A parlay bet offers sports fans an exciting opportunity to earn a large payout from a relatively modest risk amount. The basic idea is to combine multiple picks to create a single wager with large cumulative odds.
Parlay bets are popular, but they are also risky, as your wager will fail if just one pick proves to be incorrect. Our guide breaks down the key pros and cons of parlay betting.
We will also explain precisely how to place a parlay bet at an online sportsbook, and we will discuss how parlay odds are calculated. You will then discover our top tips to help you succeed with parlay betting.
What Is Parlay Betting?
Parlay betting allows you to roll two or more selections into a single wager. Each selection is known as a leg. Every leg of the parlay must be correct for the bet to succeed.
This is one of the most popular betting options at online sportsbooks. The wager takes its name from the French term for these bets: Paroli. It is also known as an accumulator, multi, or combo bet in other parts of the world.
The profit you earn from each correct prediction will roll over to the next leg. That causes your overall profit to snowball, so parlays can potentially deliver large payouts. This is a high-risk, high-reward bet.
Example of a Parlay Bet
Let’s say you have $40 to wager on the weekend’s NFL slate, and you like these picks:
- Detroit Lions -3.5 vs. LA Rams (-110)
- Denver Broncos vs. Seattle Seahawks: Over 42.5 points (-110)
- New York Giants to beat Minnesota Vikings (+105)
- Chicago Bears -4.5 vs. Tennessee Titans (-110)
You could simply place a $10 wager on each of those picks. If all four picks prove correct, you would receive a total profit of $37.77.
Alternatively, you could roll all four picks into a $40 parlay. If all four of your predictions are correct, you would receive a profit of $530.55.
That is significantly larger than the payout you would receive from four single bets. This example highlights why parlays are so popular. However, if just one of your picks is incorrect, the entire bet will crash and burn, so these wagers are risky.
How To Place Parlay Bets
The best online sportsbooks make it easy for you to create parlay bets. First, you will need to sign up for an account and make an initial deposit. Follow these steps to get started.
Create an Account
Visit a legal, regulated online sportsbook in your state, such as BetMGM, DraftKings, or FanDuel. Open the registration form and provide some personal details: name, date of birth, phone number, email address, home address, and last four SSN digits.
Set up a strong password. If a bonus code is needed to claim the sign-up offer, make sure it is displayed in the relevant section of the form. For example, TODAY earns you the best sign-up bonus at BetMGM. Accept the terms, agree to the privacy policy, and submit the form.
Verify Your Account
Most new accounts are approved immediately at the top online sportsbooks. However, if the system cannot automatically verify your identity, you will need to upload supporting documents, such as your driver’s license and a utility bill. Your documents will then be checked and approved by a member of staff.
Make a Deposit
Click the “Deposit” button and choose one of the payment methods. Common options include Visa, MasterCard, PayPal, Venmo, online banking, and VIP Preferred. Enter the amount you wish to deposit, provide your details, and confirm the payment.
Download the App
You can place a parlay on the website, or you might like to download the app. If so, just open the App Store or Google Play on your phone and search for the sportsbook.
Tap the install or download button. Use Face ID or Touch ID to confirm the free download. Return to your home screen, open the app, and sign in using your email address and password.
Place a Parlay Bet
Choose a sport from the main menu and select a league or tournament. You will be shown a list of games. Select one of the games to browse your betting options. When you find a bet you like, click on it, and the pick will appear on your betslip.
Repeat the process a second time. When you have added at least two picks to your betslip, a parlay section will appear. You will see the combined odds of the parlay. For example, if you add two picks at odds of -110, the combined odds for the two-leg parlay should be +264.
Add as many picks as you like to the betslip. Each pick you add will increase the cumulative odds of the parlay. When you are done, type in the amount you would like to risk. You will see the potential payout you stand to earn.
Tap or click to confirm the bet. The funds will be taken from your account balance. If your parlay succeeds, you will be paid out after the last game has concluded.
Types of Parlay Bets
Most bettors stick to standard parlays, but there are some other interesting options at your disposal. These are the different types of parlay bets that you can place at the top online sportsbooks.
A traditional parlay combines two or more picks on separate sporting events. For example, you could bet on the Baltimore Orioles, Colorado Rockies, and Boston Red Sox all to win on a particular day.
However, you do not need to stick to the same sport or market. For example, you could bet on the Cincinnati Bengals to cover the spread, Coco Gauff to win a tennis match, and Over 8.5 runs in a game between the Washington Nationals and the Atlanta Braves.
You simply need each leg of the parlay to be correct in order to win the bet.
These bets combine two or more picks on the same game. For example, you could bet on the San Francisco 49ers to beat the New York Jets, Over 43.5 points in the game, and Christian McCaffrey to score a touchdown.
Same-game parlays are slightly different from regular parlays, as the legs are often related to one another. For instance, in the example used above, the San Francisco 49ers will be more likely to win if McCaffrey scores a touchdown.
