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Parlay Betting Guide 2024: Your Comprehensive Guide to Mastering Parlay Betting!

Last Updated on 26.03.2024
Fact checked by: Alex Cabal

Ready to ramp up the excitement of your online sports bets? Parlay betting could be the answer. Here, I’ll show you how to make parlay bets before priming you on the risks and rewards of these unique sportsbook wagers.

Sports betting parlays offer thrill-a-minute fun and some truly eye-catching payouts. But with bigger prize pots come greater risks, so it’s important to get fully up to speed with the basics of parlays before you play. Lucky for you, I’m here with a beginner’s guide along with top recommendations on the best sites for parlay sports betting in Canada.

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Discover the best parlay betting sites for Canadian players in April 2024

Players accepted in the US US Flag
Stake.us
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United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Amazing Stake Originals
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Payment Methods
Credit Card
Bitcoin
Litecoin
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Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WV, WI, WY
Currencies
Gold Coins
Stake Cash (redeemable)
Currency Conversion
1 Stake Cash = 1 USD
Packages
$20 = 200,000 GC (+ 20.2 Free SC)
$50 = 500,000 GC (+ 50.5 Free SC)
$100 = 1,000,000 GC (+ 101 Free SC)
$200 = 2,000,000 GC (+ 203 Free SC)
$300 = 3,000,000 GC (+ 306 Free SC)
$30 = 300,000 GC
Cashout available
Yes
Real Money Prizes
– Gift cards
– Crypto Currency
– Merchandise
VIP Program
Yes
Software Providers
Hacksaw Gaming
Pragmatic Play
Stake Originals
+
Number of Slots
561
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McLuck
Hot Offer
Welcome Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Free-to-play options
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Payment Methods
Visa
Mastercard
Applepay
+
Accepts Customers from
Show StatesAK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Apps
Currencies
Gold Coins
Sweepstakes coins (max. Redeem: 10000$ per day)
Packages
$1.99 = 4,000 GC
$4.99 = 10,000 GC
$9.99 = 50,000 GC
$19.99 = 40,000 GC
$49.99 = 100,000 GC
$74.99 = 200,000 GC
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Cashout available
Yes
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
No
Software Providers
NetEnt
Pragmatic Play
Playson
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Number of Slots
877
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High5Casino
Hot Offer
Welcome Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • 800+ slots
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Payment Methods
PayPal
Visa
Mastercard
+
Accepts Customers from
Show StatesAZ, CA, CO, CT, FL, GA, IL, IN, IA, KS, KY, LA, MD, MA, NJ, NY, OH, PA, TN, TX, VA
Show StatesAZ, CA, CO, CT, FL, GA, IL, IN, IA, KS, KY, LA, MD, MA, NJ, NY, OH, PA, TN, TX, VA
Apps
Currencies
High 5 Casino Coins
Game Coins (redeemable)
Currency Conversion
1 Game Coins = 1 USD
Cashout available
Yes
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
Yes
Software Providers
Pragmatic Play
High5Games
Vivo Gaming
+
Number of Slots
1485
Show More
Sweeptastic
4.
Welcome Bonus
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United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • 100+ casino games
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Payment Methods
Bitcoin
Skrill
Mastercard
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Lucky Coins
Sweeps Coins (max. Redeem: 10000$ per day)
Currency Conversion
1 Sweeps Coins = 1 USD
Packages
$1000 = 1,000,000 LC (+ 1000 Free SC)
$500 = 500,000 LC (+ 500 Free SC)
$250 = 250,000 LC (+ 250 Free SC)
$100 = 100,000 LC (+ 100 Free SC)
$50 = 50,000 LC (+ 50 Free SC)
$30 = 30,000 LC (+ 30 Free SC)
$10 = 10,000 LC (+ 10 Free SC)
$1 = 1,000 LC (+ 1 Free SC)
Cashout available
Yes
Real Money Prizes
– Gift cards
– Merchandise
– Cash Prizes
VIP Program
Yes
Software Providers
1Spin4Win
Betsoft Gaming
GameArt
+
Number of Slots
682
Show More
Wow Vegas
5.
Welcome Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Signup bonus available
