Sports betting can be thrilling, but for many, it turns into a frustrating cycle of losses, and one of the biggest traps? The infamous “degen parlay,” which is a high-risk, high-reward bet to lure people in with dreams of massive payouts. Yet, they often end up even deeper in the hole.
Why do so many keep falling into this trap? And more importantly, how can you break free? Let’s break it down, so you always know what to do when enjoying your favorite game selection at 22Bet!
What Is a ‘Degen Parlay’?
A “degen parlay” (short for “degenerate parlay”) is a long-shot bet that combines multiple unlikely outcomes, like wagering on five underdogs to win in a single ticket. The potential payout? Massively huge… but the odds of winning? Tiny.
Why Are They So Tempting?
- Big Payouts for Small Bets – A $10 bet can turn into $1,000+ if everything hits.
- The “What If?” Factor – Losing guests remember near-misses and think, “Next time, I’ll hit it!”
- Social Media Hype – Seeing others post winning tickets makes it seem more possible than it really is.
But here’s the truth: these stakes are more like lottery tickets, and the house always has the edge, and over time, these bets drain bankrolls.
Why Do People Keep Chasing Them?
Even when losing, many people can’t resist the urge to keep throwing money at these risky bets. Here’s why:
1. The Gambler’s Fallacy
After a losing streak, some think, “I’m due for a win!” But each bet is independent, and past losses don’t increase future odds.
2. The Sunk Cost Trap
After losing money, bettors chase losses, hoping one big parlay will “make it all back.” Instead, they dig a deeper hole.
3. Emotional Betting
Frustration, excitement, or boredom can lead to impulsive bets. Degen parlays feel like a quick fix, even when logic says otherwise.
4. Misunderstanding Probability
A 10-leg parlay might pay 100/1, but the actual chance of winning could be 1,000/1, and most underestimate how truly unlikely these chances really are.
A Deeper Look
Although this very temptation is usually thought of as greed or desperation, the psychology behind it is more complicated. Systematic errors in thinking (cognitive biases) contribute substantially to why individuals get trapped in this cycle.
The Role of Dopamine and Near-Misses
In neuroscientific studies, it is indicated that the same amount of dopamine is released in response to near-miss results (e.g., parlay of hitting 7 of 8 legs) as actual wins, encouraging compulsive behavior. It is the same phenomenon seen in slot machine enthusiasts and sports bettors, which creates a false impression of nearly winning, prompting more irrational moves.
Illusion of Control and Superstition
Most frequent losers adopt ritual habits such as believing in their so-called lucky jerseys, specific bookies, or random trends, which create the perception of control. This delusion conceals the truth: Parlays have unfavorable probabilities; the more legs are added, the lower your chances of winning.
Social Proof and Selective Exposure
Social media aggravates the problem by showcasing only the wins, not the thousands of losing tickets, distorting the viewer’s perception. It makes such outlier successes seem commonplace, but meanwhile, the silent majority (those who lose consistently) rarely broadcast their failures.