The Best Parlay Betting Strategies for More Wins [Guide]

Parlays are a juggernaut in sports betting.

They’ve fast become the most popular type of bet to place, with 70% of bets on FanDuel’s NFL and NBA games being parlays.

A small risk can lead to a big reward, as it was just a few months ago when a lucky DraftKings customer won more than $142,000 from a three-leg parlay that only cost $15.

The allure, of course, is that parlays offer lottery-style payouts from relatively small bets, which is why it feels like everyone has gone parlay-crazy.

There is a slight issue with parlays, though, which is that they can be tricky to pull off, especially when there are a lot of legs involved.

Countless NFL and NBA fans alike will splash the cash on 10 or even 20-leg parlays and then act surprised when they don’t win.

It’s something you should be looking to avoid and this guide is going to run through the best parlay betting strategies for more wins that actually work.

This way, you can reduce those frustrating losses and take your parlay game from zero to hero.

The Best Parlay Strategies: What’s the Secret to Winning a Parlay?

A lot of sports bettors advise you not to build any parlays at all and instead stick with flat bets due to them being safer. However, you can’t ignore the huge profit potential of parlays and you’re always in with a shot of them coming off when you build them right. Here are the fundamentals for doing this.

✔ Use Parlay Betting Tools

These days, bettors aren’t working alone anymore. It’s the age of AI and smart tech, so a growing number of them are now using betting software and specialized tools to help build parlays. OddsPlays ranks the popular parlay builders people are using at the moment, with these particular tools designed to help you optimize parlays based on historical data and the best prices on the market. For beginners, these types of tools are an essential when you’re getting started out.

✔ Pick Teams with -200 or Shorter Lines

The first way you can boost your odds of having a winning parlay is by simply picking teams with -200 or greater lines. It reduces the end payout but automatically means you have a better shot at winning due to backing the favorites. Around -200 is the sweet spot, as it balances a relatively high win probability with a decent payout margin.

🏀 An NBA fan could build a 3-leg parlay for upcoming fixtures consisting of Houston Rockets (-370) to beat Golden State Warriors, Orlando Magic (-370) to beat Dallas Mavericks, and Minnesota Timberwolves (-245) to beat Toronto Raptors. Here, the final parlay odds come out at +127 and a $20 bet would earn a $25.44 payout, with all 3 legs extremely likely to happen.

✔ 3 Picks Maximum

When building any sports parlay, be it basketball or tennis, you should generally go with a maximum of 3 picks. Once you start going above that, your odds of winning begin to tank significantly for every additional leg that you add. Sure, there’s nothing wrong with occasionally building a ‘lotto’ parlay – where you add 10 or more legs and bet a low amount just for the fun of it – but your serious parlays should be capped at 3 legs. Always remember, 3-leg parlays have a house edge of around 20% and it grows exponentially from there for every extra leg you add.

✔ Mix and Match

A lot of sports fans report that their parlays tend to win more when they mix and match across different sports and leagues. We recommend doing this, too, so try to avoid building parlays that are spread across a single game. By spreading your picks across multiple events, it reduces correlation risk, which is what you want.

✔ Avoid Betting More Than $20

Parlays require solid knowledge of your chosen sports but also require a little bit of fate to be on your side. They’re still one of the most high-risk bets you can place, so try to avoid wagering over $20 per parlay unless you can absolutely afford it. Parlay odds are generally much higher anyway, meaning you don’t need to risk huge amounts of money to make a huge profit. When your parlays fall in the $5 to $20 range, even at just 3 legs, the profit will be much higher than a regular flat bet.

✔ Don’t Throw In Legs to Increase the Odds

The biggest mistake that fans of the NFL, NBA, and other major leagues make is adding extra legs to their parlays just to increase the odds. It can be tempting, especially when the potential payout suddenly jumps from $100 to $150 just by adding a single leg, but it’s a poor strategy. Every single leg in your parlay should be founded on high probability and confidence. Simply throwing legs in there for the sake of it makes it much more likely for you to lose, which is why the best and most experienced pros eliminate this habit early on.

Are Parlays Worth It?

Fans across all the major sports remain split on parlays. Parlays are more popular than they’ve ever been, yet a section of fans remain adamant that parlays simply aren’t worth it due to the risk. But we disagree.

Parlays are absolutely worth it. The payouts alone make this true. However, you have to get the core principles right while avoiding the traps of high-leg parlays and betting on teams you know absolutely nothing about.

When you build 3-leg parlays, keep your budget capped at $20, and bet on reasonably high outcomes, you’re doing parlays the right way and can reap the benefits from them. But if you’re building 15-leg parlays and adding legs across different leagues without even checking them properly, you’re in trouble. Just ask the thousands of sports fans every weekend who sink hundreds of dollars into their parlays only to come up short every time.

Why Bet Parlays?

To wrap up, let’s do an overview of why you’ll want to bet parlays this year:

●  Payouts are significantly higher on average

●  They’re very exciting

●  It’s possible to build safe 3-leg parlays and still get big payouts

●  You can test your skills across different sports

●  Groups of friends can share their parlays and tips with each other

Simply put, parlays have something going for them, which is why FanDuel and DraftKings consistently report that parlays are their most popular type of bet. Back in 2025, New Jersey parlays even made up 72.5% of the state’s sportsbook revenue, with parlay bets set to once again break records this year. In a way, they’re a sports fan’s dream.

Just remember to be sensible with any parlays you build, look for value in -200 or shorter odds, and keep your parlays capped at around $20 to be on the safe side.