What is a parlay? Examples and how to make a parlay bet on sports

A parlay bet can be one of the most exciting ways to gamble. It’s a great way to get better odds, and a thrilling way to win.

But before you bet parlays, you need to understand them.

The Post answers your questions on parlays.

What is a parlay bet?

A parlay bet allows you to add multiple selections into one bet. To win, all of the outcomes need to go your way, but you will get better odds, reflective of the combined odds of your selections.

Examples of parlay bets

To use an example from the NFL:

Baltimore -7.5 over Miami (-110.)

Jacksonville +10.5 over Indianapolis (-110.)

A standard parlay with two bets at -110 will pay out at +260 odds (or 13/5). So if you were to bet $100 on those two games in a single parlay, you would win $260.

As you add more teams to the parlay, your odds will continue to improve. A three-team parlay, all at -110, will generally pay out at 6/1. A four-team parlay will generally pay out at 10/1. That’s because the more outcomes you add to a parlay, the lower chance you have of it winning.

Ready to place one yourself? If so, be sure to check out these sportsbook promo codes before you do:

What are the benefits of parlays?

Better odds. If you’re confident in your picks, then combining them can get you a larger payout. To use the Baltimore-Jacksonville example from before, betting $100 on those two games individually would net you $181.82 if you won both bets. On a parlay, you’d win nearly $80 more.

If you feel strongly that the Ravens and Jaguars are in good shape going into Sunday, then that’s an easy way to add to your potential payout. If you’re less confident and want to protect yourself, though, you would want to bet them individually to protect yourself.

What are the risks of parlays?

They’re harder to win because multiple outcomes need to go your way.

Or, put more bluntly, they’re suckers bets.

Think of it this way. The implied odds of a -110 bet are 52.38 percent. The implied odds of two -110 bets are 27.43 percent. The implied odds of three are 14.37 percent. Obviously that’s in a vacuum, but point being, it can be hard to predict multiple outcomes all correctly.

Parlays very often lose. Especially when you start adding more teams. Winning one is a thrill — and if you can win them consistently, your bankroll will grow substantially — but that’s easier said than done.

How to make a parlay bet

Most online sportsbooks make it pretty easy to make a parlay. If you select multiple bets, an option for a parlay will usually show up in your betslip, which on most books is on the right-hand side of the screen. You also may see options for teasers, round robins or other kinds of bets.

Some books also offer live parlays, which you can do in-game. You can also do multi-sport parlays or, really, just about anything you want.

How to calculate a parlay payout

The sportsbook will usually show you the odds. There are also parlay calculators you can find on the internet. Calculating it manually is possible, but time-consuming and usually unnecessary.

If you’re combining bets that are all at odds of -110, then you can use th fixed odds table to figure out how many legs of a parlay will produce which odds. 

# of Legs	Sportsbook Odds
2	+260
3	+600
4	+1200
5	+2430
6	+4740
7	+9140
8	+17540

Parlay Betting FAQs

What Does Parlay Mean?

At your sportsbook of choice, parlays may be called accumulators, combo bets or multi wagers – a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together.

Can you parlay Prop Bets? 

Yes, some sportsbooks do allow bettors to parlay prop bets. Check out the best parlay betting sites to see which sportsbooks offer this feature. 

Can you parlay the same game? 

You are unable to use the same bet twice in a parlay. However you can parlay the spread or moneyline, and add the over/under total from the same game.

What happens if a game is cancelled in a parlay?

Firstly, we’d recommend checking the rules at your specific sportsbook. But generally, if one game is cancelled, the parlay will be reduced to the next number of teams. This also applies if a game ends in a tie or a push.