Online sports betting has firmly established itself, a lot of us find it enjoyable and do it every day, which is why it’s important to understand the different types of bets available.
Parlay betting is a particularly popular choice that’s worth mastering because it will either help you win a lot of money or lose some of your money.
Whether you’re familiar with parlay betting or entirely new, this guide is here to assist you.
What Is a Parlay, and How Does It Work?
A parlay is a combination of two or more bets (often called legs) into one. Sometimes, people call these combined bets “accumulators” or “multis,” depending on where they’re betting.
To win a parlay, you must win every single bet within it. If you lose just one of the smaller bets, the entire parlay is lost.
Sportsbooks often offer bigger payouts if you add more games to your parlay. However, parlay bets are riskier because they depend on each individual bet being successful.
On the flip side, if all the individual legs in the parlay win, the payout can be substantial.
But it’s important to remember that if any of the bets in the parlay lose, the whole parlay is a loss. So, it’s a high-risk, high-reward type of bet in sports betting.
Why Is It Called a Parlay?
Parlay comes from a French word, “paroli.” This word describes a betting system in which the bettor takes their original stake and any winnings and uses them for the next bet or in a series of bets.
The idea behind a parlay is positive progression, and it’s often used for small bets.
So, the name “parlay” is linked to its roots in this French betting strategy, where you keep building on your winnings to aim for even more.
It’s an all-or-nothing approach.
Why Are Individual Bets in a Parlay Called Legs?
Individual bets in a parlay are often called “legs” because they represent the individual components or selections within the larger, multi-bet wager.
Each “leg” is a single game or contest that’s part of your parlay wager.
For example, if you make a parlay bet on five different college football games, each of those games is a separate “leg” of your bet. So, think of “legs” as the individual pieces that make up your parlay.
The Odds of Winning a Parlay Bet?
Calculating payouts for parlay bets can be complex, mainly because of how odds are presented in U.S. sports betting. Most sportsbooks handle this calculation for you, a common practice among gamblers.
Here’s how to calculate your payout:
- Convert the American odds to decimal odds.
- Multiply all the decimal odds together.
- Multiply the result by your bet amount.
- Subtract your initial stake to find the parlay odds.
For instance, let’s say you’re parlaying three-point spreads, each at -110. First, convert these odds to decimals, which is 1.91. Then, multiply them together:
1.91 x 1.91 x 1.91 = 6.97
Next, multiply this by your bet amount of $10:
6.97 x 10 = 69.7
Now, deduct the original bet amount:
69.7 – 10 = 59.7
In this case, the parlay pays out $59.70 for every $10 wagered. In American odds, that’s represented as +597, indicating that this parlay pays nearly 6-1. There’s a simple rule for -110 wagers: a double bet pays about 2.6-to-1, and a triple parlay pays about 6-to-1. As you add more -110 bets to the parlay, the odds roughly double for each one added.
What Are Some Examples of Parlays?
Moneyline Parlay
In this type of parlay, you select multiple teams or individuals to win their respective games or matches. Each selection is a leg of the parlay.
For example, you might create a money line parlay with three NBA games, choosing the winners for each game. If all three teams win, your parlay is successful.
Point Spread Parlay
This type of parlay involves selecting teams to cover the point spread in their games.
For instance, you could bet on multiple NFL teams to win by a certain number of points. If all your selected teams cover the spread, you win the parlay.
Over/Under Parlay
In an over/under parlay, you predict whether the total points scored in multiple games will be over or under a specified number.
You can combine over/under bets from different sporting events into a single parlay.
Teaser Parlay
Teasers are a type of parlay that allows for the adjustment of point spread or totals in your favor.
You can select multiple games and adjust the lines to increase your chances of winning, but comes at the cost of lower potential payouts.
Mixed Sports Parlay
Some sportsbooks allow you to create parlays with selections from different sports.
For example, you could combine a soccer match outcome with an NBA game’s point spread and a tennis match’s total games played.
Prop Bet Parlay
In this parlay, you can combine multiple proposition (prop) bets within the same game or across different games.
For instance, you might bet on a specific player to score first in one game and the total number of touchdowns in another.
Round Robin Parlay
A round-robin parlay allows you to create multiple smaller parlays from various teams.
For example, if you have six teams in your round-robin parlay, it will create several 2, 3 or 4-team parlays from those selections.
A round-robin parlay basically creates a combination of all the possible outcomes in all of your legs in the parlay.
This provides insurance, as you don’t need all selections to win to see a return.
Where to Bet on Parlays?
FanDuel Sportsbook
FanDuel has become a major player in the growing legal sports betting market in the United States.
A significant part of FanDuel’s success is its dedication to providing a dependable and secure parlay betting experience with highly competitive odds.
FanDuel often promotes its SGP offer, covering various sports. It’s important to know that the maximum bet you can place for this offer is $10.
So, FanDuel is a top choice for those looking for a trusted platform for parlay betting in the United States.
DraftKings Sportsbook
DraftKings is a go-to choice for those seeking an extensive array of parlay options and attractive bonuses.
It is one of the world’s largest sports betting platforms, offering various parlay betting features.
