Placing bets on a single outcome is typically the safest strategy for achieving consistent success in sports betting. While this method may be more predictable, it can also be a bit lackluster at times. Fortunately, there is a more daring betting alternative that can inject some excitement into your gambling experience.

Parlay betting is when you choose multiple options on one betting slip.

Having more choices in a parlay increases the potential payout but also makes it more difficult to win since every part of the parlay must be correct for the bet to be successful.

This wager offers both high risk and high reward. To illustrate this point, consider that a large portion of total bets placed at online and mobile sportsbooks come from parlay wagers.

We will explore the pros and cons of parlay betting in order to help you understand how it works.

What is a parlay bet?

Making a parlay bet entails predicting multiple outcomes on a single betting slip. A parlay can consist of just two choices, such as two moneyline bets, or it can include up to 10 or more selections.

Adding more selections to your slip will increase the potential return on the parlay, but it will also make it more challenging to win. We will soon offer estimates of potential returns based on the number of selections made.

Parlays are attractive because they offer the possibility of a big payout from a modest wager. They are favored by casual bettors, and even some seasoned handicappers use parlays in their betting plans.

What is a same game parlay?

The idea of a same-game parlay is relatively new but has been growing in popularity. While some operators have traditionally allowed combining a side and totals pick on the same game, the range of options available has been expanding in various locations.

In addition to sides and totals, you can now include various props in your ticket. For example, let’s look at this basic combination for a Chicago Bears game:

Chicago Bears to win, under on points, David Montgomery to score the first TD in the game.

Just like a traditional parlay, the more selections you add to a single-game parlay, the higher the potential returns. However, this also increases the level of risk involved. In order for a single-game parlay to be considered a success, every selection must be correct.

How to place a parlay bet

Top operators usually offer user-friendly online and mobile betting platforms. Whether you’re using a computer or a phone, creating a parlay ticket is usually easy.

To begin with, you must decide on what you want to include. For example, if you are looking at the MLB schedule on BetRivers in Illinois, you may choose to confidently select three moneyline bets.

Chicago Cubs over Milwaukee Brewers	-120
Houston Astros over Texas Rangers	-160
New York Mets over Washington Nationals	+125

In order to place a parlay bet, you must carefully choose your desired outcome for each game listed and add them to your betting slip. After all selections have been made, you can then enter the amount you want to wager.

The operator will display the potential winnings from a successful parlay on the screen. If you are happy with the amount shown, you can continue by clicking the “submit” button. Alternatively, you can choose to make changes to the slip by adding or removing items.

Parlay betting odds explained

The odds for a parlay bet depend on the lines chosen for the selections, so there is no specific range for the odds of a two-team or four-team parlay.

Thankfully, there are a few quick tricks to help you quickly determine the total parlay odds. One method is to simply add your selections to the betting slip, and the sportsbook will calculate the total parlay odds for you.

After modifying the slip by deleting or adding items as needed, you can analyze how different choices impact the odds. Make sure to be careful not to accidentally place any bets before you are ready.

Additionally, there are plenty of online gambling calculators accessible on the web, with some offering a parlay calculator option for users to input odds and analyze potential results.

Keep in mind that the likelihood of your success depends on the odds set for your selections. It is important to make sure you are getting the best possible price for the outcomes you are betting on.

One way to do this is by engaging in line shopping, where you compare odds at different sportsbooks to find the best ones. Utilizing tools such as our live odds feed can greatly assist in this process, as we provide up-to-date information from top operators.

For example, in Illinois, DraftKings or FanDuel may provide one rate for a game, but PointsBet might offer a better price. By comparing these choices, you can determine the most advantageous odds and place your parlay bets accordingly.

Online parlay betting rules in Illinois

A parlay bet is a popular wager option available at licensed sportsbooks in Illinois. Although the fundamental rules for placing and resolving these bets remain consistent, there may be slight differences in how they are handled.

