Parlay betting is one of the most popular bet types available in the betting world. With this type of bet, you can creatively pick your bets and odds and combine two or more bets into a single bet. Winning a parlay bet can be challenging, but it is also possible with the right strategies.
Therefore, this article will examine the concept of parlay betting, how it works, and the types and strategies for parlay betting.
What is a parlay bet?
What is a Parlay Bet? A parlay bet is a type of bet that allows you to create a single bet by combining two or more selections or bets. It is also known as a multi or combo bet, and the basis of this particular type of bet is that your parlay bet becomes successful only if all your selections win. But if one of your selections loses, the whole parlay bet also loses.
With a parlay bet, you can creatively determine what you want to include in your selections and your overall payout. When you have selected multiple bets, your sportsbook will allow you to parlay or combine them. Hereafter, the sportsbook will display your combined odds for your new parlay bet.
Furthermore, parlay bet allows you to create a single bet across multiple sports and markets. You can select from various sports and markets and combine them to create a single bet. For example, a single parlay could cover moneyline bets in sports and markets like NHL, NBA, MLB, and NFL.
Also, parlay bets are among the most commonly available bets on all major sportsbooks. However, depending on the sportsbook you are using, they are called accumulators, multis, accas, or combo bets.
How does a parlay bet work?
Parlay works by combining different bets into one single bet, and your potential payout increases as you add more legs to the parlay. The more selections you add to parlay, the greater the odds.
However, adding more selections to a parlay doesn’t mean you have easy winnings on all the selections. Instead, it increases the difficulty of winning each selection on a single ticket.
For example, if you create a three-team NFL parlay with Los Angeles Rams (-2.5), Buffalo Bills (+2.5) and England Patriots (-6.5). With a parlay like this, the Rams must win by at least three, the Buffalo Bills must win outright or lose by less than three, and the Patriots must win by seven or more. If, at the least, one of these teams fails to win, you will lose the whole parlay bet.
You can think of this example as a flipping coin. When you toss a coin, the odds are always 50/50. But if you decide to bet on the tail hitting the ground three consecutive times, a single head flip would alter your three tails in a row bet, and this is how parlay works as well.
It is risky since every selection in your parlay must win for the parlay to also win. However, you will get a higher potential payout if all the single selections hit.
How to make a parlay bet?
Working in reverse is one of the effective ways to make a parlay bet. To work in reverse is to focus on the end goal and then create strategies that can contribute to the desired outcome.
So, regarding parlay bets, you could focus on asking what kind of bet you want to make. Do you want to create a parlay with a bigger payout where some strong underdogs have no advantage? Or do you want to secure a better payout by combining several strong money line favourites? So, the focus of these questions is on the end goal. That’s how to work in reverse.
Also, working in reverse allows you to set limits, especially when looking for a parlay with lower risk. In such a situation, you can limit the number of selections and the type of odds you want to focus on.
However, the bottom line is to decide your goal, irrespective of the process. Then, the next stop is to create your parlay by making your selections and viewing the potential payouts before you lock your bets.
Sports Betting 101: What is a Parlay Bet
Forms of Parlay:
With parlay bets, you can place a range of unlimited or endless combinations. However, the following are the most common forms of parlay bets:
2-Team Parlay
This type allows just two selections in a bet. Also, by the term “team”, it doesn’t have to be sports teams. You can choose to select two players within a game.
3-Team Parlay
The 3-team parlay allows just their selections for your bet, and based on the rules of parlay betting, all three selections have to win before you can cash out.
4-Team Parlay
Four team parlay bets allow for four picks in a bet.
5-Team Parlay
Five-team parlay bets allow you to have a selection that is up to 5 in a bet.
6-Team Parlay
6-team parlay bets will enable you to have a selection of up to 6 in a bet.
Types of Parlay Bets
Parlay bets consist of two or more combined bets to make up a singular bet and payout. However, they are available in different variations with slightly different rules and payout structures.
Teasers
Teasers are parlay bets that allow you to combine alternate or adjusted point spreads from multiple games. It means that you can move the line on a point spread. However, the cost of this is smaller payouts.
These types of parlay bets are primarily an exchange of points for volume. But to win your teaser parlay bet, each selection leg must first be graded as a win. Teasers are more accessible to win than traditional parlays because they allow you to move the spread or total. However, the downside is that the odds are of less value due to the increased chances of winning.
If you are also wondering where you can find teaser parlay bets, you can find them in some sports betting, but they are primarily used in NFL betting.
