What is Parlay Betting

Have you ever combined more than one wager in one bet? If you have, that is exactly what we call Parlay Betting. At Parlay, you bring two or more individual wagers together and play them as one bet. As a result, the wagers accumulate into a larger bet and, by extension, a larger win.

Punters like Parlay Betting because it allows them to win more by gathering smaller bets into one big winning bet. For example, When a bettor wagers $50 on one team, Seattle Seahawks, with the chance of winning $200, they only get $200. But you can get three times that same amount when you wager on three different teams in the same bet.

The challenge with Parlay is that every extra bet reduces the chance of winning. Each successful wager increases your pot, but one wrong bet can make you lose everything. Parlay is a high-paying betting option when you bet on the right games. And this is enough hope for most of us. This is where we apply our skills. There are two simple ways to win Parlay Bets, and you either know the game or you are that lucky. Most times, you need both.

What Kind of Games can I include in A Parlay?

One of the beauties of Parlay bets is the range of possibilities. Parlay allows you to explore as many sports betting options as possible without imposing any limitations. If the sportsbook permits, you can pile the sheet filled with as many games as possible. And from our experience, most sportsbooks don't impose any gaming limitations.

Another exciting feature of Parlay is that there are gaming exceptions. You can pick any game from any league and any sport. If it is available in the sportsbook, you can add it to your parlay. One bet sheet can include bets from NBA, NFL, and MLB games, and you can also include UEFA games or Cricket. Honestly, Parlay Bet is the ideal bet option during the Olympics.

Types of Parlay Bets

Parlay bet generally includes any betting option to combine more than one wager into one bet sheet. But there are two major variations in the types of Parlay Bets, and each variant has its features and limitations. So, let's take at the two types of Parlay Bets:

Round Robin Parlay

Round Robin is the Parlay option for people with multiple parlays. Sportsbooks provide this option when the player has multiple games on a single sheet. The player or the Sportsbooks split the bets on the card into desired limits and distribute the wager even among the cards.

To set up a Round Robin Parlay, you should select your totals, sides, and spreads into one sheet. The sportsbook would allow you to create smaller bets out of the large bet sets without paying extra wager. The sportsbook would maintain the same amount you wagered on the original sheet but distribute evenly among the bet sheets.

You wager $160 on a list of 16 Parlay games. The Sportsbook may allow you to split the bets into two sets of smaller bets, perhaps eight legs each. The sportsbook would also split the $160 wager evenly at $10 on each game.

Teaser Bets

Teaser bet often stands in a class of its own, but it could apply as a type of Parlay. Teaser Bet allows you to combine several game selections into one bet. However, the teaser is limited to selections against spread and game totals.

Some punters consider Teaser Bets to be easier to win. This is because they can check and change their point spread after placing their wager. The sportsbooks let punters adjust the points spread even when the game is on. Essentially, Teaser Bet gives the players better chances of winning as the sportsbooks allow them to adjust the point spreads on their bets even after the game has started. This way, the players can reduce their risks by making the bets more favorable.

The only challenge with Teaser bets is that the sportsbook would reduce the payout every time the players adjust the points spread. Unfortunately, the opportunity to reduce risks means you also reduce your eventual wins.

Which Sportsbooks Accept Parlay Bets?

Parlay Bet is a growing sports betting option. Punters worldwide are consistently choosing Parlay over other sports betting alternatives, and most sportsbooks are rising to meet the demands of their customers. Here is a list of online sportsbooks that currently accept Parlay bets: 

FanDuel

Licensed in AZ, CO, CT, IL, IN, IA, MI, NJ, NY, PA, TN, VA, WV, WY

Following its U.S. debut in New Jersey on Sept. 1, 2018, FanDuel Sportsbook expanded to several other states, such as Virginia, Tennessee, Michigan, Connecticut, etc. In addition, the sportsbook also expanded its reach to New York and Louisiana in January 2022. 

Thanks to the Supreme Court's repeal of the 1992 PASPA Acts, Fanduel runs legal gambling services in most states. In addition, the sportsbook operates through licensing agreements with some on-site and retail sportsbooks in the respective states.

FanDuel offers exciting incentives to its new and existing customers, but it does not have any Parlay-specific benefits. One of its most significant incentives is the generous welcome bonus. The welcome bonus includes a risk-free bet on your first wager. This comes as compensation for any loss the new player may incur while playing their first few wagers. However, this compensation is only limited to their first $1000 deposits. 

