What Is a Parlay in Betting?
A parlay in betting refers to the linking of multiple bets together, with all selections needing to win for the bet to be successful. While parlays offer higher payouts, a loss on any single selection results in the entire bet being unsuccessful.
What Is a Parlay Bet?
A parlay bet is a single wager that combines several individual bets into one, requiring all selections (or “legs”) to win for the bet to pay out. Because the odds of each selection are multiplied together, parlays offer significantly higher potential payouts compared to individual bets. However, they come with increased risk, as even one losing selection causes the entire parlay to fail and the entire bet amount to be lost.
How Do Parlays Work in Sports Betting?
Parlay is one of the riskiest bets in the gambling scene but offers a larger payroll if all wagers win. The sportsbook provides players with several games in a single parlay amounting to huge payouts. This bet works in a simple way. All that the bettor has to do is select several individual bets and add them into a single wager. The sportsbook will make all the calculations and decide the final odds based on the bets. For a parlay to be complete, you need to have at least two individual bets.
Two-Leg Parlay vs Three-Leg Parlay
These are the most common types of parlay with the simplest being two-leg parlay. This requires the bettor to combine only two bets into a single play. You could win huge money if the two bets win. Adding more individual bets to your parlay means the risk and reward increase.
When you add three or more bets on a parlay, it is called a three-leg parlay. If a single game or two loses, the entire parlay bet loses. If all games win, the parlay is successful.
Types of Parlay Bets
Multiple Event Parlays
This is a type of bet that allows gamblers to combine several short-term events into a single parlay bet. It is the most common parlay wager – what people mean when they say they have played a parlay. Multiple event parlay can cut across different games from different sports and bet types. It can include totals, spreads and moneylines on different sports.
Same Game Parlays
Do you know you can combine proposition bets and outcomes into a single wager from the same event? Same-game parlay is the bet to make to get all that. You can make a parlay on a single match to include the total, moneyline winner of the game, and three-star player performances. The payout will vary based on your bet selection and how they correlate. All the outcomes need to come as you predicted for you to win the same-game parlay.
Progressive Parlays
Errors are part of betting. Unlike other parlays, progressive parlays offer players room for improvement. It allows the bet to continue at a reduced rate if you lose several games. Different sportsbooks have different rules and payouts of progressive parlay. Like other parlay, the number of legs added to progressive parlay will have an effect on the final payout. The number of legs also determines the margin of error.
Round-Robin Parlays
In this type of parlay, you can break three or more plays and still stand a chance to win. After breaking you can put them into small parlay collections. For instance, if you choose to bet a round-robin parlay on a series of MLB actions for the four-team bet. You can put them into a two-team parlay that would yield six different parlays. If you decide on a three-team parlay, you will be in for four different parlay.
Point Spread Parlay
Point spread parlays are the type that depends on the point spread. Players need to place their bets based on the point spread. Therefore, each team you choose on your parlay bet must cover the spread. If you are familiar with point spread betting, this will be easy and fun.
Moneyline Parlay
Instead of betting on a single moneyline wager, you can combine two or more moneylines. To win moneyline parlay, every selection must win. Always be sure before making a selection of games to include in the moneyline parlay because if one loses the whole combination is deemed unsuccessful.
Live Parlays
Live parlays are similar to other parlays. The only difference is that these games are happening in real-time through live betting. This means you can combine your live parlay on total, even at halftime. You can find these parlays in the live betting section of the sportsbooks.
Popular Parlay Betting Markets
🏈 American Football
American football is a highly popular market for parlay betting due to the variety of wager options and its widespread appeal. Bettors can combine multiple selections like point spreads, moneylines, and over/under totals into a single parlay ticket for a higher potential payout. For example, you can bet on one team to win outright and the other team to cover the spread totalling over 45 points. Player prop bets, such as predicting touchdown scorers or passing yards, further add excitement and strategy.
The weekly structure of professional and college football seasons provides ample time for analysis, making it a favorite among fans looking to leverage their knowledge into multi-leg bets.
🏀 Basketball
Basketball is a favorite for parlay betting, offering fast-paced action and a wide range of betting options. Bettors can combine selections such as point spreads, moneylines, and total points over/under into a single wager for a chance at larger payouts. Player prop bets, like predicting points, rebounds, or assists, are especially popular for NBA games. For instance, if you include three legs of a basketball match in a parlay bet, each with -110, the total payout can be around +596.
The frequency of basketball games during the season allows for regular betting opportunities, making it ideal for fans who enjoy crafting strategic multi-leg parlays based on team performance and player stats.
🏒 Ice Hockey
Ice hockey is a popular parlay betting market, known for its intense gameplay and diverse betting options. Bettors often combine moneyline, puck line (goal spread), and over/under total goals wagers to create exciting parlays. Additional markets, such as predicting the first team to score or player-specific props like goal scorers, add depth to betting strategies. The risk in ice hockey is higher, hence it is a good idea to mix fewer legs in the parlay to maximise your chances of winning.
