Since the whole reason we are here is to explain betting odds, we need to teach people how parlay betting works and help them understand things like payouts, rules, and other things that come up when placing a parlay bet. This is one of the things we talk about first because it is such a popular way to bet on a variety of games, but many people waste their bankroll on them. For just a few dollars, someone could conceivably win as much as a million dollars or more, but that thrill is why most people lose their money when betting on parlays. Of course, this is an extremely rare situation but using a parlay to build the payouts on several bets you're feeling good about is a common + profitable practice if you are on a hot streak.

1. How Do You Win A Parlay Bet
2. How To Win Parlay Bets
3. Parlay Bet Rules
4. How Do You Make A Parlay Bet On Fanduel

I think of parlays this way. If you are confident enough in so many bets that you feel like you need to put them in a parlay, then you should bet them all straight as well. That way if you win 3 out of 5 for example, you will still win money or break even. As to where if you just bet one parlay then you will walk away with nothing more times than not. So, if you have $25 to bet a 4-team parlay, bet $5 on each team individually and then bet them all in a $5 parlay. You will be a much more profitable sports bettor if you stick to this philosophy.

Below is our complete rundown of what a parlay bet is in a way that you should be able to understand it. We try and break down all the different aspects of it, but please know that some sportsbooks have different rules and you may be able to do things on some sites but not others. Enjoy the page and we hope that we help you become better at sports betting by reading this page.

To calculate your winnings with true odds, simply multiply the odds by your bet amount. Suppose you bet $100 on a two-team parlay where the odds of both picks have the standard -110 juice. If you won, you’d stand to earn $264.50 ($100 x 2.645).

What Is A Parlay Wager?

A parlay is a single bet that is placed down that includes more than one pick to win a game or cover the spread, usually between 2-10 teams. You will win your parlay bet if all of your bets are won that you included on the betting slip. But if you have even a single loss, then the parlay is lost and so is your money. And it does not matter how many of the games you won on the betting slip because ALL of them must win.

If you bet the same $300 on a parlay, though, you lose the entire $300. The risk is higher for parlays, but the associated reward is also higher. Calculating Parlay Payouts. There are a few ways you can go about figuring what you will win on a parlay. The first and simplest method is to bet online. Make A Parlay Wager To make this a parlay wager, click the Parlay tab at the top of your Bet Slip. Once you do, Parlay will be underlined in green, and your wager will become a parlay. How Do I Make a Parlay Bet? When making a sports bet on a mobile device, you would click on the bet you want to make. Once you clicked on the bet, a screen pops up that asks you how much you want to wager. For parlays bets, ignore this screen that pops up since you need to wager on multiple games.

What Happens If There Is A Push Or A Tie In A Parlay?

If any of your picks in the parlay turn out to be a push, then that bet basically acts as a tie and the payout of your payout will be reduced if you won your other bets. In other words, if you have an 8-team parlay and one of those picks is a push or tie, then you essentially are left with a 7-team parlay. The push doesn’t signify that your parlay will be graded as a loss; however, your total winnings will be reduced as the sportsbook removes that “leg” from your parlay.

Why Do People Bet On Parlays

A parlay is enticing to bettors because of the high return on investment should the bet be won. The payouts for a parlay can be very high, and thus very rewarding. The more teams you take in a parlay, the greater the return and it is completely possible to win thousands of dollars with a $1 parlay if all your picks are correct.

Example Of How A Parlay Bet Works

Let's say that you placed a three-team parlay on the Falcons, Cowboys, and Packers covering their respective point spreads in their match ups. Typically, a three team parlay will pay out at 6/1. If all three of these teams cover the point spread, then the bet would be won. For every $100 wagered on this parlay, a $600 profit is made. If one of the bets was to push though for example, you would be paid as if you made a 2 team parlay bet, which would be 3 to 1, or $300. If any of the three teams loses then so do you.

How Do You Calculate A Parlay?

