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One of the most popular betting forms is known as parlay betting. Parlay betting is when you bet on multiple outcomes. If all of the outcomes you predicted come through, your payout could be huge. This is a get-rich-quick operation in sports betting rather than the slow and steady approach, but it can be risky. Parlay odds can be well worth it if you put together the right amount of bets. 

For instance, if you parlay two +400 underdogs, you should get +2400 parlay odds. A $10 wager would pay out $240. Two separate bets on these two underdogs would pay out $80. 

What Is A Parlay Bet? 

Parlay bets are described as combining two or more bets into a single bet for better odds. In order to win this bet type, bettors must win every leg of their parlay. For instance, if you combine two NASCAR drivers to win separate tournaments, both would have to win in order to be paid. If one racer would win and the other loses, the entire bet would be lost. 

Parlay betting is rather unprofitable long-term, but if you’re feeling lucky, this is your place. 

Best Sportsbooks For Parlay Betting

FanDuel Sportsbook

Visit: FanDuel Sportsbook and claim a risk-free bet for up to $1,000

FanDuel Sportsbook is an excellent place to bet 3+ leg sportsbooks too. Rather than boosting your odds, FanDuel takes a different approach. They offer multi-sport parlay insurance up to $25 back. They also offer same-game parlay insurance up to $25. This must be using same-game only and one leg can lose in order to qualify. You also must opt-in at the promotion panel on FanDuel. Be sure to read the terms and conditions. 

PointsBet Sportsbook

Visit: PointsBet Sportsbook and claim two risk-free bets for up to $2,000 – Use code BIGBONUS

PointsBet oftentimes offers excellent promotions and parlay betting is exactly where they thrive. Bettors can use one custom parlay booster per day. A parlay odds booster adds a significant boost to prices on parlays between 3 and 12 legs. You can even use the booster on same-game parlays making it an excellent opportunity to take advantage of. 

FOX Bet Sportsbook

Rather than give you insurance, FOX Bet rewards you for your parlay bets. If you put at least $10 on a parlay bet each week, FOX Bet will give you a $5 free bet each week. If you are consistently betting parlays, FOX Bet will reward you further with free bets. 

Types Of Parlay Bets

Parlay Bets

As described above, parlay betting requires all legs to be successful. There must be two or more bets combined in your bet in order to qualify as a parlay. 

Round-Robin Parlays

A round-robin is considered a type of parlay bet but with a twist to it. Rather than all legs of your parlay having to be accurate – round-robin parlays give the bettor a margin for error. A round-robin takes all of the bets that you want to place and puts them into every possible parlay combination. 

For instance, if you put three teams into a robin round, the sportsbook will automatically create three different two-team parlays. This limits your risk, if one of the outcomes is incorrect, you can still win some money by the other two being correct. 

Teaser Parlay

Teaser parlays are extremely popular in football. A teaser is when you bet on a team against the spread and add points to it to get to -250 on the spread. This can be done on underdogs and favorites. The idea is to change the spread on two teams to make it around -250 for each. When parlaying these two together – you will get between -120 and +100 depending on the book. 

NFL Parlays 

Parlays are pretty common in the NFL because of the extensive options available. If you were to parlay bet the Kansas City Chiefs to win (-200 ML) and the Los Angeles Rams to cover the 3-point-spread (-110) you should get around +180 odds. This means a $10 bet would profit $18. 

NBA Parlays 

Basketball parlays are very similar to football. If you were to do a same-game parlay on RJ Barrett to score first in the game and Knicks to win you would get extensive odds. RJ Barrett would normally hover around +800 to score the first basket. Assume the Knicks are -110 to win the game. Your $10 bet should get nearly +1600 odds if both outcomes happen in the same game. 

MLB Parlays 

Baseball might be a less popular sport to parlay bet but it still happens. You can bet on same-game parlays as well as regular betting. If a bettor were to bet on the Boston Red Sox to win at +160 and the New York Mets to win at -150, the bettor would get around +333 for this bet. 

