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What is a Parlay? The Ultimate Guide for Beginners in Ireland

Online entertainment is at its highest point in history, its main reference in this area is iGaming with its sports betting and casino games. Hence, it’s one of the most discussed topics on the internet. At Betmaster, we didn’t want to be left out, so we’re providing our users with first-hand information. In this segment, we’ll delve into the concept of parlay bets and everything related to it.

In our parlay betting review, we discuss how to place these bets, the differences between straight bets and parlays, the pros and cons of parlay betting, and everything else you might find relevant. So, stay with us as we guide you through everything you need to know about parlays and how they work.

What is a Parlay?

A parlay, sometimes referred to as a combo bet, is, as its name implies, a combination of multiple bets within a single wager. Such bets cover at least two markets, and the more markets involved, the higher the odds associated with it.

One thing to remember about parlays, is that all results must be correct for you to win. In other words, if you place a bet covering 5 markets, you need to get them all right; otherwise, your bet won’t be successful.

How To Place a Parlay Bet?

Now that we’ve clarified what a parlay is, it’s time to actually place one. Here’s a guide we’ve prepared for you. It’s simple, but we’ve laid it out step-by-step to ensure you don’t make any mistakes on your first parlay bet:

  1. The first thing you must do, as with any other bet, is complete the registration process and sign in. For this example, we’ll use Betmaster as the betting platform.
  2. After registration and logging in, head over to your favourite sports event and choose your first bet. You’ll need to repeat this process as many times as you want to add selections to your betting slip.
  3. Ensure you select the option for a combo or parlay bet. Otherwise, you might end up with multiple single bets instead of the combined bet you’re aiming for.
  4. Enter the amount you wish to wager.
  5. Finalise your bet by clicking on the appropriate section in Betmaster.

How To Win With Combo Bets?

Merely placing bets won’t guarantee success in this type of betting; it’s vital to have a strategy and stick to it. With that in mind, here are some suggestions to help you succeed with parlay betting:

Number of selections in a parlaySuccess rate percentage

There are many strategies and tips out there, but these are some of the most significant ones we believe are worth considering.

Sports Parlay Betting in Ireland

Every country has its distinct identity and sporting preferences. For instance, baseball might be dominant in the United Estates, but in Ireland, the significant sports bets are somewhat different:

Football Parlay

Football is a well-loved sport in Ireland. Given the sport’s popularity, it’s only natural that football holds a significant place in parlay betting, with much attention on leagues such as the Premier League.

Basketball Parlay

While not as dominant as football, basketball has its niche following in Ireland. This extends to NBA betting, and even collegiate bets, which peak around “March Madness” times.

Rugby Parlay

Rugby holds a significant place in the hearts of the Irish. There’s a strong affinity for rugby bets, including both domestic leagues and international fixtures, with particular enthusiasm when the Irish national team competes.

These are just a few of the sports suitable for parlay betting in Ireland, but the options don’t end there. Nearly every market in sports betting can be used for placing parlays.

Types of Parlay or Accumulator Bets

In the betting circle, there are mainly two kinds of parlays: combined bets and system bets. Here’s what you should know about each:

Accumulator Bets or Combined Bets

These bets combine odds from different matches and markets. For these bets to pay out, every prediction on the betting slip must be correct.

System Bets

System bets are a form of combined bets designed to cover potential mistakes. In this case, one can still make money even if not all predictions are correct. These parlays are divided into various formats. The most commonly used bet types are:

Trixie Bet

This type of system bet involves making three selections and placing four different parlays (3 doubles and 1 triple). For example, consider the teams: Dublin, Cork, and Galway. Bets would be placed on Dublin and Cork on one ticket, Dublin and Galway on another, Cork and Galway on another, and finally a bet featuring Dublin, Cork, and Galway all together.

Patent Bet

Similar to the Trixie bet, this requires three selections. However, the difference is that instead of making four separate bets, you make seven (three single bets, one triple, and three doubles). Using the example of Dublin, Cork, and Galway again: you’d have a bet on Dublin, another on Cork, another on Galway, Dublin, and Cork together, Dublin and Galway together, Cork and Galway together, and lastly, all three – Dublin, Cork, and Galway – together.

Yankee Bet

With the Yankee bet, you need four selections. From this, you’ll derive eleven different bets (six doubles, four triples, and one four-fold). Let’s add Limerick to our existing selections (Dublin, Cork, and Galway). Bets would include combinations like Dublin and Cork, Dublin and Galway, Cork and Galway, all three together, and so forth.

Lucky 15 Bet

This combined bet type is highly valued, much like the Heinz 57. It includes the 11 tickets from the Yankee bet plus four more single selections. For instance, using Dublin, Cork, Galway, and Limerick, combinations would include each team on its own, pairs of teams, three teams together, and all four teams together.

Heinz 57 Bet

In this kind of wager, 6 predictions are made for 57 possible combinations. It includes 15 double selection bets, 20 triple combination bets, 15 four-fold combination bets, 6 five-fold selection bets, and one six-fold bet.

Parlay Calculator

To calculate the potential profit from a parlay, you need to multiply the odds that make up your betting slip. Let’s say you have a slip with four selections, and the odds are 1.83, 2.45, 2.03, and 6.02. If you don’t have a parlay calculator at hand and wish to know the potential return before placing your bet, all you need to do is multiply all the involved odds. The result of this calculation is 54.79, which means that’s the overall odds for the parlay.

Advantages and Disadvantages of Parlay Bets

FAQ about Parlay

What Happens If a Bet Is Voided?

If a selection is voided or the sporting event is suspended, the selection and the associated odds disappear from the bet. In other words, if you correctly predict the remaining selections, you’ll win your bet.

Can I Place Parlays on The Same Game?

Yes, for that, you would need to choose various markets like over/under, exact score, and both teams to score, among others.

What’s The Difference Between a Parlay and a Straight Bet?

Parlays consist of multiple selections, while a straight or single bet is made up of only one market.