Remember the following key points when considering parlays:

• In order to create a parlay, you must place a minimum of two bets on a single slip.
• Operators typically impose restrictions on the number of selections allowed, with the maximum number varying based on the specific house rules. For instance, one bookmaker may limit selections to 10 on a single ticket, while another may permit up to 12, and so forth.
• If a game or outcome in a team-based parlay ends in a “push,” it will be considered a tie for the parlay. The grading of the parlay will be based on the outcomes of the other selections on your bet slip, with the odds being adjusted accordingly.
• Player props parlays are classified as live-action provided that the player is in uniform for the game.

It is important to remember that parlay rules can vary between different online and mobile sportsbooks. To avoid confusion or disappointment, it is recommended to review the house rules of the sportsbook.

Parlay sports betting examples

NFL parlay betting example

Parlay bettors consider the NFL a popular sport, with primetime games offering individual betting opportunities and the main Sunday slate presenting a variety of potential combinations.

After conducting research, you may want to consider the following point spread bets:

Carolina Panthers +7.5 vs. New Orleans Saints

Pittsburgh Steelers +1.5 vs. Tennessee Titans

Denver Broncos +9.5 vs. Kansas City Chiefs

In addition to placing individual bets on each of the three games, you decide to combine them all on a parlay ticket in the hopes of achieving a greater payout.

The potential odds for this hypothetical parlay will vary based on the NFL game line. Let’s assume that each of the three selections has standard odds of -110. After adding all three selections to the slip, the book shows overall parlay odds of +596.

Placing a $20 bet at those odds could result in a potential return of $119.16, which includes your original bet and a profit of $99.16. The enticing returns from parlay bets make them highly appealing.

NBA parlay betting example

Parlay bettors often favor NBA schedules as a popular target. Whether it’s a day with multiple games or a night with just a few, many bettors are eager to test their luck with a parlay.

When watching an NBA game, it may be helpful to pay attention to the point spreads. For example, consider this hypothetical scenario:

Chicago Bulls -2.5 vs. Cleveland Cavaliers

Miami Heat -4.5 vs. New York Knicks

Denver Nuggets +3.5 vs. Los Angeles Lakers

New Orleans Pelicans +5.5 vs. Houston Rockets

You like to bet on two favorites and two underdogs, placing individual bets based on this strategy. You then combine all four NBA bets onto one ticket in the hopes of winning a bigger payout.

If you bet $10 on a parlay when all four games are set at -110, the odds become +1228. If luck is on your side, you could win $122.84.

MLB parlay betting example

During the busy MLB season, there are often many games played each day, but the number of games decreases during the postseason. For example, a busy day might feature five moneyline contests.

Chicago Cubs -136 vs. Philadelphia Phillies

New York Yankees -180 vs. Seattle Mariners

Pittsburgh Pirates +105 vs. Arizona Diamondbacks

Texas Rangers -110 vs. Los Angeles Angels

Boston Red Sox +105 vs. Cleveland Indians

You have chosen to place a parlay bet in addition to your individual game bets. After adding all of your bets to the slip, the bookmaker offers you total parlay odds of +2,602. If you were to win a $25 wager, your profit would be $650.59.

NHL parlay betting example

NHL game schedules may be similar to the NBA, with some days packed with 10 or more games and others having five or fewer. However, regardless of the number of games, sportsbooks will always accept parlays.

One busy evening, you decide to gamble on a six-team parlay. Let’s imagine a situation involving the Chicago Blackhawks.

Chicago Blackhawks -125 vs. Minnesota Wild

Dallas Stars -180 vs. Columbus Blue Jackets

New York Islanders -110 vs. Philadelphia Flyers

Los Angeles Kings +155 vs. Vancouver Canucks

Toronto Maple Leafs -261 vs. Florida Panthers

New York Rangers +150 vs. Boston Bruins

Make sure to accurately include all six outcomes on the slip and double check for accuracy. The sportsbook is offering odds of +4,618 for the entire six-team parlay. If you place a $5 bet on all six games and win, you could potentially earn $230.92.

Parlays for other sports

In addition to the examples we have provided, you have the option to place parlay bets on a wide range of sports available on the betting menu, including:

• NCAAF
• NCAAB
• MLS

Even individual sports have the potential for a parlay. Here are a few examples of how it can be utilized.