The easiest way to calculate is to simply go to an online sportsbook and start putting your bets in. You will be able to see the payouts for the parlay before you confirm the bet. If you look at the table below then you can see the payouts if you were to bet a parlay using regular betting lines that are set at -110. Any time one of your bets is different then -110 then the payouts of your parlay will be different depending on which way you are betting. If you are betting an underdog that was +200 for instance, then your payouts for the parlay will be much higher. And if one of them was a favorite at -200 then your payout will be lower.

How Do You Win A Parlay Bet

We're sure you're ready to learn more about the parlay wager and the best online sportsbooks that allow users to make wagers using the parlay. Here's a tip: stick to the sports betting sites that have friendly parlay rules which allow you to jump across different sports + parlay wagers within the same game! Now, let's get on with the show...

Bovada Sportsbook - Best Sports Betting Site For Betting Parlays

When it comes to betting games, sometimes players only pick one game to place a wager on, and sometimes a lot of money can be one quickly. The reason that Bovada is so popular is that most players know that there are all the games that they can pick from and make money on. This opens eyes but another thing that sticks out on Bovada is the parlay bets that can be made on all of the games here on Bovada.

Parlay bets here have all the making of big cashouts! With parlay bets, there are games that you can pick that you know that are for sure wins and take a few upsets and that’s where the money that players can be will increase. Bovada odds set on all the bets offered are set up for players to cash out huge and all it takes is a player to take the chance on more than one game or one more than one prop bet.

SportsBetting Sportsbook - Tons Of Parlay Bet For All Sports

The reason that many players love to place bets on SportsBetting is because the odds are set up perfect players to win big. There are always great games going on no matter the sport so that means that there are plenty of bets that will show up and many of the time players will decide which prop bets are best for them. Most of the time players will see more than one bet that they really like and this is where parlay bets will come.

The thing is SportsBetting already has all the great bets so now when you put all these prop bets in the basket and make it one big bet, this is where cash will flow! SportsBetting is known for great prop bets so when you can tie them all together, this only means more players will come in and place parlay bets and win huge!

BetOnline Sportsbook - Best Sportsbook With Parlay Bets

Knowing that all the bets you are at the tip of your fingers are what Betonline gives to all their account holders. These bets are always exciting and the odds are set up for players win big. With the games are always going on, bets are always popping and that also more the features are filled with a lot of different bets.

Prop bets are everywhere on BetOnline and that means that parlay bets will be the best way for players with accounts. The reason for this is because when it comes to betting, the main goal is to win as much money as you can. BetOnline has great odds for every bet in different games so tagging different bets in one parlay only increase the winning. Picking 12 bets with a few underdog pick only scream a lot of winnings when a player hits on BetOnline.

MyBookie Sportsbook - Parlay Bets Profit Top Of Line On MyBookie

The bets that are set on MyBookie has always been very favored for players to win money on. The ultimate way to win is to take advantage of the bets that are here and set no matter the games or the sport. This is why most players come back to MyBookie and bring back other players as well. Sometimes picking the underdog to win only shows that it will be more money to be made. The thing that comes with betting the underdog is there is also a chance you can pick the underdog and place a bet on your favorite at the same time. This is called parlay bets.

These parlay bets can be placed and when you do that this only means more money can be won because of the multiple games that place are betting on. Even in the live betting feature, players could also place parlay bets as well. At the end of the day, betting is about profiting big, and here on MyBookie, parlay bets are one of the most profitable ways to win money. Adding all of the best you have on to one ticket and place big money on MyBookie will prove to profitable because of the odds set on MyBookie!

More About How Parlays Work In Sports Betting

As the parlays increase, so too does the margin of profit and payouts. But the more games linked together on the parlay, the more difficult the bet becomes to win. Parlays usually can go up to as many as 15 games. It's also important to know that parlays are not made for you as a bettor on the sportsbook. You have the power to fill out your own parlay slip for the games that you want to place a wager on.

How To Win Parlay Bets

Betting a parlay does not have to be on the point spread either. When placing a parlay bet, then you can bet on either the spread, the money line, or a combination of the two. But on the money line, which is a wager on a game without a point spread, the payouts can be a lot different. If a bettor takes the favorite on the money line for every parlay, the payout won't be the near the amount than if one or more underdogs had been selected.

Is Betting A Parlay Worth It?