DraftKings is known for its generous promotions and bonuses for regular parlays and SGPs, including the potential for up to a 100% profit boost on NFL Week 1 or MLB games.
They also provide pre-selected SGPs that are thoughtfully designed, often including connected bets.
Here are some bonus details from DraftKings:
- No Sweat NHL Single Game Parlay: If you bet on an NHL SGP and lose, you’ll get a bonus bet back.
- NHL Stepped Up Parlay: The larger your parlay, the bigger the boost you can get with the NHL Stepped Up Parlay.
- NBA Daily Stepped-up SGP: When you build your NBA Same Game Parlay, you can earn up to a 100% Profit Boost.
BetMGM
BetMGM is one of the most trustworthy sportsbook brands in the United States. What makes BetMGM particularly appealing to sports bettors is its user-friendly parlay builder.
It allows bettors to select from a wide range of betting choices and create parlay bets that can include up to 10 different selections.
BetMGM offers pre-packaged same-game parlay options with enhanced odds, adding an extra layer of excitement.
These amazing features are easily accessible through BetMGM’s mobile app, which is regarded as one of the top choices among U.S. sports betting apps.
How to Bet on a Parlay?
Making a parlay bet is flexible and can be done in various ways. Whether you’re using an online sportsbook or placing your wager in person at a casino, they’ll calculate your odds.
Casinos commonly offer a convenient choice known as a “parlay card” for selecting teams and totals. You provide this card, along with your bet, to the ticket writer at the sportsbook.
For those who prefer the convenience of mobile betting platforms like BetMGM, FanDuel, or DraftKings, the process is straightforward. To create a parlay bet, follow these steps:
- Navigate to your chosen sport.
- Select two or more games.
- Go to your Bet Slip, typically located on the right-hand side.
- Click “Parlay.”
- Some platforms might even list the parlay option right alongside single bets.
- Enter your desired bet amount and confirm your bet.
What Are Some Good Parlay Betting Strategies?
Keep It Simple
Stick to a maximum of four or five selections. The chances of winning with a four-leg parlay are much better than a six-leg parlay. It’s better to aim for realistic wins.
Build on Solid Ground
Your foundational parlay selections should be bets you’re extremely confident in.
Even if the odds are lower, what matters most is your trust in each choice and if you can back these with data that’s even better, but your confidence and knowledge of the game is a big advantage.
Adjust Your Margins
This generally applies when adding point spreads to your parlays if you’re unsure about a team’s winning margin. Think of it as buying points.
Adjusting your margins in a point spread is often referred to as alternate spreads, which means that you can create your own margin of victory that you think two teams will have among each other.
For example, let’s say the sportsbook you’re betting on has the Phoenix Suns at -15 in a game against the Los Angeles Lakers.
If you think that the Lakers are able to win the game or lose by less than 15 points, you can change the point spreads to something like Lakers +9 or Warriors -9.
Sometimes this might lower your potential payout but it can certainly increase your chances of winning your parlay when done right.
Avoid Close Contests
Steer clear of tight matchups. Parlays demand perfection, so do your homework.
Analyse stats, check money lines and ATS (against the spread) trends and focus on four solid, straightforward bets for your parlay.
Mix It Up
Don’t hesitate to combine quality bets from different sports in your parlay. Look beyond football; good bets can be found in basketball and baseball too.
Begin Small
Parlays involve many variables. It’s wise to start with a small stake to grasp the dynamics without risking your entire bankroll. Understand the risks and keep them in mind when diving into parlay betting.
Tools That Can Help You Create and Bet on Parlays
Parlay Builders: OddsJam Parlay Builder Tool
The OddsJam Parlay Builder tool is your key to success. It identifies profitable parlays where you have a definite advantage over a specific sportsbook.
What’s great is that OddsJam’s Parlay Builder is entirely adjustable to meet your requirements.
Just specify the number of legs for your parlay, set a maximum odds limit, and select specific sports or leagues if you wish.
The tool will then find the most profitable parlay options based on your preferences. This way, you can maximize your chances of long-term profit and make informed betting decisions.
Parlay Bet Calculators
Parlay calculators are available online for free. These tools help you determine the possible payout of your parlay bet based on the odds of each individual selection.
They can be handy for understanding the potential returns before placing your bet.
Sports Betting Apps
Many sports betting apps, like BetMGM, DraftKings, FanDuel, Bet365, Caesars, and others, offer features that allow you to create and place parlays directly from your mobile device.
These apps also provide live updates on your bets and allow you to cash out early if you’re winning.
Betting Forums and Communities
Engaging with betting forums, such as Reddit’s r/sportsbook or dedicated sports betting communities, can be a valuable resource for getting tips and advice on creating parlays. Users often share their insights and parlay picks.
How Often Do Parlays Win?
Parlay betting is a type of bet where the risks and rewards are both quite high, but they don’t always win.
Your knowledge of the games and the number of legs in your parlay will determine how often you win when parlay betting. The more bets you add to your parlay, the slimmer your chances of winning.
If we use the standard odds of -110 for point spread and total bets, here are the odds of winning your parlay based on the number of bets you have:
- Two-team parlay: 27.47 percent chance of winning.
