Parlay Betting Explainer How to Make a Parlay Bet
Parlay betting is a fun and exciting way to bet on sports. It allows you to combine wagers into one bet, offering you bigger potential payouts than betting each game individually. In this parlay betting guide, we’ll go over what a parlay bet is, the various types, parlay betting strategy, and everything else you need to know.
What is a Parlay Bet?
A parlay bet is a wager that combines two or more individual bets into one. The trick is that all the individual bets within the parlay must win for the parlay to be successful. The trade-off for the risk involved with linking bets together is a higher potential reward. Parlay payouts are far more lucrative than standard bet payouts.
Let’s look at a few examples to show how parlays and their payouts work.
Examples of Parlay Bets
Two-Leg Parlay
The simplest type of parlay bet is a two-leg parlay, which combines two selections into one play. For example, let’s say you like the Kansas City Chiefs as 5.5-point favorites at home against the Los Angeles Chargers and the New York Jets as 3-point underdogs on the road against the Miami Dolphins.
If both sides are listed at -110, you could bet $110 to win $100 on each as individual bets. Or you could place a $100 parlay on Kansas City -5.5 and New York +3, which will pay $264.46 if both teams win. That works out to a price of +264 on this two-team parlay.
Three-Leg Parlay
As you add more legs to your parlay, both the risk and the potential reward increase. Imagine you want to parlay these three baseball picks together:
- New York Yankees -135 vs Baltimore Orioles
- Colorado Rockies +125 at San Francisco Giants
- Pittsburgh Pirates at Chicago Cubs OVER 8.5 Runs (-110)
Combining these three picks into a three-leg parlay could potentially yield a significant payout of +647, or bet $100 to win $647. Remember, all three picks must win for the parlay to be successful. Two wins and one loss would result in the parlay being graded as a loss.
Are Parlays and Accumulators the Same Thing?
Yes, accumulators and parlays refer to the same type of bet. The term parlay is common in the United States and Canada. Meanwhile, the term accumulator is more prevalent in the United Kingdom and other parts of the world.
Types of Parlay Bets
There are many types of parlay bets available. While they all involve combining wagers, each one has slightly different rules for the events covered or how they’re graded. In this section, we’ve compiled a list of the most popular sports parlay variations.
Multiple Event Parlays
Multiple event parlays are the most common type of parlay, combining two or more short-term events into one play. It’s what most people are referring to when they talk about parlay wagering. Note that multiple event parlay betting can include different bet types and games across different sports. Take this hypothetical five-leg parlay, for example:
- NBA: New York Knicks -5.5 (-110) vs Indiana Pacers
- NBA: Los Angeles Lakers ML (+150) at Minnesota Timberwolves
- NHL: Washington Capitals at Pittsburgh Penguins OVER 6 Goals (+100)
- NHL: Washington Capitals ML (+125) at Pittsburgh Penguins
- NFL: New Orleans Saints +4 (-110) at Atlanta Falcons
This multiple event parlay includes spreads, moneylines, and totals across three different sports. As the above example shows, you can add a side and total from the same game. However, you cannot add directly correlated events like the same team to win on the money and against the spread.
Some sportsbooks also allow you to combine multiple spread bets across different games to form teaser bets, and even sweetheart teasers. You can even parlay multiple futures bets, for example, the eventual winners of the Super Bowl, MLB World Series, and NBA Finals.
Same-Game Parlays
Same-game parlays allow you to combine outcomes and proposition bets from the same event into one wager.
For example, let’s say you create a parlay for an NBA playoff game between the Oklahoma City Thunder and Dallas Mavericks. That parlay includes the moneyline winner of the game, the total, and player performances from two-star players:
- Dallas Mavericks to Win
- OVER 209.5 Points
- Luka Dončić Over 28.5 Points
- Kyrie Irving 6+ Assists
Note that parlay payouts on same-game parlays vary based on how well the selections correlate. The above parlay’s four selections all work well together. For example, Doncic scoring a lot of points pairs well with the game total going over and the Mavericks winning. This means the parlay will pay less than it would if, for instance, you swapped out Dallas to win with Oklahoma City to win instead.
Prop Builders
Building same-game parlays and seeing what they will pay is easy with a prop builder like the one used at Bovada Sportsbook. All you have to do is click or tap on your selections, and your bet slip will update with the new price. Plugging the parlay from above into the Bovada prop builder, you could bet this four-leg same-game parlay at +450.
