Sports Betting Parlays Explained
Parlays are one of the most popular bet types in sports betting. But how do they work, and why do they appeal to so many bettors? In this guide, we’ll break down what a parlay is, how payout odds work, and the difference between traditional parlays and same game parlays (SGPs). Whether you're new to parlay betting or refining your strategy, this covers the essentials.
Key Takeaways
Parlays breakdown
Parlay odds
Same game parlays
Parlays summarized
What Is a Parlay in Sports Betting?
A parlay is a single bet that combines two or more individual wagers. To win the parlay, every leg must hit. If even one leg loses, the entire bet is a loss. If a bet pushes, the payout of the parlay is recalculated.
Why Parlays Are Popular
Parlays offer high payouts for small stakes. That’s because each added leg increases the risk, but also multiplies the potential return. It’s a high-risk, high-reward play that appeals to both casual and experienced bettors.
For casual sports bettors, they are more enamored by the lower stakes needed to win more. Sharp sports bettors bet parlays because they compound expected value, so a parlay consisting of 2+ +EV legs can make a parlay a great bet.
Example
Traditional Parlay Example:
Leg 1: Team A moneyline
Leg 2: Team B spread
Leg 3: Over 215 total points
If all three hit, the bet wins. If one misses, the bet loses.
Parlay Payout Odds: How They’re Calculated
The payout from a parlay is based on the odds of each individual leg. As you add more legs, the odds increase, as do the potential profits.
Understanding the Odds
Most sportsbooks automatically calculate the combined odds for you, but the formula generally multiplies the decimal odds of each leg. The more legs, the longer the odds, and the bigger the potential payout.
Boosts and Promotions
Some sportsbooks offer parlay odds boosts that improve your payout without increasing your risk. These can add value, but should still be used with smart bet selection. Parlays compound expected value. Adding more legs to your parlay that are bad bets will make your parlay a bad wager, but a parlay consisting of +EV legs is a great bet, even if the hit rate of these bets is low.
Same Game Parlays: What Makes Them Different?
Same game parlays (SGPs) let you build multiple legs from a single game. These bets often include player props, team totals, or alternate spreads, all tied to the same event.
How SGPs Work
Leg 1: Team A to win
Leg 2: Their QB to throw 2+ touchdowns
Leg 3: Opposing RB under 60 rushing yards
Since these legs are correlated, depending on the scenario, they can boost or reduce the real odds of success. That’s why SGP strategy matters. Most sportsbooks take a correlation tax on parlays, meaning they will not increase the odds of the parlay based on the true odds of each leg if the legs are correlated.
Risk with Correlation
SGPs can offer bigger payouts, but correlated legs may be adjusted by the sportsbook to reduce value. Always check how the book prices your parlay, especially if you’re stacking outcomes that depend on each other. Some sportsbooks offer better odds for inverse correlation.
Parlays & Same Game Parlays Summarized
Hopefully, you now have sports betting parlays explained in a way that’s clear and actionable. Whether you’re testing out traditional parlays or experimenting with same-game parlays, remember the basics: every leg must hit, payout odds scale with risk, and a smart multi-leg betting strategy can make all the difference.
Lastly, never forget parlays' compound edges. The better the bets in your parlay, the better the bet, win or lose. The worse the legs are, the worse off your bet is, and parlays can quickly become a bankroll suck for newer sports bettors.
Final Thoughts
Parlay betting is popular, but it can also be dangerous. Newer sports bettors are drawn to parlays since they can risk less money to win more, but if the legs in your parlays are all -EV, they can be a bankroll crusher. More advanced sports bettors can have a lot of success with parlays.
Sports Betting Parlays FAQ
Additional Resources
Explore our curated selection of guides and tools to help promote responsible gambling.
Arbitrage Betting Software: The Smart Way to Spot Guaranteed Profit
Discover how arbitrage betting software helps you find line discrepancies, automate betting alerts, and bet both sides of a game with guaranteed profit.
Arbitrage Sports Betting: How to Profit With No Risk
Learn how arbitrage sports betting works, how to find risk-free opportunities, and what tools can help you bet both sides of a game with profit.
Free Arbitrage Betting: Risk-Free Bets Without Paying
Learn how free arbitrage betting works and how to find risk-free betting opportunities using no-cost tools. Discover how to make a profit with no risk.
Arbitrage Betting Finder: Discover Risk-Free Bets With Real-Time Tools
Looking for an arbitrage betting finder? Learn how to find guaranteed profit opportunities using real-time line comparisons and sportsbook discrepancies.
Free Positive EV Betting Tool: +EV Bets Without Paying
Looking for a free positive EV betting tool? Here's how to find +EV bets in real time using software that doesn’t cost a thing and will make you a better bettor.
Player Prop Hit Rate: Use Historical Data to Find Good Bets
Wondering what player prop hit rate means? Learn how to use historical success rates to identify smarter bets and how tools make your research process better.
Player Prop Projections: Using Data for Projecting Lines
Looking for player prop projections you can trust? Learn how to turn projected stats into smarter bets with research tools designed for prop betting.
Best Prop Bets: How to Spot Value and Bet Smarter
Want to find the best prop bets? Here’s how smart bettors identify value using trends, stats, and tools designed to simplify player prop research.
Player Prop Betting: Smarter Research, Sharper Picks
Want to win more with player prop betting? Learn how to build smarter prop strategies using stats, trends, and tools designed to help you spot value.
Odds Tracker: Monitor Line Movement and Make Smarter Bets
Looking for a reliable odds tracker? Here’s how to monitor sportsbook line movement in real time and stay ahead with smarter betting decisions.
Live Odds Comparison: Finding the Best Lines in Real Time
Want to find the best prices while betting live? A live odds comparison tool helps you track real-time lines and grab value before the market shifts.
Positive EV Betting Tool: Find Value and Beat the Books
Looking for a positive EV betting tool? Learn how to find +EV bets using software designed to give you a long-term edge in sports betting.
Player Prop Research Tool: Break Down Stats, Trends, and Edges
Looking for a reliable player prop research tool? Learn how to analyze stats, trends, and betting data to make sharper, more informed wagers.
Player Prop Analyzer: Breaking Down Player Prop Betting
Looking for a powerful player prop analyzer? Here’s how to research prop bets like a pro using real stats, trends, and one of the best tools in the game.
EV Sports Betting: Mastering Expected Value for Smarter Bets
EV sports betting is all about expected value. Learn how to use this powerful metric to find smarter bets and boost your long-term edge.
Live Arbitrage Betting: How to Lock In Profits During the Game
Live arbitrage betting is a way to secure risk-free profit while events are in action. Read up on how to live arbitrage bet and the best tool to use.
What Does the Line Mean in Sports Betting?
Learn what “the line” means in sports betting and how it shapes every bet you place.
Line Shopping Apps for Bettors
Line shopping helps you find the best odds across sportsbooks, and apps now make it faster and easier than ever.
What Does EV in Sports Betting Mean?
Understand what EV (expected value) means in sports betting and why it’s key to long-term profit.
How to Make Sports Betting Easy
Learn the basics of how sports betting works and how to keep it simple, even if you're just starting out.
What Is Sharp Sports Betting?
A quick look at what makes a bettor “sharp” and how sharp betting works.
What Is a Unit in Sports Betting?
Understand what a unit is and why it’s essential for bankroll management.
What Is a Betting Edge in Sports Betting?
Learn what a betting edge is and how bettors use it to find value and beat the market.
