What is a Parlay Bet? – Parlay Betting Guide

Parlay bets are the best way to combine several selections into one bet.

Also known as multis, combos, or accumulators across the pond in England, the payouts for parlays can often be significantly high.

Widely considered among the toughest bets to win, parlays are often high-risk/high-reward ventures.

Keep reading to learn more about how parlays work, why odds multiply from leg to leg in parlays, and more.

What is a Parlay in Betting?

A parlay is a multiple wager consisting of two or more selections from different events.

All your bet selections must be winners for AI sports picks parlays (or any for that matter to pay out.

Although the more legs you combine into a parlay bet makes it more difficult to win, potential payouts can be significant.

Betting parlays can be placed on a wide range of popular sports events. More than this, there are several common bet types you can simultaneously include in your standard parlay.

So long as they are on different events and are 2+ selections, there is generally no cap on how many legs you add.

These bets can range from basic 2-leg parlays to colossal 30, 40, or even 50 leg parlays.

There is no right number to select, meaning you might get brave with 24 leg parlays for college basketball picks or 3 team parlays in soccer.

The most important thing to remember as a sports bettor is just one poor result can let you down.

How Do Parlays Work?

You must make 2 or more selections to activate a regular parlay at top online sportsbooks.

These can include various bet types from different events – for instance, three NFL picks for Sunday.

Conversely, you may consider a 12 leg parlay featuring various NFL, NBA, soccer, boxing, and MMA picks.

The first thing to remember is that odds are always available for each single wager.

However, your bet slip on NFL or NBA betting sites will also clearly show the total payouts for your parlay wagers.

All things considered, the greater the total odds and number of selections, the higher your potential winnings will be.

Here’s a 3-leg, $100 parlay bet example to illustrate:

There is a significant incentive for opting for one 3-leg parlay wager over 3 x individual bets.

By combining three selections into one Super Bowl parlay, for example, you’ll receive a higher payout.

This is because odds are compounded, with winnings from your first selection carried on to the next bet.

Conversely, let’s say you wager three standard straight bets of $100/3 ($33.33). If they win, your total profit will be nowhere near as impressive as $420.42.

In fact, you’ll receive $84.26 in profit and $184.26 with your stake returned.

Remember that online sports betting sites must settle all three-leg parlays selections as winners for the wager to win.

Of course, this makes this type of bet riskier than an individual wager as you need three outcomes, i.e. the entire parlay, to go your way.

Just one loss means the above NFL parlay is a loser, even if the other two games haven’t even started.

How Are Parlay Odds Calculated?

You can calculate total odds for parlays by multiplying the odds for all individual bets.

Whether you’re betting 2-3 team parlays for NBA picks or 28 leg parlays on multiple sports, there is a simple formula you can use.

But in reality, a parlay calculator is available on the sportsbook and is faster and more convenient.

Using a calculator means you get the full total payout for your parlay bet immediately.

Whether it’s a two-team parlay or four-team parlay, they come in pretty handy. However, if you want to calculate manually, this is the step-by-step formula to use.

1. Convert American Odds to the Decimal Format – Firstly, the easiest way to calculate parlay odds is to convert them to decimals, such as -110 to 1.91. Again, we recommend using betting odds calculators to save time, especially when wagering on 5 team parlays or more.
2. Multiply the Odds for All Bets – Secondly, you take all decimal odds and multiply them. If you’re betting a 5 leg parlay, for example, the total payout may be 40.82 (1.91 × 1.80 × 2.40 × 3.10 × 1.61).
3. Convert Total Back to American Odds – Enter 40.82 in a decimal to American odds converter to get the potential payout for your parlay from each single parlay bet. Or, use the manual formula to work this out (Combined odds – 1 x 100 = Total Payout).

In sum, the potential profit for this winning parlay is $3,982.00 (40.82 -1 × 100 = +3982).

With your $100 stake returned, you stand to win a total of $4,082.00 if all selections are successful.

Again, we recommend entering selections into a sportsbook to get the total payout of a parlay. You don’t need an account to do this, in any event.

You will, however, need to register for an offshore betting site or other sportsbook account to place a parlay bet online.

How to Do a Parlay Bet

You can place parlay bets at our recommended offshore sportsbooks.

Whether you’re betting NBA, NFL, or MLB picks – or anything else that takes your fancy – it’s much easier than you might think. Follow these steps to place a parlay bet now.

