Parlay Betting System - A Complete Guide
The parlay betting system is a progressive betting system that works by increasing your bet when you win. You do this by betting your winnings as well as the original betting unit. The goal of this system is to build a ‘pyramid’ of winnings. Although it’s most commonly used by sports betting enthusiasts, online casino players also use this system playing their favorite online casino game.
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You can trace the parlay betting system right back to the 16th century to a popular card game amongst aristocrats called basset. This game was played against the banker, with the winnings of the player remaining on the table. All winnings on the table were doubled with each subsequent player bet. When you ‘parlay’, you wager your winnings plus your original bet.
The aim of this system is that you gradually build up profits and only bet money from those winnings in order to minimise losses. When you place a bet and you win, you increase your bet on the next wager, and you lower the bet on the next wager if you lose. When you get back your original betting money, then you only use the house money for any further bets, which is great to keep you from losing your own personal money. To make it clearer, just imagine when you have money in a savings account that increases with interest monthly, you get that extra bit of money at no cost to you. It’s the same in the parlay betting system – you can win big money from bets by investing money which isn’t actually yours. As you make a larger bet with a combination of your money and house money, your payout if you win can be even larger, and this is accomplished by using the casinos own money.
When you place a bet and you are using the parlay betting system, you increase your bet after every single win which is what puts some people off this system but you need to remember that you are using the winnings which is house money, so it’s not as much out of your own pocket than it feels to you when you let bets ride and add another single betting unit on top of it.
Unlike some other betting systems, you don’t have to stick to bets with even money in order to use this betting system either, you can use it on pretty much any bet that exists as you keep betting your winnings and original bet.
The Steps to Using the Parlay Betting System
First you need to pick an original betting unit and place your bet. If you win the bet, you bet your winnings in addition to your original bet. In the betting world, you say that someone is going to parlay when they use this sequence of betting an original betting unit plus the winnings. If you lose your bet, then just go back to betting your original betting unit until you have winnings to parlay again.
Examples of the Parlay Betting System in Action
If you want to bet on an even money bet you would first choose an original betting unit. In this case the most common bet is $10 so we will use this amount for this example, but it can be any amount that you feel fits in with your financial limitations and how you feel you want to play.
In a round of play you would put in $10 as a single betting unit. If your bet loses, on the next bet you would also bet $10. If you lose another time you would also bet $10. If you lose a third time you would also bet $10 again. If you win the next wager, you would have $20. So what you do now is you bet your original bet again of $10, and you let the $20 ride into the next play for a total of $30. If you lose this bet, you wager $10 on the next one again. If you win this bet, you will have a total of $30 again, and so forth.
If you are playing with a bet with different odds it will play out with different numbers and winnings. For example if you are playing Blackjack and you want to put down money on a bet that pays 3 to 2, and you choose to put down an original bet of $10 and you win, you would get $15. The next wager would be $10+$15 totalling $25. However if you lose the next bet you go back to your original betting unit of $10 on the next bet, and this can go on for as long as you like.
The best way to get the hang of this system is to practice using it in a game. You can make a selection from the toplist, pick your favorite game and see how you go using this strategy. If it’s not for you there are many other betting strategies to choose from, so have some fun with it!
Like all betting systems, the parlay betting system has particular pros and cons to it. Read through the advantages and disadvantages in order to best assess whether playing using this system is right for you.
Advantages of the Parlay Betting System
Small bets, small losses
One of the best aspects of playing your favorite online casino game with the parlay betting system is that compared to other betting systems, your bets remain quite small. This is because you are utilizing your winnings to make larger bets, and it doesn’t come out of your own gambling bankroll, or even worse, your rent money. The losses are also smaller when you do lose, and your winnings larger when you do win.
Profit from House Money
As you are using the winnings from your bets in order to place even larger bets, when you do win these bets you get even larger payouts from, essentially, someone else’s money.
Minimal Decision Making
The Parlay betting system functions by removing a lot of the decision making from the player. You don’t need to make many decisions at all, as long as you have money on the table you can ‘let it ride’ (let it ride is also another name for this betting strategy). What you do have to decide, however, is at what point you are going to stop playing altogether and leave the game with your winnings intact. It can be tempting to keeping letting your winnings ride onto the next bet, but for reasons sake you need to determine how much you are willing to lose as well, and walk away at a particular point in the game, either when you have won a certain amount, or lost a certain amount so you don’t make a severe dent in your savings accounts.
Not Limited to Even Money Bets
There are many betting systems that can be used on multiple games, but only on even money bets. The beauty of this betting system is that it can be used on bets with different odds which opens it up to being used more widely across all online casino games.
Disadvantages of the Parlay Betting System
No Guarantee of Consecutive Wins
If you want to start winning big with this system you need to have quite a few wins, and not to ‘let it ride’ often enough that you risk losing everything.
Risk of Betting Too Frequently on Bets with Higher Odds
Unlike other betting systems which require you to bet only on games that have even money odds, you can use this system with practically any game there is. The issue with this is of course the discipline of the player to not let their winnings ride constantly on bets with extremely high odds stacked against them. It’s a lot harder to profit using this system if you make more than 2 or 3 wagers in a row on bets with high odds, as they are also the bets less likely to have a winning outcome.
If you think the parlay betting system is right up your alley, then go ahead and take your pick from one of the online casinos found in our toplist on this page. They have hand-picked by our casino experts to bring you the very best games found online. First click on the online casino of your choice, sign-up, and make your first deposit using your preferred payment method. As the parlay betting system can be used on both odd and even money bets, you can choose any game your heart desires to play using this system, and then the only thing left is to have some fun playing with a bit of strategy up your sleeve.