What is a Progressive Parlay? It’s a question that we have been asked a lot recently because this is a relatively new thing in the sports betting world. Parlays have taken the wagering landscape by storm for a variety of different reasons and Progressive Parlays are a new way of wagering that creates a little bit more margin for error, but at the expense of your payout amount.
What is a Parlay?
Let’s start by taking about the basics first. A Parlay is a bet ticket with multiple wagers on it. You need to win all of your bets in order for a parlay to cash.
A parlay might have Browns -3, Suns +4, and Blue Jackets +150 on it during the month of November. In order to cash that parlay ticket, the Browns and Suns need to cover and the Blue Jackets need to win. If one of those things fails to happen, the entire bet is a loser.
Parlay betting is popular because you can bet a little to win a lot. However, your risk is much greater when you need multiple things to happen. Parlay pay tables are fairly standard across the board, like a 6/1 payout on a three-leg parlay, but there are some variances and differences based on the sportsbook. We’ve also seen increased supply and demand for Parlay Boosts at various US sportsbooks, where payout amounts are either increased or pre-determined parlay options are offered.
The biggest takeaway with a parlay is that everything has to be correct in order to make money on that ticket. That is the most important thing to keep in mind.
What is a Progressive Parlay?
A Progressive Parlay is different. You don’t have to get everything right in order to make money on your parlay.
Progressive Parlays require anywhere from 4 to 12 bets to be accepted by the sportsbooks. If you bet 4-6 teams, you can get up to one bet wrong and still get something for your parlay ticket. If you bet 7-9 teams, you can miss up to two bets and still win something. If you bet 10-12 teams, you can miss up to three bets and still win something.
Pushes are considered losses with Progressive Parlays, so keep that in mind.
Here is a standard pay table for a Progressive Parlay:
|# of Teams
Progressive Parlays can only include point spread wagers. Money lines and totals are not allowed.
As you can see, losses greatly decrease the payout of your Progressive Parlay and can even create a complete loss if you lose enough games.
How is a Progressive Parlay Different from a Regular Parlay?
A regular parlay gives you a lot more betting options. Progressive Parlays restrict bettors to spread betting. Parlays can include spreads, but also totals, money lines, player props, and, at some sportsbooks, even futures.
Progressive Parlays are also restricted to basketball and football spreads only. Regular parlays are not restricted in that manner.
Most point spreads are going to be -110 or thereabouts. With a regular parlay, you might have +200, -135, -225, +140, -110, etc., so you can have different lines and different payouts based on the odds and the types of bets that you have selected. At that point, your payout combines the odds and the parlay pay table. For Progressive Parlays, because everything is a point spread wager, the pay table is static.
A regular parlay loses if you lose any one of the bets on it, while a Progressive Parlay might still pay out. However, with regular parlays, a tie or push is not considered a loss.
Another difference is that you can bet regular parlays at every parlay betting site, but not all sports betting sites will take Progressive Parlay wagers.
Are Progressive Parlays Good Bets?
That will depend on your risk tolerance and bankroll size, but across the board, Progressive Parlay bets are generally not good idea. Just like betting regular parlays, which lose if you go 3-1 or 4-1 on a night, straight wagers will pay out a lot better than if you had a Progressive, Parlay. If you go 4-1, you get +200 on your parlay. If you go 4-1 with regular bets, you are going to make more than two units more often than not, especially because you aren’t restricted to spread bets.
Progressive Parlays are very restrictive and that makes them difficult to bet as well. You are limited to football and basketball spread wagers instead of all of the other options that are out there. At least with parlays, you could make some sort of correlation bet with a Same Game Parlay, like so many books offer nowadays, or some player prop bets.
Progressive Parlays are an option, though, and one that you can utilize if you choose, depending on the sportsbook and whether or not they are offered.
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