While the major payouts and hopes of a changed lifestyle for only risking a few dollars may seem too good to be true, oftentimes it is. Still, you will hear stories about bettors who won a crazy 8-leg parlay where they turned $100 into a few hundred thousand. More often than not though, parlays are what give sportsbooks easy money. Sports betting can be difficult and if you are required to get every wager you make correct in order to win, you will find yourself running out of money much quicker in most scenarios.

A question I am often asked is, “Should I hedge my parlay?” Well, first things first, I am not a fan of parlays unless they are correlated. Generally speaking, it is not a good way to consistently turn a profit. With that said, like so many things in life, parlays can be fun in moderation. I’d be lying if I said that I didn’t indulge in a three or four-teamer from time to time due to the large payouts.

How to Hedge a Parlay Sports Bet & Guarantee Profit

If you’ve you bet on a few parlays, you’ve no doubt been in a similar situation: You bet $10 on a 4-team parlay. At 10-1 odds you stand to make $100 if all four of your games hit, not bad. The games get started and you’re off to a great start. Your first three bets were easy winners, congratulations! The next game starts in about an hour. Just think, you’re one win away from turning a $10 investment into $120. But, “Ah-ha!” you say, “There’s a way for me to guarantee I make money now!” You’ve realized that by hedging your bet you’re going to end up winning no matter what.

The next game starts in about an hour. Just think, you’re one win away from turning a $10 investment into $120. But, “Ah-ha!” you say, “There’s a way for me to guarantee I make money now!” You’ve realized that by hedging your bet you’re going to end up winning no matter what.

You’ve realized that by hedging your bet you’re going to end up winning no matter what. You see, you stand to make $100 if that final game hits. But in hedging your bet, you lay action on the opposite side of the final game. This way, you are going to profit as long as you bet more than your original $10 investment.

For example, say the Steelers are playing the Ravens in the final game of the night. In your parlay, you have taken the Ravens +3.5. You could just cross your fingers and hope for Baltimore to cover. Or, you could lay $55 (to win $50) on the Steelers to cover the 3.5. Now you’ve given yourself two outcomes, both of which would be a nice return on your $10 investment.

If the Ravens cover, great, you’ve won your parlay and the $100. So you’re sitting with $120, minus the $55 you wagered on the Steelers, for a winning balance of $45, a solid take.

Now, what happens if the Steelers would have covered the spread? Obviously, you are out your $10 wager, but you did cash in a $50 ticket on Pittsburgh, giving you a $40 profit on the day.

The Big Question: Should I Hedge My Parlays or Let it Ride?

So now you know how to hedge, the question is, should you?

It might seem great at first glance (free money, right?). Problem is, it does not maximize your potential profits. You have to give yourself about a 50% chance of winning that final game of the parlay, right? In the long term, it would be more beneficial to ride the parlay out. This way you don’t lose the edge you’ve gained by increasing your odds (i.e. winning the first three of four).

Answer: Hedging Prevents You From Maximizing Your Long-Term Profits

Say you bet ten 4-team parlays at $10 a pop. By a miracle, you win all three early games and have a chance to hedge your final bet in every situation. Let’s use 50% as a base percentage that an average sports bettor wins. What would be the results of hedging versus not hedging?

Parlay Bet Rules

Hedging your Bet

You’ve profited on every single parlay ticket, but lost your initial investment. A true hedge would net you about $42.50 on each ticket, which comes out to a total gain of $425.

Not Hedging your Bet

You hit 5 of your 10 four-team parlays (50%). You’ve lost $50 on the five losing tickets, but won $500 as a result of the winners, a net gain of $450.

Final Verdict

This may seem counter-intuitive at first, but when you sort it all out, the answer is pretty simple. Don’t hedge your bets on parlays if you want to maximize your profits! The alternative is reducing your risk and guaranteeing a smaller return.

How Do You Make A Parlay Bet On Fanduel

There are rare exceptions to this rule. For example, the Arizona Cardinals make the Super Bowl. You bet $10 on them to win the Super Bowl at the beginning of the season at 200 to 1. It would be a good idea to hedge that wager. But for simple, everyday parlays, to maximize your profits, don’t hedge!