Progressive Parlays
Unlike traditional parlays, progressive parlays leave players some margin for error by paying out at a reduced rate if one or more legs lose. Payouts and rules on progressive parlays vary at different sportsbooks, but here’s an example of what the structure may look like:
- 4-Leg Progressive Parlay: +400 if all four plays win, -200 if three plays win, a loss if two or fewer plays win
- 7-Leg Progressive Parlay: +4000 if all seven plays win, +100 if six plays win, money back if five plays win, a loss if four or fewer plays win
- 12-Leg Progressive Parlay: +40000 if all 12 plays win, +3000 if 11 plays win, +600 if 10 plays win, -200 if nine plays win, money back if eight plays win, a loss if seven or fewer plays win.
The number of legs in a progressive parlay affects potential payouts. It also determines how many legs are graded as losses while still allowing the parlay to pay out.
Round-Robin Parlay
A round-robin parlay is a bet type that allows you to break three or more plays into a collection of smaller parlays. For example, say you want to build a series of parlays for today’s MLB action. Let’s say you decide to go with your four best picks for the day: the Atlanta Braves, Boston Red Sox, Texas Rangers, and Philadelphia Phillies.
Putting these four selections into a two-team parlay round-robin would yield six different parlays:
- Atlanta and Boston
- Atlanta and Texas
- Atlanta and Philadelphia
- Boston and Texas
- Boston and Philadelphia
- Texas and Philadelphia
A three-team parlay round-robin would yield four different parlays:
- Atlanta, Boston, and Texas
- Atlanta, Boston, and Philadelphia
- Atlanta, Texas, and Philadelphia
- Boston, Texas, and Philadelphia
Bet Slip
Using the Round Robin feature on your bet slip on a site like the BetOnline Sportsbook makes it easy to put these selections into separate parlays.
Live Parlays
Live parlays are like standard or same-game parlays, but the selections are based on events taking place in real time through live betting. For instance, at halftime of an NBA game, a live parlay would allow you to combine your picks on the total of the third quarter and the winner of the game. These parlays are generally available in the live betting sections of events that sportsbooks allow them on.
How to Place a Parlay Bet
Placing a parlay bet online is a relatively straightforward process, which we’ll walk you through in this step-by-step parlay betting guide below.
Placing a Parlay Bet Online
Navigate to the sport you want to make selections for in your preferred online sportsbook.
Add selections to your bet slip by clicking or tapping on them.
On your bet slip, you can bet on your selections individually or combine them into a parlay using the “Parlay” or “Multi” button.
This button will show you all your selections as one parlay bet and the odds on this parlay. Enter the amount you want to risk in the box provided.
Confirm that the risk and win amounts look correct, and press the “Place Your Bet” button to lock in your parlay wager.
Level-Up Your Parlays With The Sports Geek’s Picks
See All AI PicksThe Sports Geek’s free sports picks include daily best bets generated by the Geek, our AI gambling expert. Find picks against the spread, moneylines, and over/unders for every game.
How to Calculate Parlay Bet Payouts
The reason parlay payouts get so large as you add more legs to them is because your winnings on each bet roll over into the next play.
To illustrate how to calculate parlays with simple math, imagine you’re parlaying the Los Angeles Kings, Chicago Blackhawks, and Colorado Avalanche moneylines together. All three of these moneylines are listed at +100 (bet $100 to win $100)
- Bet 1: $100 to win $100 on Los Angeles = $200 total if the Kings win, which rolls over.
- Bet 2: $200 to win $200 on Chicago = $400 total if the Blackhawks win, which rolls over.
- Bet 3: $400 to win $400 on Colorado = $800 total if the Avalanche win.
Parlaying three +100 picks together works out to a +700 parlay, or bet $100 to win $700, coming out to the $800 total as demonstrated above. Of course, the math gets a bit more complicated as you add in different odds prices, but it works out the same way.
Fortunately, all sportsbooks have a built-in parlay calculator on your bet slip displaying your projected parlay odds, so you can check the odds yourself before placing your bets.
Now that you know how parlay bets are calculated, let’s dive into the pros and cons of parlay betting.
Pros of Parlay Betting
Parlay bets aren’t inherently good or bad. When done right, they can be a lucrative and worthwhile betting method. Let’s go over some advantages of parlay gambling now.
