Whether you are a new or a seasoned vet to the sports betting world, the parlay is one of the most popular bets you run into. A parlay may be one of the most controversial bets you can make based on who you talk to. You ask why? Let’s first explain what a parlay bet is.

What is a parlay?

A parlay is one wager on two or more bets tied together for a larger payout. Here is the catch: all bets involved in the parlay must-win for the parlay to win. If you place a 3-team parlay, all 3 of those plays must win for you to win your money. Once a team in your parlay loses, the entire parlay is considered a loss.

NFL 3-team parlay example:

Chargers +3

Patriots -2

Rams -9

For this parlay to win, you would need the Chargers to either win straight up or lose by 2 or fewer points, the Patriots would have to win by 3 or more points, and the Rams would have to win by 10 or more points. If one of these games ends in a push, that game is removed from the parlay and is now graded as a 2-team parlay. 

Using the example above, let’s say the Chargers lost by exactly 3 points and the other two teams covered; they would remove the Chargers game since it pushed and grade your parlay as a 2-team parlay instead of a 3-team.

As for what types of wagers you can use in your parlays, you can use pretty much anything you want. You can parlay, spreads, moneylines, totals, player props, favourites/underdogs, and even team totals. If you want to be adventurous, you can even select games from various sports.

The more wagers you add to your parlay, the odds get bigger, as well as the potential payout. This happens because the more wagers you add, the more unlikely all those wagers win. Again, remember all wagers have to win for you to win your money. Even if you place an 8-team parlay and 7 of those eight teams win, that one loss makes the entire parley a loss.

How to make a parlay bet?

Constructing your parlay may seem daunting, but it is effortless when using an inline sportsbook.

– Select two or more wagers.

– Head over to your “Bet Slip” on the right hand of your screen and click the “Parlay” option.

– Once all your teams are selected, type in your wager amount, and you will be able to see your payout right away and then hit submit.

Check out the best online sportsbooks for NFL if you want to make some parlay bets.

Calculating Parlay Payouts

Most of the time, the casinos or online sportsbooks will calculate the payouts for your parlays. The Action Network also offers a parlay calculator to help you figure it out. If you are interested in doing it yourself, here is how.

1. Convert the American odds to decimal odds using these two formulas.
   –  Negative odds: (Moneyline Odds + 100) / Moneyline Odds = Decimal Odds
   Example: Converting -110   (110 + 100) / 110 = 1.909
   – Positive odds: (Moneyline Odds + 100) / 100 = Decimal Odds
   Example: Converting +175  (+175 + 100) / 100 = 2.75
2. Multiple all decimal odds together.
3. Take the result of Step 2 and multiply it by your bet amount.
4. Take the result of Step 3 and subtract your original bet amount, and that will be your winnings for your parlay.

So if you bet $100 on a 3-team parlay and are using 3 wagers that have -110 odds it would look like this:

• 1.909 x 1.909 x 1.909 = 6.96
• 6.96 x $100 = 696
• 696 – $100 = $596

Your 3-team parlay would pay out $596 if all wagers win, which would look like +596 in American Odds.

Parlays are meant to be fun and hopefully bring huge payouts; let’s calculate a more complicated parlay with a bigger potential payout.

$200 5-team moneyline parlay.

– Ravens -150

– Chiefs -300

– Browns +175

– Dolphins +325

– Cowboys -110

After converting our american odds to decimal odds our formula would look like this:

• 1.66 x 1.33 x 2.75 x 4.25 x 1.909 = 49.25
• 49.25 x $200 = 9,851
• 9,851 – $200 = $9,651.83

So, if you are lucky enough to win this $200 5-team parlay, you would profit $9,651.83

Parlay Strategy

From my personal experience, there’s not a sound strategy for picking plays for a parlay. While there is no such thing as a “lock” in this industry, I would stick with your most confident picks or potential underdogs you may think will win outright as the odds will be higher, which will make the payout larger.

Despite the payouts being extremely appealing, betting parlays should not be something you are doing consistently, as the odds of winning long-term are minuscule. The way I look at parlays is like playing scratch-off lottery tickets. 

They are extremely fun, but I am not breaking the bank trying to win long-term. Sports betting should be fun, especially if this is just a hobby or a form of entertainment, so throwing a few extra bucks on a 10-team parlay for some extra excitement and the potential six-figure payout is ok with me.

Kurt Blakeway – Sporting Betting Analyst

Kurt is a Sports Betting Analyst for Safest Betting Sites. He enjoys all things MLB, NFL, CFB, and CBB. While he is a fan first, he is always trying to gain an edge on the books to make money.