Parlay means placing consecutive bets with winnings from the past bet to win more. That’s a lot of bets and wins in the same sentence, makes it hard to keep track of them all. A new mobile application by the same name intends to make it easier for those who love to bet on anything and everything.
Currently available for iOS and Android devices, the app allows betting enthusiasts and addicts to create challenges and keep track of all the bets the have placed. It will also maintain a record of bitcoin payments made towards those bets as well.
Who said betting can’t be fun and good at the same time? Parlay demonstrates it by providing an option where users can challenge their friends for a charitable cause. In order to use the applications users will have to create a profile on the application, connect social accounts and connect with other friends who are using the application. Once these steps are taken care of, they can start creating challenges and betting on anything under the sun.
Parlay supports a wide range of payment options including fiat and bitcoin. It has different fee slabs for different kinds of transactions. Any transfer between players will incur a transaction fee of 1 percent, the judges for any contest (if appointed) will also receive 1 percent of the funds exchanged. Transfer of funds into and out of Parley in the form of bitcoin is free, whereas wire transfer/ transfer to bank account will be charged at $0.99 per transaction and credit card transactions carry the highest — 3% of funds plus $0.99 flat. Fund transfer to charitable organizations don’t carry any transaction fee except for credit card payments, which will incur the same charges as transfers inside and outside the application.
Parlay is created by Sydney Sands Ramshaw, a former analyst with fintech start up and her brother Loren Sands Ramshaw, a former NSA security engineer. Ironically, the privacy policy on Parlay’s website states that they would collect a lot of information from the users (sounds familiar?) and sell anonymized data for marketing, polling etc.