Parlay Betting Explained 2024 – What is a Parlay in Sports Betting?

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Nick Raffoul

Nick Raffoul Sports Editor

Following his graduation with an Honors in Business Administration, Nick redirected his focus from conventional stocks and bonds to the world of sports team performance investments. He employs a unique blend of advanced statistics and historical data to construct intricate sports investment models, pinpointing value opportunities and consistently yielding profits. Nick's contributions extend beyond a single platform, as his work can be discovered on outlets such as Pistons Powered, Winners And Whiners, and numerous other publications.

All posts by Nick Raffoul

Sports Editor

and

Nick Raffoul Sports Editor

Following his graduation with an Honors in Business Administration, Nick redirected his focus from conventional stocks and bonds to the world of sports team performance investments. He employs a unique blend of advanced statistics and historical data to construct intricate sports investment models, pinpointing value opportunities and consistently yielding profits. Nick's contributions extend beyond a single platform, as his work can be discovered on outlets such as Pistons Powered, Winners And Whiners, and numerous other publications.

All posts by Nick Raffoul

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Updated 27 Feb 2024

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When starting out, most bettors dream of hitting it big and winning a life-changing payout with a minimal amount of their own money at stake. Parlay betting sites can help with this.

Parlays are high-risk and high-reward. They can generate significant profits when all selections on the bet slip are correct. However, you need this parlay betting guide if you are new to this type of betting.

For recreational players who don’t want to incur financial risks but still want sizable returns, parlay betting can be good. Many sportsbooks also encourage users to make parlay bets by offering incentives. These can include accumulator bonuses, parlay insurance, and free bets. To help parlay bettors become profitable, the team at Basketball Insiders has compiled a list of the best offshore parlay betting sites for parlay betting.

What Is a Parlay Bet?

In the simplest terms, a parlay is when multiple bets are put together to generate a bigger payout. For bettors with a greater appetite for risk, parlays are a great way to boost their odds and increase their profits.

A parlay bet combines two or more selections into a single bet. When making a parlay bet, the odds of each selection are multiplied together. This increases the odds and potential return of a single wager. 

In order for a parlay to be settled as a winner, all of the selections on the bet slip must be correct. Even if only one selection in the parlay loses, the whole bet will be settled as a loss. 

Different Types of Parlay Bets

While any bet involving two or more selections qualifies as a parlay, there are several different types of parlay betting options. Every time a selection is added to a parlay, the number of possible combinations of bets that can be made from these selections increases. 

A round-robin bet allows bettors to cover all of these possible combinations through a series of smaller parlays made up from their list of selections. When making a round-robin bet, bettors are actually making multiple wagers of equal value on a series of different parlay bets. Round-robin bets often have nicknames depending on the number of selections they involve. 

Here are the different types of parlay and round-robin bets you may see at parlay betting sites:

Double

A doubles bet is the simplest kind of parlay bet. It combines two selections into one bet for a two-team parlay. Also described as an “if bet”, a doubles bet takes the total return from a successful wager and automatically places it on the second betting option.

Each-Way

An each-way bet consists of two bets of equal value. One bet is placed on the selection to win and the other is placed on the selection to finish within a certain number of places. These are determined by the oddsmaker at a fraction of the odds. This type of bet is most commonly found in futures betting and horse racing. An each-way bet gives bettors the chance for a payout even if their selection does not win. 

Treble

Similar to a double, a treble is another name for a three-legged parlay. This sees a single parlay ticket with three options where the total return from a successful wager is placed on each subsequent option. When betting on a treble, all three selections must be correct for the bet to be settled as a winner.

Trixie

For bettors who want to increase their chances of generating a return, a Trixie bet may a good option. Like a treble bet, a Trixie involves three unique selections, but instead of combining them into just one bet, it covers all of the possible two-leg and three-leg parlay combinations between those selections. A Trixie bet therefore has three doubles and one treble bet to create a total of four separate wagers.

