Parlay Betting Odds Explained

When we explain betting odds, how to make a parlay wager is always one of the things we talk about first because it is such a popular way to bet on a variety of games. For just a few dollars, someone could conceivably win as much as a million dollars or more. 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.

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…

What Is A Parlay Wager?

A parlay is a single wager placed down that links two or more outcomes together. The wager can only be won by all of the outcomes winning. A single loss, and the bet is lost. If the parlay is pushed at any point in the bet, then the bet is reduced down to that outcome with the wager odds shifting accordingly. In other words, if you have an 8 team parlay and one of those picks is a push, you essentially are left with a 7 team parlay.

Why 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.

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 however. There are money line parlays that can be made. 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.