Parlay Bets

Parlay betting is perfect for those times when you hope to turn a small wager into a large payday. It’s an exciting form of sports betting that involves putting multiple outcomes (a.k.a. legs) on the same ticket.

You must win every leg for a successful bet, which is difficult. The payoff can be significant, though, compared to straight (i.e. “single”) wagers like moneylines and spreads. The volatility and serious win potential of parlay betting can be appealing whether you’re a casual or seasoned sports gambler.

Interested in taking your chances with parlay bets? Let’s discuss more on these wagers and how they can greatly enhance your online sports betting experience.

What Are Parlay Bets?

Most types of sports wagers are singles, meaning you’re wagering on one outcome to win. Parlays differ because you must add two or more legs into a single wager. The rules are simple: win every leg or lose your bet.

This sounds unforgiving because it’s obviously harder to pick 2+ outcomes versus a single. But the payouts can be impressive depending on how many legs you add and the odds involved. Here are two examples to explain how possible winnings increase with riskier parlay bets:

Example 1

$100 bet
Two legs at -110 odds
Expected payout: $264 (+264)

Example 2

$100 wager
Four legs at -110 odds
Expected payout: $1,228 (+1228)

How Parlay Betting Works

Parlay sports betting is more complicated than placing single wagers, but it’s still something you can easily learn. Here are the steps to making an online parlay bet:

Pick the outcomes - Choose the bets you want on the parlay, like moneylines, totals, props, etc. You’ll also want to consider the odds you’re willing to take with each outcome.
Complete your parlay - Keep picking legs until you meet your desired number. Maybe you want a 3-leg parlay, for example, or perhaps you’d like a riskier 8-leg ticket.
Enter your stake - Decide how much to bet on the parlay. Online sportsbooks display the amount you stand to win as you add or subtract outcomes.

Benefits and Drawbacks of Parlay Bets

Still on the fence about parlay betting? Check out the following advantages and downsides of these wagers to see if they sound appealing.

Pros

High payout potential - The best aspect of parlay betting is the opportunity to turn a small wager into a significant payout. By combining multiple bets, the odds multiply and increase potential winnings.
More excitement - Bigger payouts on the line make parlay bets more thrilling. You’ll also find it suspenseful when you win the first few legs and are waiting on one more to come through.
Extra entertainment - A single wager only covers one game/outcome, while parlays let you cover multiple contests with a single bet and watch them all.
Low stakes - Parlays see you risk a small amount for the possibility of a large win, allowing you to chase more significant payouts while still wagering conservatively.

Cons

Higher risk - Parlays are difficult to win because every leg must be successful. This risk only increases as you keep adding outcomes and hoping for larger wins.
More volatile - You’re more likely to lose parlay bets versus singles, meaning you could be waiting a while for your next payout to come through.
Sportsbooks take more juice - Parlay betting isn’t the most profitable long-term venture in sports wagering because bookmakers get more juice from these bets. The house edge increases roughly 4.5% with each additional leg at -110 odds.

Types of Parlay Bets

Online betting sites can feature multiple types of parlays, including traditional, same-game, and more. Here’s a closer look at each type:

Standard - You add 2 or more outcomes from different games on the same ticket. Every leg has to win for a successful wager.
Same-game parlay (SPG) - An SPG is almost like a standard parlay, except that every outcome comes from the same game. For example, you might add a player prop, first-half bet, and moneyline to make a 3-team SPG.
Round-robin - A round-robin parlay bet breaks your outcomes into smaller parlays. For instance, a 3-team round robin would become three 2-team parlays. You’ll still get paid something if you win one or two of the 2-team parlays, thus reducing the volatility.
Teaser parlay - You adjust point spreads in your parlay based on the given point total. For example, a 7-point teaser parlay lets you adjust spreads 7 points either way. The downside to this flexibility is that teaser parlays pay less than the standard version.
Progressive parlay - This bet will still pay you even after losing one or more legs. Like round robins, progressive parlays pay less than the traditional format. These bets are less risky, though, because they’re not all-or-nothing.

Strategies for Winning Parlay Bets

Parlay betting isn’t for the faint of heart due to its high risk. Luckily, you can use some strategy to improve your chances of winning. Here are a few parlay betting tips to keep in mind:

Limit your legs - We suggest sticking with 2-3 outcomes on a parlay bet because the juice is more reasonable this way. You’ll also win more often and lower volatility.
Choose lower odds - Just like limiting the number of outcomes, lower odds (e.g., -150 vs. higher odds like +225) improve your chances of winning parlays.
Focus on one sport - Parlay betting is already hard enough without spreading outcomes across multiple sports. We suggest focusing on and thoroughly learning one league when making these bets.
Consider same-game parlays - The same idea as above: you can better focus when you’re dealing with a single match.

Top Sportsbooks for Parlay Betting

Almost every online sportsbook features parlay bets, but some stand out due to their selection and/or features. Let’s look at some of the best parlay betting sportsbooks below:

Bovada - This bookmaker has a dedicated section for boosted parlay odds. You can also use a props builder to create custom parlay wagers.
BetOnline - BetOnline is great for features because it offers a same-game parlay section and Mega Parlays. The latter provide a chance to win serious payouts (e.g., +22,000).
BetUS - This sportsbook regularly boosts odds on parlays and, like BetOnline, has a dedicated section for SPGs.

Using Parlay Calculators

Parlay calculators are a handy tool, especially when you’re starting out with parlays and need help understanding the payouts. They let you enter info from your bet to calculate exactly how much you stand to win. Here’s a quick look on how to use a parlay calculator:

Enter your bet size - Input how much you’ll be risking on the parlay.
Add the odds behind each leg and the type of bets - You might, for example, enter a point spread at -110 odds and a moneyline at -145 odds.
Calculate your payout - Hit the calculate button to find out how much your parlay would pay if successful.

Same-Game Parlays

We’ve briefly touched on SPGs, but we’d like to go deeper into the matter. After all, same-game parlays have become one of the biggest parts of online sports betting in recent years.

If you’re already familiar with parlay betting, you won’t have much trouble with SPGs. Same-game bets involve adding multiple wagers from the same match onto one ticket. In true parlay fashion, every leg must win for a successful bet.

Here’s an example of a 3-leg basketball same-game parlay:

Boston Celtics -150
Jayson Tatum over 27.5 points
Boston Celtics vs Chicago Bulls over 228.5

As mentioned in our tips, SPGs let you focus on one game and potentially improve your chances of winning. After all, every leg you’re researching comes from the same contest.

You can also choose all of your outcomes based on the game going a certain way. Our example indicates this because if the Celtics win, you’re more likely to hit the player prop and over too.

Latest Trends in Parlay Betting

Parlay bets are hotter than ever based on recent developments and trends. Here are some of the latest happenings that are driving parlay betting popularity at online sportsbooks:

SPGs - We’ve covered same-game parlays in depth, but it’s worth mentioning how revolutionary these wagers have become over the past several years.
Micro parlays - Some online betting sites offer micro parlays, where you combine outcomes from certain segments of a game (e.g., first quarter, second half).
Parlay builders - You no longer have to just take what online sportsbooks give you. Some bookmakers feature tools that let you create your own parlays.
Parlay betting promotions - Boosted odds and parlay insurance are available at many betting sites today.
In-play parlays - Live betting (a.k.a. in-play) is another segment of sports gambling that has grown tremendously. The fun thing is that you can roll multiple in-play bets into a parlay.

Give Parlay Betting a Try

Parlay wagering is an exciting way to elevate your sports betting experience. By combining multiple bets into one, you get the chance to turn small stakes into significant payouts. Of course, it’s important to remember that there’s increased risk involved with chasing greater potential winnings.

Success with parlays requires a mix of strategy, discipline, and luck. We recommend starting small, focusing on sports and teams you know well, and sticking with 2- or 3-leg bets. You should also seek out promos like parlay boosted odds and insurance when possible.

If you’re hesitant about parlay betting, try placing a minimum wager on one and see how it goes. You might find that the excitement and bigger win potential of parlays makes them worthwhile.