• Bet on head-to-head matchups in golf with a parlay.
• Bet on direct head-to-head matchups in tennis.
• Bet on every fight in the UFC card with a parlay.

Additionally, it is important to note that different operators offer the ability to create parlays using player props, meaning there are plenty of parlay options to choose from.

Calculating parlay odds and potential returns

The odds of a parlay will vary depending on the selections made on the slip, resulting in potential fluctuations in returns.

Let’s analyze some parlays with all picks set at -110 to see how the odds and potential returns can be enhanced.

• Two teams have odds of +264. If you bet $10, you could potentially profit $16.45.
• Three Teams: +596 Odds. If you bet $10, you could potentially make a profit of $49.58.
• Four Teams: +1228 Odds. Potential profit from a $10 bet would be $112.83.
• Five teams have odds of +2436. If you were to place a $10 bet, you could potentially profit $233.59.
• There are six teams with betting odds of +4741, meaning a potential profit of $464.13 on a $10 bet.

And so on.

It is evident that the more selections you add to the slip, the higher the potential returns will be. However, it is important to remember two key points. Firstly, all selections must be correct in order to win the bet. Secondly, if any selection is incorrect, the bet will result in a loss.

Additionally, it is important to keep in mind that there are restrictions on the number of selections you can include in a parlay ticket, set by the bookmaker. This limit is subject to change and may differ between books, so it is best to refer to the specific house rules of the bookmaker you are using for accurate details.

What are the chances of winning a sports betting parlay?

After finalizing our selections on the slip, the sportsbook will have determined the odds for each pick. These odds represent the potential payout if all of our picks are successful. But what are the chances of that actually happening?

These are the real probabilities of a parlay winning, as a basic reference, assuming all selections have odds of -110.

• Two Outcomes: 13-5
• Three Outcomes: 6-1
• Four Outcomes: 10-1
• Five Outcomes: 25-1
• Six Outcomes: 40-1
• Seven Outcomes: 75-1
• Eight Outcomes: 150-1
• Nine Outcomes: 300-1
• 10 Outcomes: 600-1

This helps explain why sportsbooks offer high potential payouts on parlays. They know that the more selections you add, the lower the chances of all outcomes going in your favor.

We are not discouraging you from trying parlays, but rather to inform you that the odds are not in your favor. It is okay to include parlays in your betting strategy, but it is essential to have realistic expectations and manage your bets wisely.

Parlay betting tips for beginners

When creating a parlay ticket, it is important to adhere to standard handicapping rules. Each selection should be made after conducting thorough research, and it is crucial to make your choices with confidence.

Here are a few more general tips to keep in mind when it comes to parlay betting:

• Stay disciplined: While it may be tempting to chase the high payouts of parlay bets, it’s important to not get too caught up in the allure of big wins. Parlays are notoriously difficult to win, so it’s best to avoid constantly chasing the jackpot and risking your funds in the process.
• Proper bankroll management is crucial when it comes to parlays, as they have the potential to greatly reduce your funds if not handled correctly. Even if you have a successful system in place, there may be long stretches without winning parlays. It’s important to ensure that the funds you set aside for parlays are sustainable within your overall handicapping strategy.
• Remain realistic: It’s normal to feel excited about the possibility of big parlay wins and think that luck will eventually turn in your favor. While it’s great to have high ambitions, it’s crucial to temper your expectations. The chances of a 10-team parlay succeeding are slim, but you may have better odds with a smaller parlay.

To demonstrate a well-rounded parlay strategy, consider setting aside a portion of your bankroll for higher-risk bets. Reserve the remainder of your funds for more secure bets, such as single-game wagers, that are likely to result in consistent wins.

What to remember about parlay betting

Parlays are a popular choice among bettors at legal and regulated sportsbooks, as they offer the chance for significant returns with a small initial wager.

Although it can be difficult to cash a large parlay ticket, the odds of everything lining up correctly decrease with each additional bet added to the slip. While parlays can be a useful part of a comprehensive handicapping strategy, it is important to not become too greedy in the pursuit of big winnings.