Parlays are a type of wager that consists of multiple bets combined into one. This type of bet allows players to bet on multiple games or outcomes at once. By combining multiple bets, the potential payout of a parlay is higher than with individual bets. For example, if you bet on two games and both of them win, you will receive a much larger payout than if you had placed two separate bets on those same games.
Are Parlays Legal in Canada?
The legality of parlays in Canada depends on the province. In some provinces, such as British Columbia, Manitoba and Nova Scotia, parlays are legal and regulated by the government. In other provinces, such as Quebec and Ontario, parlays are not allowed. It is important to check with your local provincial gaming authority to determine the legality of parlays in your area.
Types of Parlays
There are two main types of parlays: American-style and Canadian-style. American-style parlays are usually offered at online sportsbooks, while Canadian-style parlays are available at most brick-and-mortar sportsbooks in Canada.
American-style parlays are bets that involve multiple selections, usually three or more. These selections can be from different sports, leagues or even different types of bets. The payouts for American-style parlays can be extremely high, but they are also very difficult to win.
Canadian-style parlays are bets that involve multiple selections from the same sport. These selections must all be from the same league, and the selections must all be of the same type. For example, if you are betting on a Canadian-style parlay, all of your selections must be point spreads. The payouts for Canadian-style parlays are generally much lower than those for American-style parlays, but they are also much easier to win.
Parlay Betting in Canada
In Canada, parlay betting is regulated by the provincial gaming authorities. Each province has their own set of regulations, so it is important to check with your local provincial gaming authority to determine the legality of parlays in your area.
Overall, parlay betting is legal in most provinces in Canada, with the exception of Quebec and Ontario. In provinces where parlays are legal, there are usually restrictions on the number of selections and the types of bets that can be included in a parlay.
Advantages of Parlays
Parlays are a great way to increase your potential winnings. By combining multiple bets, you can potentially win more money than you would with individual bets. Additionally, parlays are a great way to diversify your betting portfolio. By betting on multiple outcomes, you can spread your risk and potentially reduce your losses.
Disadvantages of Parlays
The biggest disadvantage of parlay betting is that it is very difficult to win. Because parlays involve multiple selections, the odds of winning all of the selections are very low. Additionally, parlays usually offer lower payouts than individual bets, so even if you do win, you may not get as much of a payout as you would with individual bets.
Tips for Parlay Betting
- Do your research: Before placing a parlay bet, it is important to do your research on the teams and players involved. Make sure you are aware of any injuries or other factors that may affect the outcome of the games.
- Manage your bankroll: Parlays can be a great way to increase your potential winnings, but they can also be very risky. Make sure you manage your bankroll responsibly and only bet what you can afford to lose.
- Shop around: Different sportsbooks offer different payouts for parlays, so make sure you shop around to find the best deal.
Parlays are a great way to increase your potential winnings. However, they are also very risky and can be difficult to win. Before placing a parlay bet, it is important to do your research and make sure you understand the rules and regulations in your province. Additionally, make sure you manage your bankroll responsibly and only bet what you can afford to lose.
- Sports Betting in Canada: Everything You Need to Know (2020). Retrieved from https://www.sportsbettingdime.com/guides/canada/
- Betting Rules: Parlays (2020). Retrieved from https://www.vegasinsider.com/betting-rules/parlays/
- Sports Betting Strategy: Parlays (2020). Retrieved from https://www.sportsbettingdime.com/strategy/parlays/