Parlay Betting Guide
Fancy lining up a sequence of bets and letting the tension build as they come in? Whether you’re new to parlay betting or looking to round out your knowledge, we’ve got all you need to know in our comprehensive parlay betting guide. Just keep reading to get started. And once you’re up to speed, check out our selection of sports betting sites and sign up — you’ll be placing parlays like a pro in no time.
What is a Parlay Bet?
Parlays, sometimes also called combo bets and accumulators, are a type of wager combining multiple individual bets into one. Each bet — typically called a ‘leg’ — needs to win for the parlay to be successful.
So why make a parlay bet? It all comes down to risk versus reward. With parlays, the odds of each leg are multiplied to calculate the final payout if you land every bet. The chances of doing so are typically rather low — don’t forget, if just a single leg fails the parlay loses — but the returns for winning bets can be massive.
Parlays in Action
To give you a better idea of how parlays work, here’s an example. Imagine you’re placing a $10 parlay bet on the first five matches of the 2023 NFL season with the following odds:
- Lions to beat Chiefs +240
- 49ers to beat Steelers -138
- Panthers to beat Falcons +138
- Texans to beat Ravens +350
- Bengals to beat Browns -118
The odds for this NFL parlay are +11,502 — thankfully, your sportsbook will do all the math for you. The implied probability of success is a pretty slim 0.86%. However if the parlay does succeed, the winnings from a $10 stake will be $1,150.20. As we said before — high risk, high reward!
Of course, you don’t have to pick five legs. Two-team and three-team parlays are popular too, also known as doubles and trebles, while some bettors like to pick ten legs or more. Likewise, parlays can usually be placed across different sports — predicting the winners of the NFL, NBA, NHL, and MLB, for example.
If you want to calculate the return of a parlay yourself, the easiest way is to convert the moneyline odds to decimal and multiply them together. Then, multiply this number by your stake to get the total payout. You can also use an online parlay calculator to work it out for you.
Same Game Parlay
Although the previous example was given across multiple events, you can make same-game parlay bets at most sportsbooks as well. A common choice here is a double combining a moneyline or point spread with a totals bet.
Here’s an example of an NBA parlay:
- Denver Nuggets to beat Los Angeles Lakers -230
- Over 227.5 points -110
These bets would see pretty small returns by themselves. Combined into a parlay, however, the odds lengthen to +164, so a winning $10 bet would see a profit of $16.40. Single-game parlays can be a handy way to tweak the odds to better suit your preferences if you’re struggling to find a market that meets your needs.
The Pros and Cons of Parlay Betting
Still not sure whether parlay betting is for you? Here’s a rundown of the benefits and drawbacks of this wager format to help you decide.
Pros & Cons
- Potentially higher payouts – As the odds of each leg are multiplied together, parlays can lead to larger wins from relatively small stakes.
- Flexible way to bet – You can construct the betslip yourself, from simple same-game doubles to behemoth 15-leg parlays.
- Suits big and small budgets – You don’t need a large stake to place a parlay bet.
- Can be more exciting – Whether it’s lining up your predictions at the start of the season or a stat-savvy same-game parlay, many bettors enjoy the rising tension as each pick comes in.
- Take advantage of parlay promotions – Some sportsbooks offer payout boosts that increase with each leg you add.
- Parlay insurance – When these promotions are available, you’ll get your stake back as cash or a bonus bet if just one leg of your parlay fails.
- Higher risk – The chance of your parlay winning is usually much lower than a regular bet.
- Can be frustrating – Even if you get every other pick correct, lose a single leg and you won’t get anything from your parlay.
- Tends to lose money in the long term – Parlays tend to have negative expected value, so bettors focused on getting the most out of their money may want to steer clear.
- Probabilities aren’t as clear – It can be more difficult to ascertain the chances of a parlay bet winning, especially if you’re new to sports betting.
How to Make a Parlay Bet
Setting up your first parlay bet is quick and easy. While the process may differ slightly from sportsbook to sportsbook, the following steps should apply to the majority of betting sites. We’ll be using BetMGM to illustrate this following example:
- Sign up or log in at your chosen sportsbook. Make sure you’ve got some funds in your betting wallet, and make a deposit if not. Sometimes, you can use free bet credit to place parlays instead of cash.
- Browse the markets and add at least two selections to your betslip. On BetMGM and most other platforms, that’s as simple as clicking on the odds of the bet you want to make. You’ll see your picks pop up in the betslip to the right-hand side of the page. You can make as few or as many as you like — most sites require at least two bets to place a parlay.
- Select the parlay option. In BetMGM’s case, you can select the wager type at the top of your betslip. At other sites, you might see a checkbox or separate field for parlay stakes. Some markets aren’t eligible for parlays, and you’ll be warned within the betslip if that’s the case — simply swap out the incompatible picks and try again.