Patent

A patent bet is similar to a Trixie bet in that it includes three unique selections. Most popular in horse racing, a patent bet helps bettors wager on all of the potential combinations involving their three selections. Similar to a Trixie, it creates one treble bet and three double bets. However, three single bets are also added to each selection for a grand total of seven different wagers.

Yankee

A Yankee bet has a total of four unique picks and creates all possible parlay combinations between those selections. Therefore, a Yankee has one four-leg parlay, six double bets, and four treble bets for a total of 11 different wagers.

Lucky 15

Like a Yankee bet, a lucky 15 also involves four unique selections. It covers all of the possible betting combinations between these selections, adding four single bets to the equation. As you might expect, a Lucky 15 bet creates a total of 15 different wagers: one four-team parlay, four treble bets, six double bets, and four single bets.

Super Yankee

Taking things to the next level, a Super Yankee bet consists of 26 bets on all of the possible parlay combinations for five unique selections. Also called a Canadian, a Super Yankee has 10 doubles, 10 trebles, five four-game parlays, and one five-team parlay.

Lucky 31

Similar to a Lucky 15, a Lucky 31 involves all of the possible combinations for five unique selections but also adds single bets to the equation. It creates five single bets, 10 double bets, 10 treble bets, five four-team parlays, and one five-leg parlay for a total of 31 different wagers.

Heinz

A Heinz bet consists of 57 bets of equal value on the selections for six separate events. It covers all of the possible parlay combinations for all six selections. A Heinz bet has 15 double bets, 20 treble bets, 15 four-team parlays, six five-game parlays, and one six-game parlay. This gives 57 wagers in total.

Lucky 63

Adding single bets to the equation turns a Heinz bet into a Lucky 63. A Lucky 63 involves all of the possible betting combinations for six unique selections. It creates six single bets, 15 double bets, 20 treble bets, 15 four-team parlays, six five-game parlays, and one six-game parlay for a total of 63 different bets.

Super Heinz

A Super Heinz bet turns seven unique selections into 120 different bets. It covers all of the potential parlay combinations for all seven events. A Super Heinz has 21 doubles, 35 trebles, 35 four-team parlays, 21 five-game parlays, seven six-game parlays, and one seven-game parlay.

Lucky 127

A Lucky 127 takes the Super Heinz bet and adds seven single bets into the equation for a grand total of 127 different wagers of equal value. Therefore, a Lucky 127 consists of seven single bets, 21 double bets, 35 treble bets, 35 four-team parlays, 21 five-game parlays, seven six-game parlays, and one seven-game parlay.

Goliath

Moving up to eight selections, a Goliath bet covers all of the possible parlay combinations when betting on eight separate events. A Goliath bet is comprised of 247 total bets. It includes 28 doubles, 56 trebles, 70 four-team parlays, 56 five-game parlays, 28 six-team parlays, eight seven-game parlays, and one eight-team parlay.

Block

When making over eight selections, a block bet covers all possible parlay combinations. A block bet can involve nine events or more. When choosing nine unique selections, a block bet will generate 502 bets and that number increases every time a new selection is added to the bet slip.

Parlay Payout

As bettors make their selections, sportsbooks will automatically calculate the parlay odds and payout for their bets. Simply click your selections and open your bet slip to see your total odds. To view your total return, just type your wager and your total return or possible profits will be displayed at the bottom of your bet slip.

However, there are times when bettors will want to calculate the odds of their parlay bet on their own. Calculating the total odds for a parlay can seem confusing, especially for bettors using American odds. To simplify things, bettors can switch to decimal odds in their sportsbook settings. Another option is to convert American odds into decimal odds by using the formulas below:

For underdogs:

(American odds / 100) + 1 = decimal odds

For favorites:
(100 / American odds) +1 = decimal odds

Once you’ve converted your odds into the decimal format, simply multiply the odds from your selections together to calculate the total odds for your parlay. Once you’ve calculated your odds, multiply that number by the stake of your bet to tabulate your total return.

Example:

Here, we’ll use an example from the 2020 Tokyo Olympics. 

