Parlay betting is one of the most exciting bets that sportsbooks have to offer. Their giant odds and high risk have made them undoubtedly one of the best wagers in the sports betting industry.
Parlay Betting Explained
A parlay is a wager on multiple bets that are dependent on each other winning, in order to payout for the bettor. Simply put, a parlay consists of bets that are combined together into one big wager. Parlay bets are attractive to many sportsbook users due to their very large odds. However, this is because parlays come with a bigger risk than a single moneyline bet.
Understanding Parlay Odds
Parlay odds can be some of the most difficult odds to grasp in the sports betting world. This is because the large number of wagers in a parlay can mean that not only do odds change more frequently before being locked in, but there are also more numbers to calcultate.
Luckily, sportsbooks automatically work out the odds for parlay bets. However, if you want to double check, here’s the best way to find out parlay odds.
- Change American odds to a decimal number.
- Multiply these numbers together.
- Then multiply this number by your wager.
- Minus your wager from this number.
If you placed a $100 four bet parlay with odds of -110 each. You would need to convert these American odds to a decimal number. You would do this by dividing 100 by -110 and then adding 1. So this would be 100/110 = 0.91 + 1 = 1.91.
From there you would need to multiply 1.91 by 4 as that’s how many wagers there are of that value in the parlay. This would give you a total of 7.64.
Now you would need to multiply this by your total wager of $100. This would be $764. Now minus the $100 wager and the number would be $664. This means that the parlay will pay +664 in American odds.
Different Types of Parlay Bets
Here are the main types of parlays you can place at sportsbooks in America.
- Same Game Parlay – All wagers in the parlay must be on only one game.
- Round Robin Parlay – These are a bunch of smaller parlays from a bigger group of teams.
- Fixed Parlay – These are wagers that have been predetermined by a sportsbook with the odds advertised. For example, a sportsbook may announce that they have +350 odds on the Celtics to win and there to be more than 219.5 total points.
- Custom Parlay – This is when the bettor can add as many wagers as they like to a parlay. Some place as many as 12 in one parlay. While the odds are fantastic, it’s incredibly risky to do this due to the high probability the parlay will lose.
One of the most common types of sports betting promos available to existing customers at a sportsbook is parlay insurance. What this usually means is, if all of the wagers within the parlay win except one, then you will be able to receive the total amount you wagered in the form of a bonus bet.
How to Place a Parlay Bet
Follow these quick and easy steps in order to begin placing parlay bets at the best sportsbooks in your state.
Create a Sportsbook Account
The first step in placing a parlay bet is to have a sportsbook account. If you’re in DC, Maryland or Virginia you can sign up for two of the greatest sports betting platforms in the country and you will receive up to $2,250 in bonus bets.
Up To $1,000
Up To $1,250
Build a Parlay
Once you have a sportsbook account, navigate towards the sports betting markets. Usually there will be banners with options to build a custom parlay. In this instance, we can see a parlay builder for a NBA playoff game between the Heat and the Celtics. Click the bet now button in order to choose different bets to include in your parlay.
Place Your Parlay Bet
In this example, we selected 3 bets. The Miami Heat to win, the total points in the game to be under 215.5 and the total points scored by Jimmy Butler to be under 29.5 points.
The odds for this one game parlay in our betslip show +1050. This means that if you wagered $10 and the parlay won, you would receive $115 total with a profit of $105.
Once you are happy with your parlay, simply press the bet now button and your parlay will be locked in. This means that you will now need to wait until the game concludes in order to find out if your parlay was successful or not.
Helpful Resources For DC, Maryland & Virginia
Which Sports Use Parlay Betting?
You can place parlay bets on pretty much every sporting event in the world. Here are some of the most popular leagues in America and whether you can wager parlays on their games.
NFL – American football fans that partake in sports betting often frequently place parlay wagers. This is because the great odds are too good to pass up. When the season returns in September there will be millions of potential parlays to create.
NBA – You can place all types of parlay bets on the basketball action. It’s even more exciting to do so now in the midst of an electric playoff competition. Thanks to the high scoring nature of basketball, parlays are the perfect bets.
NHL – Even though ice hockey is a relatively low scoring sport, that doesn’t take away from how exciting it is to place parlay bets on the games. With the Stanley Cup finals almost here, it’s the best time of the year to do so.
MLB – The incredibly long 162 game season means that there are plenty of opportunities to place parlay bets on baseball games. This is part of what makes America’s favorite passtime so thrilling nowadays.
Parlay Betting FAQs
A same game parlay consits of mutliple bets that all stem from the same game.
A 3-team parlay is a bet on 3 teams to win or cover a spread. All 3 teams must win or cover the spread for the parlay to win.
There must be at least 2 bets in a parlay. Otherwise it would be a regular single bet.
While the risk is much higher with a parlay bet compared to a single bet, the rewards are far greater. This makes it enticing for bettors.
Other Sportsbook Bets
Check out our full sports betting guide and find out everything there is to know about the different types of bets you can place at sportsbooks all over the country!
Moneyline Betting Guide
Learn more about moneyline betting in our helpful guide.
Spread Betting Guide
Get a better understanding of spread betting here.