A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games.
Let’s say you’re in the mood to gamble on an 8 team parlay, but the only out available to you is a bookmaker paying 150-1 fixed odds. A trick of the trade here is to include one bet that is priced differently than -110 in order to force the bookmaker to use true odds. When betting sites offer fixed parlay odds on point spreads generally the more teams you bet the worse the odds become. If you were to roll all bets forward 8-times, staking your full return each time, you’d get paid 175.45 to 1 and notice BetOnline only pays 165 to 1 on 8-team parlays.
The allure of these bets has always been a larger payout than choosing a single team to win. But there’s more gamble to these types of wagers because every “leg” of the parlay needs to not lose in order to win. If one leg loses, the whole parlay loses.
The flexibility of a parlay bet also makes it attractive to gamblers. You can combine multiple sports into your parlay bet; for example, you can include the Cowboys from the NFL, the Celtics from the NBA and the Coyotes from the NHL into a single bet. If they all win, you win.
Test out the parlay calculator above and compare odds at different sportsbooks to see how it works!
Placing a parlay bet
There are two ways to place a parlay bet and both are quite simple. Bettors can either tell the ticket writer directly which teams and totals they’d like to bet on and how much they’d like to risk on the bet. Filling out a parlay card is the other option for placing this kind of bet. Once the card is filled in, the bettor simply needs to visit the sportsbook desk to place the bet.
Some mobile sports wagering apps offer both types of parlay bets.
Get the best parlay deal at online sportsbooks with Parlay Insurance here:
Winning a parlay
There are two instances when a parlay can be a winning bet. A parlay only wins if none of the sides, totals or moneylines selected is a loser. The parlay can still be a winner if a game is canceled or ends in a tie. The pay schedule will simply more down to the lesser payment. For example, the bettor will win if a baseball parlay for four teams has three winners and one game is canceled because of rain. The bet will only pay based on the schedule for three winners instead of four as originally planned. The bet is a loser if one pick for a parlay is wrong.
Parlay odds
Not all parlay payouts are the same. Sportsbooks may have different odds for the number of teams bet in a parlay. This can be very confusing when looking at online sports that have different odds and payouts for the same parlay. Further, these odds may change at any time so bettors should check with the ticket writer in sportsbook before placing a parlay.
Parlay payouts
Payouts for a parlay are fixed by the time the bet is placed. Even if the lines and odds for an individual game move, the parlay lines and odds won’t change from when the parlay bet was placed. The parlay bet won’t be changed whether the lines change for or against the bettor.
If the lines change for a game, or games, in the favor of the bettor another parlay may be bet with the new line. The original bet cannot be changed and the bet will stand. The good news is that the bettor has two live parlay bets.
Types of parlays
A parlay is a type of sports bet and there are different variations of this kind of wager. The most common types of parlays are Round Robin parlays and Teasers.
Round Robin
A Round Robin bet is placing multiple parlay wagers at once. It’s just that simple. Round Robin bets are just a way to simplify making multiple parlays. When a bettor “Round Robin’s” teams in sports betting it’s similar to a horse bettor “boxing” horses for an exacta or trifecta bet in a race.
The bettor will select anywhere from 3 to 8 teams or totals to be in the Round Robin. They will then choose how many teams or totals they’d like to tie together for the Round Robin. For example, a bettor may select eight teams and totals for a Round Robin and tie the parlays to as many three-team combinations as possible.
The combination of teams will dictate how many different parlays the bettor has. Continuing the example, if a bettor wants to Round Robin eight teams they will have 28 different parlays if they choose two teams. If the bettor chooses to make three-team parlays they will have 56 different parlay tickets.
The ticket will cost the amount chosen for each parlay. If the bettor only has $300 they might choose to Round Robin the teams by two, so they have 28 different parlays for $10 each. The payout for each winning parlay is the same as it would be if the parlay bets were each made individually.
Teaser
A teaser is similar to a traditional parlay where the bettor can select multiple teams or totals. However, there are no moneylines allowed with a teaser. Unlike a parlay, the bettor may move each point spread or total plus or minus a certain number of points. The additional points on the spread or total make these bets easier to win and thus they pay less than a traditional parlay.
Teaser bets can change the point spreads or totals anywhere from six to 10 points. However, each leg of the teaser must use the same number of points. Those legs of the teaser may go in different directions.
