{"id":95003,"date":"2024-12-04T12:39:22","date_gmt":"2024-12-04T17:39:22","guid":{"rendered":"https:\/\/www.sharpfootballanalysis.com\/?p=95003"},"modified":"2025-08-11T15:28:54","modified_gmt":"2025-08-11T19:28:54","slug":"what-is-a-parlay-bet","status":"publish","type":"post","link":"https:\/\/www.sharpfootballanalysis.com\/sportsbook\/guides\/what-is-a-parlay-bet\/","title":{"rendered":"What Is a Parlay Bet? Strategies, Examples, and Key Tips"},"content":{"rendered":"

A parlay bet is an exciting, high-risk, high-reward wager that combines multiple bets. To win, all must hit. Read on for parlay betting tips<\/strong> and insights.<\/p>\n

Understanding Parlay Betting<\/h2>\n
A parlay bet is multiple bets combined into one wager. Each bet in the parlay is called a leg, and the more legs you include, the bigger the payout\u2014but also the harder it is to win. Why? Because every single leg has to hit for the parlay to win. Imagine hitting four out of five legs and losing the last one\u2014that's a losing bet.<\/div>\n

Making a parlay is easy at most sportsbooks, with many US sportsbooks like DraftKings, BetMGM, and Caesars, to name a few, offering parlay builders. You can mix spreads<\/a>, totals, props<\/a>, <\/strong>and moneylines<\/strong><\/a> to create your perfect parlay.<\/p>\n

Calculating odds for a parlay betting<\/h3>\n

The easiest way to calculate odds when making parlays is to:<\/p>\n

\n
    \n
  • \u2705 Use decimal odds if you are not already doing so and you can convert moneyline odds to the decimal version. You can easily do this with an odds calculator.<\/li>\n
  • \u2705 Multiply all of the decimal odds for each leg.<\/li>\n
  • \u2705 Multiply the multiplied decimal odds by your stake.<\/li>\n
  • \u2705 Subtract the initial stake to see the parlay odds.<\/li>\n<\/ul>\n<\/div>\n

    One of the nice things is that you can put multiple betting markets in one bet. Often, at the best US sportsbooks you can also make same game parlays<\/strong> (SGP's) and even ones for live betting.<\/p>\n

    NFL Parlay Bet Example<\/h3>\n

    Let's take a look at an NFL parlay bet with four legs. Using a weekend schedule of games from DraftKings, where the moneyline is already converted to decimal odds, here are four Sunday matchups you like:<\/p>\n

    \n\n\n\n\n\n\n\n
    Team<\/th>\nDecimal Odds<\/th>\n<\/tr>\n
    Vikings to beat the Bears<\/td>\n-189<\/td>\n<\/tr>\n
    Lions to beat the Colts<\/td>\n-270<\/td>\n<\/tr>\n
    Packers to beat the 49ers<\/td>\n-139<\/td>\n<\/tr>\n
    Eagles to beat the Rams<\/td>\n-161<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    Now multiply all of the odds together, and for this example, you are taking all of the favorites.<\/p>\n

    \n

    -189 x -270 x -139 x -161 = +484<\/strong><\/p>\n

    The parlay odds for this example is +484 , so if you want to bet $10 the total is $58.39 minus the $10 stake for a profit of $48.39, which is pretty solid. Still, you have to win all four of the games for the parlay to win.<\/p>\n<\/div>\n

    \"Parlay<\/p>\n

    Examples Using Different Betting Markets<\/h3>\n

    While the format is the same, let's now examine a parlay using three different betting markets: two money lines, two totals, <\/strong>and a prop bet<\/strong>.<\/p>\n\n\n\n\n\n\n\n\n
    Bet<\/th>\nDecimal Odds<\/th>\n<\/tr>\n
    Vikings to beat the Bears<\/td>\n-189<\/td>\n<\/tr>\n
    Lions to beat the Colts<\/td>\n-270<\/td>\n<\/tr>\n
    Cardinals vs. Seahawks to go over 47.5<\/td>\n-110<\/td>\n<\/tr>\n
    Broncos vs. Raiders to go Under 41<\/td>\n-110<\/td>\n<\/tr>\n
    The Dolphins to score first in their game with the Patriots<\/td>\n-167<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n

    -189 x -270 x -110 x -110 x -167 = +1121<\/strong> – Again, betting $10, you would win $122.08 and take away the stake, making a profit of $112.08.<\/span><\/p>\n<\/div>\n

    Advantages of Parlay Betting<\/h2>\n

    The main advantage of parlay bets is straightforward: bigger payouts<\/strong>. Anytime you have multiple bets in one ticket, you are multiplying those bets together, and more than one bet in one ticket will always give a better payout. Beyond that, a few additional advantages include:<\/p>\n

    \n
      \n
    • \u2705\u00a0Better Odds on Favorites:<\/strong> If there is a favourite in a game or match, the payout will not be as good since it is the favorite, and you have to bet a lot on it for a shorter profit.<\/span><\/li>\n
    • \ud83c\udfaf Easy Building:<\/strong> US sportsbooks offer parlay builders, making that type of bet simple.<\/li>\n<\/ul>\n<\/div>\n

      Tips for Making Parlay Bets<\/h2>\n

      Handicapping Your Bets<\/h3>\n

      The main tip for making parlay bets, or any other type, is to handicap it to make a smarter wager.\u00a0Handicapping a bet<\/strong> involves researching the teams or players involved to get a better idea of the outcome<\/span>.<\/p>\n

