Parlays are the Frankenstein's monster of sports betting. They are wagers that consist of other bets glued together with one another.
They are also a high-risk, high-reward opportunity for the daredevil sports bettor. If you are a Colorado resident who feels like kicking things up a notch, make sure you read this guide to parlay betting first.
Parlay betting examples. Building a parlay is exceptionally easy, particularly on an online sportsbook. For mobile app or laptop users, they will usually need only to select the bets they want in their parlay and click a button on their bet slip to set things up. A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games. The allure of these bets has always been a larger payout than choosing a single team to win. An NBA parlay bet is a single NBA wager with multiple selections, each selection must-win for the bet to cash, but the odds of each selection are multiplied to offer much bigger odds. You can combine a variety of NBA picks from different markets if you choose to form an NBA parlay, from Moneyline picks to spreads and totals.
How parlay betting works
A parlay bet is a bet that involves two or more games. The games or events can come from different sports. However, to win a parlay bet one must be correct on every bet of the parlay. If one game or 'leg' of the parlay is wrong, the entire bet loses. A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected.
The first thing to understand about parlays is that they consist of multiple choices. Where other types of sports bets involve your choice of a single variable, parlays require players to predict outcomes on several different bets.
Each selection in a parlay is known as a leg. These bets can all be the same type of wager, or they can be varied. The exact composition of each parlay is entirely up to the bettor.
Why parlays are so risky (and well-paid)
The escalated source of risk in parlay betting is the fact that a bettor must be completely correct in his or her selections to get paid. Even one mistake causes the entire wager to be lost.
Naturally, as you increase the number of legs involved in a parlay, the chance of an incorrect prediction goes up. So, sportsbooks offer increasing payouts to compensate for the risk.
In fact, parlays with many legs are capable of producing some incredible wins for you. For instance, a successful 20-leg parlay in 2019 allowed a Mississippi bettor to turn a $25 wager into more than $104,000.
Of course, these stories drive more people to give parlay betting a try. However, it's important to realize that successful parlays make the news because they are so unusual.
In a sense, these outsized payouts are not unlike lottery winnings. A bettor who successfully predicts a string of unlikely events has beaten very long odds, indeed.
Sportsbooks are, of course, more than happy to allow you to take such a risk. Truthfully, if the money you bet on parlays does not affect your lifestyle or living conditions, then they can be a fun diversion for a sports bettor seeking to get the blood pumping.
Parlay betting examples
Building a parlay is exceptionally easy, particularly on an online sportsbook. For mobile app or laptop users, they will usually need only to select the bets they want in their parlay and click a button on their bet slip to set things up.
In the following examples, the wagers we're using are actual bets offered on DraftKings Sportsbook.
2-Leg Parlay
Bet #1: Moneyline @ +160
Bet #2: Over 230.5 points @ -113
Overall odds: +321
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The first thing to notice is that neither of these choices have particularly long odds. The moneyline is only an 8/5 underdog, and the chosen over was the favorite.
Still, their combined chances of happening are more than 3 to 1. So, even if things are looking good individually, the odds of both events occurring are much less likely, and you will get paid far less often than if you bet each element individually.
3-Leg Parlay
Bet #1: Moneyline @ -195
Bet #2: Moneyline @ -455
Bet #3: Moneyline @ -165
Overall odds: +199
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Just to ram home the point about the odds involved, we chose three moneyline favorites to populate our parlay here. To reiterate, each of these choices is expected to win their game.
However, the combined chance that all three bets will win is still almost 2 to 1 against. So, bear in mind that in parlays, there's no such thing as a safe option.
10-Leg Parlay
Bet #1: Moneyline @ +145
Bet #2: Moneyline @ +145
Bet #3: Puck Line @ +118
Bet #4: Over 5.5 Goals @ +105
Bet #5: Moneyline @ +180
Bet #6: Moneyline @ -195
Bet #7: Moneyline @ -143
Bet #8: Moneyline @ -455
Bet #9: Over 231 points @ -112
Bet #10: Spread @ -112
Overall odds: +85379
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Here is an example of how outsized both the odds and payouts for a parlay can get. Here we have a collection of 10 wagers that are all going off at odds shorter than 2 to 1. Yet, the combined odds of all 10 events is a staggering 853.79 to 1!
One other thing to note is that, in order to construct this parlay, we had to choose from different games each time. In order for a parlay to be valid, there cannot be bets that are related to one another – for instance, you cannot bet both the moneyline and total for a single game.
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Parlay variants
Along with standard parlays, sportsbooks commonly offer one or more variants of the combination bets. These variants each have their own appeal, so judge for yourself if you want to try them out.
Teasers
One of the most common parlay variants is the teaser. The teaser is the sportsbook's attempt to lessen some of the risk that comes with parlay betting.
Quite simply, a teaser allows the bettor to tease, or move, the odds of the bets in a parlay in his or her favor. Teasers are only permitted for point spreads and totals – it wouldn't really make sense to try and apply a teaser to a moneyline.
You must adjust each leg of a teaser by the same number of points. So, if you move one of your selections by five points, all of your selections must move by five.
However, the movement will always be in your favor. So, a bet on a favorite might reduce the spread, but a bet on an underdog would increase it.
Of course, nothing is free in this world, and teasers come with a price. Specifically, a successful teaser will not pay out as much as a parlay with the same selections. The sportsbook charges a premium for the reduced risk.
