Parlay bets are massively popular in Canada, and not just because single bets aren't allowed at the government sportsbooks. On this page, you'll learn everything you need to know about parlay bets, including how to place parlay bets and how much money a successful parlay bet could net you. Keep on reading to find out more about this exciting way to gamble online!
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Parlay bets - also sometimes known as accumulator or combo bets - are a bet type where you link two or more bets together. This serves to increase the odds on the bet, meaning you could win a huge sum of money, however the odds of a parlay bet coming in are lower than that of a single bet.
An example might be good here. Imagine if you want to bet on two NFL matches. In the first, you bet on New England to beat Baltimore, and you get odds of 1.5. In the other match, you put a bet on San Francisco beating Dallas with odds of 2.5. If both of these bets are linked and are successful, you should receive better odds - perhaps around 3.0.
The more bets you add to a parlay bet, the higher the odds will become. Some have scooped millions of dollars when they've correctly predicted a number of different bets! However, if just one bet is wrong you'll win nothing, so it's up to you to decide how to balance the risk against the potential reward.
One of the ways to place parlay bets in Canada is via a pools site. These are run by provincial governments, and they therefore vary from province to province, however some of the names you might recognise include Sport Select, Pari Sportif and Sports Action. Each organization offers three game types, namely Pro-Line, Point Spread and Over/Under, with Pro-Line being the most popular.
All three of the options allow you to make between two and twelve bets, all of which are connected. Note that you can't make a single bet, as this is actually illegal at Canadian bookmakers. It's also important to remember that provincial gambling organisations usually offer lower odds than offshore gambling companies, so most serious gamblers avoid them.
Calculating odds of any parlay bet is incredibly tough. In fact, only the most experienced and knowledgeable gamblers can do this themselves, while everyone else relies on parlay tools to do the maths for them. Thankfully, we have our very own odds calculator.
All you need to do is enter the odds for each of your selections, and the tool will automatically calculate the odds you'll get. You can then easily adjust your bets in order to get the best balance between good odds and high potential returns.
We're constantly looking for the best online sports betting sites, and this includes sites offering fantastic parlay bets. We know what gamblers want from these sites -mainly great odds, many markets and big promotions - and we use strict criteria to pinpoint the perfect places for you to gamble.
Importantly, we aren't owned by an online gambling company, so you can rest assured we're giving you honest opinions as there's absolutely no pressure to praise a bad site or slander a good one. So why not read through our online sports betting site reviews today?
Written specifically for Canadians
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A little bit of money can turn into hundreds of thousands if you're lucky enough to cash in a winning parlay bet. The largest ever win from an accumulator bet happened in the UK, as one lucky punter placed just £2 on the results of seven different horse races. The bet came in, and he scooped a stunning £1,450,000!
Another big winner also came from the UK, and he managed to turn an even smaller amount into a seven-figure sum. His £0.50 bet turned into a cool £1,000,000. Could you be the next big winner?
By now you should understand everything you need to know about parlay bets, including parlay betting rules, and how much money you could potentially win when you place one. Now all you need to do is read through the reviews of our recommended online sports betting sites and pick the website that offers exactly what you want. You could then only be a few clicks away from placing that massive winning bet!
Got a question about parlay betting? If so, you could find the answer you need when you read through the handy FAQ section below…
Firstly because they can offer massive potential prizes, which can sometimes be worth hundreds of thousands of dollars, and secondly because it's hugely exciting. Parlay bets will leave you on the edge of your seat until all matches are finished!
The word paroli was used in 19th century France to describe a bet made in the popular card game faro. This bet allowed the player to bet the standard stake, as well as all their accumulated winnings. The word changed slightly over time and transferred over to the sports betting world in the late 1800s.
This really depends on the online sportsbook in question, however it's usually possible. Most avoid doing this though, as parlays are best placed on the sport you're most knowledgeable on.
Yes, you certainly can, and many people do this every day. Some free bets do have a cap on the amount you can win, so make sure you check this before you place your wager. Free bets can be used on various other types of bets, including single bets at offshore gambling sites.
Parlay bet insurance is something that's become popular recently. It essentially gives you something back if one of your selections doesn't come in. So, for example, if you get six out of seven selections correct, you'll win your initial bet back in the form of free bets.