What Is a ‘Parlay’ Bet?

We’ve all seen those crazy screenshots on social media where a lucky bettor turns a $5 free bet into a five-figure payday on a 12-leg miracle.

That is only achievable through parlay betting.

For any sports betting fan, there is no better feeling than hitting a massive parlay. But to actually win these longshots, you need to understand the mechanics behind the madness.

How It Works (The “All or Nothing” Rule)

A parlay is basically a “combo” bet. You’re taking two or more individual wagers, doesn’t matter which: the NFL point spread, an NBA total, or an MLB moneyline, and tethering them together into one single ticket.

The catch? All picks have to be correct. If you’ve got a four-leg parlay and three teams win but one loses in overtime, your ticket is worth zero.

It’s a heartbreaker, but that’s the trade-off for the massive sportsbook parlay odds you’re getting.

How Parlay Odds are Calculated

The odds on a parlay bet are multiplied together and a single wager amount is made – this can increase your potential winnings, but is higher risk as you’ll receive nothing unless all the selections win. It can be particularly useful when betting on favorites, as demonstrated here with two different wager types:

As you can see, wagering $10 on each selection will only yield a profit of $21.69, but if one of the selections was to let you down you could still make a small profit. If you combine all the selections into a parlay and place a combined wager, the accumulator, then there’s a much greater return on offer:

Sharp Strategy: Small and Smart

If you want to keep your bankroll healthy, stop chasing the 10-leg “lotto” tickets. The pros usually stick to “Power Parlays”—two or three teams that they’ve heavily researched.

• Pro Tip: Look for combos. If you think a heavy favorite is going to blow a team out, it might make sense to parlay that favorite with the “Over” on their team total.

Before you lock in your next multi-pick play, always double-check the latest Vegas odds and betting picks. Parlays are a blast, but only if you have a strategy.