What is a Parlay Bet?

How Do Parlay Bets Work?

Parlay bets offer a high-risk, high-reward approach to betting on sports. Parlay bets allow you to bundle several picks into one combined wager, instead of placing multiple individual bets. Every bet, or leg, has to win for your parlay to win.

If you predict just one bet incorrectly, the whole bet loses. Sounds tough, right? It is, but there is an upside. If all of your bets win, you’ll receive a huge payout compared with betting each event individually. This high-risk, high-reward approach makes parlays attractive to US bettors looking for a big win. Parlays also add excitement across games and markets. You can engage in several events with a single bet, spanning different teams, sports, and days. Remember that the more bets you add, the more difficult the parlay is to win.

What is a Parlay Bet?

A parlay bet is a single wager that links two or more individual bets. These bets, or legs, can be spread amongst different games and even across different sports. You can also place same-game parlays, where you bet on multiple outcomes within a single game. same-game parlays have exploded in popularity recently and have become the most exciting way to bet on an event.

The most significant appeal in making parlay bets is the potential size of the payout. Individual legs in a parlay multiply the odds of each leg, meaning that a successful parlay bet will be far greater than betting on individual events. However, the fact that your parlay bet loses if just a single leg of the bet makes parlay betting a risky proposition.

Parlay bets are very popular with casual bettors looking to hit a big win with a relatively small stake. They offer the thrill of chasing a large score and are a fun way to be invested in multiple games across a big sporting weekend.

How Parlays Work

Placing a parlay means linking two or more bets into one single wager. We require at least two legs to form a parlay, but you can usually place up to 25-leg parlay bets.

Each leg added to a parlay increases the potential payout and the risk. This increase in risk is the key trade-off when placing parlay bets. Here’s an example of how parlay betting works:

Minimum legs – 2
Maximum legs – between 10 and 25
Payout logic – odds multiply across each leg
Risk – one losing bet means that the entire parlay loses.

For a real-world example, you want to place bets on the following football games:

Packers -5.5
Buccaneers – Moneyline
Vikings vs Bears – Over 44.5

If all three of these bets win, then your parlay bets win at combined odds. If one leg fails, for example, the Vikings beat the Bears by 24-10, then the parlay loses.

How to Place a Parlay Bet

Placing a parlay bet using the Fanatics online sportsbooks and betting apps is simple. Here’s a quick step-by-step guide to place a successful parlay in seconds:

Select the bets that you want to place wagers on. At this point, select each bet individually. These can be bets across multiple games and sports.
Add each bet to your payslip. Each selection will automatically populate the bet slip.
Choose the option to place a parlay bet. You will be given multiple different options, including straight bets. Make sure to choose the bet that parlays all of your choices.
Choose the amount that you want to bet. Remember that parlays are inherently risky, so don’t choose an amount that is too large.
Review your wager and select confirm if you are happy.

You can parlay moneylines, point spreads, totals, and even player props right here at Fanatics Sportsbook. For example, if you’re looking forward to the NBA tonight, you could place the following 4-leg parlay.

Boston Celtics – Moneyline
Minnesota Timberwolves – Moneyline
Chicago Bulls – Moneyline
Miami Heat – Moneyline

As with all parlays, all legs of the parlay have to hit to win.

How Are Parlay Odds Calculated

Parlays offer such big payouts because instead of adding the odds together, we multiply the odds. This increases the risk but significantly increases the reward. Let’s look at an example to illustrate how parlay odds are calculated.

We’ll look at four standard spread bets, each at -110. To calculate the parlay, we have to do the following steps:

Convert -110 to decimal odds. This converts to 1.91, which makes the calculation easier.
Multiply the decimal odds for the four legs together. 1.91 x 1.91 x 1.91 x 1.91 = 13.31.
Convert back to American odds at +1231

This means that a $10 parlay bet with four legs at -110 would return $133.31, and a profit of $123.31. If you compare this to placing a $10 bet on each leg individually:

Leg 1 - $10 bet to return $19.10, a profit of $9.10

Leg 2 - $10 bet to return $19.10, a profit of $9.10

Leg 3 - $10 bet to return $19.10, a profit of $9.10

Leg 4 - $10 bet to return $19.10, a profit of $9.10

If four legs win but the bets have each been placed individually, the total profit is a far lower $36.40.

