What Is Parlay Betting?

ꦰ Parlay betting is the merging of multiple individual bets into a single wager. Not only does it put you in a position to potentially win substantial money, but it also heightens the overall betting experience. Join us for an exploration of all things parlay, including top US parlay sports betting sites as well as tips to enhance your journey.

How Does Parlay Betting Work?

Quite simply, a sport betting parlay (sometimes called an accumulator, combo, or multi-bet💝) involves combining two or more picks to create a single bet. There can be as many as 14 picks — depending on the bookmaker, and you can choose them from similar or different sports betting markets.

ꩵ What matters most is how you creatively combine these bets, not necessarily the odds provided. It ‘s true that a standard three-leg parlay bet offers a much higher potential payout than three individual bets. However, you should always note that multiple small stake wagers combined in a parlay can roll over into an even larger potential payout. After all, if the first leg wins, it multiplies with the odds in the next leg for a larger potential payout. This continues until all legs hit.

🥃 That said, you can only win a parlay if all the selections are correct. And the more legs in your parlay, the higher the risk and the better the odds — excellent conditions for an action-packed betting session.

How To Make a Parlay Bet

🌠 Whether you’re confident about two bets giving you a higher payout or simply want to place a long-shot parlay just for fun, the process isn't complicated. Here are the steps you typically need to follow when making a parlay at the best parlay betting sites:

1. Registration/log–in:💫 You must create or sign in to your bookmaker account.

2. Find your picks:൲ Navigate to your preferred sports and betting markets to select at least two individual bets to include in your parlay.

3. Determine your wager amount:💮 Most top bookies have an in-house betting odds parlay calculator tool to instantly calculate the odds and the total potential payout after selecting your legs.

4. Double-check🔯: Before submitting the wager, make sure your selections and bet amount are correct.

Best Sportsbooks for Parlay Bets

😼 So, now that we’ve explained the essence of parlay in sports betting, below are the top US parlay betting sites to help you select the right platform for your needs.

DraftKings

🐻 This well-known operator in the US market is specifically loved for its wide range of same-game parlays across different markets. You can easily customize your parlay bet using the DraftKings parlay builder tool or the Quick Parlay feature. Moreover, there are several pre-built same-game parlay betting options usually featured on the platform.

FanDuel

𓂃 Another premier parlay betting site, FanDuel features a vast collection of promotions, parlay bet types, competitive parlay betting odds, and an effortless design, which is replicated on its excellent sport betting mobile app.

BetMGM

🅰 Many bookies with the stellar reputation of BetMGM would have glided through the market without doing much. But BetMGM is not an ordinary sportsbook. This was evident because of the competitive parlay odds across its NFL and NBA markets. And it’s even clearer with the fantastic BetMGM app.

Caesars Sportsbook

🔜 From the seamless yet interactive web design to the enticing profit boosts on various parlay bets, every bit of Caesars Sportsbook is worthy of its reputation. In fact, the bookie is a fine contender for the best parlay betting site due to its immense variety of enticing offers.

Calculating Payouts

𒅌 Before parlays, betting was straightforward: place one wager and when the game concludes, you either win or lose. Parlays, on the other hand, make things more interesting, enabling you to place multiple wagers on one bet slip. Once every bet settles, you either win or lose your bet.

But how can you determine your total parlay payout? Most parlay betting sites usually automate this process. They feature an efficient betting parlay calculator🌳 that instantly rolls over all the odds and multiplies them by the stake.

🎐 And what if you want to calculate your potential parlay payout manually? Well, the process is also quite simple. Take this 3-leg sport betting parlay as an example:

To calculate parlay payouts manually, start by converting your American odds to decimal odds for easier calculations. Since the odds in our example are positive, the formula is (American odds/100) + 1.

ඣ So now our odds are 3.15, 3.40, and 4.15, respectively. The next step is to multiply them (3.15 x 3.40 x 4.15), giving you total odds of 44.44. That means if you stake $100, your total potential payout is $4444.

ܫ Of note, while using a betting calculator parlay is quick and easy, it always helps to cross check the potential payout manually.

Example of a Parlay Bet

🦩 Of all the sports and events available worldwide, some are more popular than others when it comes to parlay betting online. They include:

NFL Parlays

The NFL Season marks an exciting time for football enthusiasts❀. Every weekend, they can place hundreds of football parlay betting wagers on their favorite teams to potentially win a huge payout.

♉ But what if there’s a way to boost your potential payouts from your NFL bets? That’s where NFL parlays come in handy. Suppose we place a 3-leg NFL parlay where the Green Bay Packers win outright at odds of -150, Dallas loses by less than seven points, and Kansas City and Cleveland to score less than 50 points.