1. Create an Account with a Parlay Betting Site – Choose the site you like best, hit the “Join” button, and complete the registration form to get started.
2. Head to the Cashier and Make Your Deposit – Select your preferred payment method from the list available. Also, if you’re claiming a betting bonus such as a free bets, make sure to claim it here before placing your three-game parlay or better.
3. Go to the Sportsbook Section – Here’s where you’ll find all the sports you can wager on. There’ll be a mix of pre-game betting odds (such as for -110 bets) and markets you can browse before making your selections.
4. Add 2+ Wagers and Select the Parlay Bet Option – Whether it’s a 6 leg parlay on football betting sites or something smaller, the choice is yours. Also, make sure you check the parlay betting option from your bet slip.
5. Input Stake and Press the Bet Button – Review your selections, making sure the parlay odds and specific bet types are to your liking. Then, when you are confident in your bet, add your stake and confirm your wager.

You can place parlays on various popular US sports, like NFL or NHL picks, and many from around the world.

Among other things, many major sportsbooks are the best bet for a more diverse parlay as they tend to provide more sports.

Also, they are more creative with the market types you can add. With the rise in US sports betting at record highs online, there’s never been more choice.

How Many Legs in a Parlay?

There are at least two selections in a standard parlay bet.

Conversely, there’s no set cap for how many selections you make, so a basketball 9 leg parlay wager, for example, is possible.

While some offshore bookmakers may limit how many college football picks you can add, there’s no set rule on the higher end.

In essence, super mega parlays carry a lot of risk – so much so that placing large stakes on anything above 8 leg parlays is just asking for trouble.

None of our team has ever placed anything more than a 15 leg parlay (let alone a 24 leg parlay).

If you do, in any case, it’s probably not a good idea to see it as a banker bet.

How to Win a Parlay Bet

You need all legs of your parlay bet to be paid out. As such, it’s a good idea to look at selections that have a better chance of winning, rather than a series of long shots.

For that reason, it’s always worth pondering the place of each leg rather than being lured away by huge odds. Here are some parlay betting tips to get you started.

1. Keep Your Parlay Realistic – Instead of jamming 24 UFC picks and other bets into your parlay, consider a few decently priced favorites.
2. Choose Your Wagers Wisely – Why wager Kansas against the spread for a tiny fraction more than the money line, when this type of sports bet goes against your betting strategy?
3. Don’t Stake Hefty Amounts – Parlay bets are one of the biggest earners for online sports betting sites for a reason – they are very risky.
4. Use Your Sports Betting Knowledge – Rather than adding college basketball or cricket markets for the sake of it, focus on sports you understand better.
5. Consider Cash Out or Parlay Insurance – Cash out allows you to get out from your bet for a profit or moderate loss while parlay insurance pays if one leg, such as Miami Heat, lets you down.

Another thing to think about is why you have chosen these legs in particular. For example, we provide NFL predictions and AI-powered betting picks for soccer to our readers.

But only when we are confident that each one represents good informed decisions or great value.

What Bet Types Can You Include in a Parlay Bet?

You can mix a wide variety of bets when creating a parlay. Here are some of our favorites to try out when sampling this form of sports betting combo bets.

• Moneyline Bets – This is the simplest bet type you can add to your parlay. Choose the team or fighter that you think will win – if they do, you win that leg of your bet.
• Spread Bets – We love spread bets in football and basketball, in particular. With spreads, oddsmakers assign virtual handicaps to both sides which you must meet or beat to win.
• Totals (Over/Unders) – Alongside MLB totals for most combined points in a game, we also like this market on UFC betting sites and online sportsbooks. Whether it’s total rounds or the over/under betting for significant strikes, these are often compatible with parlay wagers.
• Props – Player props and team props bets may also work well with your parlays. From Kansas City Chiefs players registering combinations of running yards and touchdowns to other variants, these types of bets are usually above -110 odds.

Our experts recommend placing any form of parlay at sportsbooks with plenty of markets. This may include everything from betting on Wimbledon champions to the lines found on NASCAR betting sites around the web.

Both expert and novice bettors can increase their chances of success with parlay picks. This can also help with making informed betting decisions and finding long-term expected value.

Parlay Bets vs. Same Game Parlays

You may have noticed we sometimes refer to parlays as standard parlays or traditional parlays.

Now, the reason for this is to distinguish them from Same Game Parlays (SGPs). You can add everything from major professional sports and college football parlay picks to both.

The difference between Same-Game Parlays and traditional variants is that you place the former on the same event. Here are some other criteria to compare both.

Same Game Parlays are a great alternative to standard ones. We recommend trying them out at leading offshore sportsbooks like BetOnline and Bovada.

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