  • Hundreds of slots
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Payment Methods
Applepay
Mastercard
Skrill
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WV, WI, WY
Currencies
Wow Coins
Sweepstakes coins (max. Redeem: 10000$ per day)
Currency Conversion
1 Sweepstakes coins = 1 USD
Cashout available
Yes
Real Money Prizes
– Merchandise
– Cash Prizes
VIP Program
Yes
Software Providers
Betsoft Gaming
Pragmatic Play
3 Oaks Gaming
+
Number of Slots
916
Show More
Sportzino
6.
Welcome Bonus
Get 180,000 GC + 8 FREE Sweeps Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Game lobby lets you filter games based on game type and provider
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Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Gold Coins
Sweepstakes coins
Packages
$0.99 = 100,000 GC (+ 5 Free SC)
$19.99 = 1,350,000 GC (+ 35 Free SC)
$1 = 110,000 GC
$5 = 110,000 GC (+ 5.05 Free SC)
$10 = 260,000 GC (+ 10.1 Free SC)
$20 = 750,000 GC (+ 20.5 Free SC)
$50 = 2,000,000 GC (+ 51.5 Free SC)
$100 = 5,000,000 GC (+ 104 Free SC)
Cashout available
No
VIP Program
No
Show More
Zula Casino
7.
Welcome Bonus
Get 100,000 FREE Gold Coins and 10 FREE Sweeps Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Vast game selection with over 550 games
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Payment Methods
Visa
Mastercard
Discover
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV
Currencies
Gold Coins
Sweeps Coins
Currency Conversion
1 Sweeps Coins = 1 USD
Cashout available
No
Real Money Prizes
– Cash Prizes
VIP Program
No
Show More
Fortune Coins
8.
Bonus
Claim Your Free 630,000 Gold Coins & 1,400 Sweeps Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Welcome bonus
  • Fish-based games
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Payment Methods
Visa
Mastercard
Skrill
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Gold Coins
Fortune Coins (max. Redeem: 5000$ per day)
Currency Conversion
49500 Fortune Coins = 1 USD
Cashout available
Yes
Real Money Prizes
– Cash Prizes
VIP Program
Yes
Software Providers
Endorphina
1Click Games
Number of Slots
111
Show More
Funrize
9.
Welcome Bonus
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United States of America
Players from United States of America accepted
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  • Great welcome offer
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Payment Methods
Credit Card
PayPal
Bank Transfer
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WV, WI
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WV, WI
Currencies
Coins
Redeemable Coins (max. Redeem: 2000$ per day)
Currency Conversion
2000 Redeemable Coins = 1 USD
Cashout available
Yes
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
Yes
Software Providers
NetGame Entertainment
Number of Slots
47
Show More
Pulsz.com
10.
Bonus
367,000 Gold Coins + FREE 32.3 Sweepstakes Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • 750+ games
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Payment Methods
Applepay
Google Pay
Skrill
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, DC, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, DC, WV, WI, WY
Apps
Currencies
Gold Coins
Sweepstakes coins (max. Redeem: 12000$ per day)
Currency Conversion
1 Sweepstakes coins = 1 USD
Cashout available
Yes
VIP Program
Yes
Software Providers
Relax Gaming
NetEnt
Pragmatic Play
+
Number of Slots
1282
Show More
Golden Hearts Games
11.
Welcome Bonus
250,000 Gold Coins + 500 FREE Sweeps Coins + 100% Sweeps Coin Bonus for First Purchase!
United States of America
Players from United States of America accepted
  • Possibility to fund charity
  • Easy-to-use website
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Payment Methods
PayPal
ACH
Direct Debit
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NV, NH, NJ, NM, NY, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NV, NH, NJ, NM, NY, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY
Currencies
Gold Coins
Sweeps Coins (max. Redeem: 100$ per day)
Currency Conversion
500 Sweeps Coins = 1 USD
Packages
$10 = 650,000 GC (+ 6250 Free SC)
$25 = 1,750,000 GC (+ 15625 Free SC)
$50 = 4,000,000 GC (+ 37500 Free SC)
