What Is A Parlay?

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Parlay betting is one of the many ways you can make wagers at an online sports betting site. Usually, a parlay will have two or more bets combined into one big bet. The goal is to increase the risk of the wager, leading to a much bigger potential payout. 

How does a parlay bet work?

A parley bet combines at least two individual wagers into one bet. These can be wager on two different games or selections from the same game. To win the parlay, every bet in the split must also win. If one of them loses, the entire parlay is lost. This makes parlay bets very risky and difficult to win, which gives the better a shot at a bigger payout.  

Parlay odds

Parlay odds are derived from the odds of individual bets in the wager. It is quite possible to do some calculations to work out your potential winnings; 

  • If you’re using American odds, convert them to decimals
  • Multiply the decimal odds together
  • Multiply the result with your bet amount to get your potential winnings

Fortunately, the sportsbook does the calculations for you. As you add selections to your parlay bet, they will automatically update the odds for the bet. 

Different types of Parlay Wagers

You can make multi or single-game parlays. Multi-game parlays are created by making selections across different games, while single-game parlays involve making selections in the same game. 

You can create a parlay by combining moneyline bets, spreads, totals, and even props. Of course, the number of each depends on the type of wager you’re making. For instance, in a single-game parlay, you can only make one moneyline, one spread, and one total bet. And in a multi-game parlay, you can make several moneylines, spreads, and totals depending on the number of games in your bet slip.   

What are the benefits of parlays?

Parlay bets carry huge potential winnings. You can turn $20 into $1000 by making the right predictions. This makes them fun to wager. 

What are the risks of parlays?

Every selection in your parlay bet must win for you to win your wager. So, if you have ten individual bets in your slip and you win nine and lose one, the entire bet is lost. This makes parlay bets incredibly risky and hard to win. You’ll probably be successful after more than a dozen.  

Thus, as any experienced handicapper will tell you, don’t make parlay bets for the money. Bet with money you can afford to lose and always do it for the challenge and the thrill that comes with making multiple successful predictions. The payout is just a bonus. 

How to Make a Parlay Bet

Making a parlay bet is quite easy. First, log into your sportsbook and navigate to the “Parlays” tab or any other relevant tab. From there, you can combine all the bets you want. The sportsbook will keep updating your odds as you add selections. 

Once satisfied with your selections, confirm and submit the bet. 

Calculating Parlay Payouts

American odds are usually based on $100. Thus, the odds for a hypothetical four-game parlay may be +1500. This means that if you wager $100 on the bet, you will win $1500. Thus, your parlay bet pay should be $1600. 

What are the odds of hitting a parlay?

Parlay bets are a high-risk high-reward wager. Overall, the probability that you’ll win parlay bets depends on the number of bets in the slip. The more bets you have, the lower your chances of winning.

Betting Sites that Support Parlay Bets

Caesars sportsbook

Caesars sportsbook is one of the biggest sportsbooks in the country. It has great odds that get even better as you bet parlays across all the major leagues. New users enjoy a bet match of up to $1500 for the first deposit, which they can make through wire transfer. 

DraftKings Sportsbook

DraftKings is another huge and popular sports betting platform that lets you parlay bets. You can make same-game parlays or multi-game parlays. You’ll also enjoy a wide selection of great odds across leagues and events in all the major sports and qualify for a deposit bonus of up to $1000. 

BetRivers Sportsbook

BetRivers offers an excellent bet variety. You can make moneyline bets, spreads, totals, and prop bets or combine these into one huge parlay. There are also occasional bonuses and promos. As a new user, you get a bet match on your first deposit of up to $250.  

Bet365 Sportsbook

Bet365 is a top-rated online gambling platform with great odds and bet variety. Here, you can make parlay prop bets and other parlays for much bigger and better odds. New customers enjoy a welcome promo of $200 in risk-free bets for deposits starting as low as $1. 

FanDuel Sportsbook

FanDuel allows fans to make single and multi-game parlays for games in the MLS, NHL, NBA, NCAAF, NCAAB, and other leagues. Handicappers enjoy great odds while new users get a bet match for deposits up to $1,500.  

BetMGM

BetMGM comes with great beat variety and odds that can be amplified by parlay bets. You can wager on games and events across all the major leagues and tournaments. Once you sign up, you get a risk-free bet worth a maximum of $1,000. You also get great odds and excellent bet variety.   

What happens to my parlay bet in a canceled game?

Games often get canceled due to bad weather or too many injuries in the squad. If you have such a game in your parlay, it will be removed from the bet. Thus, a five-game parlay becomes a four-game parlay, a three-game parlay becomes a two-game parlay, and so on. Still, you should consult your sportsbook for details on how they handle situations pertaining to parlays.

WRITTEN BY

Dan Smullen

Hailing all the way from Dublin, Ireland, Dan Smullen has BSC. in the Sports and Exercise Sciences from the University of Limerick. He is data obsessed. In the past he has worked both as a video performance analyst and provided biometric performance testing and analysis for professional rugby teams. Dan is obsessed about helping the average punter become more successful at sports betting through the assistance of good sports betting data analysis. He has worked with over 200 journalists at multiple editorial teams in his previous role as Head of Search for the largest national news publisher in Ireland.

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