- Three-team parlay: 14.37 percent chance of winning.
- Four-team parlay: 7.52 percent chance of winning.
- Five-team parlay: 3.94 percent chance of winning.
- Six-team parlay: 2.06 percent chance of winning.
- Seven-team parlay: 1.08 percent chance of winning.
- Eight-team parlay: 0.56 percent chance of winning.
- Nine-team parlay: 0.30 percent chance of winning.
- Ten-team parlay: 0.15 percent chance of winning.
Why Avoid Parlays?
Parlays are generally not considered a wise choice for long-term sports betting success, mainly due to their impact on expected value (EV).
For a parlay to yield a positive expected value, most, if not all, of the individual bets within the parlay must possess a positive expected value.
This makes it challenging to generate positive EVs with parlays consistently, so they are often viewed as a less favorable betting strategy for long-term success.
Which is why you need a tool to help you find these bets. The OddsJam Parlay Builder is the only tool that I have found to help me do this.
Can You Make a Living off Parlays?
Making a living off parlays in sports betting is extremely challenging and risky.
While parlays offer the potential for significant payouts, they are also high-variance wagers with a lower probability of success than single bets.
When used correctly, parlays can be a valuable tool to mitigate downside risk and enhance your betting strategy. However, it’s not smart to use it as a source of reliable income.
Are Parlays a Good Way to Make Money?
Parlays are generally not a favorable approach to making money on sports betting, especially when considering long-term expected value (EV).
The reason is that for a parlay to yield a positive expected value, nearly all, if not all, of the individual bets within the parlay must themselves have a positive expected value.
This makes it challenging to maintain a positive EV with parlay bets, so they are often seen as a less suitable strategy for long-term success.
How Much of Your Bankroll Should You Bet on Parlays?
It’s advisable to limit your sports betting wagers to around 1-5% of your bankroll and because parlays are so risky you probably shouldn’t bet more than 1% of your bankroll on a parlay.
This approach promotes a disciplined and measured betting strategy, a practice endorsed by professionals.
In fact, it’s uncommon to find professional bettors risking more than 1% of their bankroll on a single parlay.
This careful bankroll management helps maintain control and consistency in your sports betting endeavors.
What Are the Advantages of a Parlay?
Parlay Bets Bring Excitement
It’s undeniable that parlay bets offer an extra layer of excitement compared to straight bets. The thrill of a parlay often comes down to the wire, especially after a full day of action.
Increased Payouts
Since parlay bets are inherently harder to win, the odds associated with them are typically more lucrative. With each team you add to your parlay, the odds increase significantly.
While it’s a challenging feat, successfully hitting every leg and winning a parlay can result in substantial rewards.
What Are the Disadvantages of a Parlay?
Poor Statistical Odds
Various statistics clearly show that, from a statistical standpoint, parlays are generally unfavorable bets.
For example, in Las Vegas in 2021, a single NFL bet had more than 10 times the likelihood of winning compared to a multi-team parlay.
It’s Challenging to Secure Victories
Winning in parlay betting is a rarity, and most successes occur in two or three-leg parlays.
Those aiming for the grand 10-team wins might find themselves disheartened by the considerable improbability of achieving this feat.
Is There a Limit on the Number of Legs in a Parlay Bet?
Yes, there is indeed a restriction on the number of selections you can include in a parlay bet.
In parlay betting, sportsbooks usually limit the number of legs, ranging from two to around 10 to 25. For example, most parlay bets on FanDuel are limited to a maximum of 25 legs.
What Is an Example of a Good Parlay Bet?
One of the most effective and profitable strategies for parlay betting is the correlated parlay.
A prime example of this correlation can be seen in the relationship between point spreads and the total points scored in a basketball game.
For instance, let’s say that the Golden State Warriors is a 28-point favorite against the San Antonio Spurs, with a game total set at 239 points.
If the Warriors cover that substantial spread, there’s a strong likelihood that the total points scored in the game could surpass 239.
Another approach to integrating parlays into your betting strategy is to target vulnerable or weak betting numbers and combine them with other, more favorable point spreads.
This allows you to increase your exposure to the less favorable odds while leveraging the stronger spreads for better potential gains.
How Many Teams Are Best to Parlay?
When placing a parlay bet, consider opting for a 3-team parlay. Surprisingly, the expected value (EV) for a three-team parlay is the highest among all parlay options, even surpassing that of a 2-team parlay.
For instance, a three-team NFL parlay bet offers odds of +600, which means you risk $100 to win $600 potentially.
The probability of winning such a parlay is approximately 14.29%. A 3-team parlay can offer an appealing balance of potential payout and a reasonable chance of success.
What Are Same Game Parlays?
A same-game parlay involves betting on multiple outcomes within a single game or contest.
When you combine these bets into a parlay, you win if all the “legs” (each separate wager within the parlay) turn out successfully.
However, if any of these legs fail to win, the entire parlay results in a loss. In essence, it’s an all-or-nothing scenario for same-game parlays.
I wanted to mention same-game parlays because you’ll sometimes hear these referred to as SGP. The same rules that apply to all other types of parlays applies to same game parlays.