$100 = 10,000,000 GC (+ 100000 Free SC)
$30 = 2,250,000 GC
Cashout available
Yes
VIP Program
Yes
Software Providers
NetEnt
Booming Games
Number of Slots
433
Play casino games. Win Sweeps Coins. Redeem for cash! Use this link to get: Sign-up bonus: 250,000 Gold Coins + 3,000 FREE Sweeps Coins! No purchase necessary. U.S. residents only. 18+.
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TaoFortune
12.
Welcome Bonus
128,000 TAO Coins for FREE + 50% Secret Coins Match bonus
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Play casino-style games for free
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  • Access this social casino in 47 states
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Payment Methods
Applepay
Visa
Mastercard
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WA, WV, WI
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WA, WV, WI
Currencies
Virtual Credits
Gold Coins
Currency Conversion
100 Gold Coins = 1 USD
Packages
$4.98 = 50,000 VC (+ 500 Free SC)
$9.88 = 250,000 VC (+ 1250 Free SC)
$11.88 = 120,000 VC (+ 1200 Free SC)
$19.88 = 600,000 VC (+ 3000 Free SC)
$29.88 = 300,000 VC (+ 3000 Free SC)
$49.88 = 500,000 VC (+ 5000 Free SC)
$99.88 = 1,000,000 VC (+ 10000 Free SC)
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$199.88 = 2,000,000 VC (+ 20000 Free SC)
Cashout available
No
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
No
Software Providers
NetGame Entertainment
Number of Slots
47
Show More
Hello Millions
13.
Welcome Bonus
GC 15000 + SC 2.5 Free
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Huge casino-style gaming lobby
  • Regular new releases
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Payment Methods
Visa
Mastercard
Applepay
+
Accepts Customers from
Show StatesAK, AZ, AR, CA, CT, DE, FL, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAK, AZ, AR, CA, CT, DE, FL, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Gold Coins
Sweepstakes coins
Cashout available
No
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
No
Software Providers
1x2Gaming
3 Oaks Gaming
BETER
+
Number of Slots
1746
Show More
Pulszbingo.com
14.
Welcome Bonus
5,000 Gold Coins + 2.3 Free Sweepstakes Coins
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Multiple Bingo rooms
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Payment Methods
Mastercard
Visa
Discover
+
Accepts Customers from
USA
USA
Currencies
Gold Coins
Sweeps Coins
Currency Conversion
1 Sweeps Coins = 1 USD
Packages
$1.99 = 10,000 GC (+ 18 Free LP)
$4.99 = 26,500 GC (+ 45 Free LP)
$9.99 = 173,500 GC (+ 110 Free LP)
$19.99 = 362,000 GC (+ 460 Free LP)
$49.99 = 904,500 GC (+ 750 Free LP)
$99.99 = 1,884,000 GC (+ 1800 Free LP)
Cashout available
No
Real Money Prizes
– Gift cards
– Cash Prizes
VIP Program
Yes
Software Providers
Proprietary Games
NetEnt
Relax Gaming
+
Number of Slots
789
Show More
Moonspin
15.
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Moonspin Originals offer endless fun
  • Swap Moon Coins for real crypto prizes
  • Get 30,000 GC + 3 MC when you sign up
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Payment Methods
Ethereum
Bitcoin
Litecoin
+
Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Gold Coins
Sweepstakes coins
Currency Conversion
1 Sweepstakes coins = 1 USD
Packages
$10 = 10,000 GC (+ 10.1 Free SC)
$25 = 25,000 GC (+ 25.5 Free SC)
$50 = 50,000 GC (+ 52 Free SC)
$100 = 100,000 GC (+ 105 Free SC)
$250 = 250,000 GC (+ 256 Free SC)
$500 = 500,000 GC (+ 520 Free SC)
Cashout available
No
VIP Program
No
Show More
Rolling Riches
16.
Welcome Bonus
100,000 Gold Coins + 1 SC
United States of America
Players from United States of America accepted
T&Cs apply, 18+
  • Impressive game variety
  • Games by top developers
  • Redeem real cash prizes
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Accepts Customers from
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NY, NC, ND, PA, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Show StatesAL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, ME, MD, MA, MN, MS, MO, MT, NE, NH, NY, NC, ND, PA, SC, SD, TN, TX, UT, VT, VA, WV, WI, WY
Currencies
Gold Coins
Sweepstakes coins
Cashout available
No
Real Money Prizes
– Cash Prizes
VIP Program
No
Show More

