What is a Parlay Bet?

Ah, the classic parlay bet. They’re responsible for some of the biggest wins in sports betting history, and also many many heartbreaking losses. With enhanced odds and the ability to combine wagers across multiple games and even sports, parlay betting helps your money go farther, but also requires more betting knowledge.

This comprehensive guide to parlay betting will explain how these bets work, some simple strategies to use, as well as offer examples across all the most popular sports.

How Does Parlay Betting Work?

Parlay betting, often known simply as a “parlay,” is a popular strategy among bettors for its potential for significant payouts and flexibility. In a parlay bet, you combine multiple individual bets into a single, multi-leg wager. This allows you to increase the odds and potential winnings compared to placing each bet separately. However, there’s a crucial catch: all the individual bets within the parlay must be successful for you to win. If just one bet in the parlay loses, the entire wager is lost.

Let’s say you want to make a parlay play on an NFL game. You could combine bets on the game’s outcome, an over/under bet on the total score, and a bet on a specific player to get 100 rushing yards into a multi-leg parlay. If all three bets are correct, you win the parlay and enjoy the multiplied odds.

How to Read Parlay Odds

In parlay betting, odds are computed differently compared to individual bets. Instead of summing up the odds of each leg, they are multiplied together, resulting in significantly higher potential payouts.

To clarify this concept, let’s use a $100 3-leg NFL parlay as an example:

• The first bet is on the Green Bay Packers to win with odds of +150 (American odds).
• The second bet is on the total score going over 45 points with odds of -110.
• The third bet is on Aaron Jones scoring a touchdown at odds of +200.

First, you’ll need to convert your odds to decimal format by using this formula:

(odds / 100) + 1 for positive odds

1- (100 / odds)  for negative odds

Take each of these odds in decimal form and multiply them together to get your potential return.

2.5 x 3 x 0.91 = 6.825

This means that your total return on a $100 bet, including your initial investment, would be $782.50.

Do You Need Special Tools to Bet Player Props?

When it comes to betting player props, you don’t necessarily need special tools, but some can enhance your experience. Many sportsbooks provide a dedicated parlay builder, simplifying the process of selecting your options, calculating potential payouts, and converting odds if necessary. Additionally, third-party parlay calculators are handy tools for estimating your potential winnings, especially if you’re constructing complex parlays.

Are Parlays the Same as Prop Bets?

A parlay is not a single bet but a combination of multiple bets, which can include prop bets. While many parlays exclusively feature prop bets, they can also encompass other types of bets such as over/under, moneyline, spread betting, and occasionally futures.

In contrast, a prop bet is a bet placed on a specific event or outcome within a game, often related to individual player performances or specific occurrences during the match. Prop bets are a subset of the various wagers that can make up a parlay, making them two different but interconnected aspects of sports betting.

What is a Round Robin Parlay?

A round robin parlay is a versatile betting strategy that allows you to combine multiple bets into various combinations. Think of it as similar to the group stage in the World Cup, where each team competes against every other team.

In a round robin parlay, each bet you select needs to be paired with another. The unique aspect of round robin parlays is that you don’t need every leg to be correct to win; they can be divided into combinations of twos or threes.

For instance, consider an NBA round robin parlay with bets on three teams: The LA Lakers, Golden State Warriors, and Boston Celtics. Instead of requiring all three teams to win, you can create combinations like Lakers-Warriors, Celtics-Warriors, and Lakers-Celtics. If at least two out of the three combinations are successful, you make a profit. Round robin parlays offer flexibility and reduced risk compared to traditional parlays.

Can You Add Multiple Sports to a Parlay Bet?

Certainly! Parlay betting allows you to combine different sports, creating exciting multi-sport opportunities. Let’s illustrate this with a 4-leg parlay that spans the NFL, NBA, MLB, and Premier League:

NFL: Bet $50 on the Giants to win with odds of +150.

NBA: Wager $30 on the Trail Blazers to cover the spread at -110.

MLB: Place a $20 bet on Shohei Ohtani to hit a home run with odds of +120.

Premier League: Bet $40 on Erling Haaland to score with odds of +180.

In this example, you’re blending football, basketball, baseball, and soccer into a single parlay. All four legs must be correct for you to win, but if they are, the potential payout can be substantial.

Can Beginner Bettors Make Parlay Bets?

Parlay bets are not overly complex, but they are generally better suited for intermediate and advanced bettors. This is because successful parlay betting requires more in-depth knowledge of the sport and the players involved than your typical fan possesses. It demands extensive research, beyond what’s needed for standard moneyline bets, to consistently make profitable parlays.

If you’re a beginner interested in making parlay bets, it’s advisable to stick to teams and leagues that you are genuinely familiar with. This familiarity can increase your chances of making informed selections and potentially enjoying some success with your parlays.

How Do Sportsbooks Set Parlay Odds?

