What are Parlay Bets in Sports Betting?

Parlay bets are a favorite among bettors looking to turn small wagers into big payouts. By combining multiple individual bets into one single ticket, parlay betting offers both excitement and high risk. In this guide, we’ll break down what parlays are, how they work, how to calculate payouts, and when to use them strategically.

🎮 What Is a Parlay Bet?

A parlay is a single wager that links together two or more individual bets. In order for the parlay to win, all selections must win. If even one selection loses, the entire parlay is a bust.

Example:

A 3-leg parlay includes picks for the Packers -3.5, Lakers moneyline, and Yankees over 8.5 runs. If all three win, your parlay cashes. If just one loses, the entire bet loses.

Popular Types of Parlay Bets:

• Standard Parlay: Combines spreads, moneylines, totals, or a mix of those across different games.
• Same-Game Parlay: Combines multiple bets from a single game (covered in a separate guide).
• Teasers: A parlay variant where you adjust the spread in your favor (for lower odds).

💰 Why Parlay?

• High Payouts: The more legs in your parlay, the greater the potential reward.
• Low Entry: Small wagers can yield large returns.
• Entertainment Value: Adds excitement across multiple games or markets.

A $10 parlay with 5 average -110 bets can pay out over $240.

⚖️ How Are Parlay Payouts Calculated?

Each leg's odds are multiplied together to determine the overall payout. This exponential compounding effect is what makes parlays so appealing.

Example:

• Leg 1: -110 (implied odds 1.91)
• Leg 2: -110 (implied odds 1.91)
• Leg 3: +150 (implied odds 2.50)

Total payout odds: 1.91 x 1.91 x 2.50 = 9.1 (approx.)

• A $10 bet would win about $91 (including stake)

Use a Parlay Calculator to make this easy.

🔧 Parlay Betting Tips

• Don’t Get Greedy: More legs = higher risk. Stick to 2–3 legs if you’re aiming for realistic wins.
• Mix Bet Types: Combine spreads, moneylines, and totals for variety and strategy.
• Use Research, Not Hope: Every leg should be backed by solid data and insight.
• Shop Odds: Line shopping across sportsbooks can significantly increase your total payout.
• Avoid Correlated Bets: Unless it's a same-game parlay, avoid bets that rely on the same outcome (e.g., betting a team to cover and also betting the over).

⚠️ Parlay Pitfalls

• One Loss = Total Loss: There's no payout for "almost" winning a parlay.
• Overconfidence: Don’t let potential payouts cloud your judgment.
• False Value: Bigger payouts don’t necessarily mean better bets.

📝 Real-World Parlay Example

You bet $20 on a 4-leg parlay:

• 49ers -6.5 (-110)
• Knicks moneyline (+120)
• Dodgers over 9.5 runs (-105)
• UFC fighter by KO (+150)

If all legs win, the payout could be $250+. But if even one bet loses, you lose your entire stake.

🎯 The High-Risk, High-Reward Power of Parlays

Parlay bets offer high-risk, high-reward excitement for bettors who like to combine predictions into one big win. While the risk increases with every added leg, strategic parlays can multiply payouts dramatically. When used wisely, parlays are a thrilling way to elevate your betting experience and chase bigger returns.

🔗 Related Guides

• Favorites & Underdogs
• Odds in Sports Betting
• Spread Bets
• Moneyline Bets
• Over/Under Totals Bets
• Same Game Parlays