Your complete parlay betting guide

Want to turn that cheap CA$10 bet into a whole stack of cash? A parlay could be the way to go. Every sports bettor dreams of those big wins that can put a real spring in your step, which probably explains why so many players like to take a punt on parlays from time to time.

So, what is parlay betting? What does it offer? And what are the risks and rewards to be aware of? I’ll answer all these questions and more in my no-nonsense guide to sports betting parlays below.

What is a parlay in betting?

A parlay in sports betting is when you combine two or more bets on a single bet slip. Why? To increase the potential value of your wager.

Let’s say you were to place CA$10 on a sports betting parlay. If you win, your potential prize pot will be significantly bigger than if you placed a single moneyline bet.

I guess the parlay betting meaning is easier to understand when you consider what this style of wagering is called elsewhere in the world. In the UK, for example, parlays are known as “accumulators”; this makes sense because you’re effectively accumulating how much you stand to win in a single wager by combining multiple different bets.

At this point, it’s worth noting that to win a parlay, you must win every bet on your wager slip. If one element of your parlay doesn’t land, you’ll lose the lot – that’s what makes them a riskier alternative to standard single bets.

What are the pros and cons of parlay betting?

Advantages
  • Boost the amount you can win on a single bet
  • Inject excitement into your sports betting strategy
  • Enjoy a more flexible betting experience across multiple different sports
  • Make big wins from relatively small bets
  • Showcase your sporting knowledge with an expert parlay strategy
Disadvantages
  • Parlay betting is inherently risky since you’re effectively spreading the probability of winning

How do you place parlay sports bets?

Much like with matched betting, parlay betting is a piece of cake when you know how. With that in mind, let’s take a quick look at how a parlay sports bet typically plays out.

  • Step 1: Log into your online sportsbook account. If you’re not yet a member of a sports betting site, I’ve selected some of the best gambling apps in Canada and featured them in the banners on this page, so be sure to check them out.
  • Step 2: Select the bets you want to combine and add them to your parlay bet slip. Note that not all bet types can be combined on a parlay, as there may be too much correlation and overlap between them.
  • Step 3: Once you’re happy with your parlay selections, tap through to the bet slip confirmation page. Here, you’ll need to decide how much you want to wager on the parlay, at which point you’ll see a breakdown of your potential winnings.
  • Step 4: With your wagering amount set, all that remains is to confirm your parlay and lock it in. From there, it’s a case of following the action and keeping your fingers crossed that all of your bets land.

What are the advantages and disadvantages of parlay sports betting?

Never has the term “risk vs reward” been truer than in the case of parlay betting. The prospect of claiming a big sportsbook win shouldn’t blind you to the fact that parlays are inherently risky, and you need to be aware of the benefits and pitfalls of a sports betting parlay from the outset.

With that in mind, here’s a look at the key advantages and disadvantages of parlay bets.

