Bet Types: From a Single to a Six-Leg Parlay

Most betting mistakes start with misunderstanding what a bet type does to the odds. This guide goes through the common types with numbers, so you can see the cost of each one before you choose. Examples use decimal odds and Canadian dollars; see the betting basics page if you need a refresher on converting American lines.

Singles

One selection, one outcome. If you back a team at 2.00 with C$10 and it wins, you get C$20 back. A single carries one margin, the bookmaker's edge on that one market, which makes it the cheapest structure available. For anyone learning, singles are where to stay.

Parlays (accumulators)

A parlay links several selections, and all of them must win. The odds multiply: three legs at 2.00 each give 8.00, so C$10 returns C$80. The catch is that the margins multiply too. If each leg carries a 5% margin, a three-leg parlay carries roughly 14% and a six-leg one roughly 26%. Parlays look generous because the payout grows quickly, but the bookmaker's share grows faster than most people realise. One losing leg loses the whole stake.

Same-game parlays

Combining several outcomes from one match, for example a team to win and a player to score, is popular because the outcomes feel connected. The bookmaker prices that correlation in, often with a larger margin than separate markets, so the combined price is rarely as good as it looks.

System bets

A system bet splits one ticket into many smaller combinations. A "Trixie" on three selections is four bets: three doubles and one treble. A "Yankee" on four selections is eleven bets. Because each combination is a separate stake, a C$1 Yankee costs C$11. Systems let you profit with some losing legs, but you pay for that cover with many more stakes and many more margins.

Props and specials

Proposition bets are on events within a game rather than the result: a player's points, the number of corners, whether there will be overtime. They are entertaining but often thinly traded, which means wider margins and prices that move quickly on small amounts of information.

Futures

A future is a bet on an outcome decided later, such as a championship winner. Your stake is tied up for months, and the market usually carries a large total margin because there are many runners. Futures can make sense for patient bettors, but the overround on a thirty-team market can be very high.

How to compare the cost

For any market, add up 1 divided by each price; the amount above 1 is the margin. For a parlay, multiply the margins of the legs. Doing this once or twice makes it obvious why singles at fair prices are the most efficient bet and why long parlays are mostly entertainment. Sport-specific markets are covered in the basketball, football, tennis and cricket guides.

Frequently asked questions