What is a Parlay Bet? Definition, Examples and More

Highly profitable for sportsbooks, parlays have become a focal point as the sports betting industry continues to experience an explosion in popularity across the country. There are some misconceived perceptions about parlay bets, however, including how parlay bets work, the types of parlays players can make, and much more.

Let’s dive into the details and fill you in with everything you’ll need to know when it comes to betting parlays.

Unlike a straight bet, parlays involve making multiple wagers, with the critical caveat being all of those bets must win for the parlay bet to be successful.

As you would imagine, the odds of winning parlay bets decrease the more bets that are involved, while the potential winnings go up. While they are similar to teaser bets, in which all sides must win for the overall bet to be a winner, you are taking the wagers involved at the pre-set point spread the oddsmaker sets.

That is why sports betting companies love promoting parlay bets, as the odds of a player consistently being able to win parlay bets are extremely low. Gamblers love to bet parlays though, of course, thanks to the idea of putting down a little bit of money to potentially win a lot.

Parlay bets can include a moneyline, total, and point spread. For Same Game Parlays, it can also include team, game, and player prop bets.

The primary criteria for a traditional parlay is that it can not include a single bet, but instead must have multiple wagers within. As an example, when it comes to the NFL, you can parlay the winner of multiple games on the point spread, while also throwing in some moneylines to boost your potential winnings.

If you include the Pittsburgh Steelers at +150 with the Cleveland Browns at +250 in a two-team parlay, that will payout much higher than parlaying their opponents at the Baltimore Ravens at -130 and San Francisco 49ers at -220.

Let’s get into more information on how to make a parlay bet, a round-robin bet, and much more at the best sports betting sites.

A parlay wager work includes multiple wagers, or “legs”, within the same bet. The more legs in your parlay, and the higher the odds are for each, the higher the potential payout will be but lower the odds of winning.

For example, going from a four-team to a five-team parlay at average odds of +100, makes the payout odds roughly double going from 10/1 to 20/1. One strategy might be to place multiple parlays with your most unsure leg on opposite sides, making your payout a sure thing if all other legs are winners.

For sportsbook customers signing up for new accounts, the bonus bets received are great to use for parlays with higher payouts, because you are essentially using house money for a big potential payout.

While terms and conditions vary by each sports betting app and promo code offer, keep bonus bets in mind when making your first sports bet with a new online sportsbook.

Now that you know what a parlay bet is, be aware that they aren’t all made the same. Let’s dive into the different types of parlays at your disposal from most major sports betting apps.

A standard parlay involves multiple straight bets within the same wager. When we say straight bets, we are referring to various combinations of moneylines, point spreads, and totals (over/under).

It is important to note that a moneyline and point spread can rarely be used in combination in the same standard play. Almost all sportsbooks do not permit them in your combined odds.

A standard parlay is the best to use when making a team parlay, which involves picking multiple winners of games across the same or different sports. Parlay props are another increasingly popular version of parlays.

A Same Game Parlay was made popular by popular sports betting companies DraftKings and FanDuel. It differs from a traditional parlay in that you must include legs that all come from within a single game.

For example, you can include player prop bets, team or game prop bets, as well as moneyline, spread, or total bets. As the name implies, they are essentially multiple bets within a single-game parlay.

Like a traditional parlay, you only win your Same Game Parlay if all of those bets within the same game are successful. Because there is more variety when it comes to parlay prop bets, SGPs are a fun way to get creative in making your parlay wagers.

Unlike traditional parlays, progressives offer a variation that allows you to win money even if certain legs lose. For example, if you place a 5-team parlay and two lose, you are still eligible to receive a portion of your max potential winnings.

As a general rule of thumb, the more bets within your progressive, and the fewer losing legs, the higher the percentage of winnings you will receive. Popular online sportsbooks such as FanDuel include progressive parlay bets as part of their parlay offerings.

Teasers and pleasers are a type of parlay that allows you to change the spread in a particular direction, depending on which side you like. In teaser bets, you move the spread in the direction you prefer to give yourself a better number while lowering the potential distributions.

