A parlay, also known as accumulator, is a single bet which combines two or more wagers within one. By its nature a combo bet is dependent for success on all those individual wagers succeeding. For example, you might bet on four horses to win on the same day, or on the result of three football matches. The benefit of parlay betting is that if you do win, the pay-out can be substantial because the odds are so long. The downside is that if one element of the wager fails – your horse comes second or one of your teams lose – then the whole bet is lost.

Parlay betting is considered, in some circles, as an exotic or specialty wager because you are not betting on a single outcome but a series of events. They also offer very high returns – which, of course, makes them so attractive – but with a correspondingly high risk that the bet will fail, especially for those who stack their parlays with multiple teams or events. The reason that big accumulator or parlay winners make the headlines is the same reason why large lottery winners get featured – their rarity makes them newsworthy.

If you are considering making a parlay bet, then there are some factors to consider before you stake your money. First of all do some analysis beforehand. Based on history, form, weather conditions etc. how likely is the predicted event to occur? It is better to place a series of bets with low/medium odds than risk the whole wager on a team, horse or player with underdog or outsider status beforehand.

It is also important to stay away from parlays which involve too many selections. Put simply: the more bets you include in your parlay, the greater the scope there is for something to go wrong. Smart gamblers will seldom go for any parlay with more than 5 teams or bets, because the odds are just too long.

Consider simplifying your wager so that you are betting on a more likely outcome. This might mean, for example, betting that a horse will place in the top three rather than win outright, or that both teams in a match will score, as opposed to picking one to win.

Another parlay betting strategy is to include different betting markets in a single parlay. Rather than wager everything on one type of result, a player or team to win, for instance, diversify. Bet on a combination of first half scorers, both teams to score, over / under, or engage in three way betting (also known as 1X2 betting) where you are wagering on a home win, draw or away win.

Combining bets from different sports or tournaments might also be considered. This can give you greater flexibility and the chance to adjust the odds (slightly!) in your favour.

Online bookmakers offer a wide range of promotions and special offers to encourage parlays, such as accumulator specials which offer bonuses to players which increase depending on the number of selections added to the player's combo bet. Also, it's a good idea to use your free bets to place a parlay. You normally cannot subdivide free bets, so you can afford to place a higher bet because you have nothing to lose (after all it cost you nothing in the first place).

Parlay betting is long odds, high return gambling. Whilst it can be an attractive proposition because of its high pay-outs, remember the risks, diversify your wager, choose low/medium odd events, and take advantage of bookmaker promotions when available.