Parlay Betting Odds Explained

Since the whole reason we are here is to explain betting odds, we need to teach people how parlay betting works and help them understand things like payouts, rules, and other things that come up when placing a parlay bet. This is one of the things we talk about first because it is such a popular way to bet on a variety of games, but many people waste their bankroll on them. For just a few dollars, someone could conceivably win as much as a million dollars or more, but that thrill is why most people lose their money when betting on parlays. Of course, this is an extremely rare situation but using a parlay to build the payouts on several bets you're feeling good about is a common + profitable practice if you are on a hot streak.

I think of parlays this way. If you are confident enough in so many bets that you feel like you need to put them in a parlay, then you should bet them all straight as well. That way if you win 3 out of 5 for example, you will still win money or break even. As to where if you just bet one parlay then you will walk away with nothing more times then not. So if you have $25 to bet a 4 team parlay, bet $5 on each team individually and then bet them all in a $5 parlay. You will be a much more profitable sports bettor if you stick to this philosophy.

Below is our complete rundown of what a parlay bet is in a way that you should be able to understand it. We try and break down all the different aspects of it, but please know that some sportsbooks have different rulse and you may be able to do things on some sites but not others. Enjoy the page and we hope that we help you become betterat sports betting by reading this page.

What Is A Parlay Wager?

A parlay is a single bet that is placed down that includes more then one pick to win a game or cover the spread, usually between 2-10 teams. You will win your parlay bet if all of your bets are won that you included on the betting slip. But if you have even a single loss, then the parlay is lost and so is your money. And it does not matter how many of the games you won on the betting slip because ALL of them must win.

What Happens If There Is A Push Or A Tie In A Parlay?

If any of your picks in the parlay turn out to be a push, then that bet basicly acts as a tie and the payout of your payout will be reduced if you won your other bets. In other words, if you have an 8 team parlay and one of those picks is a push or tie, then you essentially are left with a 7 team parlay. The push does only hurts you because your payout is reduced, but you still win the bet.

Why Do People Bet On Parlays

A parlay is enticing to bettors because of the high return on investment should the bet be won. The payouts for a parlay can be very high, and thus very rewarding. The more teams you take in a parlay, the greater the return and it is completely possible to win thousands of dollars with a $1 parlay if all your picks are correct.

Example Of How A Parlay Bet Works

Let's say that you placed a three-team parlay on the Falcons, Cowboys, and Packers covering their respective point spreads in their match ups. Typically, a three team parlay will pay out at 6/1. If all three of these teams cover the point spread, then the bet would be won. For every $100 wagered on this parlay, a $600 profit is made. If one of the bets was to push though for example, you would be paid as if you made a 2 team parlay bet, which would be 3 to 1, or $300. If any of the three teams loses then so do you.

How Do You Calculate A Parlay?

The easiest way to calculate is to simply go to an online sportsbook and start putting your bets in. You will be able to see the payouts for the parlay before you confirm the bet. If you look at the table below then you can see the payouts if you were to bet a parlay using regular betting lines that are set at -110. Any time one of your bets is different then -110 then the payouts of your parlay will be different depending on which way you are betting. If you are betting an underdog that was +200 for instance, then your payouts for the parlay will be much higher. And if one of them was a favorite at -200 then your payout will be lower.

Parlay Payout Chart - From Bovada Sportsbook
2 Team
3 Team
4 Team
5 Team
6 Team
7 Team
2.6 to 1
5.9 to 1
12.2 to 1
24.3 to 1
47.4 to 1
91.4 to 1
8 Team
9 Team
10 Team
11 Team
12 Team
 
175.4 to 1
335.8 to 1
642.08 to 1
1226.7 to 1
2342.7 to 1
 

We're sure you're ready to learn more about the parlay wager and the best online sportsbooks that allow users to make wagers using the parlay. Here's a tip: stick to the sports betting sites that have friendly parlay rules which allow you to jump across different sports + parlay wagers within the same game! Now, let's get on with the show...

Bovada Sportsbook - Best Sports Betting Site For Betting Parlays

Bovada offers two through twelve-game parlays on most of their sports, offering standard parlay odds for their various types of multi-game bets. Bovada also has a Grand Slam parlay contest, whereby every four-game MLB parlay of $10 or more that you win earns you a point towards a sitewide parlay contest, first prize of which is $1,000.

Bovada does not allow gamblers from Maryland or Washington, while USA sports bettors from other states should feel safe placing sports bets at Bovada. This book offers you a 50% first deposit match bonus worth up to $250, and has a full lineup of parlay bets for American sports fans who want to gamble on multiple game parlay cards.

SportsBetting's Sportsbook - Tons Of Betting Odds For All Sports

Sportsbetting.ag also offers the 75% deposit bonus (worth up to $1,000) on all of your book deposits for the life of your membership, and is also open to bettors from the US. Use the bonus code "NEW1000" in the cashier when making your first deposit in order to qualify for this offer.

As for their parlays, Sportsbetting.ag offers up to twelve team parlay bets on all the traditional parlay betting sports. Live chat customer service and minimum bet sizes as low as $2 makes Sportsbetting.ag one of the more customer-friendly sites for parlay betting online.

BetOnline Sportsbook - Best Sportsbook Bonuses And Promotions

BetOnline allows parlay bets on any contest involving between two and twenty-five teams. At BetOnline, you can combine parlays across sports, point spreads, and line bets. Betonline also has the distinction of offering one of the largest bonus offers in all of online sportsbooks: customers of BetOnline can earn 50% bonus cash (up to $1,000) on all of their deposits for the life of their membership.

BetOnline is open to US gamblers and offers parlays on the most popular US sports, including Major League Baseball and NFL football, collegiate athletics, european football and everything else you can think of.

Sportsbook
Deposit Bonuses
USA?
Visit Sportsbook
$1,000 Max - 25% Lifetime Bonus All 50 States Go To BetOnline
$250 Max - 50% Match 45 States Go To Bovada
$500 Max - 50% Lifetime Bonus All 50 States Go To Sportsbetting
$/€/£200 - 100% Match Bonus NO USA!!! Go To Bet365
$200 - 50% / $500 - 20% All 50 States Go To 5Dimes

More About How Parlays Work In Sports Betting

As the parlays increase, so too does the margin of profit and payouts. But the more games linked together on the parlay, the more difficult the bet becomes to win. Parlays usually can go up to as many as 15 games. It's also important to know that parlays are not made for you as a bettor on the sportsbook. You have the power to fill out your own parlay slip for the games that you want to place a wager on.

Betting a parlay does not have to be on the point spread either. When placing a parlay bet, then you can bet on either the spread, the money line, or a combination of the two. But on the money line, which is a wager on a game without a point spread, the payouts can be a lot different. If a bettor takes the favorite on the money line for every parlay, the payout won't be the near the amount than if one or more underdogs had been selected.