Sports Betting 101: Single Wagers vs. Parlays

Thanks to online bookmakers, sports betting enthusiasts can wager on thousands of pre-match and live sporting events worldwide anytime and from anywhere. They also have access to hundreds of different betting markets and predictions. Virtually all betting activity, however, boils down to two primary forms: single wagers and parlays. And while both options aim to deliver potential winnings, they differ in several key ways.

This article explores the difference between single and parlay betting, exploring what you should know about both bet types and which is better.

What is a Single Wager?

Also known as a straight bet, a single wager is the simplest type of wager in sports betting. It involves making predictions on the result of a single outcome of a sports event and betting on it. For example, you can bet on South Africa’s national football team to win its next matchup against Zambia. In this case, you will win your single wager if the South African team wins the game. The payout here is determined by your bet size, much like with the popular Olympus casino game and other slot titles. However, you need to multiply the stake by the odds offered on the outcome to calculate the actual payout amount.

The best part about a single wager is that it applies to just about every betting market. You can stake straight wagers on double chance bets, over/under bets, correct scores bets, point spread bets, etc., as long as you only stake on a single outcome.

Example of a Single Wager

Let’s say your favorite sportsbook offers 1.80 odds on the South African team to beat Zambia during a game, and you decide to back them with a $100 stake. Should South Africa win the game, you will get a payout of $180 (i.e., $100 x 1.80). However, you will lose your initial stake if SA loses or draws.

What is a Parlay Bet?

Also widely known as multiples, accumulators, or combo wagers, a parlay is any bet that combines two or more individual outcomes into one. As such, instead of picking only one outcome to occur during an event, you can choose two, three, four, or more outcomes with parlay wagers. For example, you can bet on Team A to win its next matchup, Team B against another, and total goals in each game.

What this does is multiply all the odds bookmakers offer on individual events to create more substantial, compounded odds. As such, parlay bets have the potential to trigger significantly higher payouts compared to single wagers, making them appealing to many players. And the more selections are combined, the bigger the potential payout becomes.

A significant downside to the parlay wager is that every selection prediction must prove accurate to win the bet. And since you will be combining multiple outcomes, the probability of winning is significantly reduced.

Example of A Parlay Bet

Now, let’s explore a practical example of a parlay wager. Let’s say that five sports betting selections caught your eye at a sportsbook, including:

• South Africa to win against Zambia at 2.0 odds
• USA vs. Mexico (Over 2.50) at 1.60 odds
• Real Madrid to beat Barcelona at 1.70 odds
• Liverpool to win against Chelsea at 1.80 odds
• Bayern vs Borussia (+1.5) Dortmund at 1.30 odds

If you decide to go for an accumulator wager on the betting slip, the combined odds will total 12.73 (1.40 x 1.60 x 1.30 x 1.80 x 1.30). As such, a $100 stake on the accumulator wager will net you $1,273 in winnings should all selections win. Interestingly, even if you wager $100 on each selection above as straight bets, you won’t get nearly as much as the parlay’s payout.

Key Differences at a Glance

The table below outlines the key differences between single wagers and parlay bets, highlighting several key features.

Feature	Single Wager	Parlay Bet
Number of selections	1	2, 3, 4, or many more
Win condition	One correct pick	All picks must win
Payout potential	Lower based on the selection odds	Higher – based on the multiplication of all selections’ odds
Complexity	Very straightforward	Slightly more complex
Risk level	Lower	Higher
Likelihood	Decent winning chance	Lower chances of winning
Thrill	Slightly boring	More thrilling
Best for	Beginners, casual bettors	Experienced bettors and risk takers

Conclusion: Which is Better?

Both single wagers and parlays are excellent ways to place bets on sporting events to potentially earn profits in winnings. Single bets are straightforward and require you to back a single outcome, increasing your probability of winning. On the other hand, Parlays combine multiple selections into a single wager for higher profits but with reduced winning chances.

Ultimately, there’s no one-size-fits-all answer regarding which bet type is better. If you are a beginner or casual bettor looking to enjoy consistent returns with low risk, the single wager is ideal for you. However, if you are in it for the thrill, confident of your picks, or looking to turn low stakes into high returns, you should give parlays a go. However, you must be comfortable with the risk.