Opportunity for Bigger Wins
The most obvious appeal for parlays is their potential for big wins. Imagine the perfect NFL betting Sunday: you get a perfect 10-0 against the spread on your ten selections. If you had $100 in action and flat bet $10 to win $9.09 at -110 on all 10 games, you’d have earned a $90.90 profit. That same $100 on a winning 10-team parlay would have yielded a $64,208 payout.
And scaling that back, just $1 wagered on that winning parlay would deliver a $642.08 payday. Parlays give players at every bankroll level the chance to win far bigger than they can on flat bets alone.
Plenty of Parlay Promotions
Online sportsbooks know how many sports bettors enjoy parlays. Many online sports betting sites offer parlay betting promotions to encourage players to use their site instead of a competitor’s.
These promotions give the player added equity on their parlay bets with perks like boosted odds and free entries for prizes.
Here are a few examples of some parlay promotions currently offered at some of our top recommended sports betting sites:
If Your Wagers Have Positive EV, it’s Multiplied
How Value Works
Expected value, or “EV,” measures the positive or negative value you can expect from betting on a particular event. Think of it like a coin flip in which both heads and tails pay +100. If you bet $100 on heads 100 times, you would expect to win 50 times and lose 50 times since the odds of either side landing are 50%. Calculating these results, this is a 0 EV, or even-money proposition:
- 50 wins at $100 each = +$5,000
- 50 losses at $100 each = -$5,000
- $5,000 in wins – $5000 in losses = $0 expected in 100 flips
- $0 expected value per flip = 0% EV
But if the offer was +110 on Heads on the same series of bets, you’d have a positive EV situation on your hands. Even though the win rate would remain steady at 50% for heads and 50% for tails, you would expect to profit due to your improved payout:
- 50 wins at $110 each = +$5,500
- 50 losses at $100 each = -$5,000
- $5,500 in wins – $5,000 in losses = $500 expected in 100 flips
- $500 in 100 flips divided by 100 = $5 expected value per flip = 5% EV
Over the long run, you would earn a 5% profit on every dollar wagered on this proposition at these odds.
Adding Value to Positive EV Bets With Parlays
Now, consider that you can parlay coin flips at your +110 price. Parlaying two +110 legs pays out at +341. The odds of hitting heads twice in a row is 25%, so you’d win this parlay one in every four sequences:
- First flip tails, second flip tails (Loss)
- First flip tails, second flip heads (Loss)
- First flip heads, second flip tails (Loss)
- First flip heads, second flip heads (Win)
But even with the lower win frequency, parlaying this positive EV wager would increase your overall profit. Let’s work out the math on 100 two-flip parlays at $100 each:
- 25 wins at $341 each = +$8,525
- 75 losses at $100 each = -$7,500
- $8,525 in wins – $7,500 in losses = $1,025 expected in 100 sequences
- $1,025 in 100 parlays divided by 100 = $10.25 expected per parlay = 10.25% EV
By parlaying these +110 coin flips instead of playing them individually, you’d more than double your expected value of $5 per $100 wagered up to $10.25 per $100 wagered. If you are a good sports handicapper capable of finding profitable plays, you can use parlays to maximize your returns.
Cons of Parlays and How to Manage Them
Of course, finding value in sports betting is less obvious than being offered +110 on a fair coin flip. This leads us to the biggest con when betting on parlays: negative value is also compounded.
Negative Value is Multiplied
Imagine the same scenario as above, in which you create two-flip parlays with a coin with a 50% chance of landing on heads or tails. Only this time, you have a negative value proposition, paying -110 on every flip to bet tails. Here’s what your negative value would look like over 100 bets at $110 each on single flips:
- 50 wins at $100 each = +$5,000
- 50 losses at $110 each = -$5,500
- $5,000 in wins – $5,500 in losses = -$500 expected in 100 flips
- -$500 in 100 flips divided by 100 = -$5 expected value per flip = -5% EV
A $100 two-leg parlay with two -110 selections yields a +264.46 payout. Hitting tails twice in two flips will occur 25% of the time, or 25 times in every 100 parlays:
- 25 wins at $264.46 each = +$6,611.50
- 75 losses at $100 each = -$7,500
- $6,611.50 in wins – $7,500 in losses = -$888.50 expected in 100 sequences
- -$888.50 in 100 parlays divided by 100 = -$8.89 expected per parlay = -8.89% EV
When you wager $100 on straight bets with a negative value bet, the expected loss is $5. Parlaying these bets increases the expected loss to $8.89 per $100 wagered. Adding more negative value legs to the parlay makes your expected value even worse.
