How to Make a Parlay Bet
Although betting on a single game is exciting enough, many sports bettors love the thrill of betting on many different events simultaneously. Especially with a chance to win more money! A parlay bet allows you to add multiple events and bets to your bet slip, with a better profit than betting on markets individually.
Many American bettors love parlays because they give you a stake in many games, building your bet to potentially larger profits than the sum of individual wagers. However, all your bets must come through for a parlay to win.
Most of the best sportsbooks in the US will offer parlays, and many also provide bonuses and boosts for this bet type. Check out our guide below if you want to know more about parlay betting. We cover what a parlay bet is and how to place them on major league sports.
What is a Parlay Bet?
A parlay bet lets you add multiple bets onto the same bet slip. Every bet, or leg, you add to your parlay bet must be correct for you to win. If even one of your legs is incorrect, you will lose your whole wager. Because parlay bets are riskier than just backing each market individually, you get greater odds on parlays.
This means you can stake less with a parlay, as you only have to make one bet and win more. It’s a risky type of betting, but that’s why so many players enjoy parlays!
You’ll find parlay bets available for most popular sports, including all the major leagues. Check out how parlays work with popular sports events below.
MLB Parlay Betting
If you wanted to bet on three upcoming baseball games in the MLB, you could place individual moneyline bets on each event. Or, you can add all three games to your parlay and just use one stake. For example:
- Boston Red Sox – 105 vs. Los Angeles Angels +115
- New York Yankees -140 vs. Milwaukee Brewers +120
- Detroit Tigers -120 vs. St Louis Cardinals +100
If you bet on the favorite for each of these games, so you back the Red Sox, Yankees, and Tigers. If you place a $100 bet on each game individually ($300 total), you can win $241.72 in profit. This would give you $541.72 in your betting wallet.
However, if you take the added risk of a parlay, you can win $513.62 in profit from a $100. This will give you $613.62 in your betting account. However, if just one leg of your parlay fails, you win nothing.
NFL Parlay Betting
Now for all the football fans out there, here is an NFL example:
- Baltimore Ravens -670 vs. Carolina Panthers +490
- Philadelphia Eagles -290 vs. Indianapolis Colts +235
Rather than betting on the favorites, let’s pick the underdogs for these NFL matchups. The Panthers and the Colts both have a (+) symbol next to the odds and are the underdogs for these games. If you bet $100 on a two-leg parlay, you can receive an $1875 payout. However, both teams have to win for you to get your profits.
There is a lot of risk with this bet, as neither team is expected to win. However, the payout is huge if you are correct.
The safer choice in this example would be to bet on the favorites, the Baltimore Ravens and the Philadelphia Eagles. This would get you a return of $154.55 ($54.55 win and $100 stake). Maybe not as exciting, but less of a risk!
NBA Parlay Betting
Now you should have the basics of parlay betting down, but here is one more example for basketball fans on BetMGM Sportsbook.
- Phoenix Suns -250 vs. New York Knicks +205
- Washington Wizards -230 vs. Charlotte Hornets +190
- Los Angeles Lakers – 260 vs. San Antonio Spurs +215
For these games, we can stake $100 on three teams. You don’t always have to pick all the favorites or underdogs, so let’s pick the Suns and Wizards as favorites and the Spurs as underdogs. Betting $100 on this would give us a payout of $634.74 ($532.74 profit plus $100 stake). This is not as risky as betting on all the underdogs but still provides a good profit.
Legal Betting in the US
In the past, sports betting in the US was only available in Nevada. However, this changed in 2018 when the US Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA). Now, every state in the US can make its own laws and regulations for sports betting.
There are dozens of states in the US you can visit to bet on sports. You must follow local betting regulations and be within the borders of a state where sports betting is legal. Visit a state with sports betting today, sign up with a sportsbook, and start placing parlay bets today!