This article is also available in French.
Wagering on sports can seem intimidating to new players. There are tons of markets and terms to learn, plus the nontrivial part of getting your bet right. However, we are here to help. Parlays have become increasingly popular since the rise of online betting. But what exactly is a parlay bet?
A parlay is a single bet made across multiple markets. It can include different wagers and sports and you can add unlimited selections.
Parlays have become very popular since the move from brick-and-mortar betting shops to online sportsbooks. It is much easier to place a parlay online than in person. Betting online typically has a more expansive range of markets. It is also much easier to switch sports using a betting app or site. The lure of a parlay lies in the fact you can wager a little to win a lot. This is what makes them so exciting. However, there is a reason that sportsbooks make a lot of money from these bets. You must make sure you are confident and educated before you place parlay bets. Let’s delve into what parlays are and how you can place them.
What is a parlay bet?
A parlay bet is when you wager on two or more markets and combine them into one singular bet. Some online sportsbooks may call them ‘accumulators’ or ‘multis’. When betting on parlays, you can combine different markets from different games. For example, a moneyline, prop, and over/under in one wager.
Parlay bets are the most popular in ball sports. When betting on football, you can add multiple games into your parlay. All bets must win for your parlay to be settled as a winner. One loss and your bet is over.
Although they offer bigger returns, they are riskier than most wagers. The more selections in your bet, the higher the odds and riskier the bet. They are some of the most exciting wagers to make in sports betting.
Parlay Odds
Parlay odds come down to the number of legs in your bet and the odds of each market. As you add more legs, the odds of your bet increase. Sportsbooks combine the likelihood of each leg winning with the likelihood of all legs winning as a collective.
This may sound hard to work out on your own, which is why you don’t have to with our online sportsbook. We instantly calculate the odds of your parlay every time you add a leg.
Markets eligible for a parlay can be displayed in a few different ways. Fractional odds are one of the most popular. In fractional odds, returns will be lower than your stake if the first number is lower than the second number. For example, a single betting market could be worth 8/11. However, in parlay betting, combined legs can sway the odds the other way. For example, a parlay could be worth 6/1. To work out your returns on this parlay, you multiply your stake by the first number in the odds.
American odds are another popular way to price markets. These are demonstrated with + and – numbers. Odds priced with a + indicate how much you would win from a $100 bet. A – number tells you how much you would need to wager to win $100.
Terminology To Help You With Parlay Bets
Parlays are relatively straightforward, however, there are a few variations of the bet that can be tougher to understand. Here we will look at some of the more unusual parlay bets and terminology that will help you when wagering on parlays.
- Push: A push in sports betting is when a bet lands on the exact line set by the sportsbook. For example, you have the total for an NFL game in your parlay, and the line is +/-50. The game ends at exactly 50 points. The sportsbook settles that market as a push. Two things could happen to your parlay as a result of a push. Either they will void your bet and you will have your stake refunded, or they will void the one leg and settle the bet at reduced odds. Make sure you read the terms and conditions of your sportsbook.
- Legs: In parlay betting, a leg is a selection in your bet. For example, if you have five selections in your parlay, it is a five-leg parlay.
- Double: A single parlay with two legs.
- Treble: A single parlay comprising three sides.
- Trixie: A bet of three selections combined to make four total bets. It is made of three doubles and one treble. For example, you wager on the money line for three NFL teams; Team One, Team Two, and Team Three. The four bets would be: Team One + Team Two, Team One + Team Three, Team Two + Team Three, and Team One + Team Two + Team Three. Only two of your selections need to win for you to see a return, but your stake is four times larger as it is made up of multiple bets.
- Patent: A patent is like a Trixie bet with three single bets added. Only one of your selections needs to win to see a return. Your stake is x7 larger.
- Yankee: A Yankee has 11 bets. Four selections create a single parlay, six double bets, and four treble bets. This time, your stake is x11 greater.
- Lucky 15: A Lucky 15 consists of 15 bets. Four selections create a single parlay, four single bets, six double bets, and four treble bets. They increase your stake by 15.
- Lucky 31: A Lucky 31 has 31 bets inside. Five selections create one five-leg parlay, five four-leg parlays, five single bets, ten double bets, and ten treble bets. You guessed it. Your bet is 31x your stake if you choose this wager.
Which Sports are Most Popular For Parlay Bets?
One of the best aspects of wagering on parlays is you can combine different sports into one bet. For example, you can have moneyline bets on the NFL, NBA, and NHL all in one single parlay. Moneyline parlays on football and the NBA often offer smaller returns as they are two-way bets. However, you can also mix markets and sports in a single wager. You can have an NBA player prop and the over/under on an NFL game in one parlay. Many bettors prefer to stick to specific sports and events, as it is easier to follow your bet.
All the examples we will use below are four legs or more. However, they don’t have to be when you place a bet. You can wager on a parlay with as few as two selections.
Football Parlay Betting
Football is the most popular sport for parlay betting. This is because there are often several games played in one day. This gives you plenty of opportunities to create parlays and makes it easier to follow them while they are in play.