The bet slip above from Bovada shows a three-game parlay or treble bet on three Men’s Basketball games. The bettor selected France to cover -7.5, Team USA to cover -13.5, and Australia to cover -8.5 to generate an exciting +581 or 6.81 parlay. 

Should all three selections be settled as individual winners, a $100 bet on these three singles would deliver just $268.75 in profit with a total stake of $300. However, the parlay bet above would result in $581.39 in profit.

Parlay Payout Calculator

Betting on point spreads and totals often generates the same odds for both sides of a contest. Combining point spread and totals bets are some of the most common ways that bettors create parlay bets. Normally calibrated to -110 or 1.90, point spreads and totals can often generate fixed odds when adding multiple selections to your bet slip. 

The chart below details the approximate parlay odds when combining selections priced at -110 or 1.90 to your parlay bet. 

Enhanced Odds Parlay

Enhanced odds are one way that sportsbooks try to encourage bettors to make parlay bets and take certain selections. Sportsbooks will often offer daily specials and odds boosts to attract more wagers for a specific event. 

Odds boosts can provide additional value for bettors, increasing their potential rewards without incurring any extra risk. While receiving enhanced odds does not increase the probability of winning a bet, it does increase the total return if all of your selections win.

Since the oddsmaker is moving the odds in favor of the bettor, enhanced odds are considered to be a bargain. Therefore, sportsbooks may apply lower wagering limits to these types of promotions as a result.

Parlay Betting Promotions

Parlay bets can be difficult to handicap and are even harder to win on parlay betting sites. Sportsbooks offer many different types of promotions for parlay bettors to help them reduce their overall risk and increase their profits. Below, we’ll detail some of the most common promotions available for parlay bettors at the top online sportsbooks. 

Accumulator Bonus

The best online sportsbooks offer accumulator bonuses that increase with every selection added to a parlay bet. Using this promotional offer, bettors can earn up to an additional 70% in profits for winning parlay bets at participating sportsbooks. The bonus amount will normally be dependent on the number of selections. Doubles bets can qualify for an additional five percent of profits while a 14-fold bet may bring in up to 70 percent in additional profits.

Free Bet

In addition to accumulator bonuses, some sportsbooks will also offer users a free bet for making a parlay bet each week. To qualify for this promotion, bettors may have to place a parlay bet with a particular number of legs or for a particular stake. When using a free bet, bettors are only entitled to the profits made from their selection, as the original stake is subtracted from the total return.

Parlay Insurance

Nothing is more frustrating for parlay bettors than being just one selection away from winning. To counter this, some sportsbooks offer parlay insurance. This allows bettors to receive their money back if only one selection on their bet slip loses. Parlay insurance can be an attractive offer for regular parlay bettors. This is because it reduces the overall risk and increases the return on investment over time.

Contests

Don’t want to bet against the house? Many sportsbooks offer season-long contests where bettors can compete against one another for a chance to win all or a share of a lucrative prize pool. Since many contests offer five and six-figure payouts, these contests attract bettors of all experience levels. Contests can be free-to-play or paid entry, depending on the sportsbook. The payout structure will vary as a result.

Single-Game Parlays 

Single-game parlays enable bettors to combine multiple outcomes from the same event into one bet. Similar to other parlays, each selection must be correct for the bet to be settled as a winner. Single-game multi-bets and bet builder options are available at several sportsbooks on many matches and most major sports. Single-game parlays enable bettors to combine game lines and props bets to boost potential profits by making bets that correlate with the same contest.

Single-game parlays can be a profitable investment for parlay bettors that have an edge on a particular contest. For this example, we’ll go back to Game 5 of the NBA Finals.

We selected the Milwaukee Bucks on the money line (+145), over 218 points (-110), and Pat Connaughton to hit over 1.5 3-pointers (-120). 

While a $100 single-game bet would have profited $315 from these selections, a $100 single-game parlay would have generated 8.57 in parlay odds and thus $757 in profits.

