Parlay bets are one of the most common forms of sports betting, as the high payouts are hard to pass up.
How Does a Parlay Work?
Parlay bets are simple: It's a type of bet that contains of two or more individual bets (or legs) within the same slip. All legs have to win for the parlay to win.
The odds for each selection are multiplied together, creating a higher payout than if you just placed each bet separately.
Bettors can also place Same Game Parlays (SGPs) where you can combine multiple bets from a single game. For example, you could pick a player to score and a team to win. Odds will correlate automatically.
How to Read Parlay Odds
Parlay odds are easy to read. Once you have selected your "legs" for your parlay, bet365 will automatically update the odds and the payout.
Odds determine the amount of money that you will make on a bet.
When using bet365 in the United States and Canada, odds are depicted using the plus (+) or minus (-) signs.
The minus sign indicates that your bet has more than a 50% chance to win (favorite) and offers a lower payout than the wager itself. A plus sign indicates a more unlikely outcome, and comes with higher payout.
For parlays, typically the odds will have a plus sign. If your parlay has +1200 odds, for example, a $100 wager would profit $1,200.
Example of a Parlay
Legs (Individual Odds) | Parlay Odds |
New York to Win (-155) |
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Pittsburgh to Win (+105) | |
Miami to Win (-130) |
A combination of those three legs would result in around +497 odds. This means a $100 wager would net $497.
How to Place a Parlay Bet on bet365
On bet365, navigate to the sport or league pages that you want to place a parlay on, and select the matchups.
Choose the teams or people that you think will win their individual bet. Two or more individual bets will result in a parlay.
Enter the amount of money that you wish to wager on the outcome. bet365 will automatically calculate the payout, and show it to you before the bet is placed.
Confirm your bet, but make sure to review your selections so you don't select the wrong team by accident.
Hit "Place Bet" and wait a second or two for it to be accepted.
When do you Know if Your Parlay Bet Wins or Loses?
A parlay is won when all individual legs win. If you choose a 12:00 p.m. game and a 7:00 p.m. game to place a parlay on, it will win following the conclusion of the 7:00 p.m. game.
Your parlay loses once one "leg" loses.
Pros and Cons of Parlay Bets
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Parlay Betting Strategy
While betting parlays is easy to understand, they carry fundamental gambling risks.
Combine Favorites and Underdogs
Instead of just picking several heavy favorites, incorporate a couple of underdogs that have a reasonable chance to win to increase the payout.
Consider Hedging Your Bets
If your parlay is down to just one leg needed to win the entire parlay, hedging your bets is a great way to make sure that your parlay hits. This could mean creating another parlay and changing up your selections.
For example, if your last leg to win $200 is LeBron James to score 25+, consider putting $100 on his under to guarantee around $100 in profit.
Realize Parlays are Long-Shots
Don't get too emotionally attached to your parlays. Even a parlay with +400 odds has just a 20% of winning. Place them for fun, not with the anticipation of turning a quick profit.
Parlay vs. Other Bet Types
While parlays combine plenty of other bet types such as money lines, point spreads, totals, and player props, parlays are different because you need multiple legs to win to win the whole parlay.
A straight bet on a point spread may have -110 odds, while a parlay can have much greater odds.
Terms Glossary for Parlays
Favorite - A favorite is the team or individual deemed most likely to win a game.
Underdog - An underdog is the team or individual that is expected to lose a game.
Leg - The individual bets within a parlay.
Push - If one of the legs in a parlay ends in a tie or "push," that leg is removed, and the parlay is recalculated based on the remaining legs.
Round Robin - A fast way to place multiple parlays at once.
Always Gamble Responsibly with Parlays
For more on responsible gambling, bet365 has a dedicated resource page that can be found at https://responsiblegaming.nj.bet365.com/us.
GAMBLING PROBLEM? CALL OR TEXT 1-800-GAMBLER (AZ/CO/IL/IN/KS/KY/LA/MD/MI/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ (18+ KY). Must be present in AZ/CO/IA/IL/IN/KS/KY/LA (select parishes)/MD/MI/NC/NJ/OH/PA/TN/VA.
Parlay Betting FAQs
Here are some of the most common questions and answers about parlay betting.
1. How are odds calculated?
The odds for each leg are multiplied, not added, together to determine the final payout.
2. What is a "push"?
A push happens when a final score (or stat) lands on the number exactly, resulting in the leg being cancelled from your parlay.
3. Can I combine multiple sports?
Yes, any sport or league can be combined with each other.
4. How many legs can I have in my parlay?
As many as you want. Even just two legs constitutes a parlay, but people place parlays of 10-20+ legs as well.
5. Why are parlays risky?
The risk is higher because all legs have to win to produce a return. If just one pick comes short, the whole parlay is lost.
Additional Betting Guides
To learn more about other bet types and sports, take a look at our guides below:
