Among sports bettors, the ability to create custom wagers is one of the most appealing aspects. There’s more than simply choosing, say, the Chiefs to cover the spread against the Jets. One of the most exciting and interesting options is the parlay. Not sure exactly what a parlay is all about? No problem. We’ve got you covered with our Guide to Betting Parlays.
Step One: understand the basics of a parlay.
Before you learn how to land payouts from parlays, let’s start with an explanation.
In the simplest terms, a parlay combines multiple individual bets into a single wager or, as it’s typically described, a “card.” The parlay can have just two bets or stretch into a high number of combined wagers. As the number of bets in a parlay increases, so does the payout. Of course, as the payout grows, the odds of winning also decrease since you need more bets to land.
A parlay only pays when all individual bets on the card are winners. Many bettors will use parlays on NFL games. A wager could be made, for instance, that has the Bills, Giants, Commanders, and Rams all winning their games. In order for that parlay to cash, every one of their teams has to emerge with a victory. But if they do all succeed, the payout will be far larger than four individual wagers have been made. It only makes sense—the odds of picking four winners are lower than the odds of picking a single winner, so the reward is much greater.
When betting a parlay, there are some specific details for different sports. For instance, if a tie occurs in an NFL game—unusual, but it does happen— it becomes a “push.” So if you had bet four games in the parlay, and one ended in a tie while you picked the others correctly, you would cash.
Step Two: know why parlays are appealing.
Does it make sense to add complexity to your wagers by using parlays? If you are knowledgeable about a particular sport, it certainly can.
You’ll want to spend some additional time analyzing each bet that makes up the parlay, but bettors like them because they offer the opportunity for much larger payouts. The winnings grow exponentially with each team added to to the parlay. Here are some typical odds on parlays, assuming all teams are -110 odds and there’s a point spread:
2 Games = +260
3 Games = +600
4 Games = +1000
5 Games = +2000
6 Games = +4000
7 Games = +8000
8 Games = +15000
9 Games = +30000
10 Games +60000
11 Games = +110000
12 Games = +200000
13 Games = +300000
14 Games = +600000
15 Games = +1000000
With these numbers, a $100 two-team parlay wager would pay $260. Three teams? $600. And that’s correct, a $100 15-team parlay would land the better a million bucks.
Of course, it’s important to remember that with every wager added to the parlay, the less likely it is to be a winner. After all, it not always easy to get one game right. The betting sites know it’s really unlikely to get 15 games correct, so payouts that large are unlikely. It’s all about risk and reward.
Step Three: know the different types of parlays.
If you like to wager on sports, you already know there is no shortage of different kinds of bets. And within parlays, there are many different options—you’re not limited to simply picking the winners in multiple games.
Over/Unders
With an Over/Under bet, you’re wagering on the total amounts scored in the game by both teams. Sports books establish the “line” and then you can decide if you think the actual number of points will be more or less than the line.
With Over/Under bets, you have an opportunity to place multiple bets on one game—more to root for! In a classic Over/Under parlay, a better will choose the winner of the game and then bet the Over or the Under on the total points scored.
Let’s say you study the NFL extensively throughout the season. You look at a game between the Chiefs and the Packers, and like the Chiefs to win. But with two high-powered offenses, the line is also high. Thing is, you know that both teams are playing without their best wide receivers, so you think the total points will be surprisingly low. So you bet on the Chiefs to win and you take the Under—you’ve just secured a parlay.
Teasers and Pleasers
Teaser parlays are connected to point spreads, and are very popular in the sports betting universe.
What a teaser bet allows you to do is move the point spread so it’s more favorable to the wager you want to make. Let’s say the Bears are playing the Vikings, and the sports book has the Vikings at -3. If you create a card by making another bet, you can tease that line in one direction or another. For example, you can move the Vikes to +3, improving your chances of winning that element of the parlay. Of course, you’ll earn less if you cash, but you can balance the overall poorer odds of the parlay by making some elements of it more favorable to you. Typically, the tease is somewhere between six and seven-and-a-half points when you’re betting the NFL.
Pleasers let you increase the line, and are only done on a parlay card. Imagine the Giants are -3 versus the Eagles. With a Pleaser bet, you’ll move the Giants to 10.5—you either know something or you’re making the mistake of betting with your heart. Whatever the case, you’re now betting that the Giants will win by 11 or more, and you can combine it with a bet on the Over/Under.
Moneyline
Odds? You don’t need no stinkin’ odds. You just want to pick winners. That’s what moneyline bets allow you to do.
With a moneyline bet, you’ll score big if you pick a heavy underdog. And, of course, you won’t do well if you pick a favorite to beat a sad sack. Upsets are the sweet spot with moneyline bets—pick them and you’ll cash big. You can combine moneyline bets with point spread bets on a single parlay card, but you can’t combine them with teaser/pleaser wagers. If you tease or please one game in a parlay, you have to do that with all of them.
Step Four: expect some tough losses.
By now, you’ve figured out that parlays aren’t easy to cash. After all, that’s why the sports books offer them—the opportunity for big paydays makes many bettors want to take the leap.
Remember that if you bet a 12 game parlay, and you go 11-1, you’ve lost the bet. Every sports bettor has a story of getting sooooo close to a huge payout. That’s fine if you understand the longer odds and have the resources to weather your losses. Just avoid digging a hole for yourself by seeking big payouts with increasingly complex and low odds parlays.
In addition to the types of parlays outlined here, there are more exotic ones out there. For instance, in sports with round robin play, there are different parlays available. Basically, if a sports book sees an opportunity to create a lucrative product, they will. Some bettors will hit big on their parlays, and that’s the appeal. Others will go, you know, 11-1.
Step Five: have fun with parlays.
The real appeal of parlays is that it gives you more to follow and more to cheer. You could have multiple results in the NFL to watch out for on a Sunday, ranging from picks on games to Over-Unders. Instead of just following individual bets, you’re hoping to see it all come together.
If you stay within yourself and accept the longer odds, parlays make sports betting even more fun. And when you cash one, it’s pretty sweet.