How Does Parlay Betting Work? Guides & Sportsbooks for Parlays

When you’re new to sports betting, singles are the way to go. You can focus your research, effort, and budget on a single sporting event. But if you want to make your bankroll worthwhile, parlay sports betting is best. Instead of hedging all your hopes on a single outcome, you can cover multiple events and multiply the odds.

However, there’s more to parlays than potentially increased winnings. To play at the best parlay sportsbooks, you need to master the basics and know the key terms. In today’s guide, we’ll do just that. Bear with us, and you’ll learn how to turn parlay sports betting from a boogeyman into an asset.

What Is a ‘Parlay’ in Sports Betting?

Parlay in online sports betting is a popular form of wagering where multiple individual bets, known as “legs,” are combined into a single bet. All individual legs must be successful to win a parlay bet. A parlay with even a single losing leg is a bust in its purest form. However, sportsbooks are known to provide ‘bailouts’ in such situations.

The main appeal of parlay betting is the potential for higherpayouts. After all, each leg’s odds are multiplied to calculate the total odds. However, this increased reward comes with a higher level of risk, as the probability of winning decreases with more legs. If you have 15 legs, that’s 15 ways to lose.

What Does Parlay Mean in Betting?

The act of betting ‘parlay’ is not just a bet type but any slip containing multiple standalone bets or legs.

The term ‘parlay’ originates from the French word ‘paroli,’ which means “to double the stake.”

Even though the term itself isn’t that old, parlay sports betting as an activity is. We can trace its roots to Ancient Greece and Rome. People would often include multiple picks to their picks at chariot races. Since there were races from dawn to dusk, it was a great way to spice things up. In addition, the state earned more in commissions.

But modern parlays were conceived at 1940s US racetracks. Just like in ancient times, people wanted to increase their chances of winning and have more fun. Soon enough, the activity spread to other sports, such as football, baseball, basketball, and soccer.

How to Get Started with Parlay Sports Betting

We all know it doesn’t take a rocket scientist to place single bets. Any bookie that isn’t a scam will do, and you can find your way. But parlay sports betting requires a more delicate approach. Make sure you check these items off your to-do list before creating a parlay-only strategy:

Choose a Reputable Sportsbook

Look for sportsbooks with a good reputation, a wide range of betting options, and competitive odds. Our top list has up-to-date rankings of the best offshore sportsbooks for parlays, so be sure to check it out regularly.

Familiarize Yourself with Sports and Leagues

Before placing a parlay bet, you must understand the sports and leagues you plan to bet on. This includes knowing the teams, players, and various other factors. The more informed you are, the better your chances of making successful parlay picks. But no matter what, it’s still just gambling.

Learn the Different Bet Types

Parlay betting involves various bet types, such as moneylines, point spreads, and totals (over/under). Even if you don’t like them, you must know them all. This is because the best parlay bettors must be able to mix it up. If you can’t find good odds on O/U markets, you must substitute it with another bet type.

Start Small

As a beginner, starting with smaller, less complex parlays is a good idea. This could mean limiting the number of legs in your parlay or focusing on more straightforward bet types. As you gain experience and confidence, you can gradually increase the complexity of your parlay bets. Don’t rush, and keep track of your performance.

Develop a Bankroll Management Strategy

Responsible gambling is essential when handling risky parlays. Set a budget for your parlay betting activities, and don’t exceed that number. This will help you manage risk and ensure you can continue betting even if you experience a losing streak. But most importantly, remember — the Martingale strategy doesn’t work. If it’s not your day, just leave it.

Analyze and Learn from Your Bets

Even though luck is a significant factor in all parlays, you can mitigate its dominance by learning how to adapt. After placing parlay bets, review the outcomes and analyze your decision-making process. Identify any mistakes or areas for improvement, and make sure not to repeat them.

Best Sportsbooks for Parlay Betting

#1 BetOnline – Bet Now

• Welcome Bonus: 50% deposit bonus up to $1,000
• High limits
• Has the best live betting and international basketball coverage

BetOnline is a premier offshore sportsbook for U.S. bettors, offering a comprehensive range of sports and betting markets. If you’re looking for something more than just NFL moneylines, this exotic bookie has the coverage to provide that. With a generous 50% deposit bonus of up to $1,000 for new users, you’ll start on the right foot.

The sportsbook boasts various sports, including football, basketball, baseball, soccer, and even niche sports like darts and eSports. Our team uses them for big CS: GO and DOTA tournaments. Even though other US betting sites are reluctant to cover this niche, BetOnline saw a gap in the market.

