How to Use the Parlay Betting System
Rachel Elam | August 31, 2020 | Updated on: October 1st, 2020
The Parlay betting system is one of the oldest betting strategies around. It first recorded use of this strategy was in 16th century Italy, but it is possible that this strategy existed long before that.
In a nutshell, the Parlay system is a positive progression system, which sees you increase your bet each time you record a win. So, instead of betting with your own money, you place bets with house money. The idea with this strategy is to reduce your overall losses.
While we will give you a more detailed explanation of how to use the parlay betting system below, it is important that you do not confuse the system with the parlay bets used in sports betting.
In sports betting, a parlay bet is a specific type of bet. However, in casino games, the Parlay betting system simply dictates whether you increase or decrease your total bet amount. You can still make whatever type of bet you like. For example, in roulette, you can use the Parlay betting system while making red or black bets or straight bets.
If you would like to find out more about the Parlay betting system, keep on reading. Below we explain how this system works as well as the advantages and disadvantages of using it. We also list some great online casinos where you can try using this system for yourself if you find it intriguing. So, read on and learn more about this betting system.
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Parlay Betting Rules
As mentioned above, the Parlay system uses the same basic principles that any positive progression system uses. In saying this, we mean that you increase your bet size when you win and decrease it when you lose.
This may seem a little ambiguous, so here is a quick walkthrough of how you would employ this system during a gaming session:
- Before you start gambling, you decide on some betting limits, including a bet size (or a unit size) and a maximum win limit. For example, your bet size could be $5 and your maximum win limit could be $100.
- While gambling, if you win a bet, you double your bet. After your first win, you will already be playing with house money. So, continuing with the example, after your first bet, your bet size will be $10. If you win again, your next bet will be $20. You will continue doubling your bet until you either reach your win limit or you lose.
- Should you lose during a winning streak, you will need to return to your starting bet. So, for example, if you lose on a $40 bet, your next bet will need to be $5.
The idea of the win limit is to keep banking your profits so that you at least walk away with something at the end of a game session. In a real-life gaming situation, we suggest that you do not make your win limit to far away from your initial bet. You reduce your chances of walking away with winnings by doing so.
Advantages of the Parlay System
There are a couple of advantages that come with using the Parlay system, including:
- If you are on a winning streak, you can win a lot of money very quickly.
- You do not risk your own funds as you play on house money after a few wins.
- The max win limit allows you to bank your winnings periodically.
- If you employ the strategy strictly, it can prevent you from spending more money than you would like.
Disadvantages of the Parlay Betting System
Everything that has advantages has disadvantages too. Or, else every player would be using the Parlay betting system. Some disadvantages include:
- This strategy is not good for long-term playing sessions. It is always important to remember that the house always wins.
- If you set your win limit too high, there is a chance that you could walk away with no winnings at all.
- The system works best if you stick to even money bets, which may put off some high-risk players.
Should I Use the Parlay System?
Generally, positive progression betting systems are not detrimental to your bankroll. They encourage less spending and playing on your winnings rather than your own money. So, using the Parlay system isn’t a bad idea.
The system can also be used in pretty much any table game, including blackjack, roulette, baccarat, and craps. But you need to remember that the Parlay system does not increase your odds of winning bets.
However, that being said, we recommend that you be reasonable with your bet limit so that you do not miss out on banking some winnings. Also, remember that this system does not decrease the house edge (no betting system does).
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