There are other exciting benefits available to FanDuel's customers, especially the simple interactive interface and the ease of access. In addition, FanDuel has an impressive game setup for desktop and mobile devices. The mobile betting apps are also compatible with Android and iOS devices.

DraftKings

Licensed in

DraftKings Sportsbooks launched in August 2018 and has maintained the top position among Online gambling outfits in America. It also has one of the farthest gambling reaches in America, with a credible presence in almost all regulated states.

DraftKings has transitioned from the Fantasy Sports betting site in 2012 to an internationally acclaimed outfit. The Sportsbook is highly notable because it has offered one of the largest ranges of sports betting options. Gambling at the Sportsbook is also seamless because of the intuitive gaming interface and the rewarding incentives.

The parlay bets at the DraftKings Sportsbook are excellent, enabling customers to mix bets from various markets on a single match to produce a more significant wager with considerably better odds.

BetMGM

Licensed in AZ, CO, IL, IN, IA, MI, MS, NV, NJ, NY, PA, TN, VA, WA, WV, WY

Since starting its online sportsbook in the United States in August 2018, BetMGM has established itself as one of the most reputable sports betting companies in the United States. The Sportsbook has been a great addition to MGM Entertainment's reputation as a leading gambling service provider in the U.S.

In addition to traditional sports betting, BetMGM offers a wide range of sports markets, including futures markets and parlay betting. They also provide parlay betting on all major athletic events, enabling you to be creative and make your parlay bets as you see fit.

BetMGM Sportsbook offers gaming options from popular leagues like the NBA, NFL, and the MLB. The Sportsbook also has an exciting gaming interface with an excellent customer support system.

Caesars Sportsbook

Licensed in AZ, CO, IL, IN, MI, NV, NJ, NY, TN, VA, WV

New Jersey was one of the earliest beneficiaries of Caesars Sportsbook's excellent gaming setup. The Sportsbook has grown from being another wing of Caesars Entertainment to one of America's most notable Sportsbooks.

Caesars used to offer regular online casino services before acquiring William Hill Sportsbook. This acquisition helped Caesars expand its reach into online sports betting. Their online sportsbook is now available in up to eight states. The platform has also indicated an interest in extending into other states where online sports betting is legal.

Caesars Sportsbook also offers some Parlay Protection Promotions for customers wagering on football and hockey. The promotion includes Parlay Insurance, which allows players to get some parts of their wagers even when they lose the Parlay. But, of course, the benefit depends on how many smaller bets the player has won.

Unibet

Licensed in AZ, IN, IA, NJ, PA, VA

Unibet is one of the most exciting sportsbooks in the U.S. The overall user experience is excellent, with generous odds and a wide range of wagering alternatives.

The Unibet Platform offers casino and sports betting options on the same interface, but this does not affect its service delivery. The sportsbook also provides live streaming and a range of other services. The Sportsbook is, and there is also a world-class online casino available. In addition to having some of the most generous welcome bonus conditions in the business, it also offers a wide variety of simple payment options.

Most sports events are covered by Unibet's hundreds of betting choices, including Moneyline betting, point spread betting, total betting, alternative point spread betting, total betting, game props, and player props. For example, a parlay builder for soccer and hockey uses the same games.

In addition to the traditional parlays, round robins, teaser bets, and pleasers, you will also discover a diverse selection of exciting future betting opportunities. Several live betting alternatives are available, including action bets, and the opportunity to cash out provides you with even more flexibility in your betting strategy.

BetRivers

Licensed in AZ, CO, CT, IL, IN, IA, MI, NJ, NY, PA, VA, WV

The Chicago-based company Rush Street Gaming launched BetRivers to match America's growing need for online gambling. But the company seems to excel at sports betting more than regular casino activities. BetRIver currently operates in over six states, where it has a legal license to operate as an online casino and a sportsbook. These are also extensions of the four facilities that BetRiver operates in New York, Iowa, and Illinois.

One outstanding feature of BetRiver is its Jackpot Parlay Option. The sportsbook uses Jackpot Parlay to build optimal multi bets based on the players' previous preferences. Jackpot Parlay is a tool that BetRiver uses to generate Parlay possibilities based on the selected sport and time. This tool offers a step-by-step guide to accumulators and multi-bets, making it a particularly useful option for first-time punters.

How Do Parlay Odds Work?

It is quite easy to calculate Parlay Odds when using Decimal Odds. But the American Odds system is more popular, and it naturally complicates the calculations. However, one easy way to calculate the Decimal odds is to add the odds from each leg together and get the total odds.

It gets more complex with American odds, as they cannot simply be added together. Instead, each leg must be translated to decimal odds before multiplying together.

Here is a quick run-through of how to calculate the odds:

  • Take the total payoff of the bet and divide it by the amount gambled to arrive at the decimal odds equivalent of the wager. Since the American Odds can be in Positive or Negative VAlues, here are examples for calculating in either value:

When the American odds have a negative value: 

Using odds of -130, you would need to invest $130 to win $100, resulting in a total payment of $230 if your bet wins. To get the decimal odds, you would divide 230 by 130 and get 1.77.

American odds with a positive value:

Subsequently, you staked $100 to win $150 at odds of +150. The total payoff of $250 is feasible if the odds were +150. You would do the following calculations to get the decimal chances: 

250 divided by 100 is 2.50.

What Happens if a Game is Canceled is a Parlay?

It is not unusual for game officials to cancel some games. Sometimes, weather conditions and other factors can make them cancel ongoing games. So what happens when they cancel some of the games on your Parlay Sheet?

The Sportsbooks often determine what happens in the event of a canceled game. Their positions in these games are often part of the Sportsbook's Terms and Conditions. It would be helpful if you read through them before choosing that Sportsbook. 

However, we have observed that canceled games on Parlay Tickets do not usually warrant much worry. Most sportsbooks often regard the tickets as if the canceled games are not on the list. For example, if you place an 8-team parlay and one of the matches, perhaps an MLB match is canceled because of protests or unrest in the stadium, the bookmakers would merely modify your payout to show a 7-team Parlay and pay you accordingly.

How to Parlay on FanDuel

Parlay betting has become one of the most popular forms of betting accessible. Most sportsbooks provide these, but FanDuel Parlays are one of the most popular. If you're new to this wager, you're undoubtedly wondering how to parlay on FanDuel. It is simple.

For starters, you must have a FanDuel account before placing any wagers on a parlay. In addition, online sportsbook FanDuel offers a generous welcome bonus of up to $1000 to new customers.

You may begin placing bets as soon as you've signed up for FanDuel. So how to place a FanDuel parlay bet? The following information will help you get started. The initial step is to locate the wagers that interest you.

FanDuel allows you to select several sports because it offers a wide range of markets. Soccer matches, NBA games, and NFL games are a few examples. To place a wager, you'll need to explore the website and choose the odds you'd want to wager on.

The odds you choose will display on your bet slip after you click on them, and you can then begin putting up your parlay wager. Your bet slip may include as many options as you want. The opportunity to place a parlay bet will emerge when you add additional selections to your bet slip.

You must first decide how much money you're willing to put at risk to achieve this. After that, all you have to do is place your wager. To complete this procedure, you must input your stake in the parlay "Wager" box on your bet slip.

After that, it's just a matter of placing bets. A "Place Bets" button is located in a bright green font at your bet slip. Your wagers will be submitted as soon as you hit that button. There's nothing more you need to do than sit back and hope your winnings rise.

How to parlay on DraftKings?

Placing a parlay bet at DraftKings Sportsbook is easy, albeit not as simple as one would want. After entering your DraftKings login credentials, the first thing you should do is browse the page for the sport you wish to wager on. For the sake of this essay, we will place a wager on two NHL games.

When you go to the NHL betting page on the DraftKings betting site, you will find a selection of games and wagers from which to pick. We'll place two bets here:

There were over six goals in the game between the Anaheim Ducks and the Pittsburgh Penguins; • Over six goals between the Boston Bruins and the Montreal Canadiens.

Select the two boxes for those wagers to make your bet. When you do, both boxes will get highlighted, and the wagers will be displayed on the right side of the screen beneath your Bet Slip. If you put in a $10 bet on both as single-game bets, the site's default, your possible payoff is $39.90. The Bruins/Canadiens game has a vig of +102, while the Ducks/Penguins game has a vig of -104.

Robert is responsible for all content on BettingGuide US. Robert previously worked as a poker dealer during his college years at MIT where he studied Computational Science and Engineering. With a great interest in gambling, Robert likes to go in-depth when writing so that you can make a wiser choice when choosing an operator.

Last updated: 9/27/2022