Progressive parlay betting is a safer alternative to conventional parlay betting. It works in a similar way but it gives players more chances of winning, though at considerably reduced odds.
To understand progressive parlay you must know what standard parlay betting is. In short, when you make a parlay bet you wager on a serious of connected events and, in order to win, all the events you have selected must win. If any of the teams you wagered on loses, or end their game in a tie, you lose. With progressive parlay betting you must bet on 4 to 12 games to win, but unlike with the standard version, you can win even when some of your selected teams lose. Note that bookmakers don’t offer progressive parlays on totals or money line, but just on point spread.
Sporting events on which you can normally make a parlay bet include horse racing, basketball, football, as well as a few other team games. Not many bookmakers feature progressive parlays in their offers, though nine times out of then they will offer the standard version of parlay.
Bookmakers normally regard a push or no action a loss unless otherwise mentioned.
Just like in the standard parlay, the payout is based only on the number of wins you record. For example, if you bet on 12 events and one of them is no action then the payout will be calculated based on the remaining 11 events.
With parlay you cannot bet on more than one connected games.
The example is based on five supposed NBA games:
Memphis Grizzlies vs. Phoenix Suns
Los Angeles Lakers vs. San Antonio Spurs
Chicago Bulls vs. Detroit Pistons
Milwaukee Bucks vs. Washington Wizards
Charlotte Bobcats vs. Milwaukee Bucks
You make a progressive parlay bet on a five-team ticket: you choose a team from each of the above matches.
Teams All Win One Team Loses
5 11:1 2:1
If all the teams you’ve selected win their respective games, to calculate your win you must multiply eleven times the value of your bet. Suppose you bet $10: $10 x 11 = $110 – $10 (the bet).
If one of the teams you’ve selected loses its game and the remaining four win theirs, then to calculate your winnings you must multiply twice the value of your bet: $10 x 2 = $20 – $10 (the bet)
If two or more of the teams you’ve selected lose their games then you lose the bet.
Note that the odds are considerably greater when you choose more teams. For example, when you select 12 teams and all win their games, then you can make a few thousands dollars with a relatively small bet.
Progressive parlay bets, though considerably safer than standard parlay, don’t necessarily guarantee you a win. Moreover, as the number of losing teams increases, so will the payout. Sometimes this may not make playing progressive parlay bets too rewarding. The bottom line is that you should bet on at least 6 or 7 teams, and only when you’re certain that they will win.