Parlays are an increasingly popular way to bet on sports.
Why? They're extremely fun to build, and offer you the shot to win more money than you would by placing the same bets separately.
Parlays pay better odds, but they’re harder to win. You must be correct on every bet (or leg) within the parlay to win anything.
The more legs in a parlay, the harder it is to win. But the more you’ll get paid if you do.
Here’s how to place parlay bets at the best sports betting apps and a few essential tips for parlay building.
Which betting sites are best for parlay betting?
- BetMGM Sportsbook: You’ll find parlay betting for all sports on the board, plus pre-packaged parlay offers, parlay boost promos, parlay insurance, and One Game Parlay betting.
- Caesars Sportsbook: At Caesars, there’s parlay betting for all sports on the board, plus a parlay builder, parlay boost promos, parlay insurance, and same game parlay betting.
- BetRivers Sportsbook: You’ll find parlay betting for all sports on the board, plus parlay boost promos, same game parlay betting, and Jackpot Parlays.
- FanDuel Sportsbook: Find parlay betting for all sports on the board, plus parlay insurance and same game parlay betting.
- DraftKings Sportsbook: You’ll find parlay betting for all sports on the board, plus parlay insurance promos and same game parlay betting.
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What is a parlay bet?
Combine two or more bets into one single bet, and it's called a parlay. Top sports betting sites will offer you a larger payout on the combination of bets than the sum of the payouts on the individual bets.
However, you can’t win some and lose some and still make a profit like you might with individual bets. With parlays, you have to win all the bets you’ve combined to win anything at all.
The more bets (also called “legs”) you put together, the bigger the potential payout. But again, you must win every leg in a parlay to win it. Close does not count. If even one leg in your parlay is a loser, that parlay is a loser.
Sportsbooks offer bigger payouts on parlays because it's, well, hard to string together multiple winners. But as hard as it might be, it’s not impossible. Therefore, parlays allow you to turn even a small bet into a big win.
Of course, sportsbooks profit on parlays, perhaps even more than other bets. Not only because they’re hard to win but because the true odds of winning a parlay are actually much higher than the odds paid.
Parlay betting is available for most sports, and you can even build parlays combining bets from different sports. However, parlay betting is most popular surrounding NFL odds, NBA odds, NHL odds, MLB odds, college basketball odds and college football odds.
Almost anything goes, as you can combine different bet types as well. You can even bet on same game parlays combining legs from the same contest.
Teaser and pleaser parlays let you play around with the lines to increase or decrease your potential payout and chances of winning.
See more: What is a prop bet?
What is a same game parlay?
Same game parlays contain all legs from the same contest. These are easy bets to sweat because you only have to watch one game. Like traditional parlays, you get increased odds on your bets compared to placing the same bets individually.
However, most same game parlays involve correlated legs, meaning the bets and the potential outcome of the bets are closely connected. As a result, same game parlays don’t offer the same payout sizes as traditional multi-game parlays.
What is parlay insurance?
Parlay insurance is a promo offered by many online betting sites. Traditionally, you get a refund in site credit or bonus bets when you come within a single leg of winning a parlay but don’t.
The refund size is limited. Plus, site credit or bonus bets don't work like cash bets. Sportsbook won't return the stake when you win with these bets, which makes it harder to recoup your loss from the original parlay.
See more: Sports betting 101: How to bet on sports for beginners
True odds compared to odds paid on traditional parlays
It’s important to understand the true odds of winning a parlay because that’ll tell you what you should get paid for doing it, minus a little profit for the sportsbook.
These true odds are almost always a lot bigger than the odds paid. That makes most parlays hugely profitable for sportsbooks and a bit of a sucker bet for you.
Of course, true odds and odds paid fluctuate with the number of legs in the parlay and the odds on each leg. However, most point spread and totals bets have standard -110 odds.
Combining almost-even-money bets like these in a parlay, you’ll find the following true odds and odds paid.
| Number of Legs | True Odds | Odds Paid |
|---|---|---|
| Two Legs | 27.47% | 13:5 |
| Three Legs | 14.37% | 6:1 |
| Four Legs | 7.52% | 10:1 |
| Five Legs | 3.94% | 20:1 |
| Six Legs | 2.06% | 40:1 |
| Seven Legs | 1.08% | 75:1 |
| Eight Legs | 0.56% | 150:1 |
See more: What is the moneyline in sports betting?
What is the optimal number of legs and bet amounts for parlays?
The table above clearly shows that three-leg parlays are optimal. Three-leg parlays offer 6:1 odds, which means a more significant potential payout than the 13:5 paid on two-leg parlays.
While two-leg parlays provide a better chance of winning and pay even better than the true odds, they don’t pay enough to make it worth the risk.
In the meantime, the 6:1 payout on a three-leg parlay is big enough and close enough to the true odds. Add even one more leg, and the disparity between the true odds and the odds paid gets bigger, making for riskier bets without the payoff.
Three legs are the sweet spot between the size of the potential payout and the true odds-odds paid comparison.
You should keep two things in mind regarding how much to bet on any parlay.
- Only bet what you can afford to lose
- Parlays offer big enough odds that you don’t have to bet big
You can put yourself in line for a decent payday even with a small bet. The parlay itself is enough of a risk. The chance to win big without risking too much is the true appeal of parlay betting.
See more: Responsible gambling
How to improve your chances of winning parlays
Parlays are risky bets. It’s hard enough to pick one winner, let alone multiple winners with no room for error.
Don’t bet too much. Pay attention to the comparison between the true odds and odds paid, and bet smaller parlays where that comparison is close.
The potential payout on a massive multi-leg parlay may be too big to ignore, and that’s OK as long as you bet small and within your means. Parlays with four or more legs are hard to win, making them enough of a risk even without risking too much money.
The best approach to multi-leg parlay betting is to turn a series of small bets into at least one big payday. Hopefully, you’ll eventually hit one big parlay that more than covers all those bets.
Parlays FAQ
Is it better to bet favorites or underdogs in parlays?
All-favorite parlays are less risky but offer smaller rewards. All-underdog parlays offer bigger potential payouts but are much harder to win, making them riskier bets. Finding a middle ground, a balance between risk and reward, and the legs you think stand the best chance of winning is key.
Which sport is best for parlays?
No sport is better than any other when it comes to parlay betting. NFL parlays are the most popular because of all the potential for parlay betting on a busy NFL Sunday. However, the NBA, NHL, and MLB all let you combine bets multiple times a week during the season.
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Can I get an early cashout on a parlay?
Early cashouts are an option offered on parlays that still have a chance to win. However, that number will undoubtedly be less than you would earn letting it ride. It may even be smaller than what you would make by hedging the final leg of a parlay yourself.
Hedging involves betting against yourself when you’re within one leg of winning a parlay to lock in a guaranteed profit.
How fast can I get paid if my parlay wins?
You can get paid almost immediately on winning parlays. Sports betting apps place the money from winning parlays in your account immediately after the final leg is finished. You can then make a withdrawal request.
How fast the withdrawal gets to you depends on what banking method you use to deposit. You can get cash almost immediately if you made your initial deposit at an affiliated retail sportsbook or casino. With most other methods, it’ll take 24 hours or less.
See more: Fastest paying online sportsbooks
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