NHL Parlays 

Tampa Bay Lightening -1.5 puck line (+125) and Los Angeles Kings ML (+140) parlay. The bettor would get +440 if both of these outcomes were successful. 

Check out the Gaming Today Parlay Odds Calculator for more advanced tools. 

Examples Of Parlay Bets

Two-Team Parlay Example

  • Bet: Texas Rangers ML (+135) + New York Rangers ML (+100)
  • Risk: $10
  • Profit: $37
  • Odds: +370

All teams must win in order for the bet to be successful.

Three-Team Parlay Example

  • Bet: Texas Rangers ML (+135) + New York Rangers ML (+100) + Los Angeles Lakers ML (-210)
  • Risk: $10
  • Profit: 59.38
  • Odds: +593

All teams must win in order for the bet to be successful.

Four-Team Parlay Example

  • Bet: Texas Rangers ML (+135) + New York Rangers ML (+100) + Los Angeles Lakers ML (-210) + Los Angeles Dodgers (-190)
  • Risk: $10
  • Profit: $95.90
  • Odds: +959

All teams must win in order for the bet to be successful.

How To Place A Parlay Bet

Placing a parlay bet has become increasingly easy in the sports betting world. When using an online sportsbook it is particularly easy. Below are the steps needed to place a parlay bet.

  1. Tap on the first bet that you would like to add to your parlay. 
  2. When prompted, tap on the “Add to Betslip” option. Do not place a bet yet. 
  3. Repeat this process for your second, third, or more legs. Do not place a bet until all of your choices are on the betslip page. 
  4. Go to the betslip and place your wager using the top option that gives the multiplied parlay odds. 

Are Parlay Bets Worth It?

Parlay bets are sports betting’s “get-rich-quick scheme.” The odds can be extremely enticing and exciting for bettors to win. However, there is an industry-wide saying that goes something like “parlays build sportsbooks.” There is a reason that sportsbooks offer a ton of promotions for parlays. The reason for this is they are extremely profitable to the book and not the bettor. 

If you would like to take shots here and there, by all means, go for it. Some people have won huge money. For instance, one bettor took all of Leonard Fournette’s props in a same-game parlay prior to Super Bowl LV. This includes over on the rushing yards, receiving yards, and score a touchdown. They also took Rob Gronkowski to score a touchdown in the bet. The four-leg same-game parlay won the bettor huge money. His $100 bet won the bettor $3,216.45. 

FAQs – Parlay Bets & Odds

What is a parlay in sports betting?

Parlay betting is when you bet on multiple outcomes in a given game or multiple outcomes on different games. Parlays multiply odds and give better odds on the bet. However, they need more things to happen in order for the bet to be successful. 

How do I know I am getting fair odds on a parlay? 

It is difficult to truly know the odds are good when you look at them. However, we recommend using an odds calculator to make sure. Due diligence is on the bettor, not the sportsbook. 

Can I create my own parlay on a sports betting app? 

Yes, you can! Sports betting apps are very parlay-friendly, and they make it extremely easy to customize your parlay anyway you want. You can even use same-game parlays too. 

What’s the difference between teaser bets and parlays? 

Teaser bets and parlays are one and the same. The only difference being that teaser bets force the bettor to change the line on the bet to make it even money to around a -250 favorite. When adding two of these together, bettors will get these two together at around even money. 

Where can I find the best picks and parlays online?

The best picks can be found online and especially in our reviews of the top sports betting apps in the country. Major events usually contain an awesome opportunity for bettors to follow experts’ opinions!

Does DraftKings offer parlays?

DraftKings Sportsbook offers a ton of parlay options for their bettors. They also offer same-game parlays and there are plenty of boosters to take advantage of.  

About the Author
Erich Richter

Erich Richter

Erich is a New York-based writer and gambling expert specializing in the sports industry. His work is featured in numerous publications. Erich is a diehard Mets, Giants, and Knicks fan (it’s been tough). Twitter: @erichterrr

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