If a bettor wishes to bet on a significant number of events without putting a substantial amount of his total bankroll at stake, parlays may represent an attractive option. This minimized risk is another notable potential positive of a parlay. Conversely, if both outcomes are missed, one will only lose his original 1 unit investment rather than the 2 units one would lose if it had wagered on the events individually.

If the bettor uses a parlay to bet on the first team along with an under bet against the point total, he stands to gain 2.6 units ($260 if $100 is bet) on an original investment of 1 unit (the most common unit in betting is $100 although any amount can be substituted as a unit) compared to a payout of just 1.82 units ($182) if the bets are made independently of each other. For example, a bettor may believe that one team is likely to win if the game is a low-scoring affair while the other team is almost certain to win if the game becomes a high scoring shootout. Several strategies have been suggested by gambling consultants when wagering on parlays or progressive parlays, one of them being to pick interrelated outcomes. The term has also been used for a long series of wagers on roulette or other gambling games, where the bettor attempts to rely on a 'stream of luck'. Several sites use a schedule where the bettor can lose one bet on a 4-6 event progressive parlay, can lose up to two bets on a 7-9 event progressive parlay, and up to three bets on a 10-12 event progressive parlay. However, unlike a regular parlay, if some of the individual bets lose, but most win, the bettor still wins, although with a much smaller payout. Should all the selected bets win, the bettor receives a relatively large payout, because of the sizable odds against this happening. Generally a progressive parlay involves a joint wager on four to twelve separate events. A progressive parlay is a joint wager on multiple events, for example team sports or horse races.

Online progressive parlay