Wagering on a single result is often the most probable way to attain long-term success in sports betting. However, this cautious approach can sometimes be somewhat dull. Thankfully, there’s a riskier betting option available that could bring about the thrilling excitement you might be seeking.

Parlay betting involves selecting multiple options on a single betting slip.

A parlay with more choices offers a higher potential return on your bet. However, winning a parlay is challenging because for the bet to be successful, every part of the parlay must be correct.

This is a wager with high risk and high reward. To emphasize this fact, take into account that a significant number of total holds at online and mobile sportsbooks are derived from parlay wagers.

We’re going to delve into the advantages and disadvantages of parlay betting. Our goal is to help you fully comprehend how parlay betting functions.

What is a parlay bet?

Placing a parlay wager involves guessing multiple outcomes on the same betting slip. A parlay can range from as little as two picks, like a pair of moneyline bets, to as many as 10 or more selections.

As you add more selections to your slip, the possible return on the parlay increases. However, the complexity of winning the parlay also increases proportionately. Soon, we will provide an estimation of ranges based on the number of selections.

Parlays are appealing due to the potential for a significant return on a small bet. They are popular with recreational bettors, and even some experienced handicappers incorporate parlays into their betting strategies.

What is a same game parlay?

The concept of a same-game parlay is fairly recent and has been gaining popularity. Although many operators have previously allowed a side and totals pick on the same game on one slip, the range of options has been increasing in multiple locations.

Aside from sides and totals, you now have the ability to incorporate different props into the ticket. To illustrate, consider this simple combination on a Chicago Bears game:

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

In the same way as a regular parlay, the potential returns increase with each selection you add. Yet, with each additional selection, the risk also heightens. For a single-game parlay to be deemed successful, all your selections must be accurate.

How to place a parlay bet

Leading operators typically provide online and mobile betting platforms that are user-friendly. Regardless of whether you’re using a computer or a phone, creating a parlay ticket is typically simple.

First and foremost, you need to determine what you want to incorporate. Suppose, for instance, you’re reviewing the MLB slate on BetRivers in Illinois. You then make a decision that you are confident about these three moneyline selections:

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

To make a parlay bet, you need to go through every individual game listing and select your preferred option. As you make each selection, they will be added to your betting slip. Once all your chosen outcomes are on the slip, you can then enter the amount you wish to bet.

The operator will show the possible return from a successful parlay on the screen. If you are satisfied with the appearance, you can proceed by clicking the “submit” button. However, you also have the option to modify the slip by adding or deleting items.

Parlay betting odds explained

The overall odds for a parlay bet are contingent on the lines chosen for the selections. Therefore, there isn’t a precise range indicating that a two-team parlay will have certain odds or a four-team parlay will have these specific odds.

Fortunately, there are several shortcuts you can use to rapidly calculate the total parlay odds. Initially, you can just add choices to the betting slip. The sportsbook will sum it up and provide you with a line for the entire parlay.

You can then modify the slip by deleting or adding items as necessary to see how different choices affect the odds. Please be cautious to avoid placing any bets unintentionally before you are prepared.

Furthermore, numerous online gambling calculators are available on the internet. Many of these include a parlay calculator feature, allowing users to input the odds and explore potential outcomes.

Bear in mind that your odds are contingent on the lines for your choices. Therefore, it’s crucial to ensure you’re securing the most favorable price for those results.

You can do this by participating in line shopping, which is essentially checking the odds at various books to find the most appealing ones. Using tools like our live odds feed can be incredibly effective for this purpose, as we offer real-time data from several leading operators.

For instance, in Illinois, DraftKings or FanDuel might offer one rate on a game, while PointsBet might offer a more attractive price. By comparing these options, you can identify the most favorable odds and construct your parlay bets accordingly.

Online parlay betting rules in Illinois

A parlay bet is a common type of wager offered at legal sportsbooks in Illinois. While the basic rules for placing and settling these bets are the same across the board, there might be some variations.

Keep the following main points in mind regarding parlays:

• To make a parlay, you need to place at least two bets on the same slip.
• Generally, operators will limit the number of selections, although the maximum number allowed can differ depending on the house rules. For example, while one book may limit it to 10 choices on a single ticket, another may allow up to 12 and so on.
• In team-based parlays, games or outcomes that end as a “push” will be regarded as a tie for the parlay. The parlay’s grading will then depend on the results of the remaining choices on your slip, with the odds adjusted as necessary.
• Player props parlays are considered live-action as long as the player is dressed for the game.

We need to emphasize once more that different parlay rules may exist across various online and mobile sportsbooks. To steer clear of unnecessary confusion or disappointment, it’s wise to go over the sportsbook’s house rules.

Parlay sports betting examples

NFL parlay betting example

Parlay bettors find the NFL to be a popular sport. Primetime games offer single-game opportunities, and the main Sunday slate provides numerous potential combinations.

After conducting some research, you might contemplate 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

Besides placing single bets on all three games, you also choose to link them all on a parlay ticket, hoping for a higher return.

The potential odds for this hypothetical parlay are dependent on the NFL game line, meaning they will fluctuate. As an estimate, assume all three selections carry the standard odds of -110. Once all three selections are added to the slip, the book reveals overall parlay odds of +596.

If you place a bet of $20 at those odds, you could potentially get back $119.16. This is the sum of your original bet and a profit of $99.16. Seeing such impressive returns makes it easy to understand why parlay bets are so attractive.

