NFL Parlay Bets: Guide to Making 100% Smarter Bets

NFL parlay bets are composed of several bets, and each bet is called a “leg”. Yes, you must win all of your legs to get paid, which makes it way harder to win, but you can also mix different types of bets into your ticket.

You could have a parlay with, for example, moneyline, spread and totals all rolled up into one combo bet. Things can get pretty nutty, so let’s go over each type of popular NFL parlay bet with real-world examples. Trust me, it’s easier to understand how they work that way.

Imagine you got your eye on a couple of games this weekend, and you decide to throw some money at an NFL Moneyline Parlay. Here’s what you’d find at the sportsbook:

Baltimore Ravens vs. Jacksonville Jaguars: The Ravens are the favorites, so their odds are -200.
Dallas Cowboys vs. New Orleans Saints: The Cowboys are also favorites, with odds of -150.

You’re confident both the Ravens and Cowboys will come out on top, so you parlay these two bets together. It’s not as profitable as betting on underdogs, but that’s the thing about parlays: they really juice up the odds and the payout is bigger than if you bet on each game separately.
Here’s how it works:

• Ravens at -200 means you’d have to bet $200 just to win $100.
• Cowboys at -150 means you’d need to bet $150 to win $100.

For a parlay, we multiply the odds:

First, convert the odds to decimals:

• Ravens (-200) = 1.5
• Cowboys (-150) = 1.67

Multiply those: 1.5 x 1.67 = 2.505

Now, you throw $100 on this parlay. To figure out your payout:

$100 x 2.505 = $250.50

That means, if both the Ravens and Cowboys win, you’ll pocket $250.50—a profit of $150.50 on your original $100 bet. Not bad for betting on favorites. But here’s the kicker: if either team loses, you get nothing. That’s the risk with parlays, that’s why they’re profitable even if you go for favorites.

NFL point spread parlays are self-explanatory: you’re combining the risk and massive payouts from parlays, with the thrill of watching your team cover the spread. Let’s use the Ravens vs. Jaguars and Cowboys vs. Saints for this example, with both the Ravens and Cowboys as favorites.

• Baltimore Ravens vs. Jacksonville Jaguars: The Ravens are favored by 7 points, meaning the spread is Ravens -7. For your bet to win, the Ravens need to not just win, but win by more than 7 points. If they only win by 7, it’s a push (you get your money back).
• Dallas Cowboys vs. New Orleans Saints: The Cowboys are favored by 4 points, so the spread is Cowboys -4. For your bet to hit, the Cowboys need to win by more than 4 points.

So, again, it’s not enough for your picks to just win, they have to also cover that spread. It’s a very important distinction.

Alright, let’s get down to the numbers. Most point spread parlays with standard odds have a payout around +260 when combining two bets. That means for every $100 you bet, you’d win $260 in profit if both teams cover the spread.

So, with a $100 Point Spread Parlay on:

• Ravens -7
• Cowboys -4

If both teams cover, your payout would be: – $100 x 3.6 (which includes your $100 bet) = $360 total payout.

That’s $260 in pure profit! If any team fails to cover the spread, it’s over though. Everything really has to line up, but when it does it’s sweeter than anything.

Just a quick reminder: NFL totals bet is all about predicting the total points scored in a match, and it has to be over or under a set number (the sportsbook decides this number). If you combine that with a Parlay, you could, for example, bet on two games to have a combined score over 48.5 and under 45.0 points, respectively.

Let’s do a breakdown of a typical NFL totals parlay using the Ravens vs. Jaguars and Cowboys vs. Saints as examples.

Let’s say the lines are looking like this:

• Baltimore Ravens vs. Jacksonville Jaguars: The Over/Under line is set at 48.5 points.
• Dallas Cowboys vs. New Orleans Saints: The Over/Under line is set at 46 points.

Let’s assume that both games are going to be high-scoring, since they’re facing middle of the table teams. We’ll take:

• Ravens vs. Jaguars: Over 48.5 points.
• Cowboys vs. Saints: Over 46 points.

Now that you’ve picked the “over” on both games, these two bets are combined. For your parlay to win, both games need to go over their respective point totals. Remember: if any of the teams underperforms, you’re probably cooked.

Let’s see how the odds would work for us. Keep in mind these are made up odds, but the calculations check out.

Over/Under bets typically have odds close to -110 for each leg. So here’s how the odds might stack up:

• Ravens vs. Jaguars Over 48.5: -110
• Cowboys vs. Saints Over 46: -110

First, convert the odds to decimals:

-110 = 1.91

Now multiply the two:

1.91 x 1.91 = 3.64

So, for this Over/Under Parlay, your total odds are +264. If you lay down a $100 bet, your potential payout would be:

$100 x 3.64 = $364 total payout (which includes your $100 bet). That means, if both games go over the point totals, you’d walk away with $264 in profit.

