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 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 number of ways s ...

s or horse races. 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 (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (ga ...

consultants when wagering on

parlay A parlay, accumulator (or acca), combo bet or multi is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher pay-offs th ...

s 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 ele ...

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 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