Parlay betting, or combining multiple betting markets under one wager, is one of the most popular ways to wager on sports. People have been parlaying outcomes for as long as there have been betting odds, since gamblers love to get bigger payouts even if that means extra risk.
BetMGM is one of the best online sportsbooks for parlay betting since it offers hundreds of betting markets every day. Combining these is a breeze with BetMGM’s easy-to-use interface and favorable reputation, plus it offers competitive odds on all available markets each day.
If you love betting, or are interested in betting with BetMGM, but are intimidated about the process of parlay betting, don’t fear. We’re here to help you wager parlays on BetMGM like a seasoned pro.
How to Bet Parlays on BetMGM
Step 1: Create an Account or Sign In
If you don’t have an account, you’ll need to sign up with BetMGM. Click through The Game Day’s custom link on our BetMGM review page to use the promo code “GAMEDAY" that unlocks the best sportsbook offer.
Remember that all sensitive info is only to affirm your identity.
If you already have an account, simply sign in.
Step 2: Deposit
Put in your money. BetMGM lets users enter their money by ACH, e-check, credit or debit card and many other types.
Remember that the method you deposit is typically the method with which you’ll be required to withdraw.
Step 3: Peruse betting legs
Determine which wager you’d wish to make as your first. Add it to your bet slip
Step 4: Add subsequent legs
Choose as many legs as you wish to add. The maximum number allowed with BetMGM is 15.
Step 5: Place your bet
Enter the stake you wish to wager. Tap or click “place bet." Root for your bet to hit.
What Is a Traditional Parlay?
A traditional parlay is a bet with two-or-more legs that includes moneyline, spread or totals bets. BetMGM will offer specially crafted boosted parlays, but it also empowers bettors to customize their own multi-leg wagers for every sport every day.
A traditional parlays is typically used as a way to get more lucrative odds on moneyline bets, although bettors can also combine spread wagers that have -110 odds. Because multiple outcomes are riskier than just betting on one team to win, parlays come with larger payouts.
For instance, if you want to wager on the Denver Broncos to win their game, but they have -275 moneyline odds, you can add the Minnesota Vikings to win their game too and get +150 odds or longer, leading to a more profitable win if they both win.
BetMGM Parlay Rules
There are extra rules for parlay betting as opposed to moneylines, spreads, props and totals. Here they are:
- Maximum Legs: You may not place a parlay wager of more than 15 legs, although a 15-leg parlay seems insane.
- Voids: If a leg of your parlay pushes, that leg is voided and the parlay drops by one leg
- Cash Outs: Bettors are allowed to cash out early if they’re nervous that their last leg, or more than one leg, will not hit.
BetMGM Same-Game Parlays
BetMGM offers same-game parlays, which it has branded One Game Parlays. Users can dream up their own custom parlays with moneylines, spreads, totals, player and game props and more with competitive odds.
For instance, if you think the Broncos are a lock