BetMGM users have another toy to play with.
The sportsbook unveiled a new “Parlay Builder.” Described as an exciting same-game-parlay product for US sports, it’s an extension of a partnership with Betgenius.
What does that mean for Colorado users?
According to the news release, BetMGM players in Colorado can now instantly build, customize and bet selections within the same game from a choice of over 400 bet types, including team and player props.
As the release notes, the product is powered by BetBuilder, a service developed by Betgenius and sportsbook software provider Sportcast. The release adds it automates the entire back-end process while allowing sportsbooks to configure each bet type and to fully customize the user experience.
Matt Prevost, chief marketing officer at BetMGM, said in the release:
“Parlay Builder gives our pre-game betting offering another dimension; it’s engaging, easy-to-use and extensive, therefore appealing to serious and recreational bettors alike. We’ve witnessed the success of BetBuilder in Europe and anticipate a similar trajectory in the U.S.”
What is a parlay?
You may have just asked: What is a parlay?
In the young Colorado sports betting market, it’s a great question.
As the parlay betting page says, the first thing to understand about parlays is that they consist of multiple choices. Where other sports bets involve a single variable, parlays require players to predict outcomes on several different variables.
Each selection in a parlay is known as a leg. These bets can all be the same type of wager, or they can vary. The exact composition of each parlay is entirely up to the bettor.
The other crucial thing to know about parlay bets is they’re risky.
In most cases, you’re not just betting on one outcome.
With parlays, you’re piling outcomes and scenarios on top of each other, so to win, all of them must win or your parlay fails.
What’s an example of a parlay bet?
One Colorado example of a recent parlay came from BetMGM. It was a triple-leg parlay that the Colorado Avalanche, Colorado Rockies and Denver Nuggets would all win that particular day. The Avs and Nuggets both won, while the Rockies lost. So if you took that parlay, you would have also lost.
Heck, if you’re into college football betting, some books offer that as an option.
One popular way to use parlays is when you bet on the UFC.
If you think multiple fighters will win their respective bouts, you could put them into one parlay bet.
But, again, it’s very risky.
You take the odds of each event you include into your bet. And all of them must win before you cash in.
Matt Stephenson, global partnerships director at Betgenius, said in the release:
“BetBuilder has been a runaway success for many of our partners in Europe, and the product keeps getting better and better. With a focus on U.S. sports and the deepest range of bet options, Parlay Builder gives BetMGM a real differentiator – both from a product and marketing perspective.”