Parlay Betting Guide US, How it Works and What it Means

What is a Parlay Bet?

In online sports betting, a parlay wager combines two or more bets to create an accumulated bet with a more significant payout. To win a parlay bet, all sections of the wager must be successful. Depending on the sportsbook or the region, these bets may be called “accumulators” or “multis.” 

Parlays tie together multiple bets and because all the bets involved must win for the parlay to pay out, the risk is much higher than a single-game bet. However, the parlay odds reflect the increased risk. Parlay bets can be enjoyed on various leading sports markets, including NFL, NBA and MLB!  

What is the Best US Sportsbook for Parlays?

Looking for the best sportsbook for parlay bets, offering the best odds on all top sports betting markets? Check out DraftKings Sportsbook here!

DraftKings Sportsbook Reivew

DraftKings Overview

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Things to take into consideration

• Parlay bets are popular in sports wagering and consist of multiple individual selections combined into a single bet.

• A sportsbook is an operator or platform where parlay bets and other wagers can be placed.

• While combining multiple bets into one parlay raises the potential payout, it also lowers the overall chances of winning.

• Betting apps such as BetMGM, FanDuel, and DraftKings offer user-friendly options for placing parlay bets.

Find more US betting guides here

• Moneyline Betting Guide US

• Spread Betting Guide US

How to Make a Parlay Bet

Fortunately, it is extremely simple to make a parlay bet. Our team of experts have created a simple step-by-step guide below, so keep reading to learn more.   

1. Choose a sportsbook, such as BetMGM, FanDuel, or DraftKings, and log into your account.

2. Navigate to the sport or event you want to bet on (e.g., football, basketball). Select at least two different bets (moneylines, spreads, totals, etc.) from the available options.

3. Click each bet to add it to your bet slip.

4. In the bet slip, choose the option to combine your picks into a parlay.

5. The sportsbook will calculate your combined odds and display your potential payout.

6. Confirm and place your parlay bet.

Calculating Parlay Payouts

Our experts admit that calculating payouts can be tricky, mainly because of the way odds are presented in the US. However, we have provided a simple explanation below to make the process seamless. Read below to learn more. 

To calculate a payout:

Start by converting each set of American odds into decimal format. Once you have all the decimal odds, multiply them together to find the combined odds for your parlay. Next, multiply that total by the amount you want to wager. To find your profit, subtract your original stake from the final result.

For example, if you place a three-leg parlay and each point spread has odds of -110, the decimal equivalent is 1.91. Multiply the decimal odds:

1.91 × 1.91 × 1.91 = 6.97

Now, if your wager is $10:

6.97 × 10 = $69.70

Finally, subtract your $10 stake:

$69.70 – $10 = $59.70 profit

This means your total payout is $69.70, and the parlay returns +597 in American odds. just under a 6-to-1 return. As a rule of thumb, parlaying two -110 bets returns around 2.6-to-1, while three pays close to 6-to-1. From there, adding more -110 legs roughly doubles the odds.

Parlay vs. Teaser Bet

Parlay

Parlay bets combine two or more individual wagers into a single bet, offering a higher payout than placing each bet separately. To win a parlay, every selection within it must be correct. If even one leg loses, the entire parlay fails. Popular in sports like football and basketball, parlays are high-risk but can lead to potentially substantial rewards. Bettors often use them to turn small stakes into big wins by linking multiple outcomes.

Teaser 

Teaser bets are similar to parlays but offer more flexibility by allowing you to adjust the point spreads in your favor, usually in football or basketball. This makes it easier to win compared to traditional parlays. However, the trade-off is a reduced payout. Like parlays, all legs of a teaser bet must win for the ticket to cash. Teasers are ideal for bettors who want a better chance of winning multiple outcomes with slightly safer spreads.

Advantages of Parlay Bets

Parlay bets offer several advantages in online sports wagering. Our team has detailed the key pros below. 

• Higher Potential Payouts: The main attraction of parlay bets is their ability to deliver significantly larger payouts than single wagers. This is because the odds of each selection in the parlay are multiplied together, increasing the total potential return. For instance, a $10 parlay with three legs at +100 odds each could return $70, while betting $10 on each game individually would only return $30 in total winnings.

