Looking for an exciting new bet to spice up your sports betting experience. Well then this parlay betting guide is perfect for you, covering all everything you need to know to implement this bet effectively.
Parlay betting allows you to combine multiple bets into one, increasing potential payouts. However, all individual bets in the parlay must win for you to receive the total payout of your bet, if even one leg loses, your entire bet is forfeit. So the risk is a lot higher with this one, but so is the potential payout!
Parlays in sports betting are bets that combine multiple individual wagers into one. To win a parlay, all selections must be correct, if one selection is lost, your entire bet is lost. This is a relatively simple bet to place and use at your favorite betting sites. The real appeal lies in the potentially significantly higher payout, as the odds of each bet are multiplied together, making the potential rewards much greater than placing individual bets.
For example, imagine you bet on three NFL games in a parlay bet:
If you place a $10 bet on this parlay and all three outcomes happen as predicted, your payout would be based on the combined odds of these three bets, offering a much higher reward than if you had placed individual bets on each game.
If you bet on DraftKings or any of the other top sportsbooks you’ll find a wide variety of parlay types. Each of these parlays work in a slightly different way, allowing you to have much more flexibility in the type of parlay bets you place. The table below breaks down each of the popular parlay betting types found at the best sportsbooks:
| Type of parlay | How it works |
|---|---|
| Standard parlay | You pick two or more outcomes, and all must win for the parlay to pay off. The odds of each selection are combined. |
| Teaser parlay | You adjust the line in your favor (e.g., moving a spread by 6 points), but your payout is lower compared to a standard parlay. |
| Round robin parlay | You select multiple teams, and a round robin will automatically create smaller parlays with different combinations. |
| Prop parlay | You combine multiple player or team props (e.g., player to score a touchdown, number of yards) into one wager. |
| Same game parlay | You can combine multiple bets from a single game (e.g., moneyline, total points, player props) into one wager. |
Okay, so we’ve answered what are betting parlays, but how exactly do we go about calculating the potential payouts? Well, first off, it’s important to know that you don’t need to do this yourself. There are plenty of parlay payout calculators that will automate this process for you, including here at Players Best. To use these calculators you just add the odds of each individual leg and press calculate to receive a final payout calculation. These calculators will usually provide additional useful insights such as the implied probability of the bet being successful.
For those who prefer the old fashioned manual methods, calculating your potential payout is a straightforward process but involves a few steps. First you will need to convert the odds to decimal format. This can be done by:
Once you have the decimal format you will need to multiply each of the legs together. For example:
Multiply these together: 2.50 × 1.83 × 3.00 = 13.725 (this is the combined odds).
The next step is to multiply the combined odds by your stake. For example, if you are placing a $10 bet on this parlay: 13.725 × $10 = $137.25, this will be your total predicted payout if you were to win with a $10 bet. You can then subtract your original stake if you want to calculate the net profit, which in this example would be: $137.25 - $10 = $127.25.
Okay, so we briefly touched on some of the pros and cons of parlay betting earlier in this best sports betting guide. But, it’s important to put some meaning behind some of these considerations if you’re serious about trying parlays. Let’s take a look
To make the most of parlay betting, it's important to use smart strategies. Here are five tips to help you succeed when betting parlays:
A 2 or 3 team parlay typically offers a better chance of success compared to one with 5 or more selections. Keep it manageable while you get the hang of parlay betting.
Treat parlays like any other bet and don’t just rely on big odds, make sure each leg has solid reasoning behind it. Look at stats, injuries, and recent form to make educated picks.
Many sportsbooks offer parlay bonuses or insurance. Take advantage of these promotions to reduce risk or increase payouts on successful parlays.
Include a variety of bets in your parlay, such as moneylines, point spreads, and totals. This can give you better opportunities to find value and balance out risk.
Prop bets can offer great value in parlays, as they sometimes have odds that aren’t heavily influenced by the outcome of the game. Including props that are likely to win can add some security to your parlay.
Parlay betting is a fun and exciting way to up the ante when betting on the top sportsbooks. These bets come with a lot of risk, but better potential payouts, making them great for bettors who like to be a bit more adventurous. However, there are still plenty of strategies to increase the implied probability, such as reducing the amount of legs, betting on favorites and doing your research. I’d highly recommend checking out this betting type the next time you visit a sportsbook. If you’re looking for a new sports betting site, don’t forget to check out our list of reviews here at Players.org.
A parlay is a single bet that combines two or more individual wagers into one, and to win this bet, all of the selections that make up the bet must be correct. Parlays offer larger payouts than individual bets, but they come with higher risk since all outcomes must be won.
It depends on your risk tolerance. Parlays offer higher potential payouts but come with greater risk. If you're looking for bigger rewards and don’t mind the higher chance of losing, parlays can be exciting. However, our moneylines explained guide might be a better option for you if you’re looking for a way to bet with lower risk and more consistency.
Some sportsbooks offer an early cash-out option for parlays, allowing you to settle your bet before all selections are finalized. This can help lock in profits or minimize losses, but the payout will likely be less than if you wait for all bets to conclude.