Sportsbooks establish parlay odds through meticulous analysis and data-driven processes. Key factors include:

• Individual leg odds: These are based on team and player performance, injury reports, form, and historical data.
• Weather conditions: Outdoor sports may see odds adjustments based on expected weather impact.
• Defensive and offensive stats: Analysis of scoring ability, defense, and historical performance against opponents informs odds.
• Line movement: Odds can shift if betting trends heavily favor one side to balance sportsbooks’ risk.
• Research and insider info: Experts gather insider insights and research to influence odds.
• Archival data analysis: Statistical models project outcomes and assess risk based on historical data.

Sportsbooks adapt odds continuously, responding to new information and betting trends to remain competitive while offering enticing options to bettors.

Parlay Examples in Sports Betting

You now have a basic understanding of how parlay betting works, but what does it actually look like in practice? To help you out, we’ve put together a few parlay bet examples for some of the best popular sports so you can get a good idea of what they’re supposed to look like.

NFL

Let’s say you’re a football betting enthusiast and want to place a 3-leg NFL parlay. You could choose the New England Patriots (+150) to win against the Buffalo Bills, the Kansas City Chiefs (-110) to cover the spread against the Denver Broncos, and the San Francisco 49ers (+200) to win against the Los Angeles Rams. If all three of these outcomes materialize, your parlay bet would result in a substantial payout due to the multiplied odds.

NBA

Time to watch some basketball. On a random NBA weekend, you might select the Los Angeles Lakers (-120) to win against the Miami Heat and LeBron James to score 30 points (+210), the Brooklyn Nets (-130) to cover the spread against the Boston Celtics, and the Golden State Warriors (+180) to win against the Milwaukee Bucks. Get all of these bets correct, and you’ll be in line for a massive return.

MLB

For baseball aficionados looking to add an extra layer of excitement, a 4-leg MLB parlay could include both team outcomes and player props. Let’s consider the New York Yankees (-160) to win against the Boston Red Sox, with a player prop for Aaron Judge to hit a home run (+250), the Atlanta Braves (-140) to cover the run line against the Chicago Cubs, and a player prop for Freddie Freeman to record over 2.5 hits (+180). This allows you to not just enjoy specific games, but individual player performances as well.

NHL

Heading over to the NHL, imagine selecting the Tampa Bay Lightning (-130) to win against the Toronto Maple Leafs, with a player prop for Nikita Kucherov to score the first goal (+350), the Vegas Golden Knights (-110) to cover the puck line against the Colorado Avalanche, and a player prop for Marc-André Fleury to make over 30 saves (+200). If the teams win and the player props hit, your NHL parlay would not only bring potential profit but also an immersive experience tied to player accomplishments.

Soccer

In the realm of soccer, let’s construct a 3-leg parlay that combines team outcomes and player performance. You might choose Barcelona (-110) to win against Real Madrid, with a player prop for Pedri to score the first goal (+250), Liverpool (-140) to secure a victory over Manchester City, and a player prop for Mohamed Salah to have over 3 shots on target (+180). If the teams win and the player props hit, your soccer parlay could deliver both thrilling on-field action and potential profit.

Combat Sports

For fans of combat sports, a 3-leg parlay can add intrigue to fight night. Consider selecting Conor McGregor (-140) to win his UFC bout, Canelo Alvarez (-200) to secure victory in his boxing match, and Amanda Nunes (-170) to emerge victorious in her MMA showdown. If these fighters deliver, you might even be able to cover the Pay Per View cost!

Tennis

And finally, on to tennis. Let’s look at a 3-leg parlay where we choose Rafael Nadal (-120) to win his match at Wimbledon, Coco Gauff (-130) to triumph in her Grand Slam clash in the US, and Novak Djokovic (-150) to secure a victory at the Australian Open. This parlay is spread over multiple competitions, allowing you to have your money down for an extended period of time.

Parlay Betting Tips

Knowing what a parlay bet is and how it works across the most popular sports is just the beginning. You’re almost ready to start betting with confidence. But, before we send you out there, we have a couple more nuggets of wisdom to pass along.

We recommend you always follow these general tips when parlay betting as not only will they help you avoid unnecessary losses, but they’ll make you a more consistent winner as well.

Less Legs Is Usually Better

Listen, we’ve all seen the videos online of people turning a dollar into $10,000 off some insane 25-leg parlay. But, the fact of the matter is that bets like those are not even a once-in-a-lifetime opportunity. Most of the time when you place parlays with 10+ legs you’re gonna be throwing money to the wind.

We recommend keeping your parlays closer to four or five legs, giving you better odds and allowing you to make a few well-researched picks rather than many dubious ones.

Stick to What You Know

In the realm of multi-sport parlays, one of the golden rules is to bet on sports, leagues, and teams that you are intimately familiar with. The reasoning behind this advice is simple: betting on sports you watch regularly and understand deeply significantly enhances your chances of making informed selections.

When you venture into unfamiliar territory, such as betting on obscure leagues or teams from far-flung regions, you are essentially relying on guesswork or limited background knowledge. In contrast, by sticking to sports that you know inside-out, you’re far more likely to spot those advantageous betting opportunities that can elevate your parlay game.