What is a parlay bet? Definition, tips and calculations

Got multiple wagers on your mind? Parlay betting enables bettors to combine them into one. Here, we cover everything there is to know about this increasingly popular type of wager in the world of sports gambling.  

A parlay bet involves selecting two or more individual bets, known as legs, and grouping them into a single wager. For a parlay bet to win, each leg must be successful. If even one leg loses, the entire parlay loses.

The most common parlays involve traditional bets such as the spread, total and moneyline. These can be bets from multiple games or just one, otherwise known as a same-game parlay.

Parlays appeal to bettors because they offer potentially lucrative payouts relative to risk. The caveat is that with each leg added, the probability of the parlay winning significantly decreases.

A same-game parlay allows bettors to combine multiple bets from a single game rather than multiple games. Like a standard parlay, each leg must win for bettors to receive their payout.

Some bettors create parlays involving eight to 10 bets or more, featuring not just the spread or total but also specific player props, such as an Over/Under on how many points LeBron James will score or how many runs Shohei Ohtani will drive in.

Parlays can also include bets from different games or even different sports. These are especially popular on NFL Sundays or during the NCAA Tournament, when bettors follow multiple games at once. Esports events such as the LOL World Championships are an attraction as well.

All major online sportsbooks offer parlays and generally make them easy to build. Parlay bet rules require a minimum of two legs, but these wagers can include as many as the sportsbook will allow.

Once you choose your preferred sportsbook, find the sport you would like to bet on. Whether it’s the NFL, NBA, MLB or something entirely different, you’ll have a host of options for each game, ranging from common bets such as the moneyline to more nuanced options like player props.

Once you pick which bets to include in your parlay, the sportsbook will automatically calculate the odds of your wager. The potential payout will depend on how many bets are involved and the individual odds for each bet.  

To calculate the potential outcome of the overall payout of your parlay bet, it can be a tricky task to work out yourself. Thankfully, the majority of leading sportsbooks show the potential payout of the bet before you even confirm the wager. 

However, if you’re still keen to know how the potential payouts are calculated in parlays, convert the odds of your selections into decimal odds, multiply the odds together, before multiplying that number by your stake on the bet.

Below, you’ll find an example of a winning parlay bet. As previously mentioned, you’ll need all of the selections included in the parlay to win. If any of them are to lose or tie the game, then your bet would be a losing one. 

However, for this example, you’ll see that for this NFL parlay, the Buffalo Bills, Denver Broncos, and Seattle Seahawks have all won, which would provide us with a winning parlay bet.

We’ve also provided an example of a losing parlay bet from the NBA season, which would result in our stake being lost. It’s vital that you gamble responsibly, and with money that you can afford to lose.

The majority of sportsbooks typically offer a cash out on parlay bets when the games are still taking place. Of course, the cash-out amounts can vary depending on the status of the game, but it’s a popular feature for punters who might be content with winning a certain amount, instead of the full payout of a bet. 

To cash out a parlay bet, simply scroll to the end of the betslip and click on the ‘cash out’ button. This will then add the funds to your balance, which you can use as you wish. 

At times, some bettors may not be able to cash out a parlay bet, which can be due to reasons such as the event being postponed, players being injured (for player-specific parlays), and in-game changes that can alter the value of the cash out.

It’s important to note that there are plenty of advantages attached to parlay betting, but you should always be aware of the negatives that come with it. Below, you’ll find the pros and cons of parlay betting.

It doesn’t matter if you’re a professional bettor or new to the betting scene. It’s hugely important to remember that there aren’t ever guaranteed wins in gambling. Therefore, you should always gamble responsibly and only play with funds that you can afford to lose. Gambling should never impact your personal finances, and if it does, then you should put restrictions in place for your spending on sportsbooks.

 Parlay betting carries more risk than other types of bets, as one selection losing will cost you your stake on the bet. Manage your bankroll carefully and consider implementing strategies like flat betting to control your spending.