NBA parlay betting example

NBA schedules are also a favored target for parlay bettors. There are days filled with numerous games and nights featuring just a few. Regardless of what’s on offer, numerous bettors will be willing to try their luck with a parlay.

On a given NBA game night, you might want to focus on these spreads. Here’s a hypothetical example:

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 enjoy betting on two favorites and two dogs, and you place your individual bets in line with this preference. Furthermore, you consolidate all four of your NBA bets on one ticket in the hope of winning a larger amount.

When placing a bet at the time when all four games are set at -110, the parlay odds become +1228. If you place a bet of $10 and luck is on your side, you stand to win $122.84.

MLB parlay betting example

In the thick of the MLB season, there can be numerous daily games, but activity tapers off in the postseason. A typical example of a large slate of games might include these 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

In addition to making individual game bets, you’ve decided to try your luck with a parlay bet at this point. After adding all bets to the slip, the bookmaker offers you total parlay odds of +2,602. If you win a $25 wager, your profit would be $650.59.

NHL parlay betting example

NHL game schedules can resemble those of the NBA, with some days bustling with 10 or more games, while others may feature five or less. Regardless of the number of games scheduled, sportsbooks will always accept parlays.

On a particularly bustling night, you opt to take a risk with a six-team parlay. Here’s a hypothetical scenario featuring 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

Ensure that you carefully add all six outcomes to the slip and confirm their accuracy. In this scenario, the sportsbook offers you odds of +4,618 for the complete six-team parlay. A successful $5 bet on all six games could yield a win of $230.92.

Parlays for other sports

In addition to the examples we’ve detailed, you can place parlay bets on virtually every sport listed on the betting menu, such as:

• NCAAF
• NCAAB
• MLS

Even individual sports could have a parlay. Here are some examples of its possible application.

• Golf: Place a parlay bet on head-to-head matchups.
• Tennis: Place a parlay bet on direct confrontations.
• UFC: Place a parlay bet on all fights on the card.

Also, keep in mind that various operators enable the creation of parlays with player props. In other words, there are numerous parlay opportunities available for your consideration.

Calculating parlay odds and potential returns

The overall odds for a parlay will depend on the choices you include in the slip. Of course, this implies that the returns will fluctuate based on the numbers.

Let’s examine a few parlays where all picks are set at -110 to understand how the odds and potential returns can increase.

• Two Teams: +264 Odds. Potential profit from a $10 bet – $16.45.
• Three Teams: +596 Odds. Potential profit from $10 bet – $49.58.
• Four Teams: +1228 Odds. Potential profit from $10 bet – $112.83.
• Five Teams: +2436 Odds. Potential profit from a $10 bet – $233.59
• Six Teams: Betting odds – +4741. Potential profit on a $10 bet – $464.13.

And so on.

You can clearly see that each additional selection on the slip boosts the returns exponentially. However, two things should be kept in mind. Firstly, all your selections must be accurate for a winning bet. Secondly, if any of your selections are incorrect, the bet will be lost.

Next, remember that books will limit the maximum number of selections you can include in the ticket for parlays. This number is not fixed and may vary, so consult the house rules of the book you are playing on for precise information.

What are the chances of winning a sports betting parlay?

When we have added all our picks to the slip and are prepared to proceed, the sportsbook will have calculated all the odds for us. This indicates what they’re prepared to payout if everything goes well for us. However, what’s the probability of that occurring?

Here are the actual chances of a parlay hitting, for a general guide, assuming all selections are set with 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 assists in understanding why sportsbooks provide such substantial potential returns on parlays. They are aware that the likelihood of every outcome you select going in your favor diminishes as you add more selections.

We’re not highlighting this to dissuade you from pursuing parlays, but to show you that the odds are not in your favor. It’s perfectly acceptable to try your luck with parlays as part of a well-planned betting strategy, but it’s important to manage your expectations realistically.

Parlay betting tips for beginners

When constructing a parlay ticket, standard handicapping rules should be followed. Any selection you add to the slip should be based on thorough research. It’s important to make your choices with confidence.

Here are some additional general suggestions to consider for parlay betting:

• Maintain Discipline: It’s normal to be enticed by the potential returns of parlay wagers. However, don’t let yourself get overly absorbed in dreaming of the possibilities. Parlays are difficult to succeed in, so avoid putting yourself in a situation where you’re perpetually pursuing the big win at the expense of exhausting your funds.
• Bankroll Management: If not properly managed, parlays can significantly deplete your bankroll. Regardless of how efficient you believe your system to be, there might be extended periods between winning parlay tickets. The funds you allocate for parlays should be sustainable within your broader handicapping strategy.
• Stay Grounded: It’s natural to be enthusiastic about potential parlay returns and believe that it’s only a matter of time before luck swings your way. While it’s perfectly fine to aim high, it’s also important to keep your expectations in check. The odds of a 10-team parlay pulling through are quite low, but your odds might improve with a smaller parlay.

To illustrate a comprehensive parlay strategy, you might allocate a part of your bankroll to take a few risks. The rest of your funds can then be used for bets where consistent wins are more probable, like single-game wagers.

What to remember about parlay betting

Parlays, one of the most favored options on the menu at legal and regulated sportsbooks, are attractive to bettors as they provide an opportunity for impressive returns from a minimal investment.

However, it’s not easy to cash a large parlay ticket and the odds of everything lining up correctly get harder with each addition you make to the slip. While parlays have their role in a comprehensive handicapping strategy, it’s crucial not to get overzealous in your pursuit of significant winnings.