What is a Parlay?
A parlay is a single bet that links together two or more individual wagers for a high payout. For the parlay to win, every single wager, or "leg," within the parlay must win. If even one leg loses, the entire parlay loses. The allure of parlays is that the potential payouts are much larger than betting on each game individually.
Basic Rules and Format
To build a parlay, you simply select two or more bets and combine them. The odds of the parlay are calculated by multiplying the odds of each individual leg. This is why the payouts can be so substantial. You can combine different types of bets into a parlay, including moneyline, point spread, and totals bets.
For example, you might parlay the moneyline of three different NFL teams. If all three teams win, you win your parlay. If one of them loses, you lose the entire bet.
Types of Bets Available
Parlays can be constructed from a wide variety of bets, including:
- Moneyline: Betting on the outright winner of a game.
- Point Spread: Betting on the margin of victory.
- Over/Under (Totals): Betting on the combined score of a game.
- Prop Bets: Betting on specific events within a game, such as a player to score a touchdown.
Some sportsbooks also offer "Same Game Parlays," which allow you to combine multiple bets from the same game.
Step-by-Step Guide to Building a Parlay
- Log in to your sportsbook account: Access your preferred sportsbook's website or app.
- Select your bets: Choose two or more games or events you want to bet on. Add each selection to your bet slip.
- Find the parlay option: On your bet slip, you will see the option to combine your selections into a parlay. Select this option.
- Enter your wager: Decide how much you want to risk on the parlay.
- Review and confirm: Double-check your selections and the potential payout before confirming your parlay bet.
Common Mistakes to Avoid
- Adding too many legs: While it's tempting to add more legs for a bigger payout, this significantly increases the risk. It's very difficult to win a parlay with many legs.
- Not doing your research: Don't just randomly add bets to your parlay. Research each leg just as you would for a single bet.
- Risking too much of your bankroll: Parlays are high-risk, high-reward bets. They should be a small part of your overall betting strategy.
Tips for Beginners
- Start with small parlays: Begin with two or three-team parlays to get a feel for how they work.
- Correlate your bets: Look for bets that are correlated. For example, if you think a game will be high-scoring, you could parlay the Over with a quarterback's passing yards prop.
- Have fun with them: Parlays can be a fun way to have a small wager on a slate of games with the chance for a big win. Treat them as entertainment.