Progressive parlay

A progressive parlay is a joint wager on multiple events, for example team sports or horse races. Generally a progressive parlay involves a joint wager on four to twelve separate events.[1] Should all the selected bets win, the bettor receives a relatively large payout, because of the sizable odds against this happening. However, unlike a regular parlay, if some of the individual bets lose, but most win, the bettor still wins, although with a much smaller payout. Several sites use a schedule where the bettor can lose one bet on a 4-6 event progressive parlay, can lose up to two bets on a 7-9 event progressive parlay, and up to three bets on a 10-12 event progressive parlay.[1][2][3][4]

The term has also been used for a long series of wagers on roulette or other gambling games, where the bettor attempts to rely on a "stream of luck".[5][6][7][8]

Strategies

Several strategies have been suggested by gambling consultants when wagering on parlays or progressive parlays, one of them being to pick interrelated outcomes. For example, a bettor may believe that one team is likely to win if the game is a low-scoring affair while the other team is almost certain to win if the game becomes a high scoring shootout. If the bettor uses a parlay to bet on the first team along with an under bet against the point total, he stands to gain 2.6 units ($260 if $100 is bet) on an original investment of 1 unit (the most common unit in betting is $100 although any amount can be substituted as a unit) compared to a payout of just 1.82 units ($182) if the bets are made independently of each other. Conversely, if both outcomes are missed, one will only lose his original 1 unit investment rather than the 2 units one would lose if it had wagered on the events individually. This minimized risk is another notable potential positive of a parlay. If a bettor wishes to bet on a significant number of events without putting a substantial amount of his total bankroll at stake, parlays may represent an attractive option. By turning 12 individual events into four 3 event parlays, the bettor reduces the number of units he is risking from 12 to 4 while simultaneously increasing his potential payout if all events are correctly picked.[9]

References
  1. "Progressive Parlays". SPORTSBETTING.NET site. Retrieved 27 January 2010.
  2. Stephenson, Vince. "Progressive Parlay Bet". SportsBet.com site. Retrieved 27 January 2010.
  3. "Progressive Parlays". Belmont.com site. Retrieved 27 January 2010.
  4. "Progressive Parlays". Predict Em site. Retrieved 27 January 2010.
  5. "Education: Applied Mathematics". Time. December 1, 1947. Retrieved 27 January 2010. It was a "progressive parlay" based on mathematical probability, some intricate slide-rule calculations, and two assumptions: that any roulette wheel follows a pattern of its own, and that good or bad luck runs in streams.
  6. "Math Student Finds $300 Plus Reno is $13,000: U. of C. Graduate and Pal 'Take' Town at Roulette". Chicago Daily Tribune. November 20, 1947. p. 22. Retrieved 27 January 2010.
  7. Moe, Al W. (October 2008). The Roots of Reno. BookSurge Publishing. p. 177. ISBN 978-1-4392-1199-1. Retrieved 26 January 2010.
  8. Baer, Robert M. (1972). The Digital Villain. Addison-Wesley. p. 65. ISBN 0-201-00442-9. OCLC 297591.
  9. "A Look at Progressive Parlays and Picket Pools". SB Pal. Retrieved 17 September 2013.
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