outcome of several games yet strive to minimize the risk factor. The lower risk means lower returns yet a higher probability of a winning stake.
An example of a moneyline parlay:
| Selections | Odds | Risk $100 To Win |
| Team A | -250 | $40 |
| Team B | -300 | $33 |
| Team C | -160 | $63 |
If you make separate $100 wagers, your profits would make, correspondingly:
- Team A: $40
- Team B: $33
- Team C: $63
If combined in a three-team parlay, they would pay out at +210 odds and bring you $210 potential profits.
Hedging parlay betting strategy
Hedging is a practical risk-reducing strategy that can be applied in sports betting and overall gambling, like roulette. With parlay betting, you can hedge your stakes by mixing favorites and underdogs.
For instance, you want to include two games in your wager and believe the favorite will win both. However, you wish to hedge the parlay stake in case one game is lost. Then, you can include one favorite and one underdog in your parlay. Many gamblers choose this method as the optimal parlay strategy.
Final thoughts on progressive parlay betting
Progressive parlay is a way to retain the thrill of combining multiple bets while reducing the risk of high losses. Since it leaves bettors a certain room for faulty choices, it secures their chances to get a reward.
Before making a stake, you should carefully check the terms and conditions. Each sportsbook, such as 20bet, may have its own rules concerning progressive parlays and payouts.
Make sure that you thoroughly understand how the betting system works and plan your strategy carefully to increase the value of your investment. This would help you become more resistant to the swings of fortune.
