How to Bet Parlay: Boost Your Winning Potential

Parlays are riskier, sure, but if you’ve done your research and look for bet combinations that have favorable odds, then they can be incredibly fun and rewarding. Let’s go over some scenarios where it makes sense to bet on parlays.

Some Parlays will try to trap you with large payouts, despite not working in your best interests. Here are some situations when you might want to avoid them entirely:

Theres a whole bunch of parlay bets you can make across different sports. Let’s organize them in a handy chart and explain how each works with practical examples.

Let’s go in detail on the most popular parlay bets out there and use some practical examples so you know how they work, how to read their odds and how to calculate payouts so you get a clear picture of what to assess ahead of placing a bet:

Standard Parlay

Since parlay bets work as a single wager that links two or more individual bets, you could say a “standard parlay” is in fact a 2-leg parlay. As long as you get both of these predictions right, you’re in the green.

Theres nothing better than a practical example to understand any bet so let’s use an MLB game between the Cardinals and the Mets to explain how a standard parlay bet looks like:

You bet on two (2) things happening: 1) Cardinals to win and, 2) Cardinals to win by 2 runs.

Calculating the Parlay Bets Payout

To calculate the combined odds of a parlay bet, you multiply the decimal odds of each individual bet.

First, you convert American odds to decimal odds:

Then you multiply the decimal odds to get the combined odds (this is what makes the parlay so profitable):

Combined Odds: 1.91×2.50=4.775

Finally, you Calculate the Potential Payout

The potential payout is calculated by multiplying the amount you bet by the combined decimal odds.

• Bet Amount: $50
• Combined Decimal Odds: 4.775
• Potential Payout: 50×4.775=238.75

Basically, you can more than triple your initial wager by getting two predictions right!

3-Leg Parlay Bet

I like to explain 3-Leg parlay bets with a real-world example. This time, let’s use a Soccer example, more specifically, a Champions League match between Real Madrid and Arsenal.

Say you want to hit the following predictions:

Well, to get an idea of the potential payout for this last example, let’s use decimal odds for simplicity.

1. Convert American odds to decimal odds:

• Real Madrid to win (-100) = 1.50
• Mbappe to score (+200) = 3.00
• Arsenal to lose by more than 2 (+150) = 2.50

2. Multiply the decimal odds together:

1.50 x 3.00 x 2.50 = 11.25

3. Multiply by your stake:

11.25 x $50 = $562.50

So, if all three legs hit, your $50 bet would return $562.50, which includes your original stake. If any leg fails, you lose the $50 bet. As you can see, parlays can be a major score if you know how to use your knowledge of the game and take some calculated risks.

This kind of parlay bet combines four different bets into one single bet. Just like any other parlay bet, keep in mind that to win all four of your individual bets, or “legs,” must each come true.

Let’s go with an NFL example this time: a match between the Panthers and the Saints and its potential payout scenarios.

Calculating the Parlay Bets Payout

This is how you can calculate the payout for a 50 bucks wager on this type of parlay:

1. Panthers to Win at -115: A $50 bet at -115 odds pays out approximately $43.48 profit.
2. Adam Thielen to Score a Touchdown: Let’s assume the odds for this are +150. A $50 bet at +150 pays out $75 profit.
3. Xavier Woods to Make an Interception: Assume the odds for this are +300. A $50 bet at +300 pays out $150 profit.
4. Panthers to Win by 5 Points or More: Let’s assume the odds for this are -110. A $50 bet at -110 pays out approximately $45.45 profit.

TLDR for Combined Odds and Potential Payout:

In a parlay, the individual odds are multiplied together to get the combined odds.

Combined Decimal Odds

Just multiply all of the decimal odds

Potential Payout

Now we multiply that number with the amount you’re willing to bet (in this case $50)

Fingers crossed, if all four of your bets hit, you would turn your $50 bet into a huge profit of approximately $1,732. That’s of course, if not a single leg fails. The stakes are high, since nailing all four predictions is difficult. But the payout makes it all seem so worth it, right?

A Bit of a Summary

I always like to compare parlay bets with the same bets made separately to really understand the paying potential behind them. Imagine making all of those wagers separately and getting them right BUT not laying them as a parlay bet. I’m sure we’ve all done this as rookies, but hopefully I’ll spare you from making the same mistakes I have.