The increased profit levels are what make parlays so attractive, but also so difficult to win. Parlays magnify returns by stacking multipliers, but the odds of hitting all legs shrink rapidly as the number of legs increases.

What is a Same-Game Parlay?

A same-game parlay (SGP) is when all the legs of your parlay come from the same event. This is different from traditional parlays, which typically involve multiple games. SGPs allow bettors to build bets around a specific matchup, often creating a storyline or theme based on how they think the game will unfold.

For example, in an NFL matchup, you might wager on:

Over 49.5 total points
Patrick Mahomes to throw for 3+ touchdowns
Travis Kelce to score a touchdown

If all of those outcomes hit, the same-game parlay wins. It’s a fun and immersive way to engage with one game, especially for fans who closely follow a team or have a strong read on how a particular game might go.

Same-game parlays are popular because they combine entertainment with the potential for a sizable payout. However, we usually factor in the correlation between outcomes, meaning we may adjust the odds to reflect the increased likelihood of certain combinations occurring. These bets are most common in football and basketball, but availability varies.

Parlay Bets by Sport

Parlay strategy changes depending on the sport and understanding the differences between sports can lead to smarter bets. Each sport offers unique markets and betting styles, which can influence how bettors build their parlays.

Football (NFL & College)

Football is arguably the most popular sport for parlays, thanks to the wide range of bet types and weekend game schedules. Bettors can combine point spreads, totals, and player props across multiple games. Parlays can span the full Sunday slate or hone in on specific matchups with same-game parlays.

Popular picks: Point spreads, totals, player props

Example:

Chiefs -3.5
Over 48.5 in Chargers vs. Broncos
Travis Kelce to score a TD

Basketball (NBA & College)

Basketball lends itself to dynamic, fast-paced parlays. Popular legs include game spreads, over/unders, and player performance props like points, assists, and rebounds. Bettors might target high-usage stars, valuable bench players, or back-to-back game scenarios.

Popular picks: Game totals, spreads, player points/rebounds/assists

Example:

Lakers -4.5
LeBron over 25.5 points
Under 215.5 in another game

Baseball (MLB)

Baseball parlays usually feature moneylines, run totals, and pitcher strikeout props. Because scoring can be unpredictable, some bettors focus on strong pitching matchups or home/away trends.

Popular picks: Moneylines, totals, strikeout props

Example:

Yankees moneyline
Over 8.5 in another game
Pitcher to record 7+ strikeouts

Hockey (NHL)

In the NHL, common parlay legs include moneylines, puck lines, goal totals, and player props like goals, assists, or shots on goal. With lower scoring than other sports, tight margins can make NHL parlays especially volatile.

Popular picks: Moneylines, puck lines, totals, goal scorer props

Example:

Rangers moneyline
Under 5.5 in another game
Player to score

Other Sports

Whilst football, basketball, baseball, and hockey dominate most parlay betting, there is a growing appetite for parlays across a broader range of sports.

Popular MMA parlays include predicting multiple fight winners or combining a fighter’s win with the method of victory (knockout, submission, decision). These bets can be especially exciting during significant events such as UFC pay-per-views.

Golf presents exciting opportunities for tournament-long parlays. Bettors often combine top-10 finishes, round leaders, or head-to-head matchup winners across multiple events. Golf is noted for having more variance than other sports, so payouts can be huge.

With tennis, you can place parlays for match winners in a tournament round or even combine bets on the total games and total sets played. With so many tennis games to choose from, tennis parlays will continue to increase in popularity.

Soccer parlays are the most popular parlay type in Europe, with frequent parlay bets on 1x2 bets. These wagers are like moneylines, except you can bet on a draw. You can also place same-game parlays on totals, cards, corners, and more.

While these sports may be less frequent in parlay betting, they offer sharp bettors a chance to find edges with careful analysis.

Type of Parlay Bets

There are many different ways to place a parlay bet, and each type has unique rules and benefits. Here is a rundown of the most common ways to place a parlay bet.

The most common standard parlays require all legs to win, and the odds multiply across each selection.
same-game parlays (SGPs) involve multiple bets from the same event, like a quarterback’s passing yards, a game’s total points, and a specific player to score.
Round Robin Parlays break your picks into smaller combinations. For example, a 3-team round robin creates three 2-leg parlays. You can still win money if one leg loses, making it less risky than a straight parlay, but also offers smaller payouts.
Teasers are popular in football and basketball. In exchange for lower odds, they allow you to adjust the point spread in your favor (e.g., moving a -6.5 line to -0.5). All legs still must win.

