What is a parlay in sports betting? That’s something we’re asked a lot, particularly by beginner bettors looking to improve their sports wagering strategy. So, if you don’t know the answer, join us for an essential primer on parlay betting.
With the power to bring larger returns at better odds, parlay sports betting is super popular among casual and serious bettors alike. But with increased risk and a lower probability of regular wins, laying these wagers shouldn’t be taken lightly. Get up to speed on the ins and outs of parlay betting in our must-read betting guide below.
Your complete introduction to sports betting parlays
Looking to add more flavour to your sports betting strategy? Then parlays could provide the extra spice you’ve been craving. Bringing the chance to land larger returns with much more risk, there’s no denying that parlay sports betting is one of the most exciting ways to gamble on your favourite sports, teams, players, and fighters.
Let’s take a closer look at the ins and outs of sportsbook parlays so that you can add them to your betting repertoire.
The bookmakers we recommend
Bet365 Review
Get $150 in Bonus Bets Win or Lose when you bet $5!
GAMBLING PROBLEM? CALL OR TEXT 1-800-GAMBLER (AZ/CO/IL/IN/KY/LA/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ only (18+ in KY). Must be present in AZ/CO/IA/IL/IN/KY/LA(select parishes)/NC/NJ/OH/PA/TN/VA. *This Referral Code is used for marketing/tracking purposes only. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply.
What is a parlay in sports betting?
A parlay in sports betting is when you combine multiple bets (known as “legs”) on a single bet slip. To win the bet, you must correctly predict each of your chosen legs. Get just one leg wrong and you lose, even if all your other legs are winners.
With us so far? Good. Given the nature of betting parlays, it’s easy to see why these types of wagers fetch such eye-catching odds and the potential for serious payouts. Since you’re essentially multiplying your level of risk, parlays attract significantly higher payouts than standard bets that don’t comprise individual legs.
3 examples of sports betting parlays
Sometimes, the easiest way to outline a new type of sportsbook bet is to give a few examples. So, just like we did in our recent guide to “what is a rollover in betting?”, here are a handful of parlay sports bet examples that might help you to understand how these types of multi-leg wagers work.
Examples
| Legs | Outcomes | Win or lose |
| Parlay bet 1 | 1. Green Bay Packers to lose
2. 49ers to win
3. Carolina Panthers to cover the spread | On game day, Green Bay win, the 49ers win, and the Panthers cover the spread.
Since Green Bay won, you lose your parlay bet. |
| Parlay bet 2 | 1. Manchester United to win
2. Newcastle United to draw
3. Harry Kane to score for Bayern Munich
4. Fulham to win | On Super Sunday, Manchester United strike late to claim a crucial win over Tottenham Hotspur, while Newcastle draw at Crystal Palace. Fulham seal an unlikely victory away at Liverpool, while Harry Kane scores a six-yard tap-in.
With all legs settled as winners, you win your full parlay. |
| Parlay bet 3 | 1. Gervonta Davis to win by KO
2. Shakur Stevenson to win by decision | When fight night rolls around, Davis knocks Lamont Roach to the canvas, winning the bout by KO. However, Shakur Stevenson suffers an unlikely pummelling at the fists of Floyd Schofield, with the latter clinching the win by unanimous decision.
With Stevenson losing to Schofield, you lose your parlay. |
Pros and cons of parlay sports betting
Advantages
- Fun and exciting way to bet
- Opportunity for higher payouts
- Flex your sporting know-how
How are parlay sports bet wins calculated?
Given that parlay bets are essentially two or more wagers bolted together, you might be wondering how bookies payout when all your legs settle as winners. Well, the answer requires a little math, so bear with us while we attempt a quick explainer.
Let’s assume you’ve placed a three-leg winning parlay bet, with each leg having standard odds of -110. To calculate your potential return, you need to convert American odds to decimal odds, which in this case is 1.91.
Now, once you’ve converted all your legs to decimal odds, you need to multiply them together. So, for this example, the calculation would be:
1.91 X 1.91 X 1.91 = 6.97
6.97 is the figure you’re looking for, since this is your total wager multiplier. So, if you’ve wagered $20 on a parlay bet (or currency equivalent), you would multiply this by 6.97 to calculate your prize pot.
6.97 X $20 = $139.40
A $129.40 profit return on a $20 parlay bet is certainly a nice day at the office, and evidence of why parlays are so highly valued by sports bettors. If nothing else, these wagers are the perfect way to have fun while only wagering small amounts. But they can also be an effective way to flex your sporting know-how when trying out
new online betting sites, with your in-depth understanding of different teams helping you to build powerful parlay wagers.
Top-rated sportsbooks
1.
Get $150 in Bonus Bets Win or Lose when you bet $5!
GAMBLING PROBLEM? CALL OR TEXT 1-800-GAMBLER (AZ/CO/IL/IN/KY/LA/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ only (18+ in KY). Must be present in AZ/CO/IA/IL/IN/KY/LA(select parishes)/NC/NJ/OH/PA/TN/VA. *This Referral Code is used for marketing/tracking purposes only. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply.
How to bet parlays
Eager to start placing parlay sports bets? Here’s a quick step-by-step guide on how the typical parlay betting process plays out:
- Log in to your sportsbook.
- If you’re yet to register with one, take a look at the banners around this page for the latest welcome deals and
sports betting offers.
- Browse the upcoming fixtures lists and begin adding wagers to your virtual bet slip.
- Most sports betting sites will automatically ask if you’d like to create a parlay when you add multiple legs. However, you may need to select this option on your bet slip manually depending on the brand in question.
- Enter your bet amount and review your potential prize pot.
- Lock in your parlay and wait for the outcome of each of your legs.
That’s a wrap on our parlay sports betting guide
If you’re new to online sports betting, the idea of placing “parlays” might sound a little overwhelming. But if nothing else, we hope this guide has demonstrated just how simple these types of sportsbook wagers are, along with the fun and excitement they can bring to your betting experience.
Of course, before you start placing parlays, you need to understand the increased risk involved. By their nature, these wagers are inherently riskier than standard bets, offering considerably less chance of winning. As such, we recommend a light, fun-first approach, with small bet amounts.
Don’t forget, if you haven’t yet chosen a new sportsbook to bet at, you’ll find tailored promotions for your jurisdiction in the banners around this page.
Claim the best betting bonuses of 2025
1.
Get $150 in Bonus Bets Win or Lose when you bet $5!
Wagering (WR): 1x Bonus, Min. Deposit: $10
GAMBLING PROBLEM? CALL OR TEXT 1-800-GAMBLER (AZ/CO/IL/IN/KY/LA/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ only (18+ in KY). Must be present in AZ/CO/IA/IL/IN/KY/LA(select parishes)/NC/NJ/OH/PA/TN/VA. *This Referral Code is used for marketing/tracking purposes only. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply.
What is a parlay bet FAQs
🤔 What if one of my parlay legs is a draw?
Drawing a parlay leg is called a “push”. When this happens, this leg is struck off your parlay bet slip without compromising your other legs, so you can still win or lose your remaining wagers.
💰 Is it possible to cash out a parlay bet early?
Potentially, yes. Some sportsbooks offer early cashouts on parlays, particularly if you’ve already hit the majority of your legs. However, not all brands offer this, so check your sportsbook’s general terms of service if you’re unsure.
🏀 Can you add different sports to a single parlay?
Sure, you can. There are no rules on the types of legs you can add to a single parlay bet, so you can combine wagers from multiple sports markets, along with different types of bets. In fact, the more complicated you make your parlay bet slip, usually, the higher the potential prize pot.
