What Exactly Is a Parlay?
In sports betting, the most common wager is to choose one team or player in a head-to-head contest. And when you bet parlays, your experience is very similar. However, a parlay bet is actually a grouping of two or more totals or sides that you place a wager on. Each one of these bets must win in order for you to win. For instance, suppose you decided to place a four team NFL parlay wager. If three of your National Football League teams won and one lost, that is the same as if you had lost every one of the four legs of your parlay bet. All of your bets must win (or at least tie) for you to cash in. Parlay betting is generally limited to point spreads and money lines.
Understanding Parlay Odds and Payouts
Parlay odds and payouts can vary from one site to another, and are often dependent on what type of parlay bet you are making. Since the parlay bet is really just a single bet which hinges upon the outcome of two or more individual wagers, you have the chance at a higher payout. Think about it like this. It is harder to predict two games correct than it is to predict one. Concerning parlay odds, a two team parlay for a particular sport might pay 13 to 5, and a three team parlay might pay 6 to 1 on your money. If you are spread betting, your parlay odds and payouts are fixed. However, if you bet the money line, your parlay odds and payout for any particular wager will be based on the sides that you choose, and whether they are favored or underdogs.
For a real world example, suppose you decided to back the New England Patriots, Cincinnati Bengals and the total on the Indianapolis Colts - Atlanta Falcons matchup. Using imaginary numbers, we see New England -110, the Cincinnati Bengals +140 and the Colts - Falcons over/under of 44 points returning -120 on the money line. What your sportsbook will do is run those three bets through a parlay odds calculator to instantly show you what your potential return would be. In this case, if you win all three of those wagers, the three legs of your true parlay three team bet, you would stand to make $740 on a $100 wager, a profit of $640. All of the legally registered Internet sportsbooks which we recommend will show your potential cash-out when you are selecting a parlay bet, before you place the wager. This is true whether you are attempting a specialty ready-made parlay, are using the convenient round robin parlay method or are simply placing a standard two team or three team side-based parlay bet.
Parlay Rules Explained
Parlay rules differ according to three variables. The particular parlay rules you are subject to depend on which sportsbook you are using, the odds and payouts they have attached to their parlay offerings, and the type of parlay bet you are making. It is highly recommended to contact a customer support member of your particular Internet sportsbook, so you will have a thorough understanding of the parlay rules you are bound by. But basically, parlay rules dictate that you will receive a payout which is conditioned by the number of teams you select, whether or not those teams win, tie or lose, and the odds accompanying the money lines, spreads or totals that are applicable.
Internet sportsbook parlay rules will sometimes not penalize you if one of your parlay legs ends up in a tie. For instance if you play a four team parlay, three of your teams win and one contest results in a tie, you would then be awarded the correct payout for a successful three team parlay. However, some Internet sportsbooks count a tie as a loss. The key to remember here is to check out the individual parlay rules offered by legitimately licensed and reputable Internet sportsbooks, and we have listed the top online sportsbooks which deliver the best parlay odds here on our website.
Different Parlay Types And How They Work
As explained on parlays.org, there are basically three different kinds of parlays, and then several different versions available for each of those parlay types. It should also be noted here that many Internet sportsbooks will from time to time create their own version of this long-shot bet. There are what physical and online sportsbooks call ready-made parlays, fixed-odds parlays and true parlays. Ready-made parlays will usually consist of a fixed payout which is preset by your sportsbook, and is attached to a fixed number of games, sides or totals. You'll see these frequently offered during major sports leagues playoffs. The fixed-odds parlay wager occurs when the bettor makes a number of selections which is not fixed by the bookmaker, with the odds and payouts based on the number of choices in the parlay. For instance, a two team NFL parlay will often times deliver a 2.6 to 1 payout, and a three team NFL parlay will return around 6 to 1 on your money, if all legs win. And finally, there are what is known as true parlays. This allows the sports bettor to choose multiple legs across money lines and spreads, as well as across many sports leagues and events.
The most common fixed-odds parlay bets will be multi-team wagers in the same sports league. You can choose anywhere from 2 to as many as 15 teams, depending on the rules of a particular sportsbook. A five team parlay using Major League Baseball money lines or a three team National Basketball Association will have a fixed payout depending on the odds supplied by your sportsbook. A true parlay allows you to choose a few PGA heads-up golf pairings, a soccer game, several March Madness contests and any other offered sports events or contests as a single parlay bet, with your payout dictated by the odds of those particular games. Another form of a true parlay is called the round robin. A round robin parlay is simply a faster and more convenient way to make several parlay bets at one time. You can usually choose between 3 and 8 lines, spreads or totals, and combine them in multiple parlays of 2 to 6 teams each. This is a quick technical way to allow your sportsbook to speed up your wager, rather than you physically placing each parlay bet individually, which would take much more time.
Parlay Sports Betting Options
As mentioned above, many of the more legitimate and respected sportsbooks located on the Internet will allow you to mix and match the sports on which you place a parlay wager. For instance, you could bet parlays that include a dart match being played in England with a soccer game taking place in Brazil, and a National Hockey League matchup. This allows for extreme flexibility, but some sites will only let you place parlay bets within one specific sports league, such as the NBA or NFL. Your parlay sports options are pretty much limitless, and dictated by your individual sportsbook. That is why we highly recommend opening and funding accounts with multiple reliable and legally licensed sportsbooks, and we have conveniently listed the most reputable operators here, which deliver the best parlay odds and sports betting options.
Individuality aside, your most common parlay sports options will be the biggest sports leagues in the world. NFL, NBA, MLB, NHL, ATP men's tennis, WTA women's tennis, all major international soccer and rugby leagues, the PGA and LPGA professional golf associations, boxing leagues, major motor sports like NASCAR, Ultimate Fighting, horse racing, other sports and even reality shows and entertainment options are all eligible for parlay betting at the top Internet sportsbooks. For a real world example, a four team mixed parlay on the 3/2 favorite to win this year's Dancing With The Stars reality dance competition, the NBA's Philadelphia 76ers +19 points vs. New York, Chelsea as an even-money money line bet in the English Premier league against Arsenal and Tiger Woods at 7/1 to win the next golf tournament showed a potential $7,536.36 return on a successful $100 wager recently at one particular Internet sportsbook.
Top Sportsbooks To Bet Parlays
We only recommend a couple because of their great parlay odds. But these are some of the best known sports betting sites with the highest reputations in the industry.
| Site | Bonus | USA | Visit |
|---|---|---|---|
| Bovada Sportsbook | 50% Max $250 | Yes | Visit Bovada |
| Betonline Sportsbook | 25% Max $1000 On Every Deposit | Yes | Visit Betonline |