Choosing the right parlay type depends on your risk tolerance and betting goals.

Pros and Cons of Parlay Betting

Parlay betting is both exciting and risky. Understanding the pros and cons can help you decide whether it fits your betting style.

Pros

Higher payouts: Parlays' biggest draw is the potential return. By combining multiple bets, the odds multiply, turning a small wager into a large payout.
Low-risk, high-reward potential: Even a $5 or $10 parlay can result in a sizable win, making it appealing to casual bettors who want excitement without risking much.
Enhanced engagement: Parlays make watching multiple games more fun. They keep you invested across various matchups or throughout a single event (in the case of same-game parlays).
Creative combinations: We offer greater flexibility with props, alternate lines, and same-game parlay options, giving bettors more control and creativity.

Cons

Low probability of winning: All legs must hit. Even one incorrect pick voids the entire bet, which makes parlays far harder to win than single wagers.
Every leg needs to win: Unless a sportsbook offers special insurance promotions, there’s no refund if you miss just one leg.
Temptation to over-gamble: The lure of a big payout can lead bettors to stack too many legs, reducing their odds of success.

Is it Possible to Win Betting Parlays

So, if parlays are so risky, do people actually win big when betting them? The good news is that it is possible, although unlikely, to win big when betting a large parlay. Here are some real wins bettors have hit on parlays recently.

A New Jersey bettor successfully placed a 14-leg NFL touchdown scorer parlay. All 14 players selected scored a TD, turning a $5 bet into $489,000!
A Florida bettors placed a $51 bet on a 20-leg parlay including the NHL, soccer, and NBA, netting a cool $1 million in winnings.

While these are outliers, they show that winning big from parlay betting is possible.

Common Mistakes When Placing Parlays

Parlays can be fun but also carry a risk. Here are some common mistakes that people make when placing parlay bets.

Adding too many legs. Chasing huge payouts by adding 10+ legs into a parlay may look tempting, but your odds plummet with each pick.
Betting with emotion. We all have our favorite teams but remember to wager with your head and not your heart when placing parlays.
Not researching thoroughly. We make it easy to place parlays in seconds, but that doesn’t mean you should rush your bets. Research each leg and understand how they may affect each other, especially in same-game parlays.
Not paying attention to line movements. Remember that betting lines can change quickly, so always pay attention when confirming your bet.

Remember how vital discipline and strategy are to be a successful bettor. Try not to overload your parlays and always do your research.

Bankroll Management and Responsible Gambling with Parlays

Parlays are arguably the most exciting bet type that you can place, but you need to approach these bets responsibly. Parlays have a lower hit rate than straight bets because of the extra risk they carry, so be sure to bet with discipline.

Consider allocating a small portion of your overall bankroll to parlays. For casual players, up to 10% of your weekly betting limit would be sensible. Parlays shouldn’t be the core of your betting strategy but should be used for fun and enjoyment.

Many sharp bettors stick to a fixed betting amount and don’t chase losses or increase bet sizes impulsively. Think about flat betting (betting the same amount for each wager) to help reduce any emotional swings.

If parlay betting stops being fun or begins to affect your mental health, you should look to seek support. Many responsible gambling tools are available here at Fanatics Sportsbook to help you keep betting a fun activity, including self-exclusions, time-outs, session and deposit limits, and more.

Parlay Betting FAQs

Can you cash out a parlay early?

Of course, you can! Here at Fanatics, we allow early cash out on live or pregame parlays. This lets you lock in a profit or loss before all legs have finished. Beware that payouts are reduced based on remaining risk in the parlay.

Can I combine different sports in one parlay?

Yes, Fanatics allows you to mix and match sports. For example, you could wager on an NBA moneyline, an NBA points spread, and a tennis match winner.

Are parlays available for in-play betting?

Absolutely. Fanatics allows for in-play parlays, but this may not be the case at other sportsbooks. Remember that in-play markets are often reduced compared to pregame betting markets.

What happens if a leg pushes?

A push is when a point spread lands exactly on a number. If one leg of your parlay ends in a push, that leg is removed from the bet. The parlay continues, but with one fewer leg, your payout adjusts accordingly.