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What is parlay betting?

A parlay bet is a form of sports wagering where a single bet combines together two or more individual wagers up to a total of 12 picks and is dependent on all of those wagers winning together for the bet to cash.

For example let’s say you want to bet Patriots -7, Packers -3, Rams -3, and Saints +3 in a parlay all four teams would have to cover the spread for you to win your parlay wager.

However, the good news is that your returns from a $100 wager would be around $1,200 if each leg is the standard odds around -110.

A parlay is a great wager if you’re looking to win a big amount of money from a small stake and is among the most popular type of wager placed by sports bettors.

How do you win a Parlay Bet?

To win a parlay wager all individual legs must win. For example, if you have five teams in your parlay bet then all five individual bets must win. Even just one losing selection is enough for the parlay bet to lose, its a higher risk higher reward bet with the odds of each selection multiplying to combine for the total parlay odds.

How to place a Parlay Bet?

If you want to place a parlay online via mobile or computer then it’s very simple. All you need to do is select the teams and/or totals and there will be a parlay option in your bet slip.

 

Fan Duel parlay betting

If you’re in a casino or sportsbook then you can either tell the ticket writer directly which teams or totals you want in your parlay and how much you wish to wager. The other option is to fill out a parlay card which is readily available in sportsbooks.

When placing a parlay bet online, the bet slips automatically calculate your combined parlay odds, and the potential payouts once you have entered your stake.

Types of parlay bets

The most popular types of parlays are Against the Spread Parlays and Teasers but you can parlay many different types of bet and even a mixture of bets in the same parlay.

Aside from Against the Spread, parlaying Moneyline picks is also popular, often used to combine a few strong favorites to increase the odds compared to placing multiple individual straight wagers. 

How to calculate parlay odds

Below you can find an example of a traditional parlay card. This details the typical payouts for up to a 10 team parlay bet based on -110 odds which you’ll get Against the Spread and in Over Under Totals Markets, to a $100 stake.

While the odds of each pick Against the Spread or in the Over Under Totals Markets, it’s only ever slightly, and your calculated payouts won’t deviate too far from the table below.

Number Odds Amount won Payout
2 Team Parlay 2.6 to 1 $260 $360
3 Team Parlay 6 to 1 $600 $700
4 Team Parlay 11 to 1 $1,100 $1,200
5 Team Parlay 22 to 1 $2,200 $2,300
6 Team Parlay 45 to 1 $4,500 $4,600
7 Team Parlay 90 to 1 $9,000 $9,100
8 Team Parlay 180 to 1 $18,000 $18,100
9 Team Parlay 360 to 1 $36,000 $36,100
10 Team Parlay 720 to 1 $72,000 $72,100

Moneyline Parlay Odds

Moneyline parlay odds are different as there is a greater deviation in the odds of the individual selections. Similarly, you multiple the individual odds of the Moneyline selections to find the parlay odds.

This is often easier done when using decimal odds, for example, a three-team parlay with each selection at odds of 3.0 would be calculated by 3.0 x 3.0 x 3.0 for 27.0 or 27-1 parlay odds.

NFL parlay picks

We have free NFL parlay picks for every week of the season from the most popular NFL betting markets – against the spread, money line and over/under the total. Click here for our latest NFL parlay picks

NBA parlay picks

We have free NBA parlay picks nearly every day of the season from the most popular NBA betting markets – against the spread, money line and over/under the total. Click here for our latest NBA parlay picks

NHL parlay picks

NHL is popular for parlay betting because of the various markets you can parlay. The money line, puck line, and totals are all perfect for parlay bets. Click here for our latest NHL parlay picks

MLB parlay picks

MLB money line parlays are most popular because of the game odds, the underdog and favorite are often closely priced so the returns are often large. Click here for our latest MLB parlay picks

NCAA parlay picks

It’s not just the professional sporting ranks our free parlay picks cover. We also have NCAA parlay picks for college football and college basketball.