Parlay Bets - How, Where & Why You Should Bet Parlays

When it comes to wagering on sports, there are a bunch of options that a bettor can take. Choices are plentiful. It's not just picking and choosing which sports, which game, or which player to wager on either. Certainly those are all variables that come into place. But there are other wager types that can be exploited for a nice profit as well. One of these wager types is known as a parlay.

What Is A Parlay?

A parlay is one of the sportsbook wager types that can be made by linking two or more individual betting lines together. Sportsbooks will typically set a maximum number on how many lines can be linked together for a single parlay. For the parlay to win, every bet made within it must be won. The more bets made within a single parlay, the higher the profit margin goes up, but then so too does the level of difficulty.

The amount of money that a bettor can stand to win on a parlay wager varies on a number of different factors. The first is how many bets are made in that parlay. If it's only two, chances are the payout will be significantly less than someone who laid down a wager with five or six outcomes needed to hit correctly. The second variable is the payout for each individual wager. For example, a payout of five lines where the favorite is taken in all of them is going to be far less than if the bettor decided to go with all of the underdogs.

How To Make A Parlay Bet + Why They Are Popular

A parlay can give players huge wins if they are able to be executed successfully, which is one of the reasons that they are so popular. Few other bets can turn little risk into a big reward like a parlay. On this page, we talk all about parlays. Find out what they are, how to bet them, what makes them popular, and many more frequently asked questions about this type of wager that can be made. Bettors who are able to understand parlays and find out how to bet them have the potential to win big on betting lines.

Types Of Parlays

For those interested in betting a parlay, there are several different types that you can take advantage of. This kind of parlay centers on the types of individual betting lines that you choose to put into your parlay. For example, taking the moneyline on several games, whether it be for the favorite or the underdog are options. But even still, a parlay doesn't have to be all one type of betting line. For example, a parlay can be made on one game against the spread, and then another game taking the moneyline, with no spread involved. Parlays can also involve the over/under point total of the game, which is another form of a moneyline on the payout.

Of course, parlays extend further than game lines as well. Player props and team prop odds can be wagered on in this format. However, when it comes to prop odds, sportsbooks will have their own set of rules as to how many are allowed to occur on one bet, and what those parameters are.

Parlay Payouts

What makes a parlay wager so appealing is the potential to win really big. There are instances where a $5 wager can profit thousands. It obviously depends on the variables we mentioned at the onset of this article. Primarily how many bets are contained within the parlay, and what those individual payouts are to add up to the parlay payout. Bettors like the idea of risking a little to win a lot, and a parlay is the best example of this. This is because a bettor can do a parlay and take favorites on the lines and still win big. A bet on large underdog in not required. Certainly to win the parlay all of the bets have to hit, which makes it difficult, but at the same time bettors have a lot of freedom.

How Much Can You Win From A Parlay?

Sportsbooks will all have their maximum limits on how much a player can win on a single parlay wager, but these are typically set very high. Parlay wagers have some of the highest profit margins and payouts of any bet made.

The amount of money that a player can win will depend on those wagers in the parlay. If a bettor is taking underdogs on a moneyline, the profit margin will be high. If they are taking favorites, it will be lower, but depending on how many bets are made in the parlay, could still be high. That's one of the fun things about a parlay as well, is that a lot of them are unique wagers.

As a bettor, you are able to make up your own parlay as you go along, where the payout will be calculated for you by the sportsbook. For example, if you were to switch those moneyline wagers to bets against the spread, it would change the payout dramatically, because the idea of the spread is to level the field. There is much more variance on a moneyline, where payouts for a parlay can be huge. A spread is a bit more grounded, but can still have high profit margins when a bettor chooses to extend the parlay by picking a number of different games or bets.

Where Can You Make A Parlay Bet?

Licensed sportsbooks in the United States have the option to bet on a parlay. Unfortunately, you have to be in either Nevada or Delaware to place those bets. However, for the majority of Americans who are not in those two states, there is good news. American sports betting sites allow U.S. users to place parlay wagers. There are many sports betting site that accepts players from the United States, which provide a legal sports wagering option.

If we must name a single place to go to make these wagers, it would have to be Bovada, and here's why:

The sportsbook at Bovada is a great place for bettors who are looking into wagering on a parlay. Bovada provides great options that can be parlayed together to make for massive payouts when betting on sports.

Players from the United States are accepted here, with the exception of Delaware, Maryland, New Jersey, and Nevada. Aside from that, U.S. players of legal gambling age (18 at Bovada) and in their state are welcome to wager here.

Sportsbooks That Have Parlay Wagering

There are many other online sportsbooks that feature parlay wagering options. Bovada is certainly a top-rated one, but any of these featured betting sites below have these options as well. Check out what the options for these sportsbooks are, and how to bet them. Also note, many of these bookmakers offer teasers + pleaser wagers too!

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More FAQ About Parlay Bets + Wagering

Is A Parlay A Sucker Bet?

Conventional thought might lead to thinking that it may have been a sucker bet, but that is certainly not the case anymore. Bettors can certainly win a nice amount of money on a parlay. Now with that being said, choosing to do more bets within a parlay makes it more difficult. You don't want to overextend yourself with every parlay - that is not a smart way to wager. Parlays are quite popular though a sportsbooks these days.

What Sports Can Be Bet In A Parlay?

Most every sport will have the option to be included in a parlay, though check with the sportsbook you are visiting. They will have all of the information you need to bet a parlay but you can bet that football parlays are in-play!

Are You Allowed To Bet On Different Sports Within A Single Parlay?

Yes, you can go cross-sport with a single parlay. For example, lay down a bet on a team to cover the spread in the NFL, while at the same time tying it in with a game or two on college football, or Major League baseball.

Can You Make A Parlay With Bets Within The Same Game?

The answer to this question is both yes and no. Again, it will depend on the sportsbook you are with as to whether or not you will be allowed to do this. It can also depend on which sport you are looking into as well.

Can You Parlay First Half, Halftime + Quarter Bets?

This is along the same lines as to the bets within a same game question. The answer is yes, but it is also no. Check with the sportsbook to find out if you are able to do so.

What Happens If A Parlay Ties?

This is a common question asked, because when you are dealing with multiple wagers the likelihood of one or more bets pushing is higher. A push means that the betting line set by oddsmakers was equaled. For example, if a team favored by seven points wins by exactly seven points, it is a push, as no team covered. When it comes to a parlay, think of a bet that is pushed as just going away. If a bettor has laid down five bets in a parlay, and one of them pushes, the payout would go from five to four, and the parlay would remain alive because the bet was not a loss. The parlay is only lost when one of the wagers within it loses.

What Happens If A Bet In My Parlay Is Postponed Or Canceled?

If it happens to be that one of your wagers made within a parlay is postponed or canceled, the sportsbook will typically revert to their 'no action' policy. This is essentially the same process as a bet that was a push on a parlay. If one of the games you have is not played and there is no action on it, the number of bets within your parlay will simply be reduced accordingly. For example, if a bettor has a two-team parlay and there was no action, then it would be dropped down to just a single bet.