As such, the cumulative odds can be lower than you might expect. For that reason, it is worth shopping around for the best odds before placing a same-game parlay.
This is an interesting betting option, which combines multiple bets from the same game with additional bets from other games. For example, you could bet on the USMNT to beat Mexico and Christian Pulisic to score, plus Canada to beat Jamaica and Panama to beat Honduras.
In that case, you have four picks, but two of them are from the same game. As always, each pick must be correct for the bet to succeed.
A teaser requires you to combine multiple alternative sides or totals. You essentially move each of the lines in your favor by a certain number of points. That increases your chances of success. However, teasers provide smaller payouts than traditional parlays.
Here is an example of a 6-point teaser. That means you move each of the lines in your favor by 6 points.
| Initial Line | New Line | |
|---|---|---|
| Pick 1 | Buffalo Bills -5.5 vs. Arizona Cardinals (-110) | Buffalo Bills +0.5 |
| Pick 2 | Houston Texans -1.5 vs. Indiana Colts (-110) | Houston Texans +4.5 |
| Pick 3 | Chicago Bears -4.5 vs. Tennessee Titans (-110) | Chicago Bears +1.5 |
| Odds | +587 | +160 |
| $10 bet pays | $58.70 | $16 |
In the standard parlay, the Chicago Bears need to beat the Tennessee Titans by at least 5 points for that leg to succeed. By contrast, in the teaser, that leg will succeed if the Bears either win the game or lose by a single point.
A teaser essentially makes it easier for you to win each leg. However, the trade-off is that you will receive a smaller profit if you succeed.
A round robin allows you to make several picks and then place a series of parlays on those selections. For example, you could make four picks and then place:
- Six two-leg parlays
- Four three-leg parlays
- A four-leg parlay
That means you are essentially placing 11 separate wagers. A $10 round robin would therefore cost $110. If all four picks are correct, each of the 11 bets will pay out.
However, if one or more of the teams let you down, you can still receive a payout. As such, a round robin provides a degree of insurance.
How Do Parlay Odds Work
The odds on each leg of your parlay will be multiplied together to calculate your potential return. The easiest way to calculate the cumulative odds on a parlay is to convert the odds on each leg into the decimal format.
For example, let’s say you want to place a four-leg parlay featuring these picks:
- Philadelphia Eagles -2.5 vs. Green Bay Packers (-110)
- Arizona Cardinals +5.5 vs. Buffalo Bills (-105)
- Miami Dolphins -3.5 vs. Jacksonville Jaguars (-105)
- Cleveland Browns -2.5 vs. Dallas Cowboys (-110)
Odds of -110 equate to 1.91 in the decimal format, while odds of -105 equate to 1.95. If you want to calculate the overall odds on this parlay, just multiply them together:
- 1.91 x 1.95 x 1.95 x 1.91 = 13.87.
That means you should expect a return of $13.87 for every $1 wagered on this parlay if it pays off.
Understanding how parlay odds are calculated allows you to determine whether an online sportsbook is offering you a fair price when you create a parlay. Some sportsbooks may take a higher house edge than expected, and if so, you can consider switching to a rival site that offers fair parlay odds.
What Happens if a Leg of the Parlay Pushes?
If one leg is graded as a push, it will simply be removed from the parlay. For example, let’s say you wager $10 on this three-leg parlay:
- Cincinnati Bengals -9 vs. New England Patriots (-110)
- Atlanta Falcons -2.5 vs. Pittsburgh Steelers (-110)
- New Orleans Saints -4 vs. Carolina Panthers (-110)
In that case, the combined odds would be +595, and a $10 bet would deliver a $59.50 profit if all three picks were correct.
Let’s say the Falcons and Saints both cover, meaning those two legs are correct. However, the Bengals beat the Patriots by precisely 9 points, so that leg pushes.
In that case, you will simply be left with a $10 parlay on the Falcons and Saints. That would have cumulative odds of +264, so your $10 bet would deliver a profit of $26.40.
Pros and Cons of Parlay Betting
There are some clear advantages to parlay betting. However, there are also some significant drawbacks to these bets.
Pros
A parlay offers you the chance to turn a relatively small risk amount into a very large payout if you make a series of astute picks. Same-game parlays, teasers, and round robins give you a greater degree of flexibility when considering your betting options. The best online sportsbooks offer a range of ongoing promotions for parlay bettors, including boosts and no sweat parlays.
Cons
Your parlay will lose if just one pick lets you down, so these wagers are riskier than single bets. The overall house edge will increase each time you add a leg to your parlay, so sportsbooks make a significantly higher margin on these bets than single wagers. The betting limits on parlays are often lower than the limits on straight bets at online sportsbooks.
Parlay Betting Strategies and Tips
It is notoriously difficult to enjoy long-term success by betting on parlays. However, these tips can increase your chances of earning a profit.