With flexible betting limits and numerous live betting options, BetOnline caters to casual and high-roll bettors. The user-friendly platform makes navigating and finding events, leagues, or information easy.

BetOnline supports various payment options like credit cards, cryptos, and wire transfers. In our experience, banking here is hassle-free, and you get your payouts quickly. Their customer support is available 24/7, providing a decent backup to an excellent FAQ section. Overall, BetOnline’s reputation, diverse betting options, and helpful support staff make it an ideal choice for sports bettors of all levels.

#2 Bovada – Bet Now

• Welcome Bonus: 50% deposit bonus up to $250
• Great for beginners
• Has the biggest offer of props and futures bets

Bovada is a popular choice among US sports bettors looking to learn how to bet. They were known as Bodog before 2006, when the UIGEA forced them out of the country. But in 2011, they returned as Bovada. Like before, this site’s calling cards are promos for regular players, exotic bets, and a user-friendly design.

Sports-wise, you’ll find major leagues like the NFL and NBA. However, niche sports like rugby and cricket are also regularly covered. Bovada particularly stands out for its prop and futures betting markets, allowing you to make more unique wagers and go in-depth. And most importantly, the lightweight UI makes it easy to locate anything in seconds.

As for banking, you can deposit and withdraw with BTC, USDT, ETH, and several fiat options. They also offer a dedicated customer support team, but you can also ask the players on the Community Forum. In summary, Bovada’s user-friendly design, diverse betting markets, and excellent player environment make it an unavoidable entry into this list.

#3 BetUS – Bet Now

• Welcome Bonus: Enter JOIN200 to get up to $3,750 for sports betting
• One of our favorite loyalty programs
• Great for horse racing and soccer

BetUS is a sports betting market veteran with almost 30 years of experience serving US bettors. Their generous welcome bonus of up to $3,750  makes it an attractive option for those looking to maximize their initial investment.

The sportsbook features many sports, including a Last Minute Bets tab. BetUS is also home to one of the best racebooks, going crazy with bets for the Kentucky Derby. But this bookie’s bread and butter is, of course, the NBA. They go deeper into stats, triple-doubles, and quarter-based props than anyone else.

Another thing we like about BetUS is the whole banking process. This sportsbook will accommodate your funds whether you use cryptos, credit cards, or traditional bank transfers. Withdrawals are fast, too. Even though the FAQ section is stellar, we don’t mind chatting with the pleasant people handling the life chat platform. Considering everything we just said, it’s not surprising BetUS belongs in this exclusive list.

#4 Sportsbetting.ag – Bet Now

• Welcome Bonus: Use SB100 on signup and get a 50% deposit bonus up to $1,000
• Best odds for the NFL and MLB
• Robust mobile website

Sportsbetting.ag is a reputable offshore sportsbook that offers U.S. bettors competitive odds and a variety of betting options. With a 50% deposit bonus of up to $1,000 for new users, you’ll be off to a great start at Sportsbetting.ag.

The sportsbook covers various sports, from mainstream leagues like the NFL and NBA to handball, snooker, and GAA sports. Sportsbetting.ag is known for its competitive odds, giving you more bang for your buck than most legal options. Additionally, the platform’s tailor-made for mobile bettors. You can create complex parlays in a matter of seconds.

If anything goes awry, you can use live chat, email, or phone to reach out for help. This bookie has some of the most patient staff we’ve ever had the pleasure of dealing with. Thus, it’s no wonder the banking system is so easy to navigate. Select between cryptos or traditional methods, and be sure to enter the bonus code upon creating an account.

For mobile players, crypto holders, and MLB junkies, SportsBetting.ag is by far the best option on the market. But of course, you can’t go wrong with any of the other options, either.

The Maths Behind Parlay Betting

Unlike single bets, parlay sports betting requires a certain grasp of maths. Don’t worry, though; you’ll only have to use a few straightforward formulas. We’ll teach you how to calculate key values in the upcoming sections. But first and foremost, you need to learn how to convert American odds into decimals.

Converting Odds

The sooner your master this, the sooner you’ll be able to create custom parlays. Here’s how you can convert American odds to decimal odds, along with an example and formula.

For positive American odds, the conversion formula is:

Decimal Odds = (American Odds / 100) + 1

For negative American odds, the conversion formula is:

Decimal Odds = 1 + (100 / abs(American Odds))

Example:

Let’s convert American odds of +150 and -200 to decimal odds.