As an example, let’s say the Washington Commanders are -7 versus the Dallas Cowboys and the Kansas City Chiefs are -6 versus Tampa Bay Buccaneers. You can get the Commanders down to -1 and the Chiefs down to Pick Em’ using a traditional 6-point NFL teaser, laying the odds (on average) of -120 that both are successful.

Pleaser bets, on the other hand, move the spread in the direction of the oddsmaker, but they give you a higher potential payout if you win. Like standard parlays, you must win all legs within a teaser or pleaser for your bet to be graded a winner. Using these kinds of team parlays is a great way to focus on teams, instead of players or game outcomes, to capitalize on your parlay.

Round-robin parlays are another type of parlay bet that involves multiple parlays within the same wager. With these, you combine wagers into smaller combinations based on how you think a game will play out.

For example, a three-team round-robin parlay works by including four teams across four different two-team parlay bets.

Whichever of those three teams you think has the best chance of winning, you would include in most of your two team parlays. Here’s an example of a three-team parlay, involving three bets, using the round-robin approach, with the Seattle Seahawks as your favorite team involved.

As you can see, round-robin parlays work by having multiple mini parlays within your traditional parlay, with payouts varying on who wins and at what odds. Round-robin bets are great for making a parlay bet work in your favor, even if one of the legs involved loses. By having two bets or more within the same wager, you’re giving yourself more chances to come out ahead.

When it comes to team parlay betting, game parlay betting, or SGPs, all of the major sports have markets for each. Let’s take a closer look at a few different examples of parlay bets using the major North American sports.

Using this NHL three team parlay as an example, if the Capitals, Bruins, and Rangers all win their game, a $100 bet would win $710. This is an example of a moneyline team parlay bet, which involves betting three teams to win their game outright at the given odds.

In this parlay, you are betting on four of the aforementioned MLB teams to win their upcoming game at the given odds. If the Pirates, Nationals, Cubs, and Rays all win, a $100 bet would win $2,425 if the parlay hits.

If these bets win, which is a cross-sport parlay, a $100 bet would win $950 if all three legs make it across the finish line as the winner. This combines the features of moneyline parlays with spread parlays and involves two or more bets within a single parlay. A three-game parlay is a favorite among parlay bettors, as it can more than double the potential payout depending on the odds involved.

A four-leg parlay almost always pays out at better odds than a three-leg parlay, especially if the odds involved are higher. When you create parlays that have odds with a plus sign next to them, indicating underdogs, they have a lower probability of winning but higher payouts when they do. The four-leg parlay noted above pays out a $100 bet the amount of $2,441 if the parlay hits.

While straight bets involve an individual wager, football parlay bets include individual bets all within the same wager. Here’s an example using three bets within the same NFL parlay.

The parlay odds for this bet are +954, which would result in a $100 bet being paid out $954 if all three teams win their game. Using a combination of spread and moneylines, this entire parlay pays out just under $1,000 whereas individually they would result in just winning a fraction.

As in all parlays, the more parlay legs involved in this one wager, the higher the potential winnings.

With 182 games to choose from in the regular season alone, baseball parlays are a favorite amongst sports bettors. Let’s take a closer look at an example of a baseball parlay bet example.

The first bet in this parlay is the one carrying most of the potential winnings, with a $100 bet winning $1,039 if all three teams mentioned win their game. With no two games having the same odds, you can use a parlay calculator to calculate your odds, as well as put them on your bet slip before confirming it.

Parlays have their fair share of pros and cons. Let’s take a closer look at the upside and downside of this sports betting category.

In order to calculate parlay odds, there are a few different options bettors have when trying to determine what a payout will be. The easiest way is to use decimal odds (European odds), multiplying the odds of all of the legs together.

As an example, if you are wagering on a four-team parlay with odds of -250, -110, +115, and +140, those convert to decimal odds of 1.4, 1.91, 2.15, and 2.4, respectively. When multiplying the decimal odds together, you get a total payout of 13.8 (+1380), meaning a $100 bet would be returned $1,380 at those parlay odds of those multiple bets.