How to Deal With Negative Value
Have reasonable expectations about parlays. If you’re a recreational sports bettor and aren’t sure about the value of your plays, parlays probably won’t be profitable for you in the long run. However, as long as you stay within your betting bankroll budget, there’s no reason you can’t still enjoy parlay betting for fun.
High Variance
The odds of correctly guessing the outcome of two coin flips is 25%. The odds of guessing three are 12.5% (0.5 ×× 0.5 x 0.5), and four at only 6.25%.
This means if you have a 50%-win rate on your picks, you’d only hit a four-leg parlay just over six out of every 100 attempts, on average. Even at a 60%-win rate, going 4-0 on four picks will only happen 12.96% of the time (0.6 × 0.6 × 0.6 × 0.6 = .1296).
And these numbers are just averages. If your parlay strategy generates winners 20% of the time, you’ll lose four in every five parlays that you place over the long run. But in the short run, you could easily string together a stretch of 10 or more parlays without a win.
Parlays are high-variance plays that leave you vulnerable to long losing streaks. These natural downswings can be a struggle for players who don’t properly manage their bankroll or get emotional about losses.
How to Deal With Variance
Practice good sportsbook bankroll management. This puts you in a position to withstand losing streaks and keep yourself in the game long enough for your luck to turn around.
Parlay Bet Strategy
Bankroll management is the foundation for any successful parlay sports betting strategy for beginners. Once you have that established, there are a few more strategies you can follow to help improve your win rate when betting on sports parlays.
1. Look for Parlays With Complimentary Legs
Let’s say you are handicapping an NBA game between an offensive-minded team like the Golden State Warriors and a defensive-minded team like the Miami Heat. You like the Heat’s chances to cover the spread as 4-point underdogs but don’t believe their offense can keep up with Golden State’s. The most likely scenario in which your bet will win is if Miami’s defense can control the game’s tempo.
In this instance, it may be a good idea to parlay Miami +4 with the UNDER 222 points. Since you are counting on it being a low-scoring game to win, you can add equity to your play by parlaying it with this complimentary total. If you have a play in mind that will likely rely on a certain game type or player performance to win, consider putting together a complimentary parlay around those conditions.
2. Build Around Key Selections
Positive EV plays increase in value when added to parlays. One mistake many recreational bettors make is treating all their selections as equal. They either bet the same amount on every game or parlay them together, regardless of confidence levels in each pick.
Imagine you handicap this week’s college football action and have the Alabama Crimson Tide -9 (-110) as your favorite pick on the board. You also like the USC Trojans -7 (-110), Baylor Bears +4 (-110), and Boise State Broncos -13.5 (-110), but you are not as confident in those plays as you are in Alabama.
Instead of betting $90 to win $81.82 on Alabama at -110, you could build a series of $15 parlays around Alabama as your key selection:
- $15 to win $39.67 on Alabama and USC
- $15 to win $39.67 on Alabama and Baylor
- $15 to win $39.67 on Alabama and Boise State
- $15 to win $89.37 on Alabama, USC, and Baylor
- $15 to win $89.37 on Alabama, USC, and Boise State
- $15 to win $89.37 on Alabama, Baylor, and Boise State
If Alabama loses, you lose $90, the same result you would have had betting them on a straight bet. But if the Crimson Tide win, you’d earn the following payouts depending on how your other plays do:
- 0-3: 0 winning parlays for $0 (-$90 total)
- 1-2: 1 winning parlay for $39.67 (-$35.33 total)
- 2-1: 3 winning parlays for $168.71 (+$123.71 total)
- 3-0: 6 winning parlays for $387.12 (+$387.12 total)
This strategy or some variation of it can help you maximize the return on your top plays.
3. Stick to Smaller Parlays
If you have a social media account, you’ve probably seen your share of “moonshot” parlays where a bettor turned $10 into a five or six-figure payday by hitting on a 20-team parlay. What you don’t see on social media are the thousands of similar parlays that didn’t win.
There’s nothing wrong with setting aside a small portion of your bankroll for betting on multi-team parlays for fun. Just remember these plays are similar to buying lotto tickets. The odds of winning one are hundreds or thousands to one.
When trying to be profitable with parlay betting, stick to smaller, more realistic, two or three-leg parlays. Even then, prepare for some big up-and-down swings and manage your bankroll accordingly.
Should You Place Parlay Bets?