Avoid Using Longshots to Parlays
It does not make much sense to add picks with long odds to your parlays. For example, if the Colorado Rockies are +290 underdogs against the Yankees, they are only given an implied 25.6% chance of success.
Adding the Rockies to your parlay would be very risky, as the chances of them busting your bet would be high. If you really think they will win, you can simply place a straight bet on them, as odds of +290 will deliver a substantial payout anyway.
Ignore Picks With Short Odds
At the other end of the scale, there is little point in adding picks with very short odds to your parlay. They will not really boost your potential profit by much, and a shock result could bust your parlay.
For example, let’s say you have a three-leg parlay at odds of +570, and you are thinking about adding South Carolina to beat Old Dominion. South Carolina is priced at -1600 to win that game. Adding South Carolina would only increase the overall odds to +612, which does not really move the needle, and a shock win for Old Dominion could cause your parlay to fail.
Instead, it is best to aim for a sweet spot of around -250 to +120 when choosing legs for your parlay.
Consider Simple Two-Leg Parlays
As mentioned earlier, the house edge will increase with each leg you add to your parlay. That makes two-leg parlays potentially more attractive than four-leg parlays.
A simple two-leg parlay can be a great way to get more value on picks you like. Just choose two moneyline favorites and roll them together.
Same-game parlays with two legs can also be appealing. A classic example is both teams to score and Over 2.5 goals in a soccer game.
Find a Sportsbook Offering Parlay Boosts
Some online sportsbooks offer parlay boosts. They can be useful, as they increase your cash winnings on each successful parlay you make. In the long term, that can improve your chances of earning a profit as a parlay bettor.
For example, bet365 will give you a 2.5% profit boost on a successful two-leg parlay, a 5% boost on a three-leg parlay, a 7.5% boost on a four-leg parlay, and so on. If you nail a 20-leg parlay, you’ll get a 100% profit boost, up to a maximum of $150,000 in cash.
Sign up With Sportsbooks That Provide No-Sweat Parlay Promos
Other sportsbooks offer “no-sweat” parlays. That means you will get your money back if your bet fails. Some sportsbooks give you a rebate if just one leg of the parlay loses, whereas others reimburse you regardless of how many legs fail.
The rebate will invariably be paid out as a bonus bet. You then need to complete a 1x playthrough requirement, and any winnings earned will be paid in withdrawable cash.
Hedge Your Parlay Bets
Hedging parlay bets can be a great way to lock in a guaranteed profit. For example, let’s say you have placed a $10 four-leg parlay on the Wizards, Nets, Suns, and Celtics all to cover the spread, and you stand to win $122.83. The Wizards, Nets, and Suns all cover, and your bet is riding on the Celtics in their game against the 76ers.
In that case, you could place an $80 bet on the 76ers to cover the spread, and you will be guaranteed a profit of more than $50, regardless of which team covers in that game.
Use Parlays Sparingly
It is easy to see why parlays are popular, as they offer you the chance to crush the sportsbooks with an inspired bet. However, it is important to remember that sportsbooks make a lot more money from parlay bets than they do from straight bets.
That is why they display parlay suggestions on their home pages and offer customers a wide range of parlay bonuses. With that in mind, sharp bettors will only use parlays sparingly and mainly stick to single bets like the spread, total, and moneyline.
More Resources for Parlay Betting
We offer a range of online gambling tools to help you out when compiling parlays. These are some of the best resources:
- Parlay Calculator: Before placing a parlay, use this tool to ensure you are getting fair odds at your online sportsbook.
- Odds Converter: If you want to convert American odds to decimal odds, use this tool.
- Fair Odds Calculator: Before adding a pick to a parlay, you can use this tool to see what the true odds should be if the sportsbook did not take a house edge (vigorish).
Parlay Betting FAQ
Certain parlays are worth placing. For example, a simple two-leg parlay featuring two strong teams to win their games can be appealing. However, most parlays are not worth it, as they have a significantly higher house edge than single bets.
Parlays are risky bets that offer the potential for large rewards. If just one team lets you down, your entire bet will fail, so it is hard to create a successful parlay. However, you can potentially earn a large payout if you make astute picks, so parlays remain popular among many sports fans.
Single bets are typically more attractive than parlays. They have a lower house edge than parlays, and there are fewer variables that could cause your bet to lose. Sharp bettors avoid parlays and stick to markets like the spread, total, or moneyline instead.
If you pick four teams to cover the spread at standard odds of -110, a $100 four-team parlay should deliver a profit of $1,228.33. That means your total return would be $1,328.33, as you get your bet amount back when you place a winning bet.
Yes, you can easily create your own parlay at the best online sportsbooks. Simply click or tap on two or more selections and they will appear on your betslip. You will then be given the option to roll those picks into a parlay.
Parlay boosts and parlay insurance deals are some of the bonuses available at the leading online sportsbooks. Just make sure you check the bonus terms and conditions, as there may be minimum odds requirements, and some selections may not qualify.
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