What Is a Parlay Bet?

You might have heard your friends, family, or colleagues talk about a particular bet they made where they backed two or more selections on the same ticket.

So, how exactly did they wager on the Lakers and the 49ers with a single ticket? Easy. They placed a parlay, a popular form of betting that’s available right here at Bally Bet.

Let’s imagine that you’ve scanned the upcoming week’s list of matchups and a few teams have caught your eye.

Of course, you could place individual wagers on them, or you could roll them up together on a single ticket known as a parlay. If you do, and if all of your selections win, the payout you receive will be enhanced. That’s because on a parlay bet all of the lines are multiplied together.

As you can see, there’s plenty of benefits of betting on parlays, but keep in mind that it only takes one of your picks to lose for the entire ticket to go up in smoke.

If you’re the kind of person who doesn’t mind taking on some risk for an enhanced reward – or if you have a strong feeling about two or more picks and want to maximize your potential return - then a parlay could well be the bet for you.

In this guide, we’ll take you through everything you need to know about parlay betting, including how they work, how to place one, and what the variations are.

We’ll also offer a candid answer to one of the most common questions asked in sports betting: Should you place a parlay bet?

How Do Parlay Bets Work?

A parlay bet is a ticket with two or more selections on it. The more legs you add to your parlay, the lower your chances of winning but the greater your potential return.

Let’s say that you’ve analyzed the weekend’s football and now have a strong feeling about teams that you think will win, for example:

• Kansas City Chiefs (-200)

• San Francisco 49ers (-150)

• Detroit Lions (+110)

To place this parlay, you’d head to the NFL section on Bally Bet Sportsbook and then find these three games. After that, create the parlay by clicking on the odds next to the Chiefs, 49ers, and Lions. All three will be added to your bet slip.

You’ll see an array of bet types available for these selections, but you’ll want to enter your stake in the parlay box. After confirming your bet, you’ll be able to see how much your parlay could win if every selection lands.

The odds for each of these selections are multiplied together. In the example above, that would yield a potential payout at odds of +425. So, you could win $4.25 for every $1 that you place (as well as having your stake paid back to you).

Some bettors avoid parlays because they believe they are complicated to understand, but the truth is that they are easy to get your head around once you understand the main steps, which are:

1. Make your selections

2. Add them to your bet slip

3. Enter your stake in the parlay box of the bet slip

Your payout is calculated as follows: stake x cumulative odds (i.e., all of the lines multiplied together).

If all your picks win, so does your parlay. If one loses, your whole parlay is settled as a loss.

Popular Types of Parlays

The example above is a traditional kind of parlay, but there are other types available, too.

• Same game parlay (SGP)

• Teaser

• Pleaser

• Round robin

Same game parlay

A same game parlay is exactly as it sounds. It lets you wager on multiple selections within a single game.

Let’s imagine that you think the Chiefs will comfortably beat the Packers in a high-scoring contest. As a result, you might compile your same game parlay like so:

• Chiefs -7.5 (point spread)

• Over 44.5 points (totals)

• Patrick Mahomes – Over 290.5 passing yards (player prop)

You can bundle these selections up into a same game parlay ticket, where the normal parlay rules apply: The odds for each pick are multiplied together, but all three of them need to be successful for your bet to win.

Teaser

A teaser is a unique bet type where the bettor receives favorable conditions, on the condition that you place a parlay of two legs or more on these terms.

So, continuing the above example, a sportsbook might instead offer you a -1.5 spread on the Chiefs against the Packers and a totals line of over 37.5 points.

You can place a teaser bet using selections from a single game, or parlay two or more different games on your teaser ticket.

Pleaser

A pleaser is basically the opposite of a teaser. Sometimes known as a “reverse teaser,” a pleaser allows you to essentially sell points back to the book in return for greater odds.

For example, the standard lines for the Chiefs vs. Packers typically have Chiefs at -7.5 and over 44.5 points. With a pleaser, you could up the ante so that Chiefs are at -10.5 and over 48.5 points. It increases your risk and reduces your chances of winning, but in return you’ll enjoy enhanced odds that are more generous than the standard lines.

Round robin

A round robin is, effectively, a series of mini parlays comprising a group of picks. So, let’s say you backed the moneylines of the Chiefs, Eagles, and Lions. From this set of picks, a round robin would feature three double parlays and a single three-way parlay:

• Chiefs and Eagles

• Eagles and Lions

• Chiefs and Lions

• Chiefs, Eagles, and Lions

You score a payout for each bet that wins.

In the above example, you’d need at least two of your three teams to prevail in order to secure a return on your wager. However, that’s less risky than all three needing to win, as would be the case with a traditional parlay.

What Sports Can You Place Parlay Bets On?

You’re only limited by your imagination when it comes to choosing a sport for a parlay bet.

We offer markets and lines for dozens of sports, and you can place parlays in any of them, including:

• Football

• Basketball

• Hockey

• Baseball

• Soccer

• Tennis

• MMA

• Boxing

• Motorsports

• Golf

And many more besides.

There is a misconception that you can only strike parlay bets using the moneyline option. That’s not the case here; many other bet types that we offer can be parlayed together to form your perfect ticket.

For example, maybe you fancy a particular set of overs and unders for the next set of NFL games:

• Cowboys vs. Lions – Over 37.5

• Ravens vs. Dolphins – Over 41.5

• Giants vs. Rams – Under 38.5

Or maybe basketball is more your thing, and believe you’ve spotted some point spread value in the upcoming round of NBA games:

• 76ers -5.5 vs. Celtics

• Celtics -7.5 vs. Wizards

• Spurs +3.5 vs. Nuggets

Many bet types can be parlayed together across a comprehensive list of sports right here at Bally Bet – why not check them out today?

Why Are Parlay Bets So Popular?

When you place a parlay bet, you accept the risk that only one selection needs to lose for your entire ticket to be downed.

But the potential upside is what helps to make parlays so popular – the odds of your picks are multiplied together and exponentially increase your payout amount if all your selections do win.

You don’t need a parlay ticket as long as your arm if you don’t want, either. Having just two or three picks still constitutes a parlay, so even if you only have a strong feeling about a couple of bets on any given day, it’s still possible to benefit from their odds being multiplied together.

As we’ve discussed, there’s a great diversity of betting options for parlays, too – you’re not just limited to the moneyline – there are point spreads, totals, team and player props, quarter/half betting, and much more.

Growing quickly in popularity are same game parlays, which let you maximize your potential returns if you have a strong read on a particular game.

The ability to buy and sell spread points through the respective teaser or pleaser bets also appeals to bettors as they gain more experience.

Should I Place a Parlay Bet?

Sports betting is supposed to be an enjoyable pastime. If placing a parlay sounds like fun to you, you may just want to give it a go.

It must be reiterated that there’s more risk to placing a parlay than there is a single moneyline bet, because all of your selections have to win in a parlay. If they do, you’ll get the enhanced reward of cumulative odds to savor.

Everyone sees sports betting differently, so where you sit on the whole risk vs. reward debate will ultimately decide whether or not parlays are for you.

Due to their nature, parlays have minimal long-term value. But that’s not to say you can’t enjoy success when betting on double or triple-pick parlays, where your risk can be kept on a tighter leash.