Round Robins are the closest thing you’re gonna get to a safety net when it comes to parlay bets. These bets allow you to cover multiple outcomes, and you can still get some money out of them, even if don’t nail all your predictions.

It’s like creating multiple smaller parlays from a bigger set of picks. Instead of having to win all bets to get a payout, you can win if some of your parlays hit. These are especially great when you have multiple strong picks, but also a few additional scenarios you’re somewhat sure will happen, but could easily fall through.

So how would a Round Robin would look like for say, an NHL game? Well, let’s imagine a match between the Florida Panthers (-150) vs. Boston Bruins (+125).

We’ll also bet $50 on this made-up scenario. Round Robin parlays lets you create multiple smaller parlays, so lets account for the Panthers being favorites to the point that they can cover the puck line by 2

Now back to our example:

• Bet 1: Panthers to win (Moneyline)
• Bet 2: Panthers to win and cover the puck line by 2

Calculating the Parlay Bets Payout

1. Panthers to Win at -150: A $25 bet at -150 odds pays out $16.67 profit.
2. Panthers to Win and Cover the Puck Line by 2 at -110: A $25 bet at -110 odds pays out $22.73 profit.

Combined Payout

As usual with parlay bets, the total payout will depend on how many of your combinations win. If both bets hit, you win both parlays.

Teaser parlay bets allow you to adjust the point spread or totals in your favor on multiple games, making it easier to win. However, since these are easier to get right, the payouts are lower compared to regular parlay bets.

There are two main reasons for which you want to go for a teaser parlay: One, you lower your risk since Teasers allow you to adjust spreads to make bets easier to win. Two, you can combine multiple games and adjust spreads as conveniently as possible on likely outcomes for each. As you can see, these are tailored for more risk-adverse players that still want a shot at bigger payouts.

That being said, I specifically explain why I don’t trust in NBA teaser bets in our NBA betting guide. The game is just too momentum-based and volatile to get these right reliably, but hey, if you can, then all the more power to you!

Possible Bet Combinations

You can combine these adjusted spreads into a single Teaser Parlay Bet. Let’s say place a $50 bet for this game

Calculating the Parlay Bets Payout

Teasers typically have fixed odds depending on the number of teams and the points you adjust. For a 2-team, 5-point teaser, the odds are usually around -110. Let’s go through all of the possible outcomes to better understand these numbers:

1. Celtics Win by 1 or More: You win the Celtics part of the teaser because the adjusted spread was +0.
2. Knicks Lose by 9 or Less or Win Outright: You win the Knicks part of the teaser because the adjusted spread was +10.
3. Both Conditions Met: If both the Celtics and Knicks cover their adjusted spreads, you win the teaser bet.

TLDR Chart:

Going in detail:

• If Arsenal wins by 2 or more goals, you win your bet. You get your $50 back plus $50 profit, totaling $100.
• If Arsenal wins by exactly 1 goal, it’s a push. You get your $50 stake back.
• If Arsenal draws or loses, you lose your $50 bet.

Betting on Barcelona +1

Odds: +100

• What It Means: Barcelona is given a virtual advantage of +1 goal. For your bet to win, Barcelona must win, draw, or lose by exactly 1 goal.
• Your Bet: You bet $50 on Barcelona +1.

Possible Outcomes:

Making Sense of It All

In this example, you placed a $50 bet on a 2-team, 5-point teaser:

• The Celtics spread changes from -5 to +0, meaning they only need to win the game.
• The Knicks spread changes from +5 to +10, meaning they can lose by up to 10 points or win.

In the end, if both parts of the teaser bet cover the adjusted spreads, you win the bet.

These bets are basically the opposite of a Teaser Parlay. Instead of moving the point spread in your favor, you move it against it. This makes the bet harder to win, but the payouts are significantly higher if your team beats the odds.

Let’s try another NBA scenario for this example. Imagine a Dallas Mavericks vs. Los Angeles Clippers game, with the Standard Spread being Mavericks: +4 and Clippers: -4. Here’s what that means:

• The Mavericks spread changes from +4 to -2, meaning they must win by at least 3 points to get this leg right
• The Clippers spread changes from -4 to -10, meaning they must win by at least 11 points to get this leg right as well.

Only if get them both right, you win the bet and bag a $300 net profit.

You’re always gonna have a perceived favorite and an underdog. Pleaser bets make this extremely evident, hence you have these two choices:

• If you please the favorite, you increase the number of points that your leg has to win by.
• If you please the underdog, you decrease the points with which the team has to lose the game by in order for your leg to win.

