What is a Parlay Bet? A Complete Guide on Parlay Betting

What’s better than one sports bet, you might ask? Multiple sports bets. More specifically, multiple sports bets combined into one wager for the possibility of a substantial payout.

Enter parlays.

Revered for their lucrative nature, parlays are increasingly becoming the centerpiece in the rapidly expanding sports gambling market. Lea✃rn more about parlay betting in this comprehensive guide that covers the different types, tips for p♚lacing them, and more.

What Is a Parlay Bet?

In contrast to single wagers, parlays are a combination of multiple bets where the catch is that every included bet must win for the parlay bet to win. The more bets you add to a p෴arlay, the less likely you are to win, but conversely, your potential payout increases.

Parlays share some common ground with teaser bets, which also require all included bets to win, parlays lock you into the point spread established by the oddsmaker. This is precisely why gambling enterprises heavily market parlays—they know the chances of a bettor consistently winning are quite slim. Regardless, the allure of turning a small stake into a significant sum of money is irresistible to many gamblers. Parlays aren’t limited to just one type of bet as you can build them with moneylines, totals, and point spreads. When it comes to same-game parlays, you can also incorporate team, game, and individual player proposition ༺๊bets as legs.

To qualify as a traditional parlay, a bet must comprise multiple wagers. In the realm of the NFL, combining multiple game winners on the point spread into a single wager can enhance the potential payout, especially when incorporating straightforward win-loss bets, known as moneylines, into the mix. For instance, if you cast a two-team parlay that includes the Pittsburgh Steelers at odds of +🌄150 and the Cleveland Browns at +250, your potential winnings would be significantly higher than wagering on their respective adversaries ♑with better odds, such as the Baltimore Ravens at -130 and the San Francisco 49ers at -220.

Understanding the Parlay Bet

A parlay bet strings together numerous individual bets, referred to as “legs,” into a collective wager. The more components there are in your parlay, the more lucrative your potential payout, albeit with a decrease in the overall chances of winning.

Consider this: advancing from a four-team to a five-team parlay, with average odds of +100 for each, approximately doubles the payout—from 10/1 to 20/1. A savvy tactic could be to construct several parlays wherein the least confident leg is placed on conflicting sides. This approach may ensure a payout if all other selections are successful. Bonus bets offered to sportsbook patrons who open new accounts are ideal for placing higher-risk parlays, as these bets effectively leverage the house’s funds for the possibility of a good return.

Different Parlay Betting Options

Not all parlays are created equal. So, let’s explore the range of parlay options available via the majority of leading sports betting apps.

Standard Parlay

A conventional parlay combines various individual straight wagers into a single bet. The term “straight bets” refers to a mix of moneyline wagers, spread bets, and over/under totals. Typically, you can’t mix a moneyline with a point spread in the same traditional wager as the vast majority of betting houses will not allow these to be paired in your aggregate odds.

When you’re contemplating a parlay that features multiple game-win predictions, perhaps spanning across diverse sports events, the standard parlay is your go-to option.

Same-Game Parlay

The Same-Game Parlay, a concept that gained traction courtesy of industry giants like DraftKings and FanDuel, deviates from a standard parlay by concentrating all its components within the confi𓂃nes of a single event. In this type of wager, you might combine bets related to individual player pꦗerformances or overall team or game propositions.

In essence, what we’re talking about are multiple individual stakes all rooted in a single event. As is the case with traditional parlays, a Same Game Parlay pays out only if each included wager wins.

Progressive Parlay

Progressive parlays are sort of like the participation trophies of parlay types—you can still win even if some of your selections don’t. Of course, the more legs you lose, the lower your payout will be. Top-tier online betting platforms such as FanDuel have incorporated advanced parlay wagering options like progressive 𓂃parlays into their sports betting menus.

Teasers & Pleasers

A distinctive twist to the traditional parlay bet comes in the form of teasers and pleasers. These wagers allow you to shift the point spread to your advantage in teasers, or towards the bookmaker’s advantage in pleasers, each altering the potential winnings accordingly.

Consider a scenario where the Commanders are favored to win by 7 points against the Cowboys, and the Kansas City Chiefs have a 6-point advantage over the Tampa Bay Buccaneers. Using a conventional 6-point NFL teaser, a bettor could adjust the Commanders’ spread to -1 and set the Chiefs’ spread to a pick em’, usually with -120 odds, betting on both predictions to come true. These teasers make it easier for you to win your bets but come with lower potential payouts.

Pleasers shift the spread away from the bettor’s favor, thereby increasing the risk but offering a more significant reward if the bet turns out successful. It’s crucial to secure all parts of either a teaser or a pleaser for a successful bet. These parlay styles provide an exciting way to wager with a focus primarily on team performance rather than individual player statistics or final match scores.

