Best Parlay Betting Sites & Apps 2023

Now that sports betting is legal in a number of states, there are so many sportsbooks in the market. All of the sportsbooks are looking to attract new customers and to do so, they are looking to give customers what they want. 

Parlays are extremely popular among sports bettors because they allow you to bet a little in order to potentially win a lot. Sportsbooks need to make sure they offer a good experience for placing parlays. In this article, we will evaluate the best parlay betting sites in the industry.

Top 5 Parlay betting sites

The table below shows our top sportsbooks based on the experience of betting parlays. We looked at factors such as the odds, the available markets and the sign-up bonuses available to new customers.

Best Parlay betting sites

In this section, we will be getting into the details of each of our top parlay betting sites. We’ll highlight the features that make each sportsbook great for betting parlays, plus explain the current welcome offers available with each sportsbook.

#1 BetMGM Parlay Betting

BetMGM is an excellent choice for those looking to place parlay bets. We have found that BetMGM offers extremely competitive odds, which is a major component of parlays. When combining selections to build a parlay, you want to be sure that you are receiving good odds so that the parlay will produce a nice payout if it wins.

BetMGM welcome offer

BetMGM’s new-user promo provides $1,000 First Bet Insurance. Once you join BetMGM through the link below and make a bet of up to $1,000, you are automatically eligible for the first-bet insurance. If your first bet loses, you will receive bonus bets for the same amount of the bet.

#2 DraftKings Parlay Betting

Next up on our list of best parlay betting sites is DraftKings. DraftKings earned a spot on this list because of the wide variety of markets that are available. This is important to parlay betting because it gives you the ability to choose from several different options to add legs to your parlay. The more options available, the more likely it is that you will find a selection you will want to include in your parlay.

DraftKings welcome offer

By claiming the DraftKings welcome offer, you will receive $150 in bonus bets instantly when you place a $5 wager. It doesn’t even matter if your first bet wins or loses – you will receive the bonus bets no matter what. You can then use those bonus bets to build parlays at DraftKings to boost your bankroll. 

#3 Caesars Parlay Betting

Caesars Sportsbook is a great sportsbook to use for parlay betting. Caesars has an amazing mobile app that makes betting parlays extremely easy. Simply download the mobile app and join Caesars, then you can browse the many available markets to build a parlay with just a few taps on your mobile device. You can then view the status of each leg of the parlay right from the palm of your hand. 

Caesars welcome offer

By entering promo code PICKSWISEFULL when joining Caesars, you are enrolled in the Caesars sign-up bonus. With this promotion, you can bet up to $1,250 on any market available at Caesars and if your first bet loses, you will receive a bonus bet equal to the amount of the losing bet. 

#4 BetRivers Parlay Betting

Next up on our list of best parlay sportsbooks is BetRivers, which has a few key features that makes it a great sportsbook for parlay betting. BetRivers is known for having a wide variety of alternate lines, which gives even more options to use when building a parlay. Since you need to win all of the legs of the parlay in order to profit, selecting the best legs is crucial. With BetRivers, you are sure to find great selections to use in your parlay.

BetRivers welcome offer

The BetRivers promo provides first-bet insurance of up to $500. Eligible users that enter the bonus code SPORTS will receive a Second Chance Bet in the event that their first bet doesn’t win. If you lose your first bet, you will receive bonus bets back in your account for the same amount as the losing wager.

#5 FanDuel Parlay Betting

The final parlay betting site on our list is FanDuel Sportsbook. FanDuel is a great parlay betting site because it offers Same Game Parlays with boosted odds. If you build a parlay in which all legs are selected from the same game, you will often receive an Odds Boost. For example, the parlay may traditionally have odds of +450, but FanDuel will boost the odds to +550 to allow for a bigger potential return.

FanDuel welcome offer

With FanDuel’s latest deposit bonus, new customers will receive $100 in bonus bets no matter what. Bet just $5 on any market offered by FanDuel and once you make the qualifying bet, you will receive $100 in bonus bets, even if the bet loses.

How we rate Parlay sportsbooks

We reviewed each sportsbook based exclusively on the parlay betting experience provided. Factors that led to a good score included the number of available markets, the competitiveness of the odds being offered and the welcome offers of each of the sportsbooks. All five of our top parlay betting sites scored very highly in each of these categories and should be strongly considered if parlays are your bet type of choice.

Parlay betting sites features

The table below summarizes what you can expect to find at each of the best parlay betting sites.

Boosted Parlay Odds

As you can see in the above table, all five of our favorite parlay betting sites offer boosted parlay odds. This was one of the key factors when rating the parlay betting sites because as sports bettors, we want to increase our payout as much as we can. With a boosted parlay, you may see the sportsbook provide odds of +450 when normally the parlay would only have +375 odds.

Same Game Parlay Functionality

All of our parlay sportsbooks have the capability to accept Same Game Parlays, which means all of the legs of the parlay come from bets on the same game. For example, you could bet on the point spread, the total and a player prop from the same NFL game. These are beneficial to parlay betting because you can bet on correlated events. For example, you may think that if the game goes under the total, the underdog will have a better chance of covering the point spread as well.

Cash-Out Feature

Having a cash-out feature available is another key point when considering a parlay betting site. Having the ability to cash out can lead to locking in profit at a given point during the bet. For example, if you have a three-leg parlay and two of the legs have won, the sportsbook may give you the ability to cash out of the parlay to earn a profit. You may be feeling nervous about the final leg or just want to lock in some profit now and cashing out allows you to do just that.

Multi-Sport Parlays

With each of our parlay betting sites, betting multi-sport parlays is an option. With multi-sport parlays, you can combine selections from all different sports into your parlay. This is a fun option if you are a fan of multiple sports.

How to choose a sportsbook for Parlay betting?

When selecting a sportsbook for parlay betting, a number of factors should be considered. I am a big fan of placing parlay bets, so I reviewed the list of features before joining. When I bet parlays, I want to make sure that I am getting fair odds for my bet. Parlays are not easy to win since it requires winning every single leg, so I want to make sure that I receive a great payout on the parlays that I do win. 

When picking a parlay sportsbook, I would recommend you review all of the details in this article to see which features are important to you.

Are these Parlay sportsbooks legal and legit?

Yes, all of our parlay betting sites are legal and legit for eligible customers. Online sports betting became legal back in May 2018 and is now legal in many states across the country. As long as you are at least 21 years or older and present in one of the eligible states, you are welcome to join a sportsbook and begin betting parlays right away.