Parlay Betting Techniques

Since all of the selections have to be correct, parlays are generally harder to win than single-game bets. Despite their lower success rate, parlays are still attractive to bettors who want to earn bigger profits. Winning a rewarding parlay bet on one of the parlay betting sites can often be worth the risk.

Parlay bettors use several different techniques to increase their winning percentage and overall returns. Below, we’ll go over some of the most common strategies that parlay bettors use to turn a profit. Note that these can be used both on desktop or using a parlay betting app.

Point Spread Parlay

Point spread parlays are a common type of parlay bet made by parlay bettors. Betting on point spreads usually creates relatively even odds for both sides of a match. To increase the potential payout of a point spread wager, bettors often combine two or more wagers into a parlay for an all-or-nothing approach. 

Totals Parlay

There are times when bettors will prefer to wager on whether a contest will be a high or low-scoring affair. Like point spreads, a single-game bet on the total of a matchup doesn’t offer odds that yield a substantial payout. Totals parlays allow bettors to combine totals selections from more than one contest to boost their odds and potential profits.

Money Line Parlay

Money line parlays can be one of the most lucrative kinds of parlays for bettors. When selecting teams to win on the money line, bettors do not have to worry about the margin of victory. Mixing and matching favorites and underdogs can allow bettors to get creative with their wagers. 

Parlaying Heavy Favorites

One strategy that parlay bettors like to employ is adding heavy favorites to the same bet slip. This allows them to increase their profits while taking on less perceived risk by backing better teams and more probable outcomes. Combining selections with a higher implied probability can increase your winning percentage and overall profits.

Teaser Parlays

Teasers involve moving the point spread or total in the bettor’s favor and are common in point spread betting sports like football and basketball. You can purchase points on the original game line by accepting lower odds and “teasing” the line. Adding points to the original game line is like getting a little bit of extra insurance for your bet, albeit at a premium price tag. Combining teaser bets can make buying points a more attractive option. This is because it allows bettors to increase their winning percentage and total profits.

Underdog Parlay

For bettors looking for bigger payouts, parlaying money line underdogs together can be an attractive option. As parlays involve the odds of each selection being multiplied together, backing teams that are priced at higher than 2.00 or +100 can enable bettors to boost their payouts significantly by winning just one bet. 

Adding multiple underdogs to a parlay can push the implied odds closer to true odds. This can increase a bettor’s profits over time. It’s worth remembering that options priced at plus odds are generally less likely to win. This means that the overall success rate of such parlays is often very low. 

Same-Game Parlay

Single-game parlays can be another lucrative strategy for parlay bettors. Bettors often have an edge on very few games but can increase their profits by making correlated picks on the same contest. Through the combination of game lines and props bets, bettors can focus attention and funds on contests where they have an edge. This allows them to increase their winning percentage and profits over time.

Multi-Sport Parlay

Bettors don’t have to stick to a single game parlay or even just one sport when making their selections. Most parlay bettors are well versed in more than one sport, so it makes sense to use all of their knowledge. Selecting teams in multiple sports can allow bettors to stick to the games that they have an edge on and employ strategies more broadly using different betting markets.

Futures Parlay

Futures bets often run over the course of a full season and are already priced at attractive odds. When combined together, futures parlays can produce even greater profits. Bettors can predict division winners, select outright winners in different sports, or combine season props to increase their profits. 

Why Do Bettors Make Parlay Bets?

Sports betting at a profitable level is hard enough as it is. That’s because there are already implied profits worked into the original lines set by the sportsbooks. The cut or profit margin that a sportsbook collects for taking the bet is often called the “juice” or “vig”.

When two teams are evenly matched, bettors might expect to see even odds (+100 or 2.00) for both sides, allowing them to double their money. However, this is simply not the case. On standard game lines, bettors will often see odds set at -110 or 1.90 in decimal odds. In these cases, it will take $110 to generate a $100 profit. Similarly, a $100 bet would bring in $90 in profit. The extra $10 is the vig and is considered to be the cost of doing business with the sportsbook.

