The Parley ‘Double or Nothing’ Strategy
While the idea of “double or nothing” seems very straightforward and simple to explain or understand, gamblers have transformed it in a large number of ways. For example, the game of Roulette has several ways of instituting a double or nothing bet such as the Martingale strategy which asks a player to double their initial wager on each losing spin.
Many players find most double or nothing strategies a bit too rich for their pocketbooks. For instance the Martingale system could put a player over six hundred dollars in the red after only seven losing spins. Some insist this is the only way to earn back losses, or to “break even”, but some of the double or nothing systems can only earn back an initial wager while asking for huge risk. The Martingale double or nothing system could ask a player to wager six hundred and forty dollars as a way of getting back a five dollar profit.
Even though the risk is great on a double or nothing wager, the payoffs continue to lure players into making them. Another popular system of double or nothing betting is the Parley system, which runs contradictory to the Martingale.
Parley is traditionally employed in an even stakes wager, such as a red or black wager, and it asks the player to pick their color and stick with it. It then says to start with the table minimum, and if the spin is a losing one the player should simply re-play their original bet. So lose five dollars, wager another five dollars on the next spin.
The winning spinner however is asked to double their original stake, so win five dollars, and wager ten. This can add up very quickly to substantial winnings – wager five dollars and win then wager ten dollars. Win the ten dollar spin and wager twenty dollars. Win the twenty dollar spin and wager forty, and so on. The downside of this is that most casinos place a five hundred dollar maximum wager on each of their Roulette tables to prevent massive losses to any double or nothing players who are particularly lucky.
Another factor to consider when playing the Parley system is that all profits or winnings are at serious risk of loss on a single unlucky spin. For example, the player who has won on four spins in a row could lose all forty dollars they won on their initial five dollar wager. Experienced players preach a “cut off” point. Some say that most players who are enjoying a run of good luck on the Parley system should not push their limit past three spins.
Since Roulette is a game of chance and luck it is a good idea to accept the odds and recognize a good moment to cash in the chips and enjoy the profits. The Parley system can put some good winnings quickly into the hands of a lucky or fortunate player, but it can also quickly eliminate a great bank roll, so the best system is to play wisely.