      \n

      Key Factors to Research:<\/h4>\n
        \n
      • \ud83d\udd0d Recent form<\/li>\n
      • \ud83c\udfe0 Home and away records<\/li>\n
      • \ud83d\udcca Historical matchup data<\/li>\n
      • \ud83c\udfe5 Injuries to key players<\/li>\n
      • \ud83c\udf24\ufe0f Weather conditions<\/li>\n<\/ul>\n<\/div>\n

        The more you handicap a bet in doing some homework on the teams or players, the more likely it will be a more intelligent one, meaning one more likely to win.<\/p>\n

        Regarding parlays, a few other tips are to look for\u00a0parlay insurance<\/strong>\u00a0and promos<\/strong><\/span>\u00a0and use a bet calculator<\/strong>.<\/p>\n

        Additional Parlay Betting Tips; Insurance & Promos<\/h3>\n
        \n
          \n
        • \ud83d\udee1\ufe0f Look for parlay Insurance:<\/strong> Some US sportsbooks offer parlay insurance as a promo. With this bonus, you'll need a certain number of legs (usually four or five), and if one leg loses, you'll still get a payout minus the odds of the losing bet.<\/li>\n
        • \ud83d\udcb2 Seek parlay promos:<\/strong> These typically come as profit boosts, where the more legs you have in the parlay, the higher the profit boost will be.<\/li>\n
        • \ud83d\udd22 Use a bet calculator:<\/strong> Since you are computing the odds for multiple bets in a parlay, using a bet calculator is advantageous. Many websites have a parlay bet calculator. You input the odds for every leg and the stake, and it will show you the overall parlay odds and the payout.<\/li>\n<\/ul>\n<\/div>\n

          Sportsbooks that Offer the Best Parlay Bets<\/h2>\n
          \n\n\n\n\n\n\n
          Sportsbook<\/th>\nKey Features<\/th>\n<\/tr>\n
          BetMGM<\/strong><\/td>\n\u2022 Decimal odds conversion
          \n\u2022 Parlay Boost Token
          \n\u2022 Easy parlay building interface<\/td>\n<\/tr>\n
          DraftKings<\/strong><\/td>\n\u2022 Parlay bet builder
          \n\u2022 Regular parlay promos
          \n\u2022 Same-game parlay options<\/td>\n<\/tr>\n
          Bet365<\/strong><\/td>\n\u2022 Bet builder available
          \n\u2022 Regular parlay promotions
          \n\u2022 Comprehensive betting options<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

          BetMGM is one of the best to make parlays for the US market, as they not only have all of the money lines already converted into decimal odds but also tend to offer some parlay promotion. At the time of writing, they have a Parlay Boost Token<\/strong> where if you make a parlay, your odds will be boosted, and the percentage of the boost will increase for more legs in a parlay. Also, for every single wager they offer, there is a button at the bottom of the wager to make a parlay.<\/p>\n

          DraftKings is another one of the best US sportsbooks for parlay betting. It offers a parlay bet builder and often offers promos for parlays, especially same-game parlays.<\/p>\n

          Bet365 is also one of the best parlay betting sportsbooks, with a bet builder and usually promos available for parlays.<\/p>\n

          Money Management and Bankroll Protection<\/h2>\n

          Legit sportsbooks, like those mentioned earlier, offer Responsible Gambling tools. These let you set limits on time and deposits or even temporarily exclude yourself. They also provide links to problem gambling resources.<\/p>\n

          \n

          \u26a0\ufe0f Important:<\/strong> One of the golden rules of sports betting\u2014or any betting\u2014is to gamble responsibly. Betting should be fun, not a way to make money. If you do win, kudos!<\/p>\n<\/div>\n

          Important U.S. Betting Requirements<\/h3>\n

          In the U.S., it's essential to bet with a legal sportsbook in your state. You don't need to be a resident, but you must be physically in the state to place a wager. Be cautious with offshore sites\u2014they may have gaming licenses, but since they're outside U.S. jurisdiction, you might face issues if problems arise, especially with payouts. Legal U.S. sportsbooks ensure safe, secure betting and protect your personal and financial information.<\/p>\n

          Bankroll Management Essentials<\/h3>\n

          Bankroll management is key. Set a budget for sports betting and stick to it. If you're winning, you can bet a little more; if you're losing, bet less. Never chase losses\u2014it's a quick way to lose more money. Instead, make smaller bets to recover gradually.<\/p>\n

          \n
            \n
          • \ud83d\udcb0 Set specific betting budgets<\/li>\n
          • \ud83d\udcca Track your wins and losses<\/li>\n
          • \u26a0\ufe0f Never chase losses<\/li>\n
          • \ud83c\udfaf Make calculated decisions<\/li>\n<\/ul>\n<\/div>\n

            Smart Betting Strategy<\/h3>\n

            Finally, bet with your head, not your heart. While it's fun to bet on your favorite team, it's not always the smartest move. Focus on value bets and handicap them properly. Avoid betting on a whim without doing homework, as those bets are likelier to lose. Smart betting is all about preparation and strategy.<\/p>\n

            Conclusion<\/h2>\n

            A parlay bet combines multiple bets into one, offering bigger payouts but making winning harder. It's a high-risk, high-reward wager\u2014the more legs you include, the better the payout, but the tougher it is to hit. Have fun building your parlays, but stick to licensed U.S. sportsbooks and gamble responsibly.<\/p>\n

            \n
            <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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