Example:
- Kansas City Chiefs – Moneyline 1/2
- Baltimore Ravens – Moneyline 4/7
- New England Patriots @ NY Jets – Total (Over) 10/11
- Green Bay Packers @ Chicago Bears – Packers ATS (-6.5) 1/1
Combined Odds: 8/1
Basketball Parlay Betting
Parlays are also popular when betting on basketball for the same reasons as football. In many ball sports, people like to add prop bets to their parlays.
Example:
- Luka Doncic – Over 31.5 Points 8/11
- Nikola Jokić – Over 12.5 Rebounds 4/7
- LA Lakers – Moneyline 1/3
- New York Knicks – ATS (+2.5) 3/4
Combined Odds: 5.33/1
Soccer Parlay Betting
Parlays are extremely popular when wagering on soccer. This is because the moneyline odds for regular season games are often far closer than football and basketball. This means the returns on moneyline parlays are higher. Soccer betting also offers three-way moneylines. This means that, unlike the NBA and NFL, you can wager on a tie as part of the moneyline. The odds are often shorter as they spread the result between three possibilities instead of two.
Example:
- Inter Miami – Moneyline 1/1
- FC Cincinnati – Moneyline 5/6
- Montreal CF/Toronto FC – Tie 3/1
- LA Galaxy – Moneyline 7/5
Combined Odds: 34.2/1
MMA/Boxing Parlay Betting
Combat sports have become popular to place parlay bets on since online betting has taken over betting in shops. Most events now have a minimum of six fights, with a majority having around double that with prelims. Fans can bet on the UFC and watch every fight they have selected during an event, increasing the excitement.
Example:
- Conor McGregor – Moneyline 8/13
- Dustin Poirier – Moneyline 1/4
- Max Holloway – Moneyline 1/2
- Paddy Pimblett – Moneyline 1/1
- Colby Covington – Moneyline 17/10
- Jessica Andrade – Moneyline 4/6
Combined Odds: 26.26/1
Total Parlays
To maximize your parlay, it’s advisable to concentrate solely on the points totals for specific games and sports. The lines set by the sportsbooks are often similar. This means the odds for total parlays can be more rewarding than moneyline parlays with two-way sports.
Example:
- Jacksonville Jaguars vs Miami Dolphins – Total (Over 45.5) 1/1
- Green Bay Packers vs Chicago Bears – Total (Under 50.5) 4/5
- Las Vegas Raiders vs LA Chargers – Total (Over 48.5) 9/10
- Pittsburgh Steelers vs Atlanta Falcons – Total (Over 42.5) 8/13
Combined Odds: 10.05/1
Spread Parlays
Spread parlays are a great way to make combination bets on sports with two-way moneylines. This is because you can back favourites without having to give up the wide odds a moneyline would offer and underdogs without needing them to win.
Example:
- Kansas City Chiefs – Spread (-6.5) 10/11
- Detroit Lions – Spread (-2.5) 17/20
- San Francisco 49ers – Spread (+3.5) 3/4
- New Orleans Saints – Spread (+5.5) 8/13
Combined odds: 9.79/1
Same-Game Parlays
One of the most exciting things to come from online betting has been Same-Game parlays (SGP). This has changed how many people wager on parlays. An SGP works the same way as a normal parlay, however all legs come from the same game. You can combine markets into one bet and watch as your bet unfolds.
SGPs are most popular when betting on football and the NBA. You can back player props, totals, over/under, and more all in one game. We will use the Boston Celtics vs Dallas Mavericks game as an example.
Example
- Luka Doncic over 32.5 points
- Al Horford under 6.5 rebounds
- Dallas Mavericks Moneyline
- Total – Over 210.5
There is a bit more nuance in how SGPs receive their price compared to normal parlays. Some legs will offset others and increase the odds exponentially. For example, if you add a 2+ touchdown scorer prop but have the under on the total in the same bet, the likelihood of both events happening in the same game is lower.
It’s good to place SGPs with a narrative in mind as some combinations are not possible in SGPs. For example, you can’t back a team for the spread and wager on them to lose in the same bet.
Teasers And Pleasers
Teasers are similar to parlays but you can move the lines. For example, if they set the total at 45.5 you could move to a more favourable 40.5 at shorter odds. This would offer smaller returns but has a higher likelihood of happening. Pleasers work the opposite way and you are moving the lines in the sportsbook’s favour for a higher payout. You can move the lines for several markets on different games and sports and add them to your bet.
Tips for Parlay Betting
- Don’t be distracted by big odds: The more legs in a parlay, the higher the odds, and in turn, the higher the returns. An eight-team parlay could see odds soar over 100/1. However, the likelihood of these coming in is incredibly slim. Instead, keep your parlays small. You will make a steadier profit over an extended period instead of chasing big wins and losing frequently.
- Hedge your parlays: Parlay bets can often come down to one last leg. There is nothing more heartbreaking than waiting for your return, only for your bet to fall at the final hurdle. This is why many people hedge their bets. For example, if your last leg is on the moneyline, you can make a wager on the opposite side to guarantee a profit. Some also hedge half their potential winnings on the opposite outcome.
- Bankroll your bets: Betting on parlays is one of the most fun ways to wager on sports. However, it is important not to get carried away. You should never wager more than you can afford to lose. Go into your bets with a plan and a budget and don’t chase your losses.