To beat the oddsmakers, bettors must win at a rate that also covers the juice incurred on their wagers. In order to do so, single-game point spread bettors must win around 53% of the time. Professional sports bettors and advantage gamblers rarely sustain a winning percentage higher than 55%. However, sweating out sporting events for minimal profits simply does not appeal to the recreational bettor.

While single-game bets offer smaller, incremental returns, parlay betting can generate exciting odds, big payouts, and make it more fun to follow the games on your bet slip. In essence, parlay bettors are paying a premium for some additional entertainment value and the potential for greater returns.

Drawbacks of Parlay Betting

While parlay bets can generate lucrative odds and enticing profits, they can be much more difficult to win than single-game wagers. Most professional sports bettors would advise against making parlay bets. This is because they can eat into your bankroll and subtract from your overall profits. Parlays expose bettors to more variance and often offer almost no advantage in terms of their projected returns over time. 

Parlay bets do not offer true odds, which means that parlay bettors are incurring even more juice than single-game bettors. Since parlay odds involve multiple selections, they also create a bigger edge for the oddsmakers. According to the Nevada Gaming Control Board Gaming Revenue Reports, sportsbooks have traditionally boasted a nearly 30% hold on parlays. 

Simply put, making parlay bets makes it harder to become a profitable sports bettor. 

Do Professional Bettors Make Parlay Bets?

Professional sports bettors don’t make parlay bets often but they may do occasionally.

There are times during the course of the year when pro bettors make parlay bets. For example, if multiple games start at the same time and bettors need to conserve their bankroll, it might make more sense for them to take an all-or-nothing approach by grouping selections together. 

Bettors that make parlays with longshot odds should be mindful of their bets’ implied probability and projected winning percentage. When making parlay bets, professional bettors only risk what they can afford to lose. This is because wagers with multiple selections are more likely to be settled as a loss. 

In the end, the juice usually isn’t worth the squeeze. 

Parlay Odds vs. True Odds

In terms of pure math, parlay betting offers bad value to bettors and exposes them to more variance in comparison to straight wagers. While the payouts might seem enticing, the odds offered actually give the oddsmakers an even greater advantage. 

The following table illustrates how the probability of winning a parlay bet changes in comparison to the odds offered by most sportsbooks. For the purposes of this example, we are going to be assuming that each bet comes with the standard -110 or 1.90 odds and each side has an even chance of winning.

The house edge is defined as the percentage difference between the parlay odds and the true odds. It is a mathematical advantage maintained by sportsbooks to ensure that the house stays up and running. 

The house maintains about a 4.8% advantage on single-game bets but that edge doubles immediately to 9.6% for two-game parlays. 

As you can see from the chart above, three and five-game parlays offer the house the smallest edge. However, the house edge starts to rise with every selection that is added to the parlay thereafter. 

Biggest Parlay Wins Since 2019

In 2019, William Hill accepted a wager from professional sports bettor Parlay Patz. He earned the biggest parlay payout of the year with a $326,000 score on a 13-game money line parlay. Patz bet some heavy favorites but the parlay still generated better than 46:1 odds on his original $7,050 investment.

One bettor took things even further, going a perfect 15-for-15 on Dec. 22, 2019, turning a $5 parlay ticket into $100,000 at the William Hill Sportsbook inside Casino Royale in Vegas.

In 2020, another bettor compiled a same-game parlay on an NFL contest to make nearly 500x their original stake. The parlay featured six legs. It combined point spread, total, and player props selections to generate total odds of 492.97. The $1,000 wager at FanDuel paid out a total return of $492,977.62. Check out the single-game parlay on the Bills-Broncos (Dec. 19) game below:

• Bills -5.5 ✅
• Josh Allen Anytime Touchdown ✅
• Over 59.5 (Alternative Total Points) ✅
• Noah Fant Anytime Touchdown ✅
• Dawson Knox Anytime Touchdown ✅
• Devin Singletary Anytime Touchdown ✅

Frequently Asked Questions About Parlay Betting