What Are Parlay Bets? A Supreme Guide to Combining Wagers

Parlay bets are among the most exciting ways to wager on sports, offering bettors the chance to turn small stakes into significant payouts. However, while the potential for big rewards makes parlays enticing, they also come with increased risks. Combining multiple bets into one ticket, where every individual selection (or "leg") must win, makes parlays both a challenge and a thrill for sports bettors.

In this Supreme Guide to Parlay Bets, we’ll cover everything you need to know about how parlays work, their advantages and drawbacks, and strategies to maximize your chances of success.

What Are Parlay Bets?

A parlay bet is a single wager that combines two or more individual bets into one. To win the parlay, all legs must hit—if even one loses, the entire parlay fails. While the risk is higher than placing individual bets, the rewards can be significant because the odds of each leg multiply, leading to much larger payouts.

Key Features of Parlay Bets

• Increased Odds: The more bets you include, the higher the potential payout.

• All-Or-Nothing: A single losing leg results in the entire parlay losing.

• Flexible Betting Options: Parlays can include moneylines, point spreads, totals (over/unders), and even props or futures, depending on the sportsbook.

Example of a Parlay Bet

Let’s say you combine the following three bets into a parlay:

1. New York Yankees to win (-150)

2. Green Bay Packers to cover the spread (-3.5) at +110

3. Golden State Warriors and Boston Celtics to go over 220 total points (-110)

If you wager $10, the odds for each selection are multiplied, resulting in a much larger payout compared to betting on each event individually. In this case, the potential payout might be around $60 or more, depending on the exact odds.

Advantages of Parlay Bets

1. Higher Payouts

The primary appeal of parlay bets lies in their potential for big wins. Because the odds for each leg multiply, even a modest wager can lead to substantial returns.

• Example: A $20 bet on three games with odds of -110, +100, and +150 could yield a payout of over $200 if all three selections hit.

2. Small Risk, Big Reward

Parlays allow bettors to risk small amounts for the possibility of significant profits. This makes them particularly appealing to casual bettors who want to add excitement to their wagers.

3. Customizable Combinations

Parlays offer flexibility, allowing bettors to mix and match various bet types and sports. For instance, you could combine an NFL moneyline, an NBA point spread, and an MLB over/under into one parlay ticket.

4. Added Excitement

With multiple legs in play, parlays bring heightened drama and anticipation to watching sports. Each game becomes a critical component of your overall bet, keeping you engaged throughout.

Drawbacks of Parlay Bets

1. Increased Risk

While the potential payouts are enticing, the all-or-nothing nature of parlays means they are significantly riskier than individual bets. Even if you correctly predict several outcomes, one incorrect leg can ruin the entire bet.

2. Reduced Probability of Winning

The odds of winning a parlay decrease as more legs are added. For example:

• A 2-leg parlay with -110 odds for both legs has about a 25% chance of winning.

• A 5-leg parlay drastically lowers your chances to around 4%.

3. Lower Long-Term Profitability

Professional bettors often avoid parlays because they’re considered a low-probability, high-risk option. While they can occasionally pay off, consistent profits are more likely with single bets and disciplined bankroll management.

How to Build a Successful Parlay

Although parlays are inherently risky, there are strategies you can use to maximize your chances of success:

1. Stick to Fewer Legs

While it’s tempting to chase massive payouts with 10-leg parlays, keeping your parlays to 2-4 legs significantly increases your chances of winning. Smaller parlays are easier to manage and more likely to hit.

2. Mix High and Low Odds

Including a mix of favorites and underdogs can create a balanced parlay. For instance, combining two low-risk favorites with one high-risk underdog can yield a reasonable payout while keeping the risk manageable.

3. Focus on Sports You Know

Stick to sports and teams you’re familiar with when building parlays. Having a deeper understanding of the game, players, and trends increases your ability to make informed picks.

4. Use Correlated Bets Strategically

Some sportsbooks allow correlated parlays, where multiple legs are related. For example, if you bet on a team to win and the game to go over the total points, these outcomes may be connected, depending on the team’s scoring trends. Be cautious, though, as correlation doesn’t guarantee success.

5. Take Advantage of Promotions

Many sportsbooks offer promotions for parlay bettors, such as odds boosts or parlay insurance (where you get your stake back if one leg loses). These can reduce risk or increase potential payouts.

Parlay Alternatives: Same-Game Parlays

Same-game parlays, also known as single-game parlays, are a newer and increasingly popular option. These allow bettors to combine multiple bets within the same game, such as a team’s moneyline, a player prop (e.g., total points scored), and the over/under for total game points.

Example

In an NFL game, you could combine:

• Kansas City Chiefs to win.

• Patrick Mahomes to throw over 300 yards.

• Travis Kelce to score a touchdown.

Same-game parlays offer an exciting way to engage with a single event while still chasing larger payouts.

Tips for Responsible Parlay Betting

1. Bet Within Your Limits: Treat parlays as a fun way to enhance your betting experience rather than a primary strategy for profits.

2. Keep Stakes Low: Since parlays are high-risk, it’s wise to wager smaller amounts compared to single bets.

3. Celebrate Small Wins: Even hitting a modest parlay can be rewarding. Don’t chase impossible payouts by adding unnecessary legs.

Conclusion

Parlay bets are a thrilling option for sports bettors looking to turn small wagers into big wins. While they come with increased risks, strategic planning and disciplined bankroll management can help you enjoy the excitement of parlays without jeopardizing your finances.

By focusing on fewer legs, leveraging promotions, and sticking to sports you know, you can make the most of your parlay betting experience. Whether you’re a casual bettor or looking to diversify your strategy, parlays offer a unique and entertaining way to engage with sports betting.