Round Robin

Round-robin parlays present yet another twist on parlay wagering, allowing for multiple mini-parlays within a single bet. This option lets gamblers strategize by creating various smaller parlay combinations based on their game projections. For instance, in a three-team r💃ound-robin parlay, one would build꧟ the bet out of three separate two-team parlays. In this configuration, bettors will typically place the team they believe most likely to win in a majority of those two-team combinations

Consider this scenario where you create a round-robin parlay that consists of three wagers, and you’re betting with the preference of the Seattle Seahawks in your lineup. Here’s how that might look:

1. Two-team parlay 1: Seahawks and Rams
2. Two-team parlay 2: Seahawks and Raiders
3. Two-team parlay 3: Ravens and Rams
4. Three-team parlay: Ravens, Seahawks, and Rams

The structure of round-robin parlays allows for several smaller parlays within the larger bet. The potential winnings fluctuate based on the outcomes and the odds of the games involved. Round-robin bets enhance a traditional parlay, offering you better odds to succeed, because you can still win money even if all your picks don’t come through.

Examples of Parlay Bets

Let’s delve into specific examples of parlay wagers to understand how they function better.

• Three-team parlay = Capitals (-150) + Bruins (-115) + Rangers (+160)

This NHL parlay illustrates a bet on three teams — the Capitals, Bruins, and Rangers — to all win their respective games based on specified odds. If you bet $100 on this combination and all three teams are victorious, you’ll receive a payout of $710. The bet is a moneyline team parlay, where you are betting on the teams to win their 💎matches outright.

• Four-team parlay = Pirates (+155) + Nationals (+100) + Cubs (-200) + Rays (+230)

In this form of wager, you’re looking at a four-team bet within Major League Baseball. This kind of bet can turn a modest wager into a significant win if all selected teams win their games. Should the Pirates, Nationals, Cubs, and Rays all emerge victorious, your wager of $100 stands to yield $2,425 should the parlay come to fruition.

• Three-leg parlay = New York Jets +6.5 (-110) + Seattle Mariners (-120) + Philadelphia Phillies (+200)

As this three-leg parlay demonstrates, you can li𓄧n😼k outcomes from across different leagues. This wager would see a $100 bet balloon to a $950 gain if every component of the bet is successful.

• Four-leg parlay = Lakers (+120) + Nuggets (-120) + Wizards (+230) + Celtics -110

Turning our attention to a four-leg parlay, mergers such as the Los Angeles Lakers (+120), Denver Nugg꧃ets (-120), Washington Wizards (+230), a𝔉nd Boston Celtics -110 tend to present more attractive returns than their three-leg counterparts, particularly when they factor in underdogs—indicated by the plus symbol—thereby boasting lucrative payouts despite their inherently lower win probabilities. Here, should all four legs of the parlay be accurate, a $100 stake is set to reap a reward of $2,441.

Football Parlay Bet Example

Contrasting with straight bets which focus on individual wagers, football parlay bets consolidate multiple individual bets into one larger wager. Let’s look at an NFL parlay that constitutes three distinct bets:

1. Panthers (+140) versus Saints
2. Patriots (+130) versus Chiefs
3. Steelers -3.5 (-110) versus Bucs

In these instances, all the selected teams must prevail in their respective games for the parlay tꦜo pay out, magnifying both the risk and the potenꦇtial reward of the combined bet.

The potential return for a multi-team parlay with odds of +954 is quite enticing, as a stake of $100 could return $954, providing all three teams emerge victorious in their matchups. This kind of parlay, which incorporates both spreads and moneyline bets, offers a nearly $1,000 payout—an attractive increase over the modest returns of placing these♐ bets individually.

Baseball Parlay Bet Example

Baseball, with its lengthy 182-game regular season, offers plenty of opportunities for parlay betting. Here’s an illustration of what a baseball parlay might look like:

1. Orioles (+230) versus Yankees
2. Reds (+130) versus Guardians
3. Dodgers versus Giants

The first leg has the longest odds and holds the key to unlocking the significant total payout of $1,039 on a $100 bet if each of the three chosen teams wins. Remember that as every game’s odds differ, you can use a parlay calculator to determine the combined odds.

Pros & Cons of Parlay Betting

Not sure whether parlay betting i😼s for you? Take a look at the following pros and cons:

Pros

Many bettors stick to parlaysꦚ because of these pros:

1. Using bonus bets: One of the perks of opening an account with a new sportsbook is the welcome bonus, which often includes bonus bets, practically providing you with site credit. These credits can be strategically used for placing parlay bets, potentially converting bonus stakes into tangible winnings should your parlay prove successful.
2. Enhanced potential returns: Parlays entice with the prospect of substantial returns on investment. By opting for a parlay bet, you position yourself to potentially reap a more significant reward from a smaller initial stake.
3. Thrill factor: The chance for increased winnings breeds greater thrill, particularly during high-stakes matches you plan to watch. Parlay bets amplify the excitement by giving you several outcomes to cheer for in just one bet. The rush of potentially winning a parlay that has anywhere from two to 10 bets can be thrilling as each leg completes.
4. Parlay protection: Certain sports betting sites offer a benefit known as parlay protection or insurance. If your parlay fails by only one leg, these promos will often refund the amount you wagered in the form of bonus stakes.

