A parlay bet is an exciting, high-risk, high-reward wager that combines multiple bets. To win, all must hit. Read on for parlay betting tips and insights.
Understanding Parlay Betting
Making a parlay is easy at most sportsbooks, with many US sportsbooks like Bet365, DraftKings, BetMGM, and Caesars, to name a few, offering parlay builders. You can mix spreads, totals, props, and money lines to create your perfect parlay.
Calculating odds for a parlay betting
The easiest way to calculate odds when making parlays is to:
- ✅ Use decimal odds if you are not already doing so and you can convert moneyline odds to the decimal version. You can easily do this with an odds calculator.
- ✅ Multiply all of the decimal odds for each leg.
- ✅ Multiply the multiplied decimal odds by your stake.
- ✅ Subtract the initial stake to see the parlay odds.
One of the nice things is that you can put multiple betting markets in one bet. Often, at the best US sportsbooks you can also make same game parlays (SGP's) and even ones for live betting.
NFL Parlay Bet Example
Let's take a look at an NFL parlay bet with four legs. Using a weekend schedule of games from DraftKings, where the moneyline is already converted to decimal odds, here are four Sunday matchups you like:
Team | Decimal Odds |
---|---|
Vikings to beat the Bears | -189 |
Lions to beat the Colts | -270 |
Packers to beat the 49ers | -139 |
Eagles to beat the Rams | -161 |
Now multiply all of the odds together, and for this example, you are taking all of the favorites.
-189 x -270 x -139 x -161 = +484
The parlay odds for this example is +484 , so if you want to bet $10 the total is $58.39 minus the $10 stake for a profit of $48.39, which is pretty solid. Still, you have to win all four of the games for the parlay to win.
Examples Using Different Betting Markets
While the format is the same, let's now examine a parlay using three different betting markets: two money lines, two totals, and a prop bet.
Bet | Decimal Odds |
---|---|
Vikings to beat the Bears | -189 |
Lions to beat the Colts | -270 |
Cardinals vs. Seahawks to go over 47.5 | -110 |
Broncos vs. Raiders to go Under 41 | -110 |
The Dolphins to score first in their game with the Patriots | -167 |
-189 x -270 x -110 x -110 x -167 = +1121 – Again, betting $10, you would win $122.08 and take away the stake, making a profit of $112.08.
Advantages of Parlay Betting
The main advantage of parlay bets is straightforward: bigger payouts. Anytime you have multiple bets in one ticket, you are multiplying those bets together, and more than one bet in one ticket will always give a better payout. Beyond that, a few additional advantages include:
- ✅ Better Odds on Favorites: If there is a favourite in a game or match, the payout will not be as good since it is the favorite, and you have to bet a lot on it for a shorter profit.
- 🎯 Easy Building: US sportsbooks offer parlay builders, making that type of bet simple.
Tips for Making Parlay Bets
Handicapping Your Bets
The main tip for making parlay bets, or any other type, is to handicap it to make a smarter wager. Handicapping a bet involves researching the teams or players involved to get a better idea of the outcome.
Key Factors to Research:
- 🔍 Recent form
- 🏠 Home and away records
- 📊 Historical matchup data
- 🏥 Injuries to key players
- 🌤️ Weather conditions
The more you handicap a bet in doing some homework on the teams or players, the more likely it will be a more intelligent one, meaning one more likely to win.
Regarding parlays, a few other tips are to look for parlay insurance and promos and use a bet calculator.
Additional Parlay Betting Tips; Insurance & Promos
- 🛡️ Look for parlay Insurance: Some US sportsbooks offer parlay insurance as a promo. With this bonus, you'll need a certain number of legs (usually four or five), and if one leg loses, you'll still get a payout minus the odds of the losing bet.
- 💲 Seek parlay promos: These typically come as profit boosts, where the more legs you have in the parlay, the higher the profit boost will be.
- 🔢 Use a bet calculator: Since you are computing the odds for multiple bets in a parlay, using a bet calculator is advantageous. Many websites have a parlay bet calculator. You input the odds for every leg and the stake, and it will show you the overall parlay odds and the payout.
Sportsbooks that Offer the Best Parlay Bets
Sportsbook | Key Features |
---|---|
BetMGM | • Decimal odds conversion • Parlay Boost Token • Easy parlay building interface |
DraftKings | • Parlay bet builder • Regular parlay promos • Same-game parlay options |
Bet365 | • Bet builder available • Regular parlay promotions • Comprehensive betting options |
BetMGM is one of the best to make parlays for the US market, as they not only have all of the money lines already converted into decimal odds but also tend to offer some parlay promotion. At the time of writing, they have a Parlay Boost Token where if you make a parlay, your odds will be boosted, and the percentage of the boost will increase for more legs in a parlay. Also, for every single wager they offer, there is a button at the bottom of the wager to make a parlay.
DraftKings is another one of the best US sportsbooks for parlay betting. It offers a parlay bet builder and often offers promos for parlays, especially same-game parlays.
Bet365 is also one of the best parlay betting sportsbooks, with a bet builder and usually promos available for parlays.
Money Management and Bankroll Protection
Legit sportsbooks, like those mentioned earlier, offer Responsible Gambling tools. These let you set limits on time and deposits or even temporarily exclude yourself. They also provide links to problem gambling resources.
⚠️ Important: One of the golden rules of sports betting—or any betting—is to gamble responsibly. Betting should be fun, not a way to make money. If you do win, kudos!
Important U.S. Betting Requirements
In the U.S., it's essential to bet with a legal sportsbook in your state. You don't need to be a resident, but you must be physically in the state to place a wager. Be cautious with offshore sites—they may have gaming licenses, but since they're outside U.S. jurisdiction, you might face issues if problems arise, especially with payouts. Legal U.S. sportsbooks ensure safe, secure betting and protect your personal and financial information.
Bankroll Management Essentials
Bankroll management is key. Set a budget for sports betting and stick to it. If you're winning, you can bet a little more; if you're losing, bet less. Never chase losses—it's a quick way to lose more money. Instead, make smaller bets to recover gradually.
- 💰 Set specific betting budgets
- 📊 Track your wins and losses
- ⚠️ Never chase losses
- 🎯 Make calculated decisions
Smart Betting Strategy
Finally, bet with your head, not your heart. While it's fun to bet on your favorite team, it's not always the smartest move. Focus on value bets and handicap them properly. Avoid betting on a whim without doing homework, as those bets are likelier to lose. Smart betting is all about preparation and strategy.
Conclusion
A parlay bet combines multiple bets into one, offering bigger payouts but making winning harder. It's a high-risk, high-reward wager—the more legs you include, the better the payout, but the tougher it is to hit. Have fun building your parlays, but stick to licensed U.S. sportsbooks and gamble responsibly.