🙈 So the bet slip would look something like this:

♏ That means if your stake is $100, your potential payout from this bet slip would be $507.

NBA Parlays

Taking place every year from October to April, there’s so much to look forward to during the NBA, with NBA parlays ranking among the top.

🦩 The best part is that the odds are highly competitive, making the potential payouts even more worthwhile. But let’s not forget that the risk multiplies the more legs you include in your parlay bet slip.

🦹 As an example, suppose you’re anticipating an NBA game with one of your favorite teams, Los Angeles Lakers. So you bet as follows:

ꦺ That means if you place a $100 wager, your total potential payout is $668. However, all your legs must be correct to win the parlay bet.

MLB Parlays

💛 Undoubtedly the world’s most prestigious baseball event, the MLB is among the most important markets for online sportsbooks. Further, this event offers plenty of jaw-clenching action, making it a terrific option to watch and place parlay bets on.

🌊 Below is an example of an MLB parlay bet slip:

🌸 So, if your stake is $100, your total potential payout is $313 — as long as all legs are successful.

Types of Parlay Bets

🃏 You'll find that all the best parlay betting sites offer several types of parlay bets across almost all sports you can think of. However, some of the most popular parlay bet types are:

Teasers

ꦯ There’s not much difference between a standard parlay and a teaser bet; after all, the inclusion process of multiple bet types on your parlay bet slip is the same. The only difference is that you can’t place a moneyline bet here.

As a result, the spread/line moves towards the team you’ve bet on🐼, meaning you’ll likely get lower odds than a conventional parlay. Plus, the line can be teased anywhere from six to 10 points.

♏ For instance, the Houston Texans can move from +4 to +10 points, while the Buffalo Bills can go from -6 to 1. Nonetheless, the line is likely to be more favorable, drastically reducing the risk. Like traditional parlays, the more picks included in your teaser, the higher the potential payout.

Round Robins

Now, this can be somewhat confusing because a round robin bet consists of two levels. So here we go. A round robin refers to a bet type where you can create smaller picks from your larger picks on your parlay bet slip.

📖 So, let's say you have three picks in the NFL for Tampa Bay Buccaneers, Washington Football Team, and Arizona Cardinals. A round-robin bet allows you to wager three smaller wagers on each pick, and you decide on three different two-team parlay bets. That could consist of Buccaneers @ Cardinals, Washington @ Buccaneers, and Cardinals @ Washington.

ꦓ So, if one of the teams you picked loses, all bets that the team is part of lose. But all other parlay bets are still eligible for a payout if they win. In case one of the games concludes in a push, the parlay bets which the team is in becomes a straight wager.

Same-Game Parlay

A same-game parlay is like any other traditional one, except it only consists of picks from the same game/match✤. Here, the risk also reduces significantly since the picks are often correlated. Therefore, if one pick is correct, there’s a high chance that the next one is too.

🗹 Let's say there's a game between the Tampa Bay Buccaneers and Kansas City Chiefs, and you believe the Chiefs will win by over 56 points. Likewise, you may also predict that Tom Brady will score big, so you’ll place a player prop bet on the same game in favor of this player. You may also wager a moneyline bet in favor of the Kansas City Chiefs.

﷽ As a result, hitting one leg is as good as hitting the next one, but it’s insufficient to guarantee a win since sports are highly unpredictable.

Risks & Rewards

ꦓ The key to parlay betting is being attentive and making the right picks, and to always staying focused on the event you’re betting on.

🍷 Although that +2000 Miami Heat moneyline looks lucrative, it may cause your entire parlay to bet. We know how enticing it is to transform that $10 wager into a profitable payout worth a couple of thousands, but remember that the more picks you include in your parlay, the higher the risk.

ꦚ Nonetheless, don’t forget to do your homework by looking at recent player and team statistics. It’s also vital to always think critically and consider all possible outcomes.

Pros & Cons of Parlays

ꦉ Below is a brief outline of the benefits and risks of parlay bets.

ThePuntersPage Final Say

ඣ So, there you have it: everything you need to know before placing your first parlay bet.

👍 Clearly, this type of bet targets those who want to get more bang for their buck. We’ve discussed the importance of always researching before making a parlay; but don’t overlook the fact that choosing the most suitable site also plays a vital role in a successful parlay betting session.

🃏 All in all, parlay wagers are about boosting the thrill of sport betting just as much as they are a skillful approach to sports betting. And with the right parlay betting strategy, you can enjoy the best of both worlds.

Parlay Betting Resources