Parlay bets can be a useful and entertaining addition to any sports betting strategy. Like all bet types, parlays have their pros and cons. Parlay’s high-risk, high-reward nature can either work in your favor or to your detriment. That’s especially true in the short term, where variance can lead to big hot or cold streaks.
You can enjoy parlays all you like as long as you have realistic expectations for your win rate and manage your bankroll responsibly.
If you’re ready to give parlay bets a try, we recommend the Bovada Sportsbook. You can choose from a wide range of sports and same game parlays and get extra value on your plays with daily parlay boosters. New customers can receive a 50% deposit match on their first deposit up to $250 this month.
Parlay Betting FAQs
In a standard parlay, unless otherwise noted, the parlay would still have action even if the expected player doesn’t play. Some bets, such as player props, include a stipulation that the player must play for there to be action. Any leg without action due to this stipulation would be removed from your parlay.
If one leg of your parlay pushes or is voided, the rest will continue without that leg. For example, suppose you have a four-leg parlay that includes the Philadelphia 76ers -4, and their game results in a win by exactly four points. In that case, your parlay will update to a three-leg parlay with the other three legs and the 76ers removed. Payouts adjust accordingly to account for the removed game.
A round-robin parlay takes a group of selections and breaks them into smaller parlays. For example, a two-leg parlay round-robin featuring the Baltimore Ravens, Los Angeles Chargers, and Houston Texans would create the following parlays:
- Baltimore and Los Angeles
- Baltimore and Houston
- Los Angeles and Houston
To hedge a parlay, you will want to bet against the final selection of your parlay to lock up a profit. For instance, say that you have a $100 four-team NFL parlay that pays $1,228, and the first three legs of your parlay have won. The only game left is a Sunday Night Football matchup and the Cincinnati Bengals -4.5 are at home against the Pittsburgh Steelers. You hedge by betting $660 to win $600 on Pittsburgh +4.5 (-110). Now you will have a profit, no matter what the outcome of the game is:
- Cincinnati -4.5 wins: $1,228 parlay win – $660 Pittsburgh loss = $568 profit
- Pittsburgh +4.5 wins: $600 Pittsburgh win – $100 parlay loss = $500 profit
Some sportsbooks, such as Bovada Sportsbook, offer early parlay cashouts. They also include dynamic pricing based on the current state of your parlay, including decided legs and active scores. Not all parlays are eligible for cash out, so check with your online sports betting site for official rules.
Unless otherwise noted, all parlays will have action even if a player involved gets injured. Some player props stipulate a minimum number of minutes or attempts required for the wager to have action.
The number of legs in the parlay and the odds on each determine your parlay’s payout. The original wager amount and winnings from one leg roll over into the next leg. For example, let’s say you want to place a $10 two-team parlay on the Memphis Grizzlies moneyline (+100) and the New Orleans Pelicans moneyline (+150):
- Bet 1: $10 to win $10 on Memphis = $20 total if Memphis wins, which rolls over.
- Bet 2: $20 to win $30 on New Orleans = $50 total if New Orleans wins.
This works out to a +400 parlay, as you can bet $10 to win $40 for a total of $50 if both teams win. Your online sports betting site’s bet slip calculates parlay odds, so you can see the potential payout on your parlay before placing a bet.
Parlay insurance is a promotion offered by some sportsbooks that gives you a partial or full refund on your parlay if it meets specific criteria. For instance, a parlay insurance promo may offer your stake back on a parlay with four or more legs with only one losing selection.
In most cases, you can parlay prop bets, especially in same-game parlays. Some restrictions may apply, however, depending on your sportsbook’s parlay rules and the event you’re wagering on.
Yes, unless otherwise noted, plays featured in parlays do include overtime. Notable exceptions include regulation-only wagers like three-way moneylines in soccer.
The legal age to bet on parlays is the same in your state of residence as the age required to wager on sports. Generally, you must be at least 18 years old to place sports bets, or at least 21 years old in some jurisdictions. Check local laws to confirm the legal gambling age in your area.
If a game is suspended or postponed, that leg of the parlay will generally push unless the sportsbooks’ rules say otherwise. For instance, let’s say your three-team parlay includes the New York Mets, and the Mets game gets postponed due to rain. In that case, your parlay will become a two-team parlay with the Mets game removed.
Player prop bets are generally voided if that player does not play, with rules on action laid out clearly by the sportsbook. A player not playing won’t affect standard wagers or team bets unless otherwise stipulated. If the player prop is voided, the parlay and its potential payout will update to remove that leg.
