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Same-game parlays (SGPs) let you wager on every aspect of the game in one high-paying, high-risk wager. These tricky wagers started as niche markets for experienced bettors, but have quickly grown into the most popular wagers at sportsbooks.
The rise of SGPs was not an accident. These bets use the promise of potential wins to lure bettors into making wagers that are challenging to win. GamblingNerd.com explores how sportsbooks used SGPs to take advantage of technology and regulatory changes and cash in on novice bettors.
What Is a Same-Game Parlay?
A same-game parlay, as the name implies, is a parlay bet where every leg is from the same game. Parlays combine wagers, or legs, into one bet. Every bet has to hit for the parlay to cash.
It is risky to tie multiple legs together in a parlay format. In exchange for this risk, players receive much higher payouts than the individual legs of the parlay.
For instance, instead of betting $10 each on three even-money wagers, you can combine those bets into a parlay offering +700 odds. Betting individually gives you the chance at a $30 profit. Or, you can place your $30 bankroll on the same bets in a parlay and get a $210 payout.
Traditional parlays require you to pick legs from across multiple games. SGPs, on the other hand, only use bets from one game.
They have become increasingly popular for major sporting events and championship games, like the Super Bowl or the World Cup final. These events draw an increased interest from novice bettors, and the chance for a large payout is often too good for them to pass up.
The Legal Groundwork That Made SGPs Possible
Before SGPs could take over sportsbooks, several restrictive gambling laws needed to be removed to allow widespread sports betting in the first place.
In the US, the catalyst for the current sports betting boom was the overturning of the Professional and Amateur Sports Protection Act of 1992 (PASPA). The Supreme Court overturned PASPA in 2018, opening the doors for states to create their own gambling regulations.
Since PASPA was struck down, more than 30 states in the US have created new sports gambling laws.
Canadian gambling laws also needed to change and become more betting-friendly. In 2021, lawmakers in the Great White North passed Bill C-218, also known as the Safe and Regulated Sports Betting Act. C-218 allowed bettors in Canada to place single-event wagers, including SGPS.
Why Sportsbooks Love SGPs
It is easy to see why many bettors, especially inexperienced ones, are drawn to the high payouts of SGPs. However, sportsbooks also love these wagers.
The correlated parlay legs used to build SGPs allow operators to achieve a larger hold (margin) than with straight bets.
Marketing SGPs is also easy to do, as they practically sell themselves. Inexperienced bettors will focus on the high payouts without evaluating each individual leg. Sportsbooks can also use unique betting tools, such as profit boosts and betting insurance, to entice bettors into taking the operator’s pre-built SGP wagers.
SGPs are so popular with players and sportsbooks that they have become the new centerpiece for many operators’ marketing campaigns. They are pushed in commercials and banner ads to attract new customers searching for a big payday. SGPs also receive ideal app UI placements to make SGPs easy to find.
The best sportsbooks have multiple SGPs pre-built for major sporting events. You can also build your own, putting your knowledge to the test. SGPs also increase bettors’ rooting interests by forcing them to track multiple outcomes, thereby boosting the time they spend on the sportsbook’s app.
The Technology Behind Correlated Parlays
Legal hurdles were not the only barriers to SGPs before the 2020s. It was also challenging for sportsbooks to model the correlated outcomes of each SGP leg and offer the correct payout odds.
Creating an SGP is not as easy as simply multiplying the odds of each wager. For instance, if you bet on a quarterback having a great game in the Super Bowl, his team’s odds of winning increase, and he will have a better shot at winning MVP.
As sports betting expanded, the tools that operators had at their disposal also improved. Enhanced and expanded pricing engines allowed providers to increase their SGP options.
Advancements in SGP creation tools have also been fueled by better live betting software. The newest SGP modeling engines can create parlays based on up-to-the-minute live odds, dramatically expanding the bets available to users.
How SGPs Changed Fan Behavior
Casual betting should always be done for entertainment purposes. To that end, sportsbooks have used SGPs to help guide bettors to focus on the experience rather than the actual outcome of their wagers.
SGPs have also changed fan behavior by encouraging bettors to focus on specific narratives within the game. QB battles, pitching duels, and NBA superstar matchups are all easy to market as SGP subjects.
Social media has also played a role in shaping fan behavior toward SGPs. Influencers have built brands around sharing their betting tips, including recommending SGPs for their followers to try.
Many bettors also like to share their SGPs for a chance at winning bragging rights. Sharing SGPs that missed by a leg or two is also common, as bettors bemoan how close they were to a major win.
The growing popularity of SGPs has not been positive for everyone, unfortunately. With sports betting at an all-time high, more bettors than ever are facing the reality of gambling addiction. Those in need can use resources such as Gamblers Anonymous and the National Council on Problem Gambling for help with disordered gambling.
Where SGPs Are Headed Next
The popularity of SGPs has allowed these new bets to influence bettors' behaviors. Their impact will continue to grow as operators allow same-game bets for more and more sports and in smaller leagues.
Integrating micro-bets, such as live wagers, into SGPs is also a logical next step. As live betting software improves, bettors will have an easier time betting on in-play wagers in the SGP format.
Pro-gambling legislation has shown no sign of slowing down, either. As more jurisdictions allow regulated sports betting, SGPs will become even more widely available.
Conclusion
Relaxed gambling regulations, new pricing technology, and the economics of sportsbooks have all fueled the growth of SGPs in recent years. Operators have jumped on the popularity of SGPs, pushing them in advertisements and creating new promotions for these bets.
SGPs are more than just a product or a betting tool, though. Despite their novelty, these wagers have already helped shape how the current generation of bettors wager on their favorite sports.
About Gambling Nerd
Gambling Nerd is the editorial brand and collective byline of GamblingNerd.com, an independent gambling media website that publishes experience-based reviews, guides, and analysis of online casinos, sportsbooks, and poker sites for gamblers of all experience levels worldwide. Its Nerd Nook Hub provides educational resources that break down sports betting mathematics, casino game theory, probability, odds, and other key concepts to help players make more informed decisions.
