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What is a Parlay bet and what are the different types of Parlay Bets

How to make a Parlay bet?
Publish Date: 06/15/2023
Fact checked by: Mark Lewis

What is a Parlay?

A parlay is a type of sports bet in which you combine multiple separate bets into one bet.”Combining the bets gives you worse odds to win, but a much larger reward for winning. The larger the number of wagers included in your parlay, the larger the payout. But the more games you bet on the bigger risk of losing.

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In order for a parlay bet to win, you must win each individual bet on the card, which means even if you bet a ten-team parlay and get nine right, you lose, every bet has to win or push to keep the card alive. For instance, let’s say I bet the Bengals, the Rams and the Saints all to win their games on any given Sunday. If all three win, I will get a much larger payout than if I just bet each game individually. However, if any of those teams lose their bet, the entire card is lost. Now if you took the Bengals -3 and the Bengals win by three that makes the game a push(tie). Now the Rams and Saints still won and in the case of a push that Bengals game gets removed from your bet and you win because the other two teams won. The only issue there is that the parlay becomes just a two-team parlay, but hey! You still won!

The odds of winning a parlay go down each time you add a game to the parlay so a 5-10 team parlay is a long shot to win but the odds are so large that a five-dollar bet can pay off big-time. As an example, a ten-team parlay that hits on a ten dollar bet would pay approximately 5 thousand dollars. To get more knowledge on the NFL click here!

Now that you understand the basics, let’s look at what kinds of bets you’ll be pairing together to make your fortune!

Types of Parlays

Over/ Unders

Over/Under bets (or bets on the “total) are wagers made on the total amount of points that will be scored during any given game by both teams. The sportsbook sets the “line,” which is the number you will be basing your decision on. You bet on whether you think the total amount of points scored will be over or under that number. The good thing here is it gives you a chance to make multiple bets on the same game. So you could do a parlay on one game of say Cincinnati -3 and then parlay it with an over/under bet on the same bet.

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Point Spreads

Point Spreads, commonly referred to just as “the spread,” is what makes sports betting interesting. Without them, we could all just bet the favored team every week, make a lot of money and break Vegas within a month. But the point spread makes it much more difficult to bet a game. The point spread evens the game up some. The point spread will look like Cincinnati -3 or Cincinnati +3. The team that’s +3 is the underdog and you add three points to their point total, the favorite, of course, is giving -3 points so to win the game betting the -3 you have to win by at least 4 points.

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Moneyline

Moneyline bets are the last little wrinkle to parlay betting that we will discuss here. These bets remove the point spread from the equation. It’s a bet based straight up on the winner and loser of the event. It’s you saying “I don’t care about all those numbers and that other mumbo jumbo; I think my team is going to win and that’s that!” That’s great if your team is an underdog and you think they will win but if your team is a significant favorite then the payoff may not be great. You have to look at the risk-reward when betting on games.

Now you can bet favorites in a money line bet as a three-team parlay which will give you a good payoff. The best way is to maybe take two small favorites that you think will win straight up and combine that with a small underdog you think will win, that small underdog will give you a much higher payoff as well.

Moneyline bets can be very profitable if you can predict an upset. However, if you bet the favored team money line, the payout will be less. How much less depends on how largely favored the team you bet on is.

You are able to mix money line bets with point spread bets on a single parlay, however, you cannot mix them with either teaser/pleaser bets. On those cards, if one wager is teased/pleased, you must tease/please them all.

There are also teaser and pleaser bets you can make and we will get into that in the next article.

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