As a general thumb, parlay payouts continually increase the more legs you put in your parlays, with odds at plus money (underdogs) exponentially increasing them with each addition.

Sportsbooks love parlays, as the odds of hitting them are low, but the thrill of placing them for players is high. The more legs involved in the parlay, the lower the probability of a player winning.

Bettors must also account for the vig when placing their parlay bets, which is extra money required from the sportsbook that goes directly into their pocket.

As an example, if a sportsbook places action on both sides of a game at -110, with two bettors risking $110 to win $100, the $10 collected from the loser and not given to the winner is the sportsbook’s “vig.”

Let’s take a closer look at a couple of parlay examples of odds of hitting, including the probability ) based on the odds.

Parlay payouts exponentially increase the more legs you put into it, especially if they are at higher odds. When making a team parlay, for example, choosing teams that are underdogs will make your payout much higher.

Let’s take a look at how parlay payouts increase the more legs you add at the standard -110 odds, using $100 as the amount risked.

With multiple plays all within one bet, some of those wagers might push, or be graded out as a tie.

An example of this would be in NFL or college football betting when there is a push on the spread or total, or when a game ends in a tie. Basketball betting parlays are also prone to pushes, as they also often rely on spreads and totals.

When a push happens within a parlay, the bet is removed from the odds and the total parlay payout is re-calculated as if the bet was never in. If a four-team parlay has a leg in that is graded as a push, the total payout odds will just decrease from 11/1 to 6/1.

Most brick-and-mortar sportsbooks offer what are known as parlay cards, which are physical cards that have games and locked-in odds on them. Most popular during football season, specifically for NFL games, the sportsbook prints out a card with every game’s point spread and total on it.

Bettors can then fill in circles on the card, similar to taking an SAT multiple choice test, to indicate which games (point spread or total) they are taking. Unlike the fluidity of regular parlays, parlay cards offer locked-in spreads and totals, with clear indicators of how much the payouts will be.

As an example, if DraftKings Sportsbook at TPC Scottsdale in Arizona offers a parlay card with all of the day’s NFL games listed, bettors can choose up to 12 different (minimum) selections on the card. Once their circles are filled in, they would take the card and the amount of cash they want to risk on it. A three-team parlay typically pays out 5.5/1, while a 12-team parlay pays out 2,500/1.

Parlay cards are popular for a variety of reasons, but amongst the biggest are the fixed, pre-determined odds bettors are getting. If a spread or moneyline moves, parlay cards are exempt from them, as what you see on the printed card is what you get. The parlay card payouts are also pre-determined, as we look at a few examples below.

A parlay’s payout solely depends on the amount of bets (legs) you put in it, along with each leg’s individual odds. As a quick example, a two-team parlay at average odds of -110 would pay a $100 bet the amount of $264 if they win. An eight-team parlay with average odds of -110 would pay a $100 bet the amount of $17,655.

Generally speaking, a straight bet gives you as a bettor better odds, as the implied probability is higher when making one wager, versus requiring multiple to win at once. For example, the implied probability of a single straight bet at -110 is 52.4%, while a two-team parlay with average odds of -110 calculates an implied probability of just 27.8%.

To make a parlay with an odds boost, search for an online sportsbook that is currently offering this. Check out popular sportsbooks such as DraftKings Sportsbook, FanDuel Sportsbook, or BetRivers Sportsbook and head to their promotional page.

The right time to cash out a parlay is entirely dependent on the number of remaining bets you have left, how much the cash out being offered is, and many more factors. As a general rule of thumb, if the cash out of your parlay being offered is more than 3x your original bet size, it’s always a wise decision to consider it. If your first bet is a winner, you can begin re-evaluating from there.

Yes, you can parlay props as part of a Same Game Parlay, which requires all of the prop bets to be involved in the same game. These are great for combining multiple parlay props into one bet.

The Inquirer is not an online gambling operator, or a gambling site. We provide this information about sports betting for entertainment purposes only.