A progressive parlay is a joint

wager Wager can refer to: Gambling * Wager, the amount of a valuable staked when gambling on an event with an uncertain outcome, with the primary intent of winning money or material goods * Legal wager, required by both parties at the preliminary heari ...

on multiple events, for example

team sport A team sport includes any sport where individuals are organized into opposing sports team, teams which compete to win or cooperate to entertain their audience. Team members act together towards a shared objective. This can be done in a numb ...

s or

horse races Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic pr ...

. Generally a progressive parlay involves a joint wager on four to twelve separate events. 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. The term has also been used for a long series of wagers on

roulette Roulette is a casino game named after the French word meaning ''little wheel'' which was likely developed from the Italian game Biribi''.'' In the game, a player may choose to place a bet on a single number, various groupings of numbers, the ...

or other gambling games, where the bettor attempts to rely on a "stream of luck".

Strategies

Several strategies have been suggested by

gambling Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three el ...

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 Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elem ...

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 In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environme ...

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 A coin wrapper, sometimes known as a bank roll or roll, is a paper or plastic container for a number of coins. In the 19th century, coins were distributed in large cloth bags and coins were hand wrapped. Since the onset of the 20th century, coin w ...

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.

References

{{Reflist Wagering Sports betting