- Enter your stake. Choose the amount you want to bet, taking into account your own personal budget. Be sure to only gamble what you can afford to lose.
- Confirm the bet. Once it’s placed, all you have to do is cross your fingers and wait! If one of your legs fails, the parlay will lose. Otherwise, the bet will be settled as soon as the final leg is completed.
If your parlay wins, the returns will be added to your sportsbook balance. If your parlay fails by just one leg but your sportsbook offers parlay insurance — more about that next — you might be reimbursed your stake, either as cash or a free bet. Again, you’ll find this within your account once the parlay bet has settled.
Parlay Insurance – What It Is and How to Use It
If you’ve placed parlays before, there’s a good chance you’ve been one leg away from landing a winner — only for your final pick to let you down. Fortunately, some sportsbooks run promotions called ‘parlay insurance’ that can help take out some of the sting.
Essentially, parlay insurance will refund your stake if just one leg loses. This refund is typically a free bet equal to your stake. While you can’t cash it out, it can be used to place bets at the site without wagering real money.
To see if your sportsbook offers parlay insurance, head to the promotions page once you’re logged in. These promos are often seasonal — you might see insurance offered on all NHL pre-season play-offs, for example.
Be sure to check the terms and conditions of any parlay insurance promotion. It’ll usually only apply to parlays of four legs or more, and there’s typically a limit on how much of your stake is returned.
Common Parlay Bet Terms and Conditions
Before placing a parlay bet, it’s essential you understand the different terms and conditions that might apply. Here’s a quick rundown to help you out.
- Minimum number of selections – You’ll have to meet the minimum selection requirement to create your parlay. At most sportsbooks, this is two legs. If you’re taking advantage of parlay insurance, the requirement is usually four legs or more.
- Maximum number of selections – There may be an upper limit on how many legs you can add to your parlay. BetMGM limits bettors to 15 legs, for example, although this is rather a lot!
- Bet types – Some sportsbooks restrict the types of bets you can use in a parlay. Moneylines, point spreads, and totals are all usually allowed.
- Stake limits – There may be a maximum amount you can stake on a parlay due to the potential for incredibly long odds.
- Maximum payouts – Likewise, sportsbooks may set a cap on what you can win from a parlay in order to manage their risk. BetMGM has a maximum payoff of 10,000/1 for off-the-board parlays.
- Draws – If one of your legs ends in a draw, the sportsbook may treat it as a loss, or simply remove the leg from your parlay.
- Cancellations – Sportsbooks typically void any parlay legs where the event is canceled.
- Early cash out – Some sportsbooks offer the option to cash out early on parlays, allowing bettors to secure a portion of their potential winnings before all legs are settled. Keep in mind this amount is less than the full potential payout.
- House rules – The standard betting rules and terms of your chosen sportsbook generally apply to parlays too. It’s wise to give them a good lookover before you start betting.
Compare Sportsbooks Offering Parlay Bets at BettingOdds
You’ve reached the end of our parlay betting guide, and are now fully equipped to get started. All that’s left to do is pick your perfect sportsbook and sign up! Here at BettingOdds, we’ve partnered with a selection of excellent betting brands. Simply compare our selection and click through once you’ve found a site you like the look of — you’ll even get to snag a new customer bonus on the way. Make sure to always gamble responsibly when placing your parlay bets. Good luck!
Frequently Asked Questions
What is a parlay bet?
A parlay bet is a selection of at least two bets — but often more — rolled into one wager. Each individual bet is called a ‘leg’ and must succeed for the parlay to win. The odds of each leg are multiplied together to calculate the final payout if the parlay wins. As a result, parlays can lead to large payouts from relatively small stakes, but there’s a much slimmer chance of the bet winning.
How do I make a parlay bet?
Usually, all you have to do is add multiple wagers to your betslip. If they’re eligible, you’ll see a checkbox to combine them into a parlay. Then, enter the stake and confirm the bet.
Are parlay bets worth it?
It depends. While parlay bets can potentially lead to massive payouts, the odds of them succeeding are much lower. Parlays are high risk, high reward, so you should think about your preferences as a bettor when deciding whether to place one. Ultimately, betting on sports is a form of entertainment and not a way to make money — so if you enjoy parlay bets, they’re definitely worth it from that standpoint. As always, be sure to stay within your budget and don’t bet more than you can afford to lose.
Can I win real money with parlay bets?
Yes. Parlay bets are just like any other real money bet at a sportsbook, and are paid as cash when they win.
Can I cash out a parlay bet?
Sometimes — it depends on the sportsbook. Many top brands such as BetMGM allow bettors to cash out parlays early if a certain number of legs have hit. For example, you could cash out a five-leg parlay with four successful legs in return for a smaller but guaranteed win, rather than waiting for the fifth leg to settle.
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