If you've ever imagined turning a small wager into a significant payout, a parlay bet could be your solution. Popular among both casual and seasoned sports bettors, parlay bets allow you to combine multiple selections into a single wager, potentially leading to a substantial return. However, with high rewards come high risks—if even one selection loses, your entire bet is lost. In this article, we'll explain what a parlay bet is, how it works, provide real-world examples, and offer tips for smarter betting.
What is a Parlay Bet in Sports?
A parlay bet (often referred as "parley" in casual use) is a type of sports wager that combines multiple individual bets into one single bet. The key point is that all selections within the parlay must win in order for the bettor to receive a payout. If even one selection loses, the entire parlay is considered a loss. While parlays are riskier than single bets, they are popular because they offer the potential for significantly higher returns on smaller stakes.
Parlay bets are common in sports like football, basketball, baseball, and soccer, and are offered by most online and offline sportsbooks.
Parlay Bet Example
Let’s say you want to bet on three NFL games:
Packers to beat the Bears at odds of 1.90
Chiefs to beat the Broncos at odds of 2.00
Ravens to beat the Steelers at odds of 1.95
You place a $100 parlay bet including all three games. If all three teams win, your payout would be calculated by multiplying the odds:
1.90 × 2.00 × 1.95 = 7.41
Your total payout: $100 × 7.41 = $741
Profit: $741 - $100 (stake) = $641
But remember, if even one team loses, you lose the entire $100 bet.
How to Make a Parlay Bet
Making a parlay bet is simple with most sportsbooks:
1. Choose a Sportsbook
Sign in to your preferred betting platform (online or at a physical sportsbook).
2. Select Your Picks
Browse through the sports and pick 2 or more bets across different games or markets (Moneyline, Spreads, Over/Under, etc.).
3. Add to Bet Slip
As you select bets, they’ll appear in your bet slip. Choose the “Parlay” option in the slip.
4. Enter Your Stake
Enter how much you want to wager. (What Is a Stake in Betting)
5. Place Your Bet
Double-check the odds and combinations, then hit “Place Bet.”
How Does a Parlay Bet Work?
A parlay bet combines multiple outcomes into one single bet, meaning:
Higher payout due to compounded odds.
All selections must win — even one loss results in the entire parlay failing.
Payouts increase exponentially with more legs (individual bets) added.
Some sportsbooks offer “Parlay Insurance”, where if only one leg loses, you get your stake back (or a part of it), usually in the form of a free bet.
Key Features:
Risk: Higher than single bets.
Reward: Significantly higher payouts.
Flexibility: You can mix different sports and bet types.
Parlay bets are ideal for risk-takers looking for a big win with a small investment. However, success with parlays requires smart strategy, solid research, and a bit of luck. If you’re new to sports betting, start with smaller parlays (2-3 legs) to understand how the mechanics and risks work.
