Smart Bettor’s Parlay Guide: Winning Strategies Explained

You want to understand how a parlay works before you begin. Instead of placing individual bets, you group together several results in one bet.

For example, instead of betting on three NFL games individually, you place one parlay bet on all three outcomes. The odds on each selection multiply each other, dramatically increasing your payout.

But the catch is that all of your parlay legs have to win. If one loses, your entire bet is lost.

Parlay bets usually enable combinations of different types of bets, from moneyline to point spread, totals, props, and even futures.

Every additional bet heavily increases the potential payout but at the same time increases the risk level. This relationship makes it important to understand each type of bet in order to parlay bet efficiently.

Parlay Betting Mechanics

When placing parlay bets, the mechanics will vary from your book. Most often, parlays consist of a mix of spreads, moneylines, totals, or even prop bets. For instance, a three-way NFL parlay might be choosing the Giants spread, the Cowboys moneyline, and the over-under in a Packers game.

The math used with parlays is basic but efficient. Let's use a simple parlay example:

Team A (-110)

Team B (+150)

Team C (+200)

Placing a $10 parlay on all three outcomes multiplies the odds. It would pay out much more to win all three wagers than to place separate bets on each one individually.

Sports books do differ a bit in odds calculation, though. Some have stationary payout policies for smaller parlays and others with variable odds calculation policies for more substantial combinations, where each additional wager increases potential returns exponentially.

Parlay Examples Across Sports

Parlays are prevalent because they are applicable to nearly every sporting event. The following are examples of common parlays:

NFL and College Football Parlays

Football is among the most popular sports used for parlay betting. Fans will often use point spreads, moneylines, and totals to create weekend-long parlays. Taking three favorites to cover the point spread or several underdogs to win moneyline, for instance, can yield big returns, particularly over college football weekends that are laden with games.

In addition, prop bets like player touchdowns or rushing yards total tend to enhance football parlays, giving bettors different ways of reaching games beyond the conventional results.

NBA and College Basketball Parlays

Basketball parlays are especially common during March Madness. Stacking moneylines and point spreads from various games can enrich your betting experience, with you having interests in several matchups throughout the day. NBA bettors also tend to engage in parlays, leveraging nightly fixtures to create multi-leg bets.

NBA parlays also tend to include player prop wagers, like total points, rebounds, and assists, giving bettors multiple areas of involvement within a parlay bet.

MLB Parlays

In baseball, bettors will sometimes combine run line and total bets into parlays to increase potential payoffs. Parlaying the Yankees run line with over/under on a Dodgers game, for example, provides action on several contests with great payoff potential.

MLB parlays often also include pitcher strikeout props or individual player hits, increasing complexity and reward potential in baseball betting.

Soccer and International Sports Parlays

International soccer like Premier League and Champions League matches is ideally suited for parlays. Players tend to combine moneylines, totals, and even goal-scoring props bets to maximize their thrills and returns on match days.

Soccer offers unique opportunities in the form of halftime results and in-game bets, so it is ideal for players who would like to mix up their parlays with creative and rewarding combinations.

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