For all bettors who wish to expand their knowledge about placing multiple bets at once, this is the place where you can have parlay betting explained. Famously referenced in the Oscar-nominated film Silver Linings Playbook, a parlay bet is a bet on top of another bet.
What Is Parlay Betting
To win the parlay, you have to win both bets. However, a parlay can still win if a game is tied or canceled.
For instance, on a two-team parlay, a tie and a win would produce a straight wager payout. On a three-team parlay, a tie and two wins would produce a winning two-team parlay payout. If both games are in your parlay tie, you will not win, but your original bet amount will be returned.
Different sportsbooks have different odds, so when placing a parlay bet it is best to first do your research. Additionally, payouts for parlay betting are fixed at the time the bet is made. So even if the odds change throughout the season, the parlay odds will not change for or against you.
How Does Work
Although more advanced than traditional betting, the procedure for placing parlay bets is not more complicated compared to traditional ones. Once you figure out how making and combining selections works, you can quickly have a slip with parlay bets.
- Go to an operator’s website, register, and sign in.
- Make a deposit and enter the betting section.
- Find the event(s) to bet on and decide which selections your bet slip will have.
- Choose your stake amount.
- Confirm your slip.
Different Types of Parlay Betting
One of the fastest ways to understand parlay betting is to get to know the two main types of parlay bets. The first one is Round-robin, which stands for more advanced betting. The second type is teaser, which is in a way similar to traditional bets, but can be more complex, too.
Round Robin
Round-robin bets represent various parlay bets combined. More specifically, you can choose from three to eight teams and make a selection for each one.
Then, you can make combos in which each selection combines with every other selection. A simple way to have this sports betting parlay explained is to take three teams.
Let’s say you place a moneyline wager on the Lakers, a +6.5 bet on the Kings, and the Over 220.5 bet on the Timberwolves game. When combined, these three bets result in six selections.
- Lakers ML & Kings +6.5
- Over 220.5 & Lakers ML
- Kings +6.5 & Over 220.5
We said in the beginning that all your parlays have to win for your bet to win. But in this example, even though the Over bet loses (which means that your Over 220.5 & Lakers ML and Kings +6.5 & Over 220.5 bets will be lost), your Lakers ML & Kings +6.5 will still be in the game.
Teaser
Teaser bets are somewhat closer to traditional bets as they involve spreads or totals. Traditional betting implies simply placing a bet with a set spread line. On the other hand, teaser parlays allow you to move that line, usually by +6.
To illustrate, we take a Kansas City Chiefs vs. Baltimore Ravens duel. The spread line for the Chiefs is -7.5, while the same line for the Ravens stands at +2.5. Now, if you move the line by +6, you’ll get a -1.5 line for the Chiefs and a +8.5 line for the Ravens.
As it is much easier for the Chiefs to win by 2 or more points or for the Ravens to win outright, it is automatically easier for your bet to win. In this case, the odds will become lower.
If you, on the other hand, choose to decrease the spread value, the odds will go up, as it will then be harder for the teams to cover it. This also means that the bet itself becomes harder to win.
Rules For a Specific Sports
Even though bettors may know how parlay bets work, betting on each sport comes with some minor specific rules. The rules mostly refer to some limits you should know before placing bets.
Baseball
Depending on the operator, you may or may not be able to make certain parlay bet combinations when betting on baseball. So, we now show particular limits you may come across on some platforms.
- Moneyline & Totals: Some brands may not allow bettors to combine moneyline bets with totals on a single event.
- Innings: You may run into a betting platform that forbids placing parlay combos on innings.
- Doubleheaders: If the two teams play two matches on the same day, some sportsbooks may not allow wagering on parlays for both of them.
Basketball
Just like baseball, basketball parlay betting includes some limitations. They may be quite similar at times.
- Point Spreads & Totals: Parlay betting on points spreads and totals at the same time may not be available on some operators’ sites.
- Alternate Lines: If you wish to place a parlay wager on alternative lines (modified spread lines), you may not be able to combine them with other sorts of bets.
- Quarters: Just like the innings in baseball, combining parlays across quarters with other bets may be forbidden (e.g., 2nd quarter winner and outright winner).
Hockey
Hockey parlays aren’t special when it comes to restrictions you may bump into here and there. They are somewhat similar to other sports.
