Progressive parlay
{{Short description|Form of wager}}
A progressive parlay is a joint wager on multiple events, for example team sports or horse races. Generally a progressive parlay involves a joint wager on four to twelve separate events.{{cite web|url=http://www.sportsbetting.net/sports-betting-school/progressive-parlays.html|title=Progressive Parlays|work=SPORTSBETTING.NET site|accessdate=27 January 2010}} 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.{{cite web|url=http://www.sportsbet.com/sports-bet-types/progressive-parlay-bet.html|title=Progressive Parlay Bet|last=Stephenson|first=Vince |work=SportsBet.com site|accessdate=27 January 2010}}{{cite web|url=http://www.belmont.com/sports-news/betting-guide/progressive-parlays/|title=Progressive Parlays|work=Belmont.com site|accessdate=27 January 2010}}{{cite web|url=http://www.predictem.com/betting/progressive.php|title=Progressive Parlays|work=Predict Em site|accessdate=27 January 2010}}
The term has also been used for a long series of wagers on roulette or other gambling games, where the bettor attempts to rely on a "stream of luck".{{cite news|url=http://www.time.com/time/magazine/article/0,9171,779476,00.html|archive-url=https://web.archive.org/web/20071112231532/http://www.time.com/time/magazine/article/0,9171,779476,00.html|url-status=dead|archive-date=November 12, 2007|title=Education: Applied Mathematics|date=December 1, 1947|magazine=Time|accessdate=27 January 2010 |quote=It was a "progressive parlay" based on mathematical probability, some intricate slide-rule calculations, and two assumptions: that any roulette wheel follows a pattern of its own, and that good or bad luck runs in streams.}}{{cite news|url=https://pqasb.pqarchiver.com/chicagotribune/access/474489282.html?dids=474489282:474489282&FMT=ABS&FMTS=ABS:AI&type=historic&date=Nov+20%2C+1947&author=&pub=Chicago+Tribune&desc=MATH+STUDENT+FINDS+%24300+PLUS+RENO+IS+%2413%2C000&pqatl=google|archive-url=https://web.archive.org/web/20110604064454/http://pqasb.pqarchiver.com/chicagotribune/access/474489282.html?dids=474489282:474489282&FMT=ABS&FMTS=ABS:AI&type=historic&date=Nov+20,+1947&author=&pub=Chicago+Tribune&desc=MATH+STUDENT+FINDS+$300+PLUS+RENO+IS+$13,000&pqatl=google|url-status=dead|archive-date=June 4, 2011|title=Math Student Finds $300 Plus Reno is $13,000: U. of C. Graduate and Pal 'Take' Town at Roulette|date=November 20, 1947|work=Chicago Daily Tribune|pages=22|accessdate=27 January 2010}}{{cite book|last=Moe|first=Al W. |title=The Roots of Reno |publisher=BookSurge Publishing|date=October 2008|page=177|isbn=978-1-4392-1199-1|url=https://books.google.com/books?id=evsHVs5xvhYC&dq=%22Progressive+parlay%22&pg=PA177|accessdate=26 January 2010}}{{cite book|last=Baer|first=Robert M. |title=The Digital Villain|publisher=Addison-Wesley|date=1972|page=65|isbn=0-201-00442-9 |oclc=297591}}
Strategies
Several strategies have been suggested by gambling consultants when wagering on parlays 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 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 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.{{cite web |url=http://www.sportsbettingpal.com/a-look-at-progressive-parlays-and-picket-pools/ |title=A Look at Progressive Parlays and Picket Pools |publisher=SB Pal |accessdate=17 September 2013}}