How To Bet A Parlay: Risk, Tips, Strategies

Parlay betting has become one of the most popular and simplest betting types currently available at the nation’s best bookmakers. Popular in every major sports betting market including NHL odds, NFL odds, MLB odds, and NBA odds, parlay betting enables you to combine two or more disparate wagers on a single bet, with the potential payout boosted with enhanced odds.

In fact, you can even create a parlay that features different bets, or legs, from different sports. But to be successful at parlay betting, it is important to understand the risks and what strategies to follow. Read on to learn more in this parlay explainer, which will help you better understand how to bet a parlay.

What are parlays?

A parlay bet enables you combine multiple disparate wagers, called legs, into a single bet, with the payout boosted by enhanced odds. You can create a parlay with as few as two legs or as many as 10 legs, and the more legs in your parlay bet, the greater the potential payout. However, it is important to keep in mind that every leg of your parlay must win for you to cash in.

Parlay bets can feature multiple bet types including point spread, moneyline, totals, and props offered on different sports. In theory, that means you can create a parlay bet that includes a bet on an NFL point spread, an NHL total, and an MLB run line, making it one of the most unique betting options available at the top sportsbooks.

How to place a parlay bet

Placing a parlay bet is as simple as selecting the markets you want to bet on, deciding how big a stake you would like to wager, and hitting the BET button. If you want to see how much your parlay will pay out, check out our parlay calculator and system bet calculator.

To get started, make sure you have taken advantage of the lucrative welcome bonuses available to new customers signing up at the top sportsbooks, which can set you up with hundreds in bonus bets you can use to get in on parlay betting action. Be sure to download the betting app for the sportsbook of your choice. For the parlay bet examples used here, we are using the DraftKings Sportsbook app.

Step 1: Find your betting market

Open the app, and navigate to the betting markets of your choice, just like if you were placing a straight bet. Choose the wagers you would like to include in your parlay. You can include different bet types and different sports in your parlay, including NFL football, NBA basketball, and college basketball. But keep in mind that you cannot choose multiple legs from the same game unless you are creating a Same-Game Parlay.

Step 2: Select your parlay

Once you have selected the legs of your parlay bet, open the bet slip. The parlay bet in this example features three legs including an NBA point spread wager, an NHL moneyline wager, and a college basketball totals wager. You will have the option to create multiple straight bets, a round robin bet, or a parlay bet.

Step 3: Complete your wager

Tap on “parlay bet” to review your wager and the odds it may pay out on. Once you are ready to make your bet, indicate the size of your stake in the appropriate field. You can then hit the BET button and settle in for a night of action following all the games you have wagered on.

Risks of parlay betting

As with any form of sports betting, parlay betting comes with some inherent risks. First and foremost, it is important to keep in mind that every leg of your parlay bet must win for you to cash in a winning ticket. And as the number of legs increases, so does the risk of making parlay bets.

Parlay betting also comes with a higher level of complexity, which can be a challenge for new sports bettors making picks for the first time. That is why it is crucial to develop a sports betting strategy before making wagers on any sports betting market at the top sportsbooks.

Parlay betting vs straight betting

Parlay betting offers you a chance to enjoy bigger payouts on longer odds. However, it is important to keep in mind the differences between making a parlay bet and a straight bet.

With parlay betting, you can combine multiple wagers into a single bet. However, every leg of your parlay bet must win for your bet to be declared a winner. Accordingly, your chances of winning drop dramatically with each leg added, with sportsbook rules often diminishing the value of the payout.

Conversely, straight bets are the simplest sports betting type available. In addition to requiring less research, a straight bet on such markets as college football point spreads, NHL moneylines, and MLB totals require less research and are easier to handicap that a parlay with three, four, or even five legs.

It is also important to recognize the difference between parlay betting and Same-Game Parlays. With a regular parlay bet, each leg must be from different games or even different sports, which means there will be little, if any, correlation between each leg of your bet. But as the name suggests, Same-Game Parlay bets enable to select multiple legs from the same event, enabling you to more easily implement a strategy.

Parlay betting tips

Developing a parlay betting strategy is essential, but no matter how much homework you do, there are no guarantees that it will pay off on game day. However, here are a few tips to keep in mind on how to bet a parlay.

While correlated parlay bets are inherently difficult to create, there are some factors to consider before hitting the bet button on game day.

For wagering on outdoor sports like football, baseball, and soccer, weather can be a major factor. So always check on the weather forecast for the games you are wagering on. If inclement weather is in the forecast, you may want to keep your focus on taking the UNDER in totals betting or giving the nod to an inferior team on the point spread.

Staying on top of key Injuries and other game day intangibles can also add value to your parlay bet. Always check on the status of key players before placing your parlay bet. In addition, keep tabs on the schedules of the teams you are wagering on. If they are playing on back-to-back nights or just returning home from a lengthy road trip, they may be overvalued, providing you with an opportunity to cash.

Whatever sports betting strategy you use, make sure you also manage your bankroll responsibly to ensure you know how much you are spending and whether you are winning or losing over the long term. That means tracking every wager and resisting the temptation to make spur of the moment bets that are based on emotion instead of research.

Sportsbooks that offer parlay betting

Here is a quick look at the top sportsbooks offering parlay betting on all major sports betting markets.

• bet365
• BetMGM
• Caesars Sportsbook
• DraftKings
• ESPN Bet
• Fanatics Sportsbook
• FanDuel
• Hard Rock Bet

Parlay conclusion

Parlay betting has become one of the most popular bet types at the nation’s top sportsbooks by enabling you to combine two or more wagers into a single bet that pays out on enhanced odds.

Sports bettors getting in on parlay bets are attracted by the possibility of big winnings, and those who do their homework and stick to best practices such as conducting extensive research and effectively managing their bankroll boost their chances of success.

However, parlay betting comes with inherent risks that every sports bettor must consider. Most notably, every leg of your parlay must win for you to cash in a winning ticket. In addition, your chances of winning drop dramatically with each leg you add to your parlay.

But for sports bettors who bet with their head and not their heart, parlay betting represents a golden opportunity to make smart wagers on multiple events that pay out on enhanced odds while wagering with a small stake.

Pros and cons of parlay betting

Parlay betting explained FAQS

What is a parlay bet?

A parlay bet is one of the most popular bet types current available at the top sports. With parlay betting, you can combine two or more disparate wagers (legs) into a single bet, which can pay out on enhanced odds. However, it is important to remember that every leg of your bet must win for you to cash in.

What are the risks of parlay betting?

There are inherent risks when making parlay bets that every sports bettor needs to keep in mind. Your chances of winning diminish with each leg you add to your parlay bet and sportsbook rules could limit the size of the payout on big parlays. To diminish these risks, be sure to do your homework before placing a bet and always manage your bankroll responsibly.

Is parlay betting a bad idea?

Parlay betting is not a bad idea for sports bettors who have done their homework and fully understand the risks involved. However, the complexity of parlay betting can increase the risks involved for new sports bettors who are still learning how to bet a parlay. Proper research, discipline, and strong bankroll management are also prerequisites for any sports bettors looking to wager on parlay bets.

Can a parlay bet push?

Yes, a parlay bet can push under certain circumstances. For example, if you place a three-leg parlay bet and one of the legs pushes, then the parlay will revert to a two-leg parlay, with the odds and potential payout adjusted accordingly. However, always stay up to date on sportsbook rules to stay up to date on how pushes can impact your parlay bets on game day.