- Periods & Props: You may not be able to place the Under bet on the entire game and one quarter within the same parlay, as the periods and props overlap.
Football
Just like many other sports, football features several quarters. Therefore, operators also set restraints on football parlay betting. The main limitation here is the same as in hockey parlay betting.
- Props & Quarters: You may want to place a parlay bet that both teams will go Over on points in the first two quarters, including the line set for the whole game. Still, most sportsbooks won’t allow this as the period and the bet type correlate.
Parlay Betting Strategies
Parlay betting can be fun, but there are some ways to improve your chances. Here are some helpful tips for building a good parlay bet or when building a football parlay, for example.
Hedge Your Bets
If there is an opportunity for you to protect yourself against potential losses, you should take it. For instance, let’s say in your final game you’ve put money on the Philadelphia Eagles +3.5 against the New Orleans Saints. You could hope for the best in the Eagles covering or you could put some money on the Saints. In this way, regardless of the result, you stand to make some money.
Use Bonus Bets
Most online sportsbooks offer incentives to open accounts with them. A common incentive is to offer a free $10 bet for first-time users. While it sounds great in theory, this original stake is not returned. Meaning if you were to wager your bonus bets on a -110 moneyline and win, you’d only receive a payout of $9.20. However, if you use your bonus bet on a parlay, you have a better chance of returning a profit. If not, no harm no foul.
Be Aware of Bet Size
Don’t get blinded by thoughts of large payouts. An increase in bet size is not always a wise idea. While fun, parlays are hard to win so it’s best to be fiscally cautious.
Watch for the Odds
You may select eight teams for your parlay bet. In this case, the potential odds could go up to +18,000. Knowing how high they are, the chances of all the legs to win dramatically decrease. So, you may want to be careful when placing bets with very high odds.
Consider Parlay Time Spans
Remember that a parlay does not payout until all associated bets are won. If you choose two bets that have a long-running period, be aware that your money will be tied up in those bets for a while. If that doesn’t suit you, then be sure to choose bets that conclude around the same time.
Include Multiple Sports
A wider variety of sports will help your chances of success in a parlay bet. It ensures that if something unexpected happens, you’ve diversified your investments.
Try Placing Correlated Bets
If you run across brands that do allow placing parlays in correlation, you can, of course, take advantage of this. For instance, you can bet on the favorite team to cover the 8.5 spread. If the favorite in that game is a high-scoring team, you can combine the spread bet with the Over bet on the total number of points.
Advantages and Disadvantages
Betting with real funds, including parlay betting, always comes with pluses and minuses. So, one of the key aspects this way of betting brings is excitement.
In addition, the potential winnings that plenty of leg combinations result in are just high. Plus, your in-depth knowledge can lead to various rewards, being that parlays require skills and typically feature high payouts.
Contrary to this, such bets pose a high risk. Moreover, parlays may only fit advanced bettors as they may be complex for beginners. Lastly, placing parlay bets can come with some limitations, which some users may find repelling.
| 👍 Advantages | 👎Disadvantages |
| Exciting | High risk |
| Big potential payouts | Beginners may find it complicated |
| Rewarding knowledge and skills | It may feature different restrictions |
Final Thoughts
Parlay wagers bring a different experience when it comes to excitement and advancement. Furthermore, your potential winnings are usually higher compared to traditional bets. The more you know about sports and strategies, the higher your winning percentage will be.
Still, having all the elements of parlay betting explained also means knowing the risks this type of betting brings, as well as the complexity and some limits that sportsbooks may set.
Parlay Betting: Your FAQs Answered
Our parlay betting guide ends with a short and useful FAQ section.
By definition, parlay bets require you to make multiple picks and place them on one bet slip. The selections you can make can be different (totals, moneyline, periods, etc.). In general, all your picks have to win for your bet to win.
You can place a bet on the Tampa Bay Lightning to cover the -5.5 spread and combine it with the Florida Panthers covering the +4.5 spread. The odds calculation results in your higher possible winnings than in two separate bets with each of the aforementioned selections.
Parlay betting involves higher risks but also potentially higher payouts. This means that it is more advisable for advanced bettors who have a broad knowledge of betting and sports to try it.
The law requires all users to report all winnings on sports betting, including parlays. Paying taxes on parlay relates directly to the amount of your possible winnings.
