With huge payout and countless opportunities on any given day, parlay bets are enticing for a reason. Hit correctly, and it can build up a bankroll in a hurry. However, the odds are not exactly in a person’s favor. Some view them as nothing more than sucker bets.
That’s not to say the parlays are impossible to hit, as there have been some incredible winners that surpass $1 million. What is the biggest parlay bet ever cashed? Before jumping into one man’s incredible tale, understanding how sports parlays work is crucial.
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What is a Sports Parlay Bet?
A sports parlay bet is a wager that requires you to pick the winners of multiple games to win money. In some cases, you may have to choose between two or three teams, while other bets may require a person to choose between five or more teams.
The size of these types of bets can vary greatly depending on how many teams are involved. For example, a $10 parlay bet with only two selections will pay out around $25 if both picks are correct, while a $10 parlay bet with eight selections will result in a payout of around $1750. Usually, about the largest parlay bet offered by sportsbooks is a 12-team parlay option.
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Largest Parlay Payout Ever
So what is the largest sports parlay payout ever documented? That distinction goes to someone who won over $1.1 million by betting on a smorgasbord of games. His parlay bet in 2021 had eight college football teams, three NHL teams, two NFL teams, one NBA team, and a golfer. It took a few days to play out, with a Washington Capitals win against the spread and Jin Young Ko beating the field in golf being his biggest upsets.
While this is certainly an impressive feat, it’s important to remember that the odds of correctly picking so many sporting events like this are quite low. The entire parlay carried +22670 odds when it was completed. That means that for every one person who hits this jackpot, there are tens of thousands of others who walk away empty-handed doing something similar.
Who Should Place Parlay Bets?
When thinking about placing a sports parlay bet, just remember that the odds are in no way favorable. Parlay bets of the size are viewed as something that is done for entertainment more than anything. It’s not a long-term winning strategy.
The numbers show that parlay bets payout closer to actual odds the best when keeping them small. That’s when parlay bets are truly worth it. Sticking with 3-team parlay or 4-team parlay bets is the best way to keep the winning percentage somewhat high while getting decent payouts. As much money as that person above won with their longshot parlay, the odds of that happening should have equated to an even bigger payday. Sportsbooks have to protect themselves so that when someone does hit on a longshot, they aren’t taking a huge hit.
The big parlay bet winners will always catch headlines, but the smarter play is to be a bit more reasonable. There are options out there more than ever that help quench that parlay thirst, but relying only on them is a stretch.