Parlay System

A positive progression system, ‘parlaying’ implies reinvesting the winnings from a winning bet on the next bet. Typically associated with horse racing, this is one of less risky (but still, no strategy is without substantial risk) because players are only concerned with a win, place, show, or combination of the three.

Paroli System

Essentially the opposite of the Martingale system, the Paroli system calls for increasing your bet when you win. In other words, unlike the Martingale system, Paroli doesn’t require as large a bankroll, lets the profit run, and cuts back on your losses.

1-3-2-6 System

Another positive progression system, 1-3-2-6 is based on the assumption of being able to win 4 times in a row. So, your first wager would be 1 unit, the second – 3 units, the third – 2 units, and the fourth – 6 units. Sounds complicated but basically the system requires TAKING MONEY away when you win at certain points (from 3 units to 2 for example) offering a bit of insurance. If you win 4x in row this system can be very lucrative, but then again, if you LOSE 4x in a row (which is just as likely), you stand to lose quite a bit of money.

Labouchere system

Another negative progression system (very risky and not recommended), the Labouchere system is also know as the ‘Cancellation System’. To start out, you write down a series or set of numbers (depending on what game you’re playing and the particular odds) with each number corresponding to a number of units. You bet the first and last numbers (if your sequence was 1 2 3 4 5 6, for example, you would bet 1+6 = 7units) and if you win, you cross those numbers out and the next two numbers on the ‘end’ (2 & 5 for example). If you win again, you continue the process. If you lose, however, you add the number you lost (our example in the first bet – 7units) to the end of the series. Accordingly, your next bet would now be 8units (1+7). If you make it through the whole series, you’ll make a sizable profit. But, since nothing is ever assured, you also run the risk of losing a LOT of money and constantly tacking numbers (and units) onto the end of your series.

Parimutuel Betting

This is a betting system where all bets of a particular type are placed together in a pool and payoff odds are calculated by sharing what’s in the pool among all the bets placed. Usually used in horseracing and with sporting events, this system offers a fixed profit for the bookmaker who takes out his/her ‘take’ after all bets are placed and before the odds are calculated.