How to Bet Parlays: A Complete Guide to Maximizing Your Winnings
Key Takeaways:
- A parlay bet combines multiple wagers into one, offering higher payouts but also increasing risk.
- Understanding parlay odds, including point spreads, money lines, and totals, is crucial for success.
- Strategic selection, risk management, and disciplined bankroll management are essential to profitable parlay betting.
What Is a Parlay Bet?
A parlay bet is a single wager that links multiple individual bets (or “legs”) together. To win a parlay, every selection within the bet must hit—if even one loses, the entire parlay is lost. This higher risk is balanced by the potential for significantly increased payouts, making parlays a favorite among high-risk, high-reward bettors.
For instance, if you bet on two NBA teams to win and parlay them together, both teams must be victorious for you to cash out. The appeal of parlays lies in their massive potential payouts, as sportsbooks offer exponentially increasing odds for each additional leg added to the bet.
Parlays aren’t limited to a single sport. Most sportsbooks allow bettors to create multi-sport parlays, mix bets across different days or events, and even build season-long parlays. Some daring bettors attempt massive 10- or 12-team parlays, hoping to turn a small wager into a life-changing payday. However, with each additional leg, the probability of winning decreases.
Understanding Parlay Odds
Parlay odds multiply the individual odds of each leg, leading to potentially huge returns. Here’s how a standard point spread parlay breaks down:
| Number of Teams | Payout (Approximate) |
|---|---|
| 2-team parlay | +260 |
| 3-team parlay | +596 |
| 4-team parlay | +1228 |
| 5-team parlay | +2431 |
This means a $100 bet on a 3-team parlay could yield a $596 return, while a 5-team parlay could bring in $2,431. The more legs in your parlay, the tougher it is to win—but the rewards are significantly greater.
Money Line vs. Point Spread Parlays
There are two primary types of parlay bets, each with unique odds and strategies:
Point Spread Parlays
- These parlays involve bets on teams to cover the spread rather than win outright.
- Odds are typically fixed, assuming each team has an equal chance of covering.
Money Line Parlays
- These involve betting on teams to win straight up, with odds adjusted based on each team’s strength.
- Instead of fixed payouts, winnings roll over from one selection to the next, compounding returns.
For example, suppose you bet $10 on a Yankees (+160) and Braves (-130) money line parlay:
- If the Yankees win, your $10 turns into $26.
- That $26 is then wagered on the Braves.
- If the Braves win, your total payout becomes $46—a greater return than a fixed point spread parlay.
How to Bet Parlays Strategically
Parlays can be exhilarating, but winning them requires strategy. Here’s how to improve your chances:
1. Choose Your Bets Carefully
Since a parlay requires every leg to hit, selecting the right bets is crucial. Consider:
- Recent performance and injuries: A star player’s absence can change game dynamics.
- Weather conditions: Outdoor sports like football and baseball are significantly impacted by weather.
- Betting trends and line movements: Follow sharp money and reverse line movement for insights.
- Home/away splits and matchups: Some teams perform better at home, while others struggle on the road.
Also, beware of correlated parlays—bets that influence each other too directly. For example, betting on a quarterback to throw for 300 yards and his team to win by 7+ points is a correlated parlay. Many sportsbooks restrict these combinations.
2. Keep Parlays Manageable
Long-shot parlays may be tempting, but they rarely lead to consistent profits. Experts recommend limiting parlays to 2-4 teams to maximize winning potential.
The more legs you add, the lower your probability of winning. If you’re just getting started, focus on small, simple parlays before experimenting with bigger, more complex bets.
3. Manage Your Bankroll Wisely
Parlays should be just a small part of your betting strategy. A good rule of thumb: Only risk 1-5% of your total bankroll on a parlay.
| % of Bankroll | Risk Level |
|---|---|
| 1% | Conservative, low risk |
| 5% | Higher confidence, but still controlled risk |
For instance, if your bankroll is $1,000, your max bet on a parlay should be $50 or less.
4. Shop for the Best Odds
Different sportsbooks offer different payouts on parlays, so it pays to compare odds before placing a bet. Some sportsbooks also offer parlay boosts—special promotions that increase payouts for multi-leg bets.
Different Types of Parlay Bets
Parlays aren’t one-size-fits-all. There are multiple variations to consider:
Same-Sport Parlays
Bettors can create parlays with different bet types from a single sport. For example, an NFL parlay might include:
- A point spread bet on the Cowboys (-6.5)
- A totals bet on the Steelers vs. Ravens game (Over 45.5)
Mixed-Sport Parlays
Many sportsbooks allow bettors to combine bets from different sports. A mixed-sport parlay could look like this:
- Lakers (-3.5) in the NBA
- Chiefs (-7) in the NFL
- Yankees (-1.5) in the MLB
Teasers & Alternative Lines
A teaser parlay allows bettors to shift the point spread in their favor (e.g., moving a -7.5 favorite to -3.5). While this improves the chance of winning, it reduces the overall payout.
Correlated Parlays
Correlated parlays involve bets that are naturally linked. For example:
- Chiefs -7.5 AND Over 45.5 in the same game
- A quarterback throwing over 250 yards AND his team winning
While these bets make logical sense together, many sportsbooks limit or restrict correlated parlays.
Final Advice: Making Smart Parlay Bets
- Stick to 2-4 leg parlays for the best balance between risk and reward.
- Choose bets wisely, factoring in injuries, trends, and matchups.
- Manage your bankroll effectively, keeping parlays as a small percentage of your total bets.
- Compare odds at multiple sportsbooks to maximize value.
- Start small, especially if you’re new to parlays—low-risk bets help you learn without big losses.
Parlay betting can be a thrilling way to boost your winnings, but it requires smart decision-making and discipline. Instead of chasing massive payouts with unrealistic 10-team parlays, focus on long-term success by making calculated, well-researched bets.
Final Thoughts
Parlays bring excitement to sports betting, offering the potential for huge payouts. However, they also come with greater risk than standard single bets. By limiting the number of legs, managing your bankroll, and researching each bet thoroughly, you can enjoy parlays while giving yourself the best chance to profit.
If you’re new to parlays, start small, stay disciplined, and have fun with it!