A parlay bet is the kind of wager that turns heads; think a $50 stake ballooning into a $250,000 payday. How? By combining multiple bets into one ticket with long odds and even longer potential payouts. That’s the essence of a parlay.
In this guide, we’ll break down exactly what a parlay bet is, how it works, and why it’s become a favorite for risk-takers. We’ll also cover the latest twist that’s sweeping sportsbooks: the same-game parlay.
What Is A Parlay Bet?
What is a parlay? A parlay bet is a type of bet that allows gamblers to combine multiple outcomes together to form one wager with a potentially jaw-dropping payout, but if any outcome loses, the bet loses.
Because a parlay bet allows bettors to risk a small amount of money to potentially win a massive amount, parlays are often glamorized in the media, but remember that they're far less likely to win than straight bets.
The more bets (AKA “legs”) in a parlay, the more it will pay, but the less likely it is to win. Making parlay bets can be intense and highly entertaining, but they also create heartbreaking what-if stories for bettors who come up one leg short. Parlay betting is common at virtually every legitimate betting site these days.
What Is A Same-Game Parlay?
Same-Game Parlay betting is similar to a traditional parlay betting, but legs can consist of player props and game props from the same contest. For instance, in a Chiefs - 49ers game, a 3-leg same game parlay could link the 49ers on the moneyline, with Brock Purdy passing for over 260 yards, and George Kittle having at least 54 receiving yards.
The odds for Same-Game Parlays (SGPs) are usually less friendly for bettors than traditional parlays but an advantage is that bettors are typically allowed to combine somewhat correlated outcomes. For instance, since Purdy throws the ball to Kittle, a big game for one increases the chances the other player has a big game.
How Do You Make a Parlay Bet?
Traditional parlay bets involve combining the three most common types of bets (point spreads, over/unders, and moneylines) which can sometimes be started from a separate parlay builder screen, while other betting apps allow bettors to select parlay legs from the standard single bet screen. In both cases, parlays require 2+ legs and the math is calculated automatically for the bettor. The type of parlay available and the maximum number of legs utilized depends on each sportsbook. For instance, some betting sites limit bettors to 10-leg parlays, while others set a 14-leg limit.
Some betting apps might allow you to mix legs from different sports and from live bets, while others prohibit it. Some sports betting sites let you mix futures bets into your parlays, while others don’t. Prop bets including player propslegs are available at most sportsbooks and your flexibility in combining them with other legs depends on the oddsmaker. These nuances in different parlay offerings, combined with the fact that sportsbooks often offer different juice on the same games, make it wise to have multiple betting sites in your arsenal.
Parlay Betting Strategy
While building a parlay bet, a sports bettor might notice an error message saying the sportsbook doesn’t allow certain parlay legs to be combined. This is often because the legs are correlated to each other. For example, don't expect to combine the Boston Celtics -125 moneyline bet with the Celtics -2 point spread. Obviously, if the Celtics -2 bet wins, the Celtics moneyline would also win automatically, so it makes sense betting sites won’t allow that correlated combination.
Other more loosely correlated parlay legs may earn you an error message too (for instance a team total over and a game total over), but each sportsbook has its own guideline and some are more flexible than others.
Correlated Parlays
While blatantly obvious forms of correlated parlays aren't allowed as in the Celtics example above, sportsbooks do allow loose correlation and that's a sports betting strategy bettors can take advantage of.
For instance, if the high-powered Edmonton Oilers offense is playing the Winnipeg Jets stingy defense you could argue, "The only way that the Jets win is if their defense can effectively limit the Oilers offense." With this in mind, you could parlay together the Jets moneyline with the total going under. Or in the futures market, "If Caleb Williams has an MVP season, the Bears will be Super Bowl contenders" and you could (at some betting apps, at least) parlay Caleb Williams MVP with Bears winning the Super Bowl.
Correlated parlays are a good thing for bettors and each betting site has a different threshold for how much they'll allow.
Progressive Parlays
The major difference between a standard parlay and a progressive parlay is that progressive parlays allow you to have one to three incorrect selections on your slip and still earn a payout. Regular parlays automatically lose as soon as one leg fails, but progressive parlays have some forgiveness. Keep in mind that most progressive parlay options will count a tie, or a push, as a loss; regular parlays simply reduce your overall payout by the tie’s corresponding odds.
Parlays for Bonus Bets
Because you don't get your original stake back on winning bonus bets (like you do when winning a cash bet) plus-money parlay bets can be an effective way to spend promotional bonus bets from sportsbooks.
Everyone has their own idea of what the ideal odds are for a bonus bet, but personally I think +250 to +450 is a nice sweet spot where winning the bet is realistic and also pays well if it hits.
Finding Good Parlay Legs
If you're struggling to find winning wagers and routinely lose straight bets, then parlays will seem daunting because it's necessary to win multiple legs. Sports picks sites sometimes recommend parlays and often they suggest straight bets that you could choose to parlay. Whether you use a picks site or not, try to make sure the legs you're using are thoughtful because stacking unlikely-to-win bets together in a parlay bet is a recipe for disappointment.
How do parlays work?
To illustrate the mathematical difference between parlay betting and straight betting, imagine a bettor with a $100 budget on an NFL weekend likes four different NFL teams to cover their point spreads with standard -110 vigorish. If the bettor divided the budget into four equal bets, they could put $25 on each game and if all four games cashed, they’d pocket $90.92 in profit. If the bettor had instead wagered the $100 budget on a winning 4-game parlay, it’d be a +1228 bet with $1,228 profit. With this example, it’s easy to see why parlay bets are so popular and alluring.