For the positive American odds of +150, use the first formula:

Decimal Odds = (150 / 100) + 1 = 1.5 + 1 = 2.5

For the negative American odds of -200, use the second formula:

Decimal Odds = 1 + (100 / abs(-200)) = 1 + (100 / 200) = 1 + 0.5 = 1.5

So, the decimal odds equivalent for +150 American odds is 2.5, while the decimal odds equivalent for -200 American odds is 1.5. If you’re wondering why you need to know this: your life will be much easier when making parlay calculations.

How to Make Parlay Calculations

Understanding the mathematics behind parlay betting is essential for making informed decisions and evaluating potential payouts and risks. This section will cover the vital formulas you need to know. For the sake of more straightforward calculations, when we say odds, we mean decimals.

Payout

To calculate the potential payout of a parlay bet, simply multiply the stake by the total odds. The payout includes both the winnings and the original stake. However, some offshore bookies have different policies. Check the T&C, just in case.

Payout = Stake * Total Odds

Total Odds

To calculate the total odds of a parlay, multiply the odds of each individual leg. Don’t get carried away by gaudy numbers. Also, don’t include markets from obscure leagues just to boost the parlay.

Total Odds = Decimal Odds 1 * Decimal Odds 2 * … * Decimal Odds n

Expected Value (EV)

The expected value represents the average amount you can expect to win or lose per bet in the long run. To calculate the EV of a parlay, multiply the potential payout by the probability of winning and subtract the expected loss.

Pr = probability of parlays

EV = (Stake * Total Odds * Pr) – (Stake * (1 – Pr))

A positive EV indicates a potentially profitable bet, while a negative EV suggests a likely loss over time. Remember that the EV assumes fair odds, and bookmakers often become stingy due to high self-imposed margins.

Probability

The probability of winning a parlay is calculated by multiplying the individual probabilities of winning each leg. To find the probability for each leg, simply take the inverse of its decimal odds.

Probability (Pr) = 1 / Decimal Odds

To calculate the probability of winning the entire parlay:

Pr = Pr1 * Pr2 * … * Prn

Understanding these calculations can help you make more informed decisions when placing parlay bets and evaluating potential risks and rewards.

Parlay Betting Variations and Promos

Parlays are risky, but modern offshore sportsbooks offer many ways to bypass the downsides. With that in mind, you should pay attention to the following parlay betting variations and sub-types:

Progressive Parlays

Progressive parlays offer a unique twist on the traditional format. While standard parlays require all legs to win for a successful bet, progressive parlays allow for a certain number of misses. The payout decreases as more legs are lost, though.

But this flexibility can make progressive parlays more appealing as they act as a buffer. However, it’s important to remember that the odds for progressive parlays are generally lower than those for traditional ones. After all, you’re more likely to win.

Teasers and Pleasers

Teasers and pleasers are parlays that involve adjusting the point spread or totals. In a teaser, the spreads and totals are shifted in the bettor’s favor, making it easier for the selected teams to cover.

Conversely, a pleaser moves the point spread or total against the bettor, making it more challenging for the selected teams to cover. While teasers offer lower payouts due to the reduced risk, pleasers can yield higher payouts due to the increased difficulty. NFL and NBA markets are the best for these two sub-types.

Parlay Cards

Parlay cards are pre-printed betting slips that allow you to easily place multiple bets on a single card. These cards typically feature a fixed set of games and odds, with bettors selecting their desired picks and parlay size.

Bookies use these cards to promote events like March Madness or the NBA Playoffs. However, the odds on parlay cards can sometimes be less favorable. Unfortunately, there’s a price to be paid for premade slips.

Parlay Promotions and Boosts

Many sportsbooks offer promotions and bonuses specifically tailored for parlay bettors. These can include deposit bonuses, parlay insurance, and boosted parlay odds. With insurance, you can automatically ensure you’ll win even if 1-3 legs lose.

These promotions can make parlay sports betting more profitable but don’t believe the numbers.
Always read the Terms & Conditions to understand all the restrictions, limits, and special rules. Additionally, always consider the overall quality of the sportsbook. No matter how good a bonus is, it’s pointless if the experience is overall miserable.

The information provided in this article is solely the author/advertisers’ opinion and not an investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions by Analytics Insight and the team. Anyone wishing to invest should seek his or her own independent financial or professional advice. Do conduct your own research along with financial advisors before making any investment decisions. Analytics Insight and the team is not accountable for the investment views provided in the article.