Still, for a bettor who wants to try parlays but doesn't like the risk profile, a teaser might be a way to slide into things. The odds will still be long, but maybe not as unacceptably so.
For more information about teasers, click here.
Pleasers
Please be aware that sportsbooks will sometimes offer a parlay variant called a pleaser. While they are less common, they are simply the mirror image of teasers.
So, the odds in a pleaser will actually be worse than a standard parlay. However, the associated payout will be higher to compensate for the increased risk.
If a parlay just isn't risky enough for you, a pleaser might be exactly what you're wanting. Keep an eye out for them.
Round Robins
Round robins are a fascinating variant of parlays because of their margin for error. Almost every parlay requires perfection to pay out, but round robins have no such requirement.
Parlay Betting Online
Here is an example of how outsized both the odds and payouts for a parlay can get. Here we have a collection of 10 wagers that are all going off at odds shorter than 2 to 1. Yet, the combined odds of all 10 events is a staggering 853.79 to 1!
One other thing to note is that, in order to construct this parlay, we had to choose from different games each time. In order for a parlay to be valid, there cannot be bets that are related to one another – for instance, you cannot bet both the moneyline and total for a single game.
Most Recent Betting Guides
| What is Vig? | How Do Sportsbooks Set Lines? |
| What is Head-to-Head Betting? | NCAAF Rankings vs. Ratings |
| DFS vs. Sports Betting | Difference Between Live vs. Online Betting |
| Are Sports Betting Systems Legit? | What is the Grand Salami Bet? |
Parlay variants
Along with standard parlays, sportsbooks commonly offer one or more variants of the combination bets. These variants each have their own appeal, so judge for yourself if you want to try them out.
Teasers
One of the most common parlay variants is the teaser. The teaser is the sportsbook's attempt to lessen some of the risk that comes with parlay betting.
Quite simply, a teaser allows the bettor to tease, or move, the odds of the bets in a parlay in his or her favor. Teasers are only permitted for point spreads and totals – it wouldn't really make sense to try and apply a teaser to a moneyline.
You must adjust each leg of a teaser by the same number of points. So, if you move one of your selections by five points, all of your selections must move by five.
However, the movement will always be in your favor. So, a bet on a favorite might reduce the spread, but a bet on an underdog would increase it.
Of course, nothing is free in this world, and teasers come with a price. Specifically, a successful teaser will not pay out as much as a parlay with the same selections. The sportsbook charges a premium for the reduced risk.
Still, for a bettor who wants to try parlays but doesn't like the risk profile, a teaser might be a way to slide into things. The odds will still be long, but maybe not as unacceptably so.
For more information about teasers, click here.
Pleasers
Please be aware that sportsbooks will sometimes offer a parlay variant called a pleaser. While they are less common, they are simply the mirror image of teasers.
So, the odds in a pleaser will actually be worse than a standard parlay. However, the associated payout will be higher to compensate for the increased risk.
If a parlay just isn't risky enough for you, a pleaser might be exactly what you're wanting. Keep an eye out for them.
Round Robins
Round robins are a fascinating variant of parlays because of their margin for error. Almost every parlay requires perfection to pay out, but round robins have no such requirement.
Parlay Betting Online
Round robins are bets that are combinations of parlays. If parlays were a mathematical concept, round robins would be the next power of exponent to them – the cube to parlays' square, so to speak.
Since they are composed of multiple parlays, it is possible to win a portion of a round robin even if one (or more) of the parlays fails. The different permutations mean that parts of the round robin might not be affected by the doomed parlay.
Sports Betting Parlay
If you're confused, don't worry.
Example
You have 5 bets (A, B, C, D, and E) you want to make. You could make a single 5-leg parlay that would look like this:
- ABCDE
-or-
Parlay Bet Calculator
You could make a round robin with 10 separate 2-team parlays in it. Here's how it would look:
How Do Parlay Bets Work
- AB
- AC
- AD
- AE
- BC
- BD
- BE
- CD
- CE
- DE
Now…let's say that you lose bet B.
In the case of the parlay, the entire bet is lost. However, in the case of the round robin, six of the parlays are still alive and well:
- AC
- AD
- AE
- CD
- CE
- DE
So, even though the loss would've been disastrous for the straight parlay, it's not the end of the world on a round robin. If you want to do some parlay betting but want to have some backup options, a round robin might be the way to go.
A parlay is a single bet that links together two or more individual wagers for a high payout. A 2 team parlay might pay 13/5, a three team parlay might pay 6/1, a four team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected. For a single bet, 2 to 8 teams or totals can be selected.
In order for the parlay bet to win, every one of the wagers must win or push (tie). If any of the selections lose, your wager loses, regardless of the outcome or cancellation of the other games. If one or more selections is a tie, postponed, incomplete, cancelled or rescheduled for another day, then the wager reverts to the next lowest number. For example, if you place a 5 team parlay and have 4 winners and a tie, your wager pays out as a 4 team parlay. If you place a 2 team parlay and one team wins and one ties, the wager becomes a straight bet.
The resulting wager will have the same risk amount with the win being calculated to reflect the odds of the remaining team (Example: On a two team $100 parlay with team A +110 and team B -110 if A ties and B wins the resulting wager will be a straight play on B risking $100 to win $91).