Imagine in the scenario above that all four NFL teams played at different start times and the bettor wagered the entire $100 budget on the first game and took that $190.91 payout (winnings + original bet) and rolled it over to bet it on Game 2 which earned a $364.46 payout that was subsequently wagered on Game 3. The budget after a Game 3 win would be $695.79 and if that was wagered on the final game, it’d return $1,328.33 which is a $1,228.33 profit and identical to the +1228 odds from the 4-game parlay. If you understand the math in this “rollover” example, you understand the math behind traditional parlay odds. If you still don’t understand the math, experiment with our parlay calculator.
While creating parlay bets, it’s easy to start dreaming of fancy cars and vacations while watching the payout increase with each leg added, but every time a leg is added, the bet becomes much less likely to hit. For new bettors, I recommend taking it easy with parlays until there’s a comfort level with straight bets. For losing bettors who don’t have an edge, parlays are compounding their problem and they’re just making already bad bets even less likely to hit.
Remember that the exact same wager on the exact same parlay bet at five different websites will probably pay out five different amounts so having multiple reliable sportsbooks is wise.
Other Types of Parlays
As sports betting has grown in popularity, so has interest in betting parlay bets and the options offered by sportsbooks. So far this article has focused on the traditional form of parlays, but below are examples of other parlay bets commonly offered at betting sites.
Teasers
Teasers are technically parlays, but nobody really calls them parlays. Teasers are generally easier to win than traditional parlays, but the payouts aren’t nearly as lucrative. Above you'll see examples of four different teasers from BetMGM.
Like traditional parlays, teasers involve multiple legs and the bet only cashes if none of the legs lose. The biggest difference with a teaser is it’s only using points spreads/totals (not moneylines, futures bets, etc.) and bettors can adjust those numbers by 6 points (on a 6-point teaser) and 7-points (on a 7-point teaser).
For instance if the Dolphins +4 vs. the Bills and the Packers are +1 vs. the Eagles, you could bet the Dolphins +10 & Packers +7 on a 2-team, 6-point teaser. Some sportsbooks offer 6.5-point teasers and 10-point teasers for football and 4-point teasers for basketball.
Round Robins
Unlike a teaser or traditional parlay which can be bet with two legs, a round robin bet requires at least three legs. A round robin with 3 legs is very similar to a 3-leg parlay, except it allows the bettor some grace in case one of the legs loses.
For instance, a 3-game parlay needing the Red Sox, Yankees, and Blue Jays all to win wouldn’t cash if the Blue Jays lost, however the bettor can walk away with some money if two of the three round robin legs cash. A 3-leg round robin bet basically turns your wager into mini two-leg parlays combinations.
The benefit to round robins is you’re more likely to win, but the downside is a decreased profit margin.
It's important to note that round robin betting can start to get very expensive, especially when you start to build large ones like the one pictured below. A $25 round robin sound like a small bet, but when put into a large round robin with 25 combinations like in this photo, that'd cost you $625.
Are Parlay Bets bad?
The most obvious benefit to traditional parlay bets is they often have high payouts and give bettors a path to win a large amount by risking a small amount. Parlays are an intense and exciting form of gambling for that very reason. Parlays also offer a lot of flexibility for strategic bettors. For example, if they’ve hit the first four legs of a parlay and just need the Jets +6 vs. the 49ers to win $5,000, they could hedge with the 49ers moneyline and create a “middle” where the 49ers and Jets +6 both win and it’s impossible to lose both bets.
Parlays have inherent downsides too. Standard parlays are less likely to win compared to individual wagers and that makes them a high risk bet. Because the high payouts for parlays are alluring and often heavily publicized, they can give bettors the impression they’re easier to win than they actually are which can be very problematic for new bettors.
Parlays can be a psychological trap for bettors who are mesmerized by the large payout. For instance, a bettor who set a limit of $100 per bet size and sees their $100 4-leg wager (-110, +140, +200, +550) pays $8,834.55, might be tempted to bet beyond their means while chasing a dream because $185 on the same bet would pay $16,343.91.
Should I Make Parlays?
I’ve often referred to standard parlays as, “The junk food of sports betting” because, like a bad diet, there are serious consequences when a gambler’s betting diet consists of too many parlays. That said, there’s an appropriate time to enjoy parlays in moderation with an understanding of their associated risks, just like with ice cream and birthday cake. When betting sites publicly report their profits to regulatory agencies, it’s common to see parlays as their cash cow. Knowing that sports betting apps want bettors placing parlays should make you at least mildly skeptical of them.
In the “How Do Parlay Odds Work” section above, parlay math is outlined, and it’s important to note the bettor in that example is essentially paying 10% juice four times for that 4-game parlay. So, while +1228 (12.28-to-1) seems generous for four 50/50 bets all hitting, remember that a coin will land on heads four times in a row 1 of 16 times, so +1600 odds would be a fair price in a world without vigorish. Also, realize that pairing multiple bets together at one betting site doesn’t allow bettors to shop around and get the best price in the market for each individual game to build the parlay with.
That said, for a financially stable bettor familiar with bankroll management, betting parlays can be entertaining and lucrative when filled with bets where they have an edge or a sportsbook has priced a game incorrectly.
Parlay Betting Advice
The most common mistake new bettors make is adding “easy win” games into the parlay to increase the payouts. For instance, a couple -600 college football moneylines the bettor hasn’t researched (“What could go wrong?”). This strategy backfires a lot and long-shot underdogs have been known to break the hearts of parlay bettors. When creating parlays for the first time, start small and consider cutting your unit size in half and using the other half to bet the games individually.
It's also common to see beginner bettors build parlays like the four you see pictured above with a bunch of "sure thing" winners (-700, -3000, etc.). Building parlay bets like this might work short term, but eventually you'll get caught speeding and feel silly. Upsets happen, so remember there are no guaranteed wins with parlays.