• Added Excitement Across Events: Parlays bring extra energy to watching sports, as bettors have multiple outcomes riding on one ticket. This creates a more engaging experience, especially when the games span several days or sports. Instead of just watching one match, a bettor might follow an entire weekend of football with a single stake, cheering for every leg to hit in succession.

• Cost-Efficient Betting Strategy: Parlay bets allow players to risk a small amount for the chance at a bigger reward. Instead of placing multiple individual wagers, bettors can combine several into one low-stake parlay and still potentially win big. This makes parlays appealing for casual bettors who want to maximize entertainment without committing too much money upfront.

• Wide Range of Betting Options: Most sportsbooks allow you to create parlays across different sports, leagues, and bet types. You can mix point spreads, moneylines, and totals from NBA, NFL, UFC, and more. This flexibility allows bettors to build customized tickets tailored to their preferences and knowledge, creating a unique and personal betting experience.

• Parlay Promotions and Insurance: Many online sportsbooks boost the appeal of parlay betting through exclusive offers. These might include profit boosts, enhanced odds, or parlay insurance, where your bet is refunded if only one leg fails. These promotions help reduce the sting of a narrow loss and give players more value from their betting experience.

Disadvantages of Parlay Bets

Unsurprisingly, like all bet types, there are some downsides to parlay bets. Read below to learn more: 

• All-or-Nothing Outcome: One major drawback of parlay bets is that they depend entirely on every selection winning. Even if you correctly predict several outcomes, one wrong pick results in a complete loss. This high level of dependency makes parlays far riskier than placing single, independent bets.

• Decreasing Success Rate with Each Leg: As you add more bets to a parlay, your chances of success diminish. While each selection may seem likely on its own, the combined odds of all outcomes hitting become increasingly slim. This makes it challenging to consistently profit from parlays, especially with longer bet combinations.

• Requires Extensive Research: Parlays often involve betting across multiple games, leagues, or time zones, which requires in-depth analysis and planning. Bettors must evaluate a wide range of factors, team performance, schedules, and potential injuries, making the process more complex than simply placing a single wager.

• Limited Flexibility and Early Cashout Options: Unlike single bets, which can be settled quickly, parlays may be tied up for days or even weeks, depending on the schedule. Some sportsbooks offer limited early cashout options, but they often come at reduced payouts or with restrictions, reducing your ability to adjust strategy mid-bet.

Cashing Out Parlay Bets

Many sportsbooks now offer a cash-out option for parlay bets, giving players the ability to settle their wager before all selections are completed. This feature adds flexibility and helps bettors either lock in profits or reduce potential losses if they’re unsure about how the remaining outcomes will play out.

For example, if you’ve placed a three-leg parlay and the first two bets have already won, you might choose to cash out early rather than risk losing it all on the final leg. This strategic option allows you to react in real-time to live events and game developments.

However, early cash-outs aren’t always guaranteed. Availability depends on the sportsbook and specific terms tied to your bet. Platforms like FanDuel, BetMGM, and DraftKings may only offer cash-out options on select games or betting markets, especially in live betting scenarios.

It’s also important to note that cash-out values are usually less than the full potential payout. The amount offered is based on the remaining legs' current odds and their chances of success. While it can be a smart way to hedge your risk, you could be sacrificing a larger win if all legs end up hitting.

Example of a Parlay Bet

Let’s say a bettor believes both the Kansas City Chiefs (+4) and New York Giants (-6) will cover the spread in their respective NFL matchups. Instead of placing two separate $5 bets, they decide to combine both into a $10 parlay. If both teams cover, the payout would be approximately $26.50, about 2.65 times the original stake.

Here are the potential results:

• Both teams cover: Win $26.50

• Only Chiefs cover: Lose $10

• Only Giants cover: Lose $10

• Neither cover: Lose $10

The parlay bet increases the risk since every selection must win, but it also significantly boosts the possible return compared to individual wagers. Bettors can also create larger parlays with multiple legs. For instance, a five-leg parlay involving point spread bets may offer odds of +2335, turning a $10 bet into $240.35 if all selections hit. But if even one leg fails, the entire bet is lost.

Parlay Betting Summarised

Parlay bets are made up of two or more wagers. They are a way of combining individual bets into one. Parlay bets are much harder to win than regular bets and offer larger payouts. Visit a leading sportsbook today to place parlay bets.