The Journal. How Parlays Became the Biggest Bet in Sports
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Feb 7, 2025 Explore the captivating rise of parlay bets in sports gambling, from a bartender's audacious football bet to the electrifying atmosphere at a bar. Discover the excitement and risks involved, especially highlighted through a thrilling 14-leg parlay gone right and wrong. Delve into the industry's shift towards catering to both high-stakes and casual gamblers, and the impact of social media on this betting trend. Personal stories reveal the emotional rollercoaster of chasing wins amidst the ever-changing landscape of sports betting.
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Alex's Big Bet
- Alex Haberkern, a bartender, rarely gambles but enjoys betting on football parlays.
- In December, she placed a 14-leg parlay with a potential $22,000 payout from a $10 free bet.
Parlays' Rise
- Parlays have become central to sports betting due to their appeal to gamblers seeking large payouts.
- These long-shot bets address business challenges faced by the gambling industry.
Industry Challenges
- Sports betting apps face pressure to become profitable due to high marketing costs and competition.
- The industry has seen lower revenue than expected due to a higher number of winning gamblers.