What Is A Parlay Bet?

Simply put, a parlay bet is a single bet that consists of multiple individual bets. Typically, parlays consist of two to ten individual bets. Why would a bettor do such a thing?

It’s a great question. In order to win a parlay bet, all individual bets must win. For example, we have the Colts -7 against the Jets and the Buccaneers -6 playing the Bears. We like both favorites to cover. Instead of betting the games individually, we tie them together in a parlay.

Instead of the standard -110 odds at top online sportsbooks, the parlay bet is much riskier and will offer a higher payout. That is why bettors will take a risk on a parlay.

Of course with the risk, these bets are tougher to use. You may want to consider purchasing premium picks from trusted handicappers.

Winning When You Bet a Parlay

In order to cash a winning ticket on a parlay bet, all legs of the wager must be winners. Let’s take our example from above with the Colts -7 and the Bucs -6. We’ll even add a third leg and take the Panthers +7 against the Cardinals.

Now, to win the parlay bet, the Colts must win by more than seven points. The Bucs must win by more than six and Carolina must either win outright or lose by six or fewer points. 

At standard odds of -110, each of these individual wins would pay out $90.91 for a total of $272.73. The standard three-team parlay pays out $595.79. That is what is enticing about parlay bets. As the number of bets increases, the payouts increase as well.

Types of Parlays

Parlay bets are not limited to just betting on spreads. You can set up moneyline parlays as well as those for totals. Bettors can also combine different games and leagues when you bet a parlay. For example, in NFL betting certain bettors like to wager on a team to win or cover and then add the game total. They combine that bet into a parlay. Here’s an example.

Green Bay -4 O 49

LA Rams +4 U 49

The Packers are playing the Rams at home and are a four-point favorite. Both teams have outstanding offenses, so you like the Over with the total at 49. You also like Green Bay to cover at home. 

Your parlay bet would then be Green Bay -4, Over 49. Let’s say the Packers win 28-23. Both individual bets are winners as Green Bay won by five and the total ended up at 51. That means the parlay bet is a winner!

What Happens on a Push When You Bet a Parlay

Using our same Packers-Rams example from above, what happens if the final score was Green Bay 28, Los Angeles 21? The bet on the point spread is still a winner, but the total is now a Push. 

Typically, when a leg of a parlay results in a push, it is removed from the parlay and the remaining bet (or bets) stands. In this case, the result is simply a winning spread bet paid out at -110.

If there was a third leg in this bet and one was a Push, that bet would be removed and the parlay would then become a two-leg parlay.

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