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What is Parlay Betting?

A Parlay is a single sport wager that involves at least two teams winning. The drawcard for these stakes is that they have much bigger payouts than those with just one team’s success needing to be predicted. The bigger payouts make perfect sense when you consider that choosing just one correct option is a challenge in itself!

The Parlay payout from correctly selecting several big-money underdogs can be immense. Also, the apparent ease of winning a Moneyline wager with many large Favourites can also be excellent. Winning either of these kinds of Parlays is not as impossible as you may imagine, either.

Because they’re more difficult to win, Parlay bets are very popular with bookmakers online, so you won’t struggle to find them once you’ve figured out how to use them to your advantage.

Placing Your Parlay Bet

There are two ways to do this, and both are pretty easy. You can either indicate directly which teams and totals you’d like to wager on and how much you want to stake. Or you can fill out a set card onsite and confirm your option. There are many sportsbooks that have apps for bettors who prefer wagering on their smartphones and tablets too, so you won’t have trouble getting your money down when you want to.

How to Win

There are two instances where you can win your Parlay wager. It can only be successful if none of the Moneylines, Sides, or Totals fail, but can still win if a match gets cancelled or ends in a draw, but you’ll get paid out less.

For example, you will win if a Football Parlay for four teams has three winners and one match gets cancelled because it is raining. But the stake will only pay you based on the new schedule featuring the three winners instead of the original four. But your bet will lose if one of your selections doesn’t win.

Always Shop for Odds

Not all the payouts for your Parlays are the same. Bookmakers may have different odds set for the teams the wager is built around and this is something that, although confusing at first, must be kept in mind before you put any money down. Some online sports betting options have different odds and payouts for the very same Parlay! These are also subject to change, so take your time and check with the sportsbook before you decide.

Fixed Payouts

Payouts are fixed by the time you’ve placed your bet. After that, even if the lines and odds for an individual game move, the lines and odds for your Parlay won’t change. Even if the line difference is good for you, the sportsbook can’t do a thing.

Parlays are a great option when you know a sport inside and out, have done your research, and have a pretty good idea of which way things are going to go. They should be viewed as something fun and never taken too seriously, either, since they’re so much more difficult than single wagers are.