The common question among all beginner sports bettors is what parlay betting is and how it works.

Thus, a parlay bet is when you combine two or more bets into one single bet. To win a parlay, every bet has to win — if even one loses, you lose the whole parlay. If all your picks win, you get a much bigger payout than if you had placed the bets separately.

While the definition is quite simple: combining two or more bets in a single ticket, learning how to combine the bets to increase your chances of winning a life-changing payout makes parlays challenging yet quite popular. 

In this simple guide to parlay betting, you will learn what a parlay ticket is, its components, how to make it, and how to avoid rookie mistakes while betting parlays. 

What Is A Parlay & How It Works

In sports betting, when you bet on multiple events in a single ticket with a bigger payout, it is known as parlay betting. 

Parlays are accumulator bets in sports betting that allow bettors to combine various outcomes for a chance of massive payouts. However, the twist is that every bet must win for the ticket to pay off. Even if only one bet loses, you lose your entire parlay. 

Learn more about accumulators and related sports betting terms to understand the concepts better. 

Components of A Parlay Bet

A parlay ticket consists of separate single bets called “legs” on varying outcomes, and each bet corresponds to odds. The total or overall odds for the entire ticket are calculated according to the odds assigned for each leg. Here is a snapshot of an actual 3-leg parlay (a parlay consisting of 3 bets on 3 outcomes). 

A parlay can be built with varying types of bets, including but not limited to player props, 1x2, double chance, number of yellow cards, and future bets across multiple sporting events. 

You can also bet a parlay combining multiple events within the exact match or event. This kind of wager is known as SGP or Same Game Parlay. 

Parlay Odds & Payouts Explained

So, are the total odds of your parlay ticket the sum of all the legs' odds? The answer is a resounding NO. Sportsbooks multiply the odds to get the total ticket odds. For example, you bet a 5-leg parlay with the following odds:

• Leg 1: 1.30
• Leg 2: 1.85
• Leg 3: 1.756
• Leg 4: 1.23
• Leg 5: 1.193

The odds for this parlay will be 6.16, which means your possible payout for a $20 wager would be $123. 

To calculate odds in American format, you should convert them into decimal odds and then multiply them. For instance, a 3-leg parlay with +200 odds each would pay out according to the following for a wager of $100:

Profit multiplier = American Odds / Total Wager

Example: +200 odds → 200 ÷ 100 = 2

So a $100 bet earns a $200 profit.

Now you multiply 2*2*2=8. If you bet $100 and all 3 legs win, you will win $800 plus your initial $100 wager. The formula and calculation are the same for American odds with negative signs. 

Fixed-Odds Parlays

Some sportsbooks, especially those on the Las Vegas Strip, offer fixed odds for parlays. Regardless of the odds for each leg, the parlay will pay out according to a preset odds. For example, a 5-leg parlay payout would be set at 22:1. You win 22x your initial wager regardless of the odds for each leg. 

Pro Tip: Avoid fixed-odds parlays, as they are quite bookmaker-friendly!

Tips & Strategies To Place A Parlay

Parlay betting is fun and life-changing, allowing you to turn a $5 bet into a whopping $50K or even more. For this reason, knowing how and when to bet a parlay is crucial. 

The following are the top 10 tips that work for a successful parlay bet:

1. Limit The Number of Legs

Avoid mega leg parlays, like 15- or 20-leggers. If you are a novice sports bettor, keep your parlay to 2-4 legs. The more legs you add, the lower your chances of winning. Smaller parlays offer a better balance between risk and reward.

2. Research is The Key

Never bet a parlay without knowing who you are betting on. Thorough research and knowledge of sports and athletes are crucial. You must have a solid understanding of the sport you are betting on. Also, you should research teams, players, matchup histories, injury stats, travel times, and game conditions to make informed bets. Avoid guesswork and rely on solid data. You can use experienced tipsters specializing in sports betting, who offer free or paid tips and parlay picks for various matches. However, choose wisely, as scammers are all over sports betting markets. 

3. Start With Familiar Sports

As mentioned earlier, a solid understanding of the sport you are betting on and its rules and scoring can make a big difference in the outcome of your parlay. If you are new to betting on sports, stick to sports or leagues you understand well. This familiarity can provide an edge in making more accurate predictions. Once you master your sports betting and handicapping skills, you can expand your profit by betting on various matches. 

4. Take Advantage of Correlated Parlays

Combine bets likely to influence each other, such as betting on a team to win and the game total to go over. This strategy can enhance your chances of winning both bets.

5. Do Not Forget The Power of SGPs

Same Game Parlays allow you to combine multiple bets within the same game, increasing your potential payout while keeping related outcomes in mind. You can find great value in same-game parlay bets when you do extensive research and know the match conditions, players, teams, and stats well. 

6. Utilize Parlay Calculators & AI Tools

Although AI tools are yet to become accurate in sports betting predictions, online parlay calculators and analysis tools can help you a lot along your research, especially if you have just started betting on sports. Take advantage of such tools to make more accurate parlays. 

7. Claim Your Bonus

Since parlay betting is quite popular among sports fans and punters, top online sportsbooks offer generous bonuses for new and existing players, allowing them to profit more from their accumulator bets. The most popular parlay promotions are parlay odds boosts, SGP bonuses, cash back, and free bets. 

8. Hedge Your Bets

Hedging a bet is one of the sports betting strategies that allows you to guarantee a profit or minimize your losses by placing a bet on the opposite outcome of your initial wager. When your parlay is about to win but one leg remains, you can hedge the bet and place the same amount of wager on the opposite outcome of that leg to secure some profit regardless of the final result.

If you are unfamiliar with hedge betting, read my simple guide on how to hedge a bet in sports betting. 

9. Diversify Your Bets

While it is wise to spread your wagers across different sports or events to balance risk, you must be more experienced with sports betting and building parlays. So, I suggest trying this strategy after gaining some experience with the concept. 

10. NEVER Chase Your Parlay Losses

You would experience losing several parlays by only one leg, and this would give you false confidence about your parlay betting skills. Parlays are risky, and their probability of happening is lower than straight bets. Placing more parlays will not increase your chances of winning and will not compensate you for your losses. Hence, bet as much as you can afford to lose and always gamble responsibly. 

Last Few Words

Parlay betting seems easy. It sure is, as long as you know how to assemble the legs. First, learn how to read the odds and understand how the payouts work. Then, start your journey by focusing on your favorite sport that you have enough knowledge of. Next, you must visit Zopodabet sportsbook, claim your bonus, select the competitive odds, build your parlay, and hopefully wait for the big win!

FAQs

What is a parlay bet?

A parlay bet combines two or more straight or single bets into one wager, requiring all selections to win for a payout.

How do payouts work for parlay bets?

Payouts for parlays are calculated by multiplying the odds of each leg together, resulting in higher potential winnings than placing each bet separately.

Can I include multiple bets from the same game in a parlay?

Yes. While few sportsbooks may restrict placing parlays on the same game, top online sportsbooks allow for same-game parlays and offer bonuses for such bets. 

What happens if one leg of my parlay is a push?

It depends on the sportsbook's refund and tie policy. Some sportsbooks remove the leg with the tie result, reducing the overall odds, while others refund the tie leg and grade the parlay according to the same initial odds. 

Is it better to place single bets or parlays?

While single bets have a higher chance of winning due to lower risk, parlays can yield much larger payouts if all selections are correct. It ultimately depends on your strategy, risk tolerance, sports betting skill level, and bankroll.