Parlay Bet

Author: Steven D. Thompson

Updated: 23/01/2024 04:09 PM

Sports betting in New Zealand is all about excitement, and a multi-event parlay bet will provide you with all the fun you can handle. Because parlay bets allow you to combine several selections into a single bet, you can enjoy following a match and then relive that excitement with each additional leg in your parlay bet. Sounds enticing? Why not place that combo bet that you have been thinking about today?

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Table of Contents

Parlay Bet Explained

Parlay bets are wagers in which you bet on more than one event. In other words, to have a parlay bet, you must include 2+ picks in your wager. With each selection you add to your combo bet, your potential payout increases. On the downside, if only one event in your parlay bet loses, your entire parlay loses too.

For example, if you create a three-team parlay and bet on the Kansas City Chiefs to beat the Dallas Cowboys, the Tampa Bay Buccaneers to score over 28.5 points, and the LA Lakers to defeat the LA Clippers, you need all three bets to win to have a winning parlay bet. If, for instance, the Chiefs and LA Lakers win, but the Bucs score only 27 points, you will lose your entire parlay wager.

Parlay Bet Examples

There are several types of parlay bets and, at Betpack, we explain each. As we already explained, all parlay bets have one thing in common - they all consist of more than one selection. However, the number of picks you add to your wager will determine its type. These are some popular parlay bet examples.

Two-Event Parlay Bets

The moment you include two selections in your wager, it becomes a two-event parlay, also known as a double. Double parlay bets consist of two selections and you need both events to win. In other words, you combine two bets into one. For example, you can compile a two-event tennis betting parlay, where you predict that Daniil Medvedev and Novak Djokovic will win their respective matches. Both players need to win for the double bet to be successful.

Three-Event Parlay Bets

When you place three-event parlay wagers, you combine three individual bets into one. As with double parlay bets, each of your selections in the three-team parlay needs to win. For example, if you create a basketball betting parlay, you can include three matches in the same bet and back the Warriors, Nuggets, and Knicks to win. You will need to make the correct prediction for each of these three NBA legs to have a winning three-team parlay.

Parlay Bets with Four and More Selections

Four-team parlay bets are also common, and so are combo bets with five, six or more selections. The great thing about bet parlays consisting of four or more sports betting selections is that they often result in decent payouts. Because you include multiple wagers in the same bet slip, you boost your total parlay odds and increase your potential winnings. However, as with all types of combo bets, the same rule applies - all your predictions must be correct to result in a winning parlay bet.

How to Place a Parlay Bet

Kiwi sports betting enthusiasts can place their first parlay bet in a heartbeat. Even if you are new to online wagering, we are sure you will have no problems combining bets into parlay wagers. Our Betpack guide will make placing accumulator bets even more straightforward.

Step 1

Find the Perfect Parlay Betting Site

To maximize the potential payout of each parlay bet, you must join a top-quality betting site that offers competitive odds and enticing bonuses. We advise you to start by checking out the top-rated online bookmakers listed at Betpack, as they have been approved by industry experts.

Step 2

Sign Up and Deposit

As soon as you pick a top-notch sports betting site, register with it. Opening an account is easy, and you will be finished within minutes. Then fund your account with some of the deposit methods available and see if you might be able to trigger a welcome bonus as well.

Step 3

Choose Your Parlay Picks

You are now ready to start combining selections and place your first parlay bet. To do this, click on the odds of each betting market you want to add to your combo bet. When you select one event after another, they will automatically be added to your parlay wager.

Step 4

Decide Your Bet Stake Size

You should have selected all parlay legs by now. That means you only need to decide the size of the bet stake you will enter before submitting your combo bet. As a rule of thumb, the higher the parlay odds, the smaller your bet stake should be.

Strategies and Tips for Parlay Bets

There are many ways in which you can boost your chances of winning your parlay bets. These range from obvious methods like doing your betting homework and analyzing your multiple bets to complex sports betting strategies where you need to follow preordained bet stake patterns and wagering schemes. Let's look at several parlay bet tips to see how you can make your combo bets better.

Adjust Your Bet Stake Based on the Potential Parlay Payout

Consider Placing Round-Robin Parlays

Make the Most of Accumulator Boosts

As you know, setting a gambling bankroll and choosing payment methods with suitable limits is very important when betting online. If you spend more than you can afford to lose, you might soon find yourself in trouble. Something similar applies to parlay bets. When you compile parlay tickets, you benefit from higher odds. That means even with moderate bet stakes, you can get some pretty good winnings. So, don't get greedy, as that may backfire.

Instead of staking large sums of money on parlay bets, consider your potential parlay payout before deciding on the bet stake size. If your parlay odds are lower, that combo bet is more likely to win but will produce lower winnings. So, back it with more money. In contrast, if your parlay odds are huge, there's no need to risk a lot of money. Even a small stake will result in a very good payout.

Conclusion

Parlay bets allow you to bet on multiple events, teams, and players on the same bet slip and by using the same bet stake. When you place parlay bets, you can get substantial winnings even with small stakes, and that's what makes combo wagers so attractive to bettors.

At Betpack, we review and rate reputable NZ online bookmakers, helping you find top-rated sportsbooks that would provide you with the best markets, odds, bonuses and features. So if you are thinking about parlaying an online real money wager, you know exactly where to look.

Frequently Asked Questions

Is a Parlay Bet the Same as a Multi?

Yes, it is. Parlay bets are also known as multi bets or multis, while some refer to them as accumulator or combo bets. Regardless of the name, parlay bets, multis, combo wagers and accumulators all mean the same thing - a bet that has two or more events in it.

Can I Place Same-Game Parlays in New Zealand?

Yes, you can. The best online bookmakers in New Zealand have bet builder options that allow you to bet on various outcomes from the same match and combine them into parlay bets. For instance, you can bet on the match between Chelsea and Arsenal and create a parlay bet predicting Chelsea will win, both teams will score, there will be more than three goals, and Arsenal will receive a red card.

What is the Difference Between a Single Bet and a Parlay Bet?

When you place a single bet, you are predicting only one outcome i.e. you are betting on only one event. In contrast, when you place parlay wagers, you bet on multiple selections, and they all have to win for you to have a winning bet.

Can I Parlay Prop Bets at New Zealand Betting Sites?

Yes, but you need to join online sportsbooks that offer game, team, and player prop bets. The moment you do that, you will be able to combine multiple prop bets into one parlay wager.