Lines can move between +6 and +10 points depending on the sports and market. Taking the NFL as an example, the most popular forms of teaser betting are the +6 and +7 point teaser bets. So, if your line ends at +6 points, you have six more points in your favour.
Let’s also use the Dallas Cowboys and the New York Giants. The Dallas Cowboys are +9 point underdogs, while the New York Giants are -4 favourites. You can move the spread to +15 for the Dallas Cowboys game and the New York Giants spread to +2.
Again, remember that the odds will drop, but it’s because you already have increased chances = of winning.
Furthermore, there is a higher impact when the spreads are adjusted in baseball, soccer or hockey. But it could have less impact in other sports since teasers are only available for some sports.
Round Robins
Round Robins is a parlay bet that allows you to create many smaller parlay bets across many games. You make multiple smaller parlays from several selections in a sportsbook. The design of this type of bet is such that even if one or more of your selections wins, you will stand a chance to profit from their wins. It only allows your winnings or profit to depend partially on winning all your selections.
Round Robins are also flexible. They allow you to add more teams; the more you add, the more you increase your potential payout. Let us show you an example:
- Team A and Team B to win
- Team B and Team C to win
- Team A and Team C to win’
- All three teams to win
The example above is an example of a three-team, round-robin bet.
Based on the example, you will have your stake split into four since it is based on all four outcomes. Thus, if you are betting $20 per line, you have $80.
With round-robin bets, you can make more complex selections. For example, if you make a selection of five teams, you can break them into the following;
- Five picks – 1 parlay
- 4 picks each – 5 parlays
- 3 picks each – 10 parlays
- Two picks -10 parlays
You can look at this as placing multiple smaller parlay bets. However, you combine them into a single bet instead of logging each.
Thus, in round-robin bets, you can decide the number of picks and the number of bets. You can also make hundreds of combinations with just a handful of selections.
Another example is to select three teams and create three separate two-leg parlays from them. See below;
- Tampa Bay Buccaneers+ & Washington +3
- Washington +3 & Arizona -7
- Tampa +1 & Arizona -7
If one of your teams doesn’t hit, it will cause both of the parlays they are in to lose. However, you still stand a chance to see a profit if the other parlay wins.
Same game parlay Bet
This bet allows you to create parlay bets using singular events or game selections. It is different from the traditional parlay bets. While the traditional parlay bets will enable you to use multiple bets from other games or sporting events, the same game allows you to place bets from the same game.
You can place the same game parlays on most games or events in sporting leagues. Although these types of bets do not feature attractive odds, your advantage with these bets is that you can create correlated wagers within a single game.
Correlated wagers mean that the outcome of a single bet has the potential to either increase or decrease the likelihood of other bets in your parlay. Thus, if the outcome of a single bet in a correlated parlay is a win, it can result in a frequent increase in the chances of other bets in the parlay to win.
The football game has spreads and totals. We can use the correlation between these two as an example. Thus, the Wolverines are a 25-point favourite over Michigan, with a game total of 49. Now, at this stage, there is a good chance that the game total will exceed 49 points if Appalachian State covers that high spread.
Parlay prop bets
Parlay prop bets allow you to choose the winning team and one event in the same game in a single bet. These combinations offer higher odds and a higher potential payout. For example, you would pick a winning team in a first basket and winner market and select a player you think will score the first ball.
Why Parlay Bets?
With parlay bets, you have a highly increased payout compared to a single bet.
Let us see some examples,
The Broncos and Dolphins played last season, specifically the beginning of the 2023 season. In the game, the Dolphins had the odds of -278 as the favourite to win. It implies that if you want to win $100, you would have to bet $278. We can also put it this way: if you wager $20, you will get a return of $7.19 as the profit.
Now, this is where parlaying comes in. You already predict the Dolphins will win, but at the same time, you believe that Ronald Acuna Jr. has a chance to record an RBI, which is -110 odds. At that point, you can parlay or combine the two bets for better odds. However, you have to get these predictions right for you to win.
Therefore, if you place a parlay bet of $20 on these two teams to get a hit, your return would be $32. Your potential payout improves by adding more selections or bets to the parlay. However, don’t forget that as your payout increases, your chances of winning all selections are slimmer.
So, you can still add other bets to the parlay, including selections from various sports from the two teams you have placed a parlay bet on.