Drawbacks

Potential drawbacks of parlay betting include:

1. Limited futures betting: Though they are sometimes available, it’s rare to find betting platforms that allow you to include futures bets within a parlay.
2. Decreased probability of success: The requirement to correctly forecast every segment of your parlay bet means that the likelihood of winning diminishes sharply with each additional leg. Statistically, the odds offered on parlays are some of the least favorable provided by sportsbooks to their clients.

Understanding Parlay Odds

When contemplating potential payouts for parlay bets, gamblers have several ways to approximate the earnings. The most straightforward strategy involves utilizing decimal (European) odds, which entails m🅺ultiplying the decimal prices of all the bets in the parlay.

Consider a parlay composed of four teams with the odds at -250, -110, +115, and +140. These odds translate to decimal values of 1.4, 1.91, 2.15, and 2.4. Multℱiplying these figures together yields 13, which means a $100 stake would yield a return of $1,300.

Odds of a Hitting a Parlay

Parlay bets hold a special appeal for sports betting enthusiasts, despite their traditionally low odds of success. Generally, the probability of winning decreases as more legs are added to a parlay. The sportsbooks’ commission, also known as the vig, is another factor bettors must consider when placing parlay bets. This commission is an additional fee sportsbooks take on top of the bets placed.

Let’s examine s✃ome specific examples of parlays and their associated winning probabilities.

1. Three-team parlay: +595, Win Probability = 14.39% involves matchups between Pirates (-110) vs. Cubs, Nationals (-110) vs. Orioles, and Yankees (-110) vs. New York Mets.
2. Four-team parlay: +1228, Win Probability = 7.53% includes games such as Vikings +7 (-110) vs. Detroit Lions, Saints -3 (-110) vs. Falcons, and Raiders +7 (-110) vs. Steelers.

Parlay Payouts

The returns from parlay betting can see exponential growth with every additional leg, and selecting underdog teams to win can considerably boost the potentia⛄l payout. Examine th♔e potential rewards of combining bets when starting with a stake of $100 and employing the conventional -110 odds.

1. Three-team parlay: $264.46
2. Four-team parlay: $595.79
3. Six-team parlay: $4,741.27
4. Eight-team parlay: $17,544.64
5. 10-team parlay: $64,208.16

Parlay Push

When you stack multiple bets together in one, it’s possible for individual bets to end in a tie, known as a push. For instance, in NFL or college football bets, a push might occur on the spread or total, or the game concludes in a tie. The same can be seen in basketball parlays, which often depend on the spreads and totals.

In the event of a push within a parlay, the bet is removed, and the overall parlay reward is recalculated as th�🌌�ough the bet was never included. Take a four-team parlay encountering a push on one bet; it would cause the total payout ratio to shift from 11/1 down to 6/1 since the parlay would go down to three legs instead of four.

Parlay Cards

Physical establishments, most notably during the professional football seasons, tend to offer bettors parlay cards. These tangible cards feature games, fixed odds, and each matchup’s spreads and totals, allowing bettors to mark off their choices. Differentiating themselves from usual parlays, the cards lock in odds and spreads, indicating precise payouts for selected outcomes.

Taking DraftKings Sportsbook at TPC Scottsdale in Arizona as a case in point, when they roll out a parlay wagering option featuring an array of NFL games for the day, gamblers can pick up to 12 diverse matchups to include on their betting slip. Once they’ve made their selections and marked their choices, players present their filled-in slip alongside the sum of money they’re prepared to stake. For illustration, the returns on a parlay with three teams have a standard payout ratio of 5.5 to 1, whereas an ambitious parlay encompassing 12 teams garners a whopping 2,500 to 1 return.

Parlay Card Payouts

The allure of parlay cards stems from many factors, with one key draw being the certainty of the odds. These odds remain static despite fluctuations in spreads or moneylines post-print, guaranteeing bettors the odds they’ve initially seen. Fixed payouts associated with parlay cards heighten their appeal, as outlined in these examples:

1. Three-team parlay: 5.5 to 1 (5.5/1) or $100 wins $550
2. Four-team parlay: 11 to 1 (11/1) or $100 wins $1,100

Parlay Betting FAQs

Learn more about parlay betting wi🐬th the help of these FAQs: