Parlay Betting In Sports
Parlay betting’s ability to combine multiple bets into one wager with a significantly higher payout makes it appealing to both casual and experienced bettors. The best approach is to use parlays selectively, balancing them with straight bets and applying smart bankroll management to ensure sustainable betting habits.
This guide covers how parlays work and their different variations, helping you understand how they function and when to use them. You’ll also learn how to calculate parlay odds, manage risk, and apply proven strategies to increase your chances of winning. Additionally, we provide a clear breakdown of the pros and cons of parlay betting, ensuring that you fully understand both the potential rewards and the inherent risks.
On This Page
Understanding Parlay Betting in Sports
Parlay betting is a high-risk, high-reward betting style that combines multiple individual bets into a single wager. Unlike single bets, where you win or lose based on one outcome, a parlay requires every selection (or “leg”) to hit for the bet to pay out. Here’s what makes parlay betting unique:
- A parlay includes at least two separate bets combined into one. These can cover different games, spreads, moneylines, totals, or even props. You can mix and match bets from different sports or stick to one league.
- Every leg in a parlay has to win. If even one selection loses, the entire bet is a bust. This makes parlays riskier than placing single bets, where each wager stands alone.
- The appeal of parlays is the potential payout. Because each selection’s odds multiply together, the possible return is much higher than betting each leg separately. But with increased odds comes increased difficulty—one wrong pick sinks the whole bet.
- Parlays give bettors creative freedom. You can combine different bet types, mix multiple sports, or stretch bets across different days. This flexibility allows for more strategic combinations.
Example of a Parlay
Let’s say you want to place a three-leg NFL parlay using moneyline bets. Here’s how it would work:
- Buffalo Bills (-150) to beat the Miami Dolphins
- San Francisco 49ers (-180) to beat the Seattle Seahawks
- Kansas City Chiefs (-200) to beat the Denver Broncos
Each of these bets individually would have a lower payout because they are all favorites. But when combined into a parlay, the payout increases significantly.
How Do You Calculate Payouts?
To determine your potential payout, you first convert American odds to decimal odds:
- Buffalo Bills (-150) → 1.67
- San Francisco 49ers (-180) → 1.56
- Kansas City Chiefs (-200) → 1.50
Next, you multiply the decimal odds together:
1.67 × 1.56 × 1.50 = 3.91
If you place $100 on this parlay, your total payout would be:
100 × 3.91 = 391
So, if all three teams win, you would profit $291 (since your original $100 stake is included in the $391 payout).
What Happens if One Bet Loses?
Let’s say the Bills and 49ers win, but the Chiefs lose. Since a parlay requires every selection to win, the entire bet would be lost—even though two out of three picks were correct.
Understanding Different Variations of Parlays
Parlay betting isn’t a one-size-fits-all approach. There are different variations of parlays, each offering unique rules, risk levels, and payout structures.
Correlated Parlays
A correlated parlay consists of bets that are statistically linked, meaning if one bet wins, the likelihood of the other winning increases. Sportsbooks often restrict these because they create an unfair edge for bettors.
- Example: Betting on a team to cover the spread (-7.5) and the total points to go over 40.5 in the same game. If the team covers, it’s likely they scored enough points to push the total over.
Tip: Some sportsbooks allow partial correlation, so finding low-key correlated bets can give an advantage. For instance, in a high-scoring game, taking a QB to throw over 250 yards and his top receiver to score a touchdown makes logical sense.
Progressive Parlays
A progressive parlay is a rare variation that allows you to win a partial payout even if some selections lose. Unlike standard parlays, which require a perfect record, progressive parlays offer reduced payouts based on the number of correct picks.
- Example: A 6-leg progressive parlay where 5 out of 6 correct picks still result in a smaller payout instead of a complete loss.
Tip: These bets have lower overall payouts, but they reduce the “all-or-nothing” risk. They are ideal for bettors who prefer slightly more security in their parlay bets.
Same-Game Parlays
A same-game parlay (SGP) involves multiple bets from the same game, often combining player props, spreads, and totals. Unlike correlated parlays, these are pre-approved by sportsbooks and structured to balance risk and reward.
- Example: Chiefs -3.5, Patrick Mahomes Over 280.5 passing yards, Travis Kelce Anytime Touchdown
Tip: Instead of blindly stacking bets, identify game scripts that make sense. If you expect a pass-heavy game, pairing a QB’s passing yards over with a WR’s reception total can be a strong combination.
Multi-Game Parlays
A multi-game parlay is the traditional form of parlays, where each selection comes from a different game. These are less restrictive than same-game parlays and allow bettors to mix selections from multiple matchups and sports.
- Example: Lakers -5.5 vs. Warriors, Eagles -7 vs. Giants, Rangers Moneyline vs. Bruins
Tip: Avoid random picks across different sports without research. Instead, focus on strong individual bets that have a higher probability of hitting.
Teasers, Pleasers, and Round Robins
Teasers: A modified parlay where bettors can adjust the point spread or total in their favor, typically by 6, 6.5, or 7 points in football and basketball, teaser bets increase the likelihood of winning but lower the payout.
Pleasers: The opposite of a teaser—bettors move the spread against themselves in exchange for a much bigger payout. These are high-risk, high-reward bets.
Round Robins: Instead of placing one big parlay, round robin bets automatically create multiple smaller parlays within your selections. This reduces risk, as you don’t need all legs to win to receive a payout.
Pros and Cons
Parlays are known for offering high payouts; however, they also come with significant risks. Understanding the pros and cons of parlay betting can help you make informed decisions before placing your bets.
| Pros | Cons |
|---|---|
| High Potential Payouts: The biggest appeal of parlays is the ability to turn a small wager into a large payout by combining multiple bets. | Extremely Difficult to Win: Every additional leg increases the difficulty of winning, as one incorrect pick ruins the entire bet. |
| Lower Initial Investment: Bettors can place small wagers with high reward potential, reducing the need to risk large amounts of money on single bets. | Higher House Edge: Parlays favor sportsbooks because the odds compound in a way that gives the house a larger advantage. |
| Flexibility in Bet Selection: A parlay can mix NFL spreads, NBA player props, and soccer moneylines, providing diverse betting opportunities. | Limited Hedging Opportunities: In many cases, hedging a parlay is difficult because the final leg odds may not offer a great counter-bet. |
Proven Strategies for Winning Parlay Bets
It’s important to find edges in overlooked markets and make data-driven bets. With sportsbooks offering more props than ever, you can apply proven strategies to increase your long-term success. Here’s how:
Strategy #1Balance Parlays with Straight Bets
Parlays offer high rewards, but they shouldn’t be your primary betting method. Mix low-risk straight bets with parlays to ensure steady growth while still taking advantage of big payouts when parlays hit. Straight bets offer steady profits, allowing you to stay in action even if parlays don’t hit frequently.
Example: Allocate 80% of your bankroll to straight bets and only 20% to parlays. If your bankroll is $1,000, you could wager $40 on four straight bets and $10 on a parlay instead of betting everything on long-shot parlays.
Strategy #2Use Hedging to Lock in Profits
Hedging is a strategy where you place a bet against your final parlay leg to guarantee a return. This is useful when you’re one win away from cashing a big ticket. Hedging doesn’t always maximize profit, but it removes risk and guarantees a return.
Example: You have a $50 parlay that will win $500 if the Lakers -5.5 cover the final leg. Instead of risking it all, place a $200 bet on the opposing team +5.5. If the Lakers cover, you win your parlay; if they don’t, your hedge offsets the loss.
Strategy #3Avoid “All-In” or “Double-Up” Strategies
Don’t chase losses by increasing your bet sizes after losing a parlay. Instead of trying to ‘win it all back’ in one bet, stick to your pre-set bet size regardless of past wins or losses.
Example: If you lose three parlays in a row, don’t increase your next bet to “make up for it.” Instead, continue betting your original 1-3% bankroll per parlay.
Strategy #4Avoid Betting Too Many Underdogs in a Parlay
Underdogs offer higher payouts, but stacking multiple long shots into one parlay lowers the probability of winning. Instead, mix in favorites to increase your chances.
Example: Instead of a 5-leg parlay with all underdogs, consider a 3-favorite, 2-underdog mix to increase win probability.
All or Nothing? Weighing Risk and Reward
Parlay betting can be an exciting way to wager; however, it’s not for everyone. The key is understanding whether parlays align with your betting style and risk tolerance.
Whether you prefer small, well-structured parlays or variations like teasers and round robins, the smartest approach is to treat them as occasional opportunities rather than a primary betting method.