The advantages of parlay sportsbook bets

Inflate your potential payoutsWell-placed parlays can multiply your potential winnings tenfold. Since parlay odds are multiplied together, there are some massive take-homes up for grabs.
Up the fun factorI won’t lie – nothing beats the thrill of waiting for a parlay bet to settle. As the play unfolds across multiple different games, you’ll be on the edge of your seat and willing your bets across the line.
Low risk, high rewardYes, parlay betting is risky, but you don’t need to bet big to make awesome wins. Think about it: a CA$10 bet could easily become a CA$200+ payout if you make savvy selections, so it’s definitely a low-risk, high-reward strategy.
Get rewarded for your knowledge and instinctsParlay betting is the ultimate flex for diehard sports fans who know their teams, leagues and clubs inside and out. Whether you’re into hockey, football or basketball, or are searching for the best UFC betting sites, sportsbook parlays let you showcase knowledge, skills and intuition by making expert predictions on a single bet slip.
FlexibilityWhat’s great about betting parlays is that you can combine bets from different sports on a single bet slip. This lets you build a flexible betting strategy that’s entirely your own

The disadvantages of parlay betting

High risk

Since you need to land all your legs in a single parlay to win, this does increase the risk of coming away empty-handed. Basically, the more bets you add to a parlay, the higher the risk and the higher the potential reward, so you do face a tricky balancing act.

Tricky to get started

There’s no getting around the fact that parlay sports betting is difficult. No matter how useful this guide may be, you do face a bit of a learning curve and lots of trial and error before you master the basics.

Encourages bad betting practices

Parlays offer some massive wins that can tempt you into making reckless decisions. Always play within your means and don’t go chasing huge parlay payouts if you’re not confident about the wagers you have to make.

What are the best sports betting parlay strategies?

If you’re keen to nerd out on parlay betting, there are several strategies you should study up on. Here are three of my favourites that may be of interest to the most passionate parlay-ers out there.

Moneyline parlaysThis is one of the most common parlay sports betting strategies and the easiest to master. The more moneyline bets you add to a single parlay, the higher your potential payouts.
Hedging parlaysWhen you include a mix of favourites and underdogs on your bet slip, this is called a hedging parlay. Personally, I’m a big fan of this parlay betting strategy as it helps to balance out the possibility of making a loss.
Correlated parlaysCorrelated parlays are when you bet on two closely related outcomes and combine these on the same bet slip. You need to be careful about the type of bets you combine as bookies may not allow too much overlap, but if you play it smart, there are some excellent wagering opportunities to be had here.

What is a parlay in betting? It’s the ticket to a good time!

Placing parlay bets isn’t just about scoring massive sportsbook wins (although that is definitely one of its major plus points). It’s also a chance to ramp up the excitement of your sports betting strategy while showcasing your hard-earned knowledge of the best teams, players and tactics in your favourite sport – whether that’s for hockey, football, boxing, golf or ufc betting site.

I should caveat this by saying that parlay sports betting isn’t for the faint-hearted or risk-averse. Sure, you can make some nice wins from small bets, but the odds of losing are significantly higher than they are for standard betting types, so you need to practice restraint and gamble responsibly.

With all that said, if you are still interested in parlay sports betting in Canada, be sure to give the brands featured in the banners on this page a try. I’ve selected some of my favourite Canadian sportsbooks that accept parlay bets, so give them a try and benefit from a nice welcome bonus to boot.

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Parlay betting FAQs

Yes, parlay betting is legal in Canada and some of the country’s leading sportsbooks accept parlay bets. Before you join a sports betting site in Canada, be sure that the brand is legally allowed to operate in your state.

🤔 Can you use sportsbook bonuses with parlay bets?

Sure! If you’re looking to redeem a welcome bonus with a new bookmaker, you can use your free bet credit on parlay bets. Always check the bonus T&Cs for any restrictions on the types of qualifying bets you can make when redeeming the promotion.

🏟️ How risky are parlay bets on sports betting sites?

Parlay bets are riskier than standard bets because they require you to win multiple bets in order to take home the prize pot. However, you can win big payouts for only a small wagering amount, so it’s a case of risk vs reward.

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Adan CabalAlex CabalAngel C. Noriega
Adan Cabal
Editor - Esports Journalist
Alex Cabal
Editor - Casino Expert
Angel C. Noriega
Editor - Responsible Gambling

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