Parlay Bet Explained: The Ultimate i8 Live Online Casino Guide

Got several bets you want to combine into one powerful ticket? That’s exactly where parlay betting shines. It allows bettors to bundle multiple wagers into a single slip — offering bigger potential payouts for those willing to take on the added risk. This guide breaks down everything you need to know about this popular betting style in modern sports wagering.

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What Is a Parlay Bet?

A parlay bet is created when you select two or more individual wagers, known as legs, and combine them into one overall bet. To cash out successfully, every leg must win. Even one losing selection causes the entire parlay to fail.

Most players build parlays using common markets such as spreads, totals, and moneylines. You can mix bets from multiple matches, or build a same-game parlay, where every leg comes from a single event.

Parlays are exciting because they deliver higher payouts compared to placing each bet separately. However, every additional leg reduces the overall expected probability of winning — turning parlays into a high-risk, high-reward option.

Tip: If you’re new to football betting, check out our Beginner’s Guide: How to Bet on Football at i8 Live to understand the basics before attempting parlays.

Common Types of Parlay Bets

1. Same-Game Parlay

A Same-Game Parlay allows you to combine multiple bets from a single match. Each selection must hit for the bet to pay out.

Example (Football):

• Team A to win

• Over 2.5 goals

• Player X to score

2. Multi-Match or Multi-Sport Parlays

Bettors can also create parlays across multiple matches or even different sports. These are especially popular during football weekends, BWF tournaments, or MotoGP race weekends.

Example (Multi-Sport Parlay):

• Football: Manchester United to win

• BWF: Men’s Singles favourite to win in straight sets

• MotoGP: Rider A to finish Top 3

Some players even create large parlays with 8–10 legs, including bets like totals, handicaps, and specific player props, such as “Player X to score a goal” or “Rider Y to record the fastest lap.”

Why Parlays Are Popular

Parlays are attractive because they:

Benefit	Explanation
High Payouts	Odds multiply with each additional leg.
Flexibility	Combine bets from multiple games or sports.
Excitement	Every selection is crucial for winning.
Low Initial Stake	Even a small wager can yield big rewards.

Parlays are ideal for bettors who enjoy strategic risk-taking and want to maximize potential returns while following multiple sports at once. From football leagues in Malaysia, Indonesia, Thailand, and Australia to BWF badminton tournaments and MotoGP races, parlays offer endless opportunities to boost both fun and winnings.

How to Make a Parlay Bet

Parlay bets are widely available at all major online sportsbooks, and they are typically simple to create. Most sportsbooks require a minimum of two legs, but you can include as many selections as the platform allows.

Here’s how to get started:

1. Choose Your Sport and Matches

   
   

   Decide which football league or tournament you want to bet on — whether it’s the English Premier League, La Liga, Serie A, or the UEFA Champions League. Each match offers a variety of betting options, from common bets like match winner (moneyline) to more detailed bets such as player props or total goals.

   
   

2. Select Your Bets for the Parlay

   
   

   Pick the individual bets you want to include in your parlay. Once you do, the sportsbook will automatically calculate the combined odds for the entire parlay.

   
   

3. Confirm Your Stake

   
   

   The potential payout depends on both the number of legs included and the odds of each individual selection. A small stake on a multi-leg parlay can result in a significantly larger payout compared to single bets.

How to Calculate Parlay Payouts

Calculating a parlay payout manually can seem tricky, but sportsbooks simplify this by showing the potential payout before you confirm your bet.

If you want to calculate it yourself:

1. Convert the odds for each selection into decimal format.

2. Multiply the decimal odds of all legs together.

3. Multiply the result by your stake.

Example:

• Team A to win: 1.80

• Team B to win: 2.10

• Team C to win: 1.95

• Stake: RM 10

Calculation: 1.80 × 2.10 × 1.95 = 7.387.38 × RM10 = RM73.80 potential payout

Parlay Bet – Winning Example

Let’s look at a real football scenario:

You place a three-leg parlay on the following matches:

• Manchester City to win vs. Chelsea

• Barcelona to win vs. Real Madrid

• Bayern Munich to win vs. Borussia Dortmund

If all three teams win, your parlay is successful and you receive the calculated payout. If even one team loses or the match ends in a draw, the entire parlay bet loses.

Key Tip: Parlays are high-risk, high-reward bets. They can yield impressive payouts, but every selection must be correct, so choose your bets wisely.

Parlay Bet – Losing Example

It’s important to understand that parlay bets are all-or-nothing. Even one incorrect selection will cause the entire wager to lose.

Example (Football):

You place a three-leg parlay on the following matches:

• Liverpool to win vs. Arsenal

• Juventus to win vs. AC Milan

• PSG to win vs. Lyon

If Liverpool and Juventus win, but PSG draws against Lyon, the entire parlay loses, and your stake is forfeited.

Responsible Gambling Tip: Parlays can be exciting and offer high payouts, but always bet only what you can afford to lose. Proper bankroll management is key to enjoying football betting safely.

How to Cash Out a Parlay Bet

Most online sportsbooks now offer a cash-out feature for parlay bets while the matches are still in progress. This allows bettors to secure a portion of their potential winnings before all legs are complete.

The cash-out amount depends on how the games are unfolding — the further your parlay is winning, the higher the amount you can claim. This feature is ideal for bettors who may be satisfied with a partial win rather than waiting for the full payout.

How to Cash Out:

1. Open your active bet slip.

2. Scroll to the bottom and click the ‘Cash Out’ button.

3. The funds will be immediately added to your account balance, ready to be used or withdrawn.

⚠️ Exceptions: Sometimes cashing out may not be available due to:

• Match postponements or cancellations

• Injuries affecting player-specific bets

• In-game events that alter the parlay’s cash-out value

Advantages and Disadvantages of Parlay Betting

Parlays can be exciting and potentially lucrative, but they come with both benefits and risks.

✅ Pros

• Higher potential payouts than placing individual bets

• Variety of options — combine multiple matches or leagues

• Added excitement for following several outcomes at once

❌ Cons

• Higher risk — one incorrect selection means losing the entire bet

• Lower probability of winning as the number of legs increases

• Requires careful planning and discipline

Responsible Parlay Betting & Bankroll Management

Whether you’re a seasoned bettor or a beginner, it’s crucial to gamble responsibly. Remember: no bet is guaranteed.

• Only wager what you can afford to lose.

• Gambling should never interfere with personal finances.

• Use bankroll management strategies such as flat betting or limiting the number of legs in a parlay to reduce risk.

Parlay betting can be exciting because of the potential for big wins, but every leg counts. Losing just one selection will forfeit the entire wager, so careful planning and smart staking are essential for long-term enjoyment and sustainability in football betting.

Responsible of Gambling

At i8 Live, we prioritize responsible gambling, ensuring a safe and enjoyable gaming environment for all our players. Remember to gamble responsibly and set limits to enhance your gaming experience.