Progressive Parlay Betting

Unlike traditional parlays, which require all picks within the parlay to win, progressive parlays give a level of flexibility which make them popular for more risk-averse bettors who are looking for protection but still love parlays. 

What is a Progressive Parlay Bet?

A progressive parlay bet is a type of parlay bet where the bettor still receive a payout if one more selections fail, but the overall payout is reduced depending on how many selections lost. This format gives the bettor more flexibility in their progressive parlay, making it an attractive option for bettors who wish to maximize the risk of losing it all if they have one bad pick.

How Progressive Parlays Work

Progressive parlays work by selecting anywhere from four to twelve bets on a single parlay ticket, making them similar to standard parlays. The difference between the two is the payout structure. With a traditional parlay, all selections within the parlay must win to earn a payout, with increasing the more picks you put on your ticket.

With progressive parlays, however, bettors can still get a payout if one or more selections lose, with the total payout becoming smaller with each loss.

As an example, let’s say you place a six-team progressive parlay. If five teams win, you will receive a smaller payout, depending on your online sportsbook’s payout chart. If two picks lose, you will receive an even smaller payout, based on the same payout chart. The big difference between the two is that progressive parlays don’t cancel your entire bet if one or more picks loses. 

Comparison: Progressive Parlays vs. Standard Parlays

The biggest difference between progressive parlays and traditional parlays comes down to the level of risk and reward. With a standard parlay, each and every one of your selections must be accurate to receive any payout. This means the payout potential is much higher, but the risk is also much higher. 

Progressive parlays, on the other hand, offer a chance to earn a payout on your bet, even if one or more of your selections is a loser. This means the risk is less, with the big caveat being that the payout potential is lower too.

While progressive parlays reduce the total amount you can lose, they also come with a restriction in how much you can win. With both types, parlays handle draws (ties), typically, by removing the pushed bet from the parlay card and adjusting the payouts accordingly. 

Pros and Cons of Progressive Parlays

There are a few advantages and disadvantages of progressive parlays, as we take a look at the pros and cons. 

Pros

• Reduced Risk: Progressive parlays come with less risk than a standard parlay, as you don’t need every single one of your bets to win to earn a payout.
• Payout Flexibility: As described, even if one or more of your bets loses, you can still win a portion of the total payout, based on the sportsbook’s progressive parlay payout charts.

Cons

• Lower Payouts: The payouts that come with progressive parlays are typically lower than standard parlays with the exact same picks involved.
• Limited Bet Types: As a general rule of thumb, progressive parlays typically are restricted to point spreads, which limit your overall betting options.

Strategies for Betting Progressive Parlays

When using progressive parlays as your overall betting strategy, it’s critical to understand the payout structure involved and choose your spots carefully. Since you can lose a pick or two and still win money, picking games with near even odds can increase your odds of coming out with a win, even if a game loses. 

Another effective strategy for betting progressive parlays, as with all sports betting, is managing your bankroll effectively. Don’t put all of your money available into one, large progressive parlay. Instead, bet small at first and balance your available funds across multiple progressive parlays as you manage your total bankroll in the process.

Choosing when to play your progressive parlays is also a key strategy. If you feel confident in your selections and want a bigger earning, a standard parlay might be the best option for you. However, if you are more risk-averse, progressive parlays are worth exploring and can help you reduce the near-misses. 

Conclusion

Progressive parlays are great for providing a balance between risk and reward that an increasing number of bettors find appealing. While they might offer lower payouts compared to standard parlays, you can also reduce the risk of losing all of your bankrolls by being selective and smart. 

They also allow for you to hedge against a bad selection, by allowing for a pick or two to be wrong while still giving you the chance to earn a payout. If you are a bettor who enjoys placing a parlay but dislikes the all-in nature of standard parlays, progressive parlays might be your best bet in terms of choosing between the two bet types.

FAQ

What types of bets can be included in a progressive parlay?

Most often, progressive parlay bet types can include point spreads, but they vary by sportsbook.

Are progressive parlays only available for point spread bets?

Yes, progressive parlays are typically only available for point spread bet types.

How are payouts calculated in a progressive parlay?

Progressive parlay payouts are calculated based on your number of winning picks, with total payout multiples decreasing for each pick that loses.

What is the maximum number of losses allowed in a progressive parlay?

The maximum number of losses allowed in a progressive parlay typically is two, but also depends on the specific rules of the sportsbook.

How do ties (pushes) affect a progressive parlay?

Just like traditional standard parlays, ties (pushes) affect a progressive parlay by removing the selection from your bet and adjusting the odds/payout accordingly using the remaining selections only.