Calculating the Parlay Bets Payout

Pleasers typically have high fixed odds depending on the number of teams and the points you adjust. For a 2-team, 6-point pleaser, the odds are usually around +600.

This would be all of your possible outcomes:

1. Mavericks Win by 3 or More: You win the Mavericks part of the pleaser because the adjusted spread was -2.
2. Clippers Win by 11 or More: You win the Clippers part of the pleaser because the adjusted spread was -10.

If both the Mavericks and Clippers cover their adjusted spreads, these would be the math behind your winnings:

Betting on Either Team to Win (12)

Odds: Typically higher than the other Double Chance options because a draw means you lose your money.

• What It Means: You win if either team wins. You lose if the match ends in a draw.
• Your Bet: You bet $50 on either team to win.

Possible Outcomes:

TLDR Chart

Same game parlays allow you to roll multiple bets from the same game into one parlay bet. You can bet on different outcomes within the same match, and you need to nail all individual bets in order to get paid.

Let’s go with a recent Tennis Match from the Olympics (Djokovic vs. Alcazar) as an example:

Analysts believe that Djokovic is in great form and, despite his age, likes to dominate and set the pace during the first few sets. This early advantage allows him to convincingly take matches. You decide to go for three (3) different scenarios on this match:

1. Djokovic to win the match
2. Djokovic to win the first set
3. Total sets to be over 3.5

Calculating the Parlay Bets Payout

So how much would you win if you get each of these legs right? Sportsbooks do all the math for you but the best way to make good betting decisions is by understanding them, that way you can better asses if your legs are worth the risk and how much to bet in parlays.

Since you only win the bet by getting each leg right, you only take into consideration the combined odds of these three events occurring. By multiplying all of the decimal odds you’ll get the combined decimal odds: 1.67×1.83×3.00=9.17

This is the number you’ll be multiplying any amount of money you want to wager to calculate your same game parlay’s payout. For instance, if we bet $50 you are looking at $458.50 in return ($50 x 9.17)

Progressive parlay bets allow you to roll multiple bets from different events (or even games) into a single parlay. It even offers a payout even if you don’t get some of the legs right. For instance, if you include seven bets and only five of them end up happening, you might still receive a partial payout.

Let’s go with a fairly straightforward example: a UFC match between Chris Gutierrez and Javid Basharat. These are your legs:

• Chris Gutierrez to win.
• The fight to end by KO/TKO.
• The fight to go over 2.5 rounds.

Calculating the Parlay Bets Payout

Lets take a look at the odds

If you get all of the legs right, you get $304 in return. If one of the bets loses, the payout will be reduced based on the sportsbook’s rules, typically around 50%-70% of the full payout. If two of the bets lose, the payout will be minimal, or you might lose the entire bet.

Making parlay bets is very simple, the steps might vary a little bit depending on the sport and sportsbook you’ll be using but it usually comes down to the chart below.

Word to the wise: always keep in mind that parlay bets are high-risk, high-reward types of bets so don’t expect to win every time. Nailing multiple predictions can be challenging, so please don’t gamble more than you can afford to lose.

Please, always make sure to make the most of sportsbook bonuses and promos, and always be aware of the terms and conditions. It’s always a good idea to consult reliable sports analysis websites, forums, and experts to gather insights and tips.

What Is a Key Parlay Bet?

A Key Parlay Bet focuses on one primary game, adding multiple smaller bets to increase potential payouts.

What Is a Push in A Parlay Bet?

A Push in a Parlay Bet occurs when a bet ties, and it is removed from the parlay, reducing the number of legs.

Do I Get My Money Back in A Parlay Bet Push?

Yes, in a parlay bet push, the tied game is removed, and the parlay is recalculated with fewer legs. You don’t lose your money; the payout is adjusted based on the remaining active bets.

How To Make Correlated Parlay Bets?

To make Correlated Parlay Bets, combine bets where the outcome of one affects the outcome of another, like betting on a team to win and the total points.

What Happens to A Parlay Bet in A Canceled Game?

In a canceled game, the bet is voided, and the parlay is adjusted to reflect fewer legs.

How Do Parlays Pay?

Parlays pay out based on the combined odds of all included bets, offering higher payouts than individual bets due to increased risk.