- For example, the New England Patriots -7 can be teased down six points to -1. Meanwhile, the Cleveland Browns can be teased up six points from +4 to +10 points.
Much like a traditional parlay, the more teams involved with a teaser the better the payoff. Again, different sportsbooks have different odds and rules so they might have different payouts and teaser options available to bet.
Parlay Cards
Sports Betting Parlay Odds
The more popular way to bet parlays in casinos today seems to be with a Parlay Card. These are the long narrow cards where bettors fill in the numbered circle of the side or point spread they want to include in their bet. Once the teams and totals are chosen the bettor simply presents the filled in portion on the card to the ticket writer in the sportsbook along with how much they’d like to wager.
Parlay Cards are especially popular during football season. There are many different types of Parlay Cards including a variety of teasers, ties win and reverse teaser cards known as pleasers. These are more popular every year so the mobile sports wagering apps have started to add Parlay Cards for mobile bettors.
Best Parlay Odds
It’s always important to get good odds and prices no matter what type of bettor you are. But let’s keep things in perspective when talking parlay odds. Getting better payout odds on your 15 team parlay is like getting your powerball ticket at 25% off. Sure, you were a little smarter in both scenarios, but Warren Buffett isn’t about to send you an invitation to be an intern.
The majority of smart parlay bettors will bet small combinations. A two, three and sometimes four team parlay is usually preferred. There are three main reasons for this, followed by our list of sportsbooks with the best parlay odds.
(No. 1) You lose the ability to line shop. If one of your betting sites is offering a great line on game A and the other has a juicy line in game B, the only thing you can do is straight bet each of them. The more legs in your parlay, the more likely you will have poor odds since you must fill the parlay with odds from a single sportsbook.
(No. 2) This should really be 1a because it’s also about getting, or not getting, the best line. If the Patriots line finally moves down to -2.5 but the Colts line has not yet moved as you’d hoped, you have to place the parlay now or risk losing the favorable Pats line. If you are betting a small parlay, you stand a better chance of getting the lines in range of what you want. Parlay payouts need to make up for these disadvantages in order to be successful. That’s why parlay bettors must use our payout chart or the chart from their individual sportsbook before betting.
(No. 3) One advantage parlay betting does have is you can forecast how one game will play out and fill two legs of a two team parlay with the spread and total, making it a correlated parlay. Correlated parlays can work to the bettor’s advantage. The most common correlated parlay is betting the underdog and the under or the favorite and the over. But beware, the more additional legs that are added to the parlay the less the advantage with the correlation.
For these reasons Predictem has focused on the most popular three parlays. If you are primarily a parlay bettor, don’t blindly join the sportsbooks that straight bettors recommend. Not all books have good parlay odds.
Parlay Odds Payout Chart
| Sportsbook | 2-team parlay | 3-team parlay | 4-team parlay | 15 Team Parlay |
|---|---|---|---|---|
| BetAnySports | 2.64/1 | 6/1 | 12.28/1 | 16307/1 |
| Betonline | 2.64/1 | 6/1 | 12.28/1 | 16307/1 |
| BetNow | 2.64/1 | 6/1 | 12.28/1 | N/A |
| Sportsbetting | 2.64/1 | 6/1 | 12.28/1 | 16307/1 |
| WagerWeb | 2.64/1 | 5.95/1 | 12.28/1 | 16331/1 |
| Bookmaker | 2.64/1 | 5.95/1 | 12.28/1 | 16307/1 |
| Bovada | 2.64/1 | 5.95/1 | 12.28/1 | n/a |
| MyBookie | 2.64/1 | 6/1 | 12/1 | n/a |
Note:
You may also hear these bets referred to as “Accumulators”. An accumulator is the same exact thing as a parlay. This is the terminology used across the pond in Europe. You may also hear the word “Parlay Card”. This term derives from the old days, back when you would grab a pre-printed card at your favorite sportsbook, circle your bets and then give it to the ticket writer at the sportsbook. Local bookies also used to operate this way as well. Lastly, you may also hear these wagers referred to as combo bets or multi bets.
Parlay Odds Table
Best Teasers
| 3 Team: | 6 pt Teasers | 6.5 pt Teasers | 7 pt Teasers |
|---|---|---|---|
| 1.8/1 | 1.65/1 | 1.5/1 | |
| 1.65/1 | 1.5/1 | 1.35/1 | |
| 1.6/1 | 1.5/1 | 1.35/1 |
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