Also, one good way to know more about parlays is to combine bets at your favorite sportsbook. Your bet slip will show you the potential payouts attached to your wagers when you start doing this. Furthermore, you can also add or remove bets as you like.
How to Win Parlay Bets – Tips and Strategy
Parlay bets are among the most profitable bets; however, they have a low chance of winning each selection.
Sports games are unpredictable, one of the great features that keeps sports fans engaged and hooked on the action. However, when it comes to sports betting, unpredictability is not a good ally, and that also includes parlay betting.
For example, if one of your picks should lose in parlay betting, it is enough to lose the whole bet, regardless of the number of wins you recorded with other picks. If you want to increase your chances of winning with parlay bets, we have a list of tips and strategies you can use.
Stick to the 2 to 5-team parlays.
In a bet parlay, as we have mentioned in this article, each selection you add to the parlay reduces your chances of winning. But when you stick to the smaller-selection type of parlays, it is more likely to gain some profit from the bet. To be profitable with parlay bets, you must have smaller parlays as your primary type. The bigger 10-team can be fun and come with higher profits, but they can be more challenging to win.
Check for the best odds.
There are so many sportsbooks in the market today; as such, they offer competitive odds since it is a competitive market. This means that not all sportsbooks offer the same odds, or sometimes there is only a marginal difference between those odds. For instance, if you bet on a 3-team parlay that offers odds of -105 instead of -120, which is what is available somewhere else, your payout with a $10 stake would be $75 instead of $62.
Make use of a parlay odds calculator.
The first step is quite simple but also crucial. A parlay odds calculator allows you to monitor how the odds change based on your selections.
Hedge Bets
If you want to hedge a bet, consider using a parlay with a short-priced favourite and underdog. The favourite might offer little value, but the underdog can increase your potential overall profit.
When down to the final part of your parlay and all other picks have won, you can hedge your bet by betting against the outcome you initially chose. For example, suppose you are waiting for the New England Patriots to succeed in a 5-fold parlay. In that case, you can bet on their opponent to either guarantee some profit or minimize potential losses.
Make use of the Betting Bonus.
Parlays are tough to win, but you can also limit liability by using a betting bonus. Most sportsbooks offer betting bonuses that you can use with a parlay. It could be a welcome offer or a reload bonus.
Other tips you can use to maximize your efficiency include.
- Only include bets you have researched and are also practical based on the situation or the value they offer.
- Manage your bankroll wisely because parlays have a low chance of winning, and you might need to win.
- You should correlate your bets in the parlay so they support each other, even if it means adjusting them strategically.
- If you make NFL teaser parlays or use alternate point spreads, choose spreads that follow essential numbers.
- For the same game parlays bet, correlate your bets so that if one wins, it increases your chances of winning the others automatically.
Major Sports with Parlay Betting
Parlay betting allows you to mix and match bets across several sports. Different sports offer different options of bets that you can choose to form a parlay bet.
NBA – Basketball
The NBA parlay betting system works like the NFL team parlays. The NBA assigns point spread and moneyline odds to each team for its matches. Making parlays in the NBA usually involves staying up to date with the news and reacting in real-time. For example, a good starting point for a parlay is to target the point spread on the other team when you see a star player get ruled out in a particular game.
You must be active on social media when making NBA parlays to catch players’ updates and get the best lines possible.
NFL – Football League
Point spread, and Moneyline bets are the most common parlay bets in the NFL. These bets allow you to place a bet on the outcome of an event and give you access to various odds. To parlay the NFL point spread bet implies that you will often be using odds in the -110 range. Moneyline parlays can give you access to more varied odds, but it is based on the side you are betting on. Also, you can create bigger payouts using moneyline bets in your parlays to wager on underdogs. However, it can also result in more risk.
Additionally, another way you can parlay bets in the NFL is to parlay total or over/under bets. If your parlays use totals and your targets are the under in multiple games that use totals, your parlays can be correlated.
MLB – Baseball
The point spread in MLB is referred to as a run line, and it often occurs for every game at -1.5 to -2.5. The odds are for the favorite and are better than the traditional moneyline odds. The run lines are handy when making a team parlay with a higher payout ratio.
In addition, runlines can help chase bigger payouts in baseball, especially if you want to place a bet on a particular side.
Also, note that totals in baseball are always available for the first half, usually the first five innings, and they are also available for the entire game. You can parlay games together when you have identified a couple of starting pitchers with the position to dominate, and then you take the under on the total for the first five innings in both games. You can have an edge with this strategy. Additionally, it prevents you from getting exposed to substitute hitters that come late in games or even get exposed to a poor bullpen.