The fast-paced nature of the sport and frequent games during the season provide consistent opportunities for fans to craft multi-leg bets while capitalizing on their knowledge of team form, player performance, and matchups.
⚾ Baseball
Baseball is a popular sport for betting due to its strategic nature and variety of betting options. Bettors can combine moneyline, run line (spread), and over/under total runs into one parlay for potentially higher payouts. With games almost daily during the season, baseball provides numerous opportunities to create multi-leg parlays. Prop bets, such as predicting team-specific innings results or player performances like home runs or strikeouts, add an extra layer of excitement.
Baseball works better with moneyline betting than point spreads since it is a low-scoring game. Remember, the runline in baseball is set at +1.5 for the underdogs and -1.5 for the favourite team. When it comes to totals, baseball has lower numbers ranging from 7 to 10 runs.
⚽ Soccer
Betting on soccer is very common, thanks to its global appeal and diverse wagering options. Bettors can combine selections like match result (1X2), over/under goals, both teams to score (BTTS), or correct score into a single bet for increased potential payouts. With games spanning leagues and tournaments worldwide, soccer offers countless opportunities for multi-leg parlays. Additionally, prop markets, such as first goal scorer or halftime/fulltime results, provide even more betting variety.
Advantages of Parlay Bets
- Higher potential payout if all rules are followed and games are won. Each game offers individual odds that will be multiplied together.
- Low initial investment. Allows bettors to wager small amounts for the chance of large returns.
- More exciting experience. You will have the thrill of watching a live game and events as you wait for your multiple outcomes to fall in line.
- Bet diversification. You have room to combine different bets and events mitigating risks and diversifying your wager.
- Special bonuses and promos enhancing the attractiveness of the event.
- Customizable strategy. Offers the ability to craft complex bets based on knowledge and research.
- Broad market applicability. Works across various sports and events, allowing diversity in betting.
Risks of Parlay Betting
- The probability of winning is very low compared to individual bets. Each selection has a high probability on its own but a lower chance of winning if combined.
- There is a higher risk of losing the whole wager. Remember all the individual bets must win for the parlay to win.
- The odds of success are smaller. The more legs added to the parlay, the lower the probability of a successful outcome.
- There are no partial payouts. Unlike single bets, there are no rewards for getting some selections right; it’s all or nothing.
- Limited cash-out options. Some sportsbooks may not allow early cash-out on parlays, reducing flexibility.
- The betting strategies are complicated. You must possess a certain level of skill to comprehend the complex betting strategies required in placing parlay bets.
How Are Parlay Bets Calculated
Parlay bets are calculated based on the game and event. You first need to select events and games to calculate your bet. Each bet has odds attached to it based on the event and sportsbook. The sportsbook has different odds attached to each game. This means that selecting the right sportsbook plays an essential role in getting higher payouts.
How to Calculate Parlay Odds
Calculating parlay odds involves combining the odds of each individual selection into a single set of odds. To calculate parlay odds, first convert all individual odds into decimal format. Multiply these decimal odds together to get the total parlay odds, then multiply the result by your stake to determine the potential payout. For example, if the combined odds are 6.0 and your stake is $10, the payout would be $60. Therefore, depending on the individual game odds, you will have different payouts.
How to Calculate Parlay Bet Payouts
Same as the odds, parlay payout is calculated by multiplying the odds of every game in a single parlay. The odds vary from one sportsbook to another and from one event to the other. Therefore, to have a huge parlay payout, you need to choose events or games with higher odds.
For example, if you include three bets in a parlay with odds of 1.50, 2.00, and 3.00, the combined parlay odds would be calculated as 1.50 × 2.00 × 3.00 = 9.00. This means that a $10 wager on this parlay would yield a total payout of $90 (9.00 × $10) if all bets win.
Adding Value to Positive EV Bets with Parlays
This is a betting strategy where gamblers wager on higher odds on the outcome than those indicated by the odds. A positive EV bet means that the chances of a certain sport or event happening are higher based on the model or your research than what the bookmaker’s odds say. Adding value to positive expected value (+EV) bets with parlays involves combining multiple +EV wagers into a single parlay to amplify potential returns. When these bets are combined in a parlay, the compounded odds significantly increase the potential payout, leveraging the inherent value of each leg.
The key to success is ensuring all selections in the parlay are genuinely +EV. If even one leg lacks value, it can dilute the overall profitability of the parlay. For example, a bettor identifying edges in multiple markets, such as mispriced totals or spreads, can combine these bets into a parlay to maximize the value of their edge.
To win or add value to positive EV bets, you need to limit the legs, avoid correlating bets and stick to your edge. While this strategy increases risk, the amplified payout can make it a viable approach when managing your bankroll carefully and avoiding overexposure.
How to Place a Parlay Bet?
Parlay Betting Strategy
Look for Parlays With Complimentary Legs
A complimentary parlay can work well when relying on a certain player’s performance or game type to win. For example, when betting on a match between a defensive-minded team A and offensive-minded team B. You can parlay team A with under 222 points. If the defensive team can control the game and result in a low-scoring match, you are likely to win your bet. Additionally, you can increase your chances of winning by parlaying the bet with a complimentary total bet.
Build Around Key Selections
You can increase the value of positive EV plays by adding it to the parlay. One thing bettors need to avoid is thinking and treating each game in the parlay as equal. This can result in parlaying together or betting the same amount, which can result in a big loss. Instead of staking big in games, you can build a series of small parlays around the team you are confident in.
Keep Parlays Small
Sticking to smaller and more realistic bets is the most sensible thing you can do when trying to be profitable with parlay betting. Set aside some money you are comfortable losing and divide your parlay into small two or three-leg parlays, while accordingly managing your bankroll.
Spread Parlays
This strategy allows players to combine several point spreads into one wager. Every selection in the point spread needs to win for the parlay to be considered a success. It is one of the best strategies that can result in a big win since it works by handicapping the favourite team and giving an advantage to the underdog. Here you will be working with margins, where combining them can maximise the payout.
Hedging Parlay Betting Strategy
This is one of the most advanced parlay betting strategies. It works by risking one-half of the potential winnings. For example, you can risk £10 to win £110 if the market is remaining with a game with a four-team parlay at +110. If the underdog is at -110 (+3.5), the bettor can use half of the money (+550) and stake on the -3.5 favourite to win £500. On the other hand, even should the parlay lose, the bettor will still have £400 by winning the £500 on a -3.5 wager but losing the original £100.
Correlated Parlay Strategies
A correlated parlay is a strategy that takes advantage of some aspects of the bet that relate to each other in one way or another. For instance, betting a parlay on a game with a moneyline and a large spread. The idea behind this is that the bet will be successful if the game is worn by a large margin, which will be over the total.
Same-Game Parlay Strategies
It involves placing a bet within the same game, unlike traditional parlay where legs come from different events. Understand that the same-game parlay strategy yields less payout since the result is obtained from an event with similar actions. You can get a correlated parlay strategy in same-game parlay betting. For instance, you can get odds of up to +600 for three selection parlay cards but reduce to +350 when using the same-game parlay strategy. Therefore, this strategy requires planning and careful analysis.
Is Parlay Betting Worth it?
Parlay betting can be worth it for sports bettors who enjoy the thrill of combining multiple selections into a single wager for potentially high payouts. A parlay pays significantly more than individual bets because the overall odds are calculated by multiplying all the decimal odds of each selection. This can lead to an enticing potential return, but it comes with increased risk since every selection must win for the parlay to be successful.
For those looking to assess the value of a parlay, tools like a parlay calculator can be helpful. By inputting the decimal odds of each selection into the calculator, sports bettors can quickly see the total payout and evaluate whether the risk aligns with their goals. Most online sportsbooks also display this information directly on the bet slip, simplifying the decision-making process.
While parlays can offer exciting payouts, their higher risk makes them less consistent for long-term profit. Experienced sports bettors often balance their parlay bets with single bets to manage their bankroll more effectively.
How to Find the Best Parlay Betting Sites
Licensing & Trustworthiness
Trustworthy betting sites have a valid license from a reliable authority. Before you place any bet, check the licensing body to ensure the site is trustworthy and legal to operate. This is to ensure fairness to all players.
Betting Markets
A parlay betting site with many betting markets offers many different ways to win. A good betting site should have at least 50 betting markets, especially in sports like football. You can combine more than one market in a single game when placing the same-game parlay bet.
Bonuses & Promotions
Betting bonuses and promotions play an essential role when looking for the best parlay betting site. Players get to have an added advantage when playing with bonuses and promos from the site. Some sites offer welcome bonuses while others incorporate promos as you continue gambling. Choose the site that offers what you are looking for.
Payment Methods
One of the main reasons to take part in parlay betting is to win huge payouts. Therefore, the available betting payment methods should be a factor to consider when choosing the right site. Choose a site that has several convenient and reliable payment methods for easy deposit and withdrawal.
Withdrawal Conditions
Check the terms and conditions of each site to find one that offers favourable withdrawal conditions. This includes things like wagering requirements for bonus bets, withdrawal limits and withdrawal times.
Customer Support
The right site to sign up for parlay betting should have exceptional customer support service. A good site should offer several communication channels like live chat, phone, FAQs and email. Live chat and phone are the two quickest support you can receive.
Parlay Betting FAQ
How does a parlay bet work?
A parlay bet works by combining different legs and events into a single wager. You can place parlay bets in different formats like a same-game parlay, progressive parlay, moneyline and point spread parlay. Select the event and combine different legs into a single bet to form a parlay.
Is a parlay bet and a teaser bet the same thing?
No. Teaser bets are almost similar to traditional bets since they involve totals and spreads. You are allowed to move the spread line by +6, unlike normal bets where you just place a bet on a set line.
Are parlays and accumulators the same?
Yes. They both mean the same thing with the difference being where they are used. Different sportsbooks use different terminology to refer to a combination of bets depending on the region and audience.
What are parlay cards?
These are a standard set of odds that most sportsbooks use to determine parlay payouts. It is common in NFL Sundays where bettors try to make a lot of money by risking a little of their hard-earned money. Parlay cards offer a different payout amount for totals and point spread.
What is the difference between a two-team parlay and a three-team parlay?
The main difference between the two is the number of teams and legs included in each. Two-team parlay involves two bet combination while a three-team parlay combines three individual teams. Three-team parlay offers higher risk with higher payout while two-team has lower risk and payout.
What are the best online betting parlay promotions and bonuses?
Bookmaker adds promos and bonuses to parlay betting to add an extra thrill to the game. Bonuses and promotions boost your possible payout. Some of the common parlay betting bonuses and promos include parlay boosts, insurance, free bets, tiered payout boosts, refer a friend bonus and same-game bonuses
What happens to parlay bets if the game is cancelled or a player doesn’t play?
The outcome of any of the scenarios will depend on the sportsbook rules and regulations in such cases. However, common outcomes in most betting sites include postponement or game cancellation, the leg will be voided or the bet recalculated without the cancelled game or missed player.
What happens if one leg of my same game parlay loses?
The parlay will only be successful if all the legs in the wager win. Therefore, if a single or two games in the parlay bet loses, the whole bet is unsuccessful. For a progressive parlay, you will have different payouts depending on the sportsbook calculations.
How to hedge a parlay?
The process starts by evaluating your position by checking the games that have already won and the pending legs. The hedge bet will depend entirely on the risk and profits you want to make. Use the odds of the final leg and calculate your hedge amount.
How to use correlated parlays?
Bettors need to look for games and events that have a strong connection or correlation. Situations like when one event or game have an influence on the other game or event. Take advantage of high-scoring events and analyse the correlation to make the right call.
Can you parlay prop bets?
Yes. This will depend on the sportsbook’s rules and regulations. Props are allowed by many bookmakers, often on parlay type like same-game. However, when props are highly correlated, you can be restricted in several ways. The type of prop bets allowed in parlay include player, team and game props.
Can you cash out a parlay early?
Yes, it is possible. Whether or not you can cash out a parlay bet will depend on the betting site. This gives you the opportunity to settle the bet before completing all the legs. It can either be because you want to avoid losing the entire bet or locking the already gained profit.
When should you cash out a parlay?
You can cash out a parlay bet any time. However, most people do it when they realise the last leg might end in a loss or they want to get the small profit they have without the last leg.
Should you place parlay bets at all?
This will depend on what you are looking for in a parlay bet. Parlay bets offer an entertaining moment, especially when watching the game you have in your parlay bet. Always bet responsibly, knowing that gambling is not a source of income but rather for entertainment and you will enjoy parlay betting a lot.
What is parlay betting insurance?
Parlay betting insurance is a feature offered by some sportsbooks that provides a safety net for parlay bets. If a parlay meets specific criteria and just one selection loses, the bettor gets a refund of their stake, usually as a free bet or bonus credit.
For example, a sportsbook might offer insurance on parlays with five or more legs. If you place a five-leg parlay and four legs win but one loses, your stake would be refunded under the insurance terms. This feature makes parlays less risky and more appealing, encouraging bettors to try multi-leg bets with some added security.
How to manage parlay betting risks?
Managing parlay betting risks involves strategic planning and disciplined wagering to minimize losses while maximizing potential returns. Here are key approaches:
- Limit the Number of Legs: Keep parlays short with fewer selections to increase your chances of winning, as the risk of losing grows with each additional leg.
- Focus on Strong Picks: Only include bets you’re confident in, ideally those based on thorough research or positive expected value (+EV).
- Use a Small Stake: Wager a small portion of your bankroll, as parlays are high-risk bets with low probability of success.
- Avoid Long Odds Temptation: Resist adding extremely unlikely outcomes just to boost the payout, as it significantly reduces your chances of winning.
- Stick to a Bankroll Plan: Allocate a specific percentage of your bankroll for parlays and avoid chasing losses with larger bets.
- Consider Hedging: If your parlay reaches the final leg, place a hedge bet on the opposite outcome to guarantee some profit or minimize losses.
