One of the riskiest types of bets that can be made is known as a progressive parlay. This is a multiple or joint wager, made on multiple events, usually football matches or horse races. As a general rule a progressive parlay will involve between four and twelve separate events, with a joint wager placed on the overall grouping. The goal is for all of the selected bets to win, which results in a major payout, but the odds of this happening are extremely slim. However, unlike a traditional parlay bet, where if a single bet loses the entire bet is off, with a progressive parlay as long as most of the bets win you can still walk away with money, although it will be a significantly smaller payout. A number of the larger betting sites, such as Ladbrokes and William Hill, use a specific system whereby a gambler can lose one bet on a 4-6 game event, two bets on a 7-9 game event and up to three bets on a 10-12 game event and still walk away with a pay off.
Progressive parlay in football betting is common with professional sports gamblers during playoff scenarios, because there is generally a series of championship games played, all working towards the final playoff. A good example of this would be the World Cup final games, all of which lead to a single team beating their opponents in the championship. However, given the odds against winning, it can be extremely risky unless you have done your research thoroughly.