NHL – Hockey
An NHL game offers a puckline bet with traditional moneyline bets, which is why MLB betting works very similarly to parlay betting in the NHL.
The 60-minute line is an angle to consider if you want to make NHL parlay bets. With the 60-minute bet, you can only win when you choose the correct team to win the game. However, the winning has to be in 60 minutes.
MMA – Mixed Martial Arts
MMA features slates with many fights attached. So, you can parlay your fight bets for the card. If you decide to bet on separate fights, you cannot correlate your bets, but you have access to many different options for each individual match. Also, in MMA, one way to determine the kinds of bets to target for each game is to know the strengths and weaknesses of every fighter.
Other Sports
You can also target other niche sports like Nascar, F1, Golf and PGA for parlay bets. For example, If you want to make parlay bets for NASCAR and PGA betting, you can use the weekly matchup bets. These are often good markets to consider for parlays.
You must know each player’s and driver’s strengths and weaknesses in these sports since they will be on different courses or race tracks weekly.
How to place a parlay bet
Here, we will walk you through placing bet parlays. The process works the same way on most betting sites.
Open an account
The first step is to open an account with your preferred betting site. Usually, you must fill out a simple web form to create an account.
Make a deposit
After opening an account, the next step is to make a deposit. You can do this at the cashier section of the betting site. Additionally, most betting sites offer first-deposit bonuses so that you can claim a bonus after your deposit.
Start your parlay in the Sportsbook section.
Since you have funded your account, you are ready to create your parlay. Go to the sportsbook and select the games and markets you want to wager on. You can start your parlay by including markets from several sports for these bets.
Picks
Click on the odds If you want to add picks to your betting slip, and you will also click on the odds again if you’re going to remove unwanted picks.
Check Selections in the Bet Slip
After picking the bets, you can check the selections in the bet slip and choose the parlay tab at the top of the page. After that, you can stake and confirm your bet.
Pros of Parlays
The following are the pros of parlays;
Higher payouts: Because parlay bets are tough to win, the odds attached to them are usually very valuable. So, every time you add selections to the parlay, your odds will increase significantly. Although it can be hard to hit every selection, you get a higher payout for every win.
Highly Flexible: The bet allows you to include bets from different sports and markets to form a unique bet.
Excitement: These kinds of bets can last an extended period. Parlay bets are more fun than single bets or straight bets. A parlay covering all the weekend games allows you to watch games you usually wouldn’t be interested in.
Cons of Parlays
Hard to win: A major drawback of this kind of bet is that winning can be difficult. You might not have frequent wins in parlay betting because most wins come on two or three-leg parlays. The success rates are low, and that is also because of the increased number of picks or selections. The more selections you have, the fewer chances to win parlay bets.
How are parlay odds calculated?
Parlay bets allow sports bettors to combine two or more wagers into a single bet, significantly increasing their potential payouts as they add more legs to the betting slip.
If you plan to profit from parlay bets, you must know how parlay odds are calculated and how to leverage the calculation to maximize your wagers.
Some mathematical skills are required to calculate parlay odds. However, it is not a complex mathematical solution. You simply need to understand the steps involved in the calculations.
Let’s start immediately with a $50 wager to calculate parlay odds.
Example 1: We want to convert the American odds from each of the selections in your parlay into decimal odds. To do that, we would use the ninth-grade algebra.
Stage 1: We have positive odds such as +120, +140, +500. The formula is (odds/100) + 1 = Decimal odds.
Now, if you have a 2-leg parlay odds of +140 and – 160, the equations you can use to convert them to decimal odds include
- (140/100) + 1 = 2.4
- (100/160) + 1 = 1.6
Stage 2: The next step is multiplying the decimal odds we have gotten above each other.
Thus, we will have 2.4 * 1.6 = 3.8
Stage 3: After getting the odds above, multiply the 3.8 odds by your stake amount of $50. The answer you will get is $190. Therefore, $190 is the potential total payout amount if you win a 2-team parlay bet with a stake of $50 and odds of +140 and -160.
Also, remember that the total amount you will receive includes your initial stake of $50, which you will get back if you win the bet. Your actual profit on the 2 team parlay bet would be $140. That is $190 – $50.
Moneyline Parlay and Implied Probability Calculation
Moving on from how to calculate the potential payout of a parlay, let us also see how you can figure out the true odds of a parlay. After that, we would use those odds to calculate the implied probability of the winning outcome of your parlay bet.
Our example here is a 4-team parlay with a $10 stake:
- Team A odds include -160, and the decimal odds also have 1.6
- Team B odds include +150, and the decimal odds also include 2.5
- Team C odds include -180, and the decimal odds also include 1.5
- Team D odds include +110, and the decimal odds also have 2.1
With the formula used in the above section, we will get our potential payout by multiplying these decimal odds and the odds with the stake amount of $10. Therefore, the potential payout for this parlay is $116, not including the original $10 bet.
Now, what are your true odds? Take the potential payout, 116, and divide it by your wager amount, 10. The answer you will get is 11.6, which is your actual odds of 1. So, you can win $11.6 for every $1 wager.
Now, let us convert our gotten true odds into American odds.
The formula: (decimal odds) – 1 * 100
Thus, (11.6 – 1) * 100 = 1060
Therefore, on this parlay, the true American odds = +1060
Note: Please note that the above formula is for decimal odds of 2.00 or more, which is why our example was decimal odds of 11.6. However, if you want to convert decimal odds that are between 1.01 and 1.99 to American odds, use this formula:
-100/ (decimal odds -1) = American odds
Let’s return to our American odds for our 4 team parlay. By our calculation, the odds of our 4-team parlay are +1060. Now that we have that, we can calculate the implied probability of the parlay winning.
Below is the equation we would use to determine that
100/ odds + 100 * 100
That is, 100/1060 + 100 * 100= 8.6
This means that the implied probability of our 4-team parlay bet is 8.6%, and it also means that the bet has an 8.6% chance or probability of winning.
What about calculating Point Spread Parlay odds?
Calculating point spread parlay is simple. Let us walk you through how to go about the calculation with examples:
Example: NBA point spreads
We have a $100 3-leg parlay bet on the following;
- Golden State Warriors – 3.5 (-115 odds)
- Philadelphia 76ers +5.5 (-100 odds)
- Toronto Raptors -7.5 (-125 odds)
Like we did with money line parlays, you would also convert those odds to decimals.
- Golden State Warriors: 1.9
- Philadelphia 76ers: 2
- Toronto Raptors: 1.8
If we multiply the three figures, we get a total odds 6.8. After that, multiply the total decimal odds by our stake of $100. Our total payout would be $680. If you subtract the stake amount from the total payout, our potential profit is $580.
Same-Game Parlay Odds Calculation
A same-game parlay bet allows selections or legs from a single game or event. At the same time, a multi-game parlay bet involves the compilations from multiple games and events. However, the formulas also apply to these bets irrespective of the game type you select. You can use the formulas to calculate their odds, potential payouts and the win probabilities.
Is it legal to use a parlay calculator?
Parlay calculators help calculate parlay odds and potential payouts. It can be tiring to start calculating odds and payouts, especially if you have a parlay with many legs or selections. To save time, the calculator allows you to enter the betting odds, no matter how many they might be, and with just a click, you would have your projected payout. So, tools like this are legal as they only help you to calculate your odds and payouts.
FAQS
What is a parlay bet?
A parlay bet is a type of bet that allows you to combine multiple bets as a single bet. It is like one big bet that can only win if other selections or legs in the parlay win. With this type of bet, the entire parlay loses if a single selection or game loses.
How do I calculate my parlay payout?
You can calculate your payouts with our step-by-step section above. However, note that payouts will be automatically calculated by the sportsbook you are betting on, or you can use a parlay calculator.
Are Parlays a good bet?
Parlays are high-risk types of bets, but they offer higher payouts because they are more challenging to win. Parlay bets involve taking risks and understanding the variances associated with them. It is okay to place parlay bets if you are taking a smaller percentage of your bankroll. They also offer significant potential payouts if you don’t mind the risks involved. But also realize your chances of winning are far less than placing a single bet on a game or match.
When should I place a bet?
Sports betting is fun, and as long as you are betting within your limits, you can place a wager anytime. But for traditional parlay betting, selecting and placing your wager before the first game begins is better.
What happens if one of the picks gets cancelled?
If one of the games selected gets cancelled or even delayed, the odds for that particular game will be calculated by the bookmaker at 1.00.
How do I win a parlay bet?
One key strategy is to place smaller parlay bets, limiting the number of selections to a low number. Although the potential payout might be lower than having so many choices, placing a parlay bet with smaller selections and clear favourites can increase your chances of winning.