Several things and factors have to click in order for you to nail both bets, but that’s just how all parlays work. The payouts are certainly worth it though. Even if we bet on favorites, we get some fat green.

NFL Same Game Parlays are, just like the name implies, combining multiple legs from the same game. It’s a fantastic way of keeping things interesting and scoring a bigger payout. These usually paint a clear picture of how you expect the game to go, so if you’re confident a team will take the win, you’ll also probably bet on their star to have a good day on the field.

We’ll use the Ravens vs. Jaguars match as an example. Let’s say the Ravens are favorites against the Jaguars, and Lamar Jackson is their star quarterback, so we’ll build a Same Game Parlay around that.

Here’s a potential parlay:

• Ravens to Win (Moneyline): The Ravens are favorites, so let’s say their odds are -250. You’re betting that the Ravens win the game straight up.
• Lamar Jackson Over 1.5 Passing Touchdowns: You think Jackson will throw at least two touchdowns, and the odds for this leg are -120.
• Total Points Over 45.5: You’re betting the game will have more than 45.5 total points scored, and let’s say the odds are -110.

How the Odds Work:

In a Same Game Parlay, you combine these legs for bigger potential payouts. Here’s how it would break down:

• Ravens Moneyline (-250)
• Lamar Jackson Over 1.5 TDs (-120)
• Total Points Over 45.5 (-110)

First, convert the odds to decimals:

• -250 = 1.40
• -120 = 1.83
• -110 = 1.91

Now multiply them together:

1.40 x 1.83 x 1.91 = 4.88

This means the odds for the entire parlay are +388, meaning for a $100 bet, your potential payout would be:

$100 x 4.88 = $488 total payout (which includes your $100 bet). So, if all three legs hit (Ravens win, Lamar Jackson throws more than 1.5 TDs, and the game has over 45.5 points), you walk away with $388 in profit on your $100 bet.

That being said, everything else could fall into place, but if Lamar has a crappy game, then you can kiss your payday goodbye. It’s brutal, I know, but it’s the price of playing a high-stakes game.

Now that we know the different types of NFL parlay bets, let’s look at how we can money off of these. I’ll share some tips and tricks to help you make smart bets, but don’t expect shortcuts. Sorry, but it does ultimately come down to making good decisions based on the information available.

Use a Clear NFL Betting Strategy

This is absolutely key to any kind of bet you want to place. You need to have a clear NFL betting strategy you can follow, and see how Parlays can play a role in these data-driven, systematic bets. You’ll often find “perfect storm” type of scenarios that allow you to sneak a cheeky NFL parlay bet, so you need to take them.

Our betting strategy looks at everything from travel schedules to advanced player analytics, so grab a cup of coffee and give it a thorough read. I shared my favorite NFL Betting Strategy for this year, so be sure to check it out and see how to sneak those juicy parlays in.

Limit the Number of Legs

This tip could just be boiled down to: don’t be too greedy! Look, I know it’s fun to stack multiple bets for fat payouts, but it’s clear that sticking to 2-4 legs is way better. Each leg you take significantly lowers your success rate percentage, so keep that in mind.

Bankroll Management

NFL parlays can get pretty crazy, and before you know it, you’ve gone through your entire bankroll and have to sit tight until you get another paycheck. Thankfully, this is completely avoidable: just break up your bankroll into small betting units you can strategically assign to strong bets, and stick to your own rules. Parlays are high-risk bets, so you need to handle your funds with extra care, never forget that.

Betting on Favorites is Ok

People sometimes make fun of bettors that specifically bet on favorites and rarely deviate, but you’d do well not to listen to them. Betting on favorites can be very profitable, especially if you combine their wins into a single parlay ticket. If you know how to combine bets properly, you can score some serious green without going for underdogs. It’s not as glamorous, but keep this approach in mind, it could be big.

What is an NFL parlay bet?

An NFL parlay is a bet where multiple individual bets (or legs) are combined into a single bet or ticket. All legs must win for the parlay to cash.

Can you parlay NFL moneylines?

Yes, you can parlay moneyline bets in the NFL. This means you’re betting on multiple teams to win outright, without considering the point spread or individual player performance.

How many teams can you include in an NFL parlay?

You can include as many teams as your sportsbook allows, though the more teams you include, the harder it is to win. Best to stick to 2-4 legs at most.

What are the odds of winning an NFL parlay?

The odds of winning decrease with each additional leg. For example, a two-team parlay is more likely to win than a ten-team parlay.

Are NFL parlays a good bet?

Parlays can be a fun way to bet with the potential for higher payouts, but they are risky and not as reliable as straight bets. Use them sparingly and manage your bankroll accordingly.