No matter if you are new to sports betting or a seasoned veteran, there are terms that you need to know in order to be successful. This especially goes for the different types of bets available to you for any given game or event.
One of the betting markets in particular you should be familiar with before trying to bet is parlays. If you are interested in learning more, you have come to the right place, as we have put together a comprehensive guide for what parlays are and how they work in regards to sports betting.
Parlays Definition?
By definition, a parlay is a type of bet that strings together multiple bets.
What is a Parlay in Betting?
When it comes to betting, parlays are a bet that combines several other bets into one to give you increased odds compared to making single bets.
How is a Parlay Different From Single Bets?
The biggest difference between a standard single bet and a parlay is that every bet in a parlay must win.
For instance, if you made five single bets on a variety of markets and four of the five bets you made won, you would likely profit, depending on the stake for each bet.
However, if you created a parlay with the same five bets you used to make the single bets, and four of the five bets won, you would lose the parlay and therefore, the stake you made.
Another difference, and probably the one that draws bettors to create parlays in the first place, is the fact that with a parlay, you get much better odds.
Depending on which market you are betting on, single bets have odds that can be pricey, to say the least.
With parlays, you are much more likely to get plus “+” money odds. This, in turn, would give you the chance for higher profits.
What Types of Bets Can I Include in a Parlay?
One of the best things about creating a parlay is that you can combine many different types of betting markets. Of course, this includes common betting markets, such as money lines, point spreads, and totals.
This also includes player props, futures, and game props, giving you flexibility in how you build your ticket.
How Many Legs Can I Include in a Parlay?
The number of legs you can put in your parlay depends on which sportsbook you are using. One thing that is for sure is that your parlay must have two legs at a minimum. As for the maximum, some sportsbooks allow you to put as many as 15 legs in your parlay, while other sportsbooks have a maximum of 10 legs, or even 12.
As enticing as creating a 15-leg parlay is, a parlay with this amount of legs is usually not advised, as it can be seen as simply donating your money to the sportsbook you are using.
What Happens If One Leg Pushes in a Parlay?
One thing to watch out for when creating a parlay is having one of your bets push.
Let’s say you create the following parlay:
- Leg 1: Baseball: Team A ML (-125)
- Leg 2: Football: Team B -5.5 (-110)
- Leg 3: Basketball: Team C/Team D Over 210 Points (-110)
Parlay Odds: +556
In this scenario, two of the three legs are guaranteed to either win or lose. This is because you bet Team A to win in a baseball game in which there are no ties, while you bet Team B in a football game at -5.5, which is a spread with a hook.
However, in the basketball game between Team C/Team D, there is a chance at a push because the total you bet does not have a hook (or the added 0.5 to the total).
Now, after the results of all three games, your parlay then looks like this:
- Leg 1: Baseball: Team A ML (-125) → Win
- Leg 2: Football: Team B -5.5 (-110) → Win
- Leg 3: Basketball: Team C/Team D Over 210 Points (-110) → Push
Updated Parlay Odds: +243
Because Leg 3 is graded as a push, this eliminates that bet from your parlay, converting it into a two-leg parlay. The odds are recalculated, and you would still win, but with a smaller payout.
What Happens if a Parlay Leg is Canceled or Postponed?
Much like if a game pushes in a parlay and is removed, the same thing will apply for a parlay with a leg that gets canceled.
Postponed games can still count if rescheduled within the period set by the sportsbook, usually 1–2 days. Otherwise, that leg is voided, and the parlay is adjusted.
Is it Better to Bet on Favorites or Underdogs in a Parlay?
With parlays, many times using favorites is more advised compared to underdogs.
For example:
- Team A is -250 favorite
- Team B is -200 favorite
If you bet them individually, the odds are short and payouts are small. But if you parlay them, your combined odds would be +110, meaning your chance of winning is higher with a modest payout.
On the other hand, if you parlay multiple underdogs, the odds will look huge, but the chance of hitting the ticket is much lower.
How Are Parlay Odds Calculated? Money Line and Point Spread
Let’s say you had the following two-leg parlay:
- Team A ML (-120)
- Team B -2.5 (-110)
Step 1: Convert the odds to decimal format.
- (-120): (100/120) + 1 = 1.83
- (-110): (100/110) + 1 = 1.91
Step 2: Multiply them together.
1.83 x 1.91 = 3.50
Step 3: Multiply by stake (say $10).
3.50 x 10 = 35.0
Step 4: Subtract the stake.
35.0 – 10 = 25.0
So, you would win $25 profit on a $10 bet, which means the American odds for this parlay would be +250.
What Does Covering a Parlay Mean?
The term “Covering a Parlay” is simply asking whether your parlay won or lost. If all the legs win, your parlay is covered. If even one leg loses, the parlay fails.
What are Same-Game Parlays?
The term “Same-Game Parlay” refers to a type of betting market available at most sportsbooks.
For example, in an NFL matchup you could combine:
- Player A over 250 passing yards
- Team B moneyline
- Total points over 48
These bets are all from the same game, and if they all hit, your same-game parlay cashes.
How Do Parlays Work in Different Sports
Parlays work across almost every team sport: baseball, basketball, football, hockey, and soccer. You can bet on quarters, halves, periods, or innings.
For individual sports like tennis, golf, and MMA, parlays only apply to match winners or specific markets available.
Final Word: Are Parlays a Good Long-Term Betting Strategy?
Generally speaking, parlays are not the greatest strategy for the long term. You must win all legs, which is harder than single bets.
But parlays are fun and can bring big payouts. Stick to 2–4 leg parlays for a better balance of risk and reward.
Quick Glossary
- Predicted Total: The expected number of points that will be scored in a game.
- Money Line: A bet on a team to win outright.
- Point Spread: The margin a favorite must win by or an underdog must not lose by.
- Push: The outcome when the spread or total lands exactly on the posted number.
- Underdogs: The team not favored to win a game or event.