The Parlay betting system is a positive progressive betting system for blackjack - that's a mouthful, isn't it? In order to explain the Parlay system, it's easy to break it down into its elements: 1) positive 2) progressive 3) betting system.

The Parlay system is similar to the Paroli, which is similar to Oscar's Grind; all three systems are positive betting systems in which the player increases his bet after a win and reduces his bet after a loss. The system is called progressive, because with each progressive win or loss, the bets are increased or decreased accordingly.

In the case of the Parlay system, when a player wins he bets his winnings plus his original bet and continues to do so on each successive winning hand. When he loses he goes back to his original bet. Finally, the Parlay is a considered a betting system because it has nothing to do with actually playing the game; it's all about how to bet. In other words, the Parlay system doesn't help you with your blackjack strategy moves, like when to stand, hit, or double down; it tells you only how much money to bet on your blackjack game.

In non-gambling terms, to "parlay" is to use one's money to reach a desired goal, such as wealth or success. In gambling terms, to Parlay - to bet using the Parlay system - is to gamble an original amount and its winnings on a subsequent hand of blackjack. The Parlay is also called the "Let it Ride" system since when you win you leave your winnings on the table and let them ride to the next hand along with an additional bet.

A variation of the blackjack Parlay system is also used in horseracing. It is similar to the method that banks use when they compound interest;' they give interest on the balance for one quarter and then give interest on the interest (and the balance) the following quarter and so on. What's good at the racetrack or the bank can also work at the online casino.

When a player uses the Parlay, he bets his profits from his wins plus his original bet, as long as he keeps winning at blackjack. If he loses, he goes back to his original bet. A blackjack winning streak can put a lot of money into his pocket; a cold streak isn't too big a disaster (because the bet stays the same). The problems start when the hot streak finally and inevitably ends and the player stands to lose that really big bet that's been building and building. To avoid this, a player should decide beforehand how high he's willing to let his bet grow - in other words, how much he's willing to lose. With a pre-determined limit, the player can enjoy a hot streak - to a point - and not watch it turn to dust. With good budgeting and planning the Parlay can be fun; without it, it can be real heartbreaker.