What Is a Parlay in Sports Betting & How Does It Work?

The term “parlay” might be familiar to many sports bettors, yet it can be daunting for those new to betting. A parlay, in essence, involves combining multiple bets into a single wager, increasing both the risk and the potential reward. Sounds intriguing?

Unravel the complexities of parlay betting in our guide and discover essential strategies and insights to help you craft expert wagers and maximize your betting success.

🔑 Key Takeaways

Discover how a parlay works in sports betting
Learn how to place a parlay bet on your favorite sports
Understand how to calculate parlay odds

What Is a Parlay Bet?

A parlay bet is when a bettor makes two or more bets and combines them into one wager. In other words, parlay betting involves combining multiple bets, increasing the potential payout but also the risk.

This makes it so that if even one of the bets fails to hit, the entire parlay fails. It can be almost any number of wagers, and it can include any type of bet.

For example: In an NFL game between the Buccaneers and Panthers, you might include several prop bets in your parlay:

Buccaneers to cover a 5.5-point spread.
Bryce Young to throw for over 199.5 yards.
Mike Evans to have over 65.5 receiving yards.
Chris Godwin to have under 50.5 receiving yards.
Baker Mayfield to throw for over 240.5 yards.

All these selections must win for the parlay to pay out. While parlays can also span different games or even sports, combining bets increases both the stakes and potential rewards.

Pros and Cons of Parlay Betting

Parlay betting can offer significant rewards but also comes with heightened risks. Here are some of the ones you should be aware of:

Pros	Cons
Parlays can yield high returns.	A single loss affects the entire parlay.
Keeps interest in multiple events.	Higher stakes lead to more stress compared to single bets.
Allows for various bet types within one parlay.	Risk of overconfidence; Success may lead to risky bets and potential failures.
Some parlays last several months, sustaining engagement.

For beginners, I would recommend simpler bets first, like the moneyline bet, for instance. Better yet, check out our top tips for beginners in sports betting.

How to Place a Parlay Bet

Placing a parlay bet is straightforward. Here’s a step-by-step guide:

Select Your Sport: Go to a sportsbook app like FanDuel or DraftKings and choose the sport you want to bet on.
Pick Your Games: Choose two or more games that you want to bet on.
Set Up Your Parlay: Access your Bet Slip, select “Parlay”, enter your bets and the wager amount.
Submit Your Bet: Confirm and submit your selections to place your parlay.

Understanding Odds in Parlay Betting

Parlay betting combines multiple bets, each influencing the overall odds and potential return. That’s why you must properly understand sports betting odds before placing a parlay wager.

Here’s a breakdown.

Rule of Thumb for -110 Bets:

Two-Team Parlay: Approximately 2.6-to-1 odds.
Three-Team Parlay: Roughly 6-to-1 odds.
Each additional -110 bet roughly doubles the payout.

How to Calculate Your Parlay Odds:

Convert Odds to Decimals: For -110 odds, this is 1.91.
Multiply the Decimal Odds: For three bets, 1.91 x 1.91 x 1.91 = 6.97.
Calculate the Payout: For a $10 bet, multiply 6.97 by $10 to get $69.70.
Determine Net Gain: Subtract the initial $10 to net $59.70.

→ This results in American odds of +597, close to 6-to-1.

As you can see, calculating parlay odds is not rocket science, but if you want to make the process easier consider using a parlay calculator.

Strategies for Successful Parlay Betting

Crafting a successful parlay requires more than just luck; it involves strategic planning and an understanding of your betting tendencies. Here are some top tips and strategies you should consider:

1. Include Prop Bets

Enhance your parlay by incorporating prop bets that have a high likelihood of success. For instance, simple bets like a player achieving a minimal statistical milestone can boost your chances, particularly in challenging weeks.

2. Utilize “Off Standard Line” Bets

Consider adding bets that don’t feature typical -110 odds. This approach allows your parlay to pay out at true odds, potentially increasing your winnings.

3. Diversify Bet Types

Substituting a standard odds bet with a unique odds option can lead to a higher payout, as long as all parts of the parlay are successful.

4. Understand Your Bettor Type

Recognizing your betting style is crucial to successful parlay betting. Average bettors tend to favor lower-risk parlays, opting for safer choices to minimize potential losses. Shot takers, on the other hand, pursue high-risk, high-reward bets with the hope of achieving significant payouts. Professional gamblers strike a balance by employing calculated strategies that manage risk while aiming for consistent returns.

Understanding which category you fit into can guide your approach and help tailor your betting strategy effectively.

5. Bet Within Your Expertise

Focus on sports and teams you’re familiar with to increase your chances of success. Avoid betting on unfamiliar sports or teams solely based on appealing odds.

Legal and Responsible Parlay Betting

When engaging in parlay betting, it is critical to only place bets through legal channels. The risks and penalties for betting illegally escalate with more complex bets like multi-leg parlays. To ensure you join a legit and reliable platform, refer to our online sportsbook reviews.

Moreover, the stakes are inherently higher with parlays, as the chance of losing increases with each added bet. It’s essential to choose your bets wisely, limit the amount wagered, and consider keeping your parlays smaller to reduce the risk of total loss.

Additionally, the complexity of parlays means that the failure of just one bet can cause the entire parlay to fall apart. This interdependency can add significant stress, as the potential high payout comes with increased risk.

Ready to Place a Parlay Bet?

With parlays, while the potential for a high payout is attractive, the associated risks are substantially greater. The importance of betting responsibly is paramount, and utilizing resources like betting guides, and newsletters can help you make informed decisions.

Want to learn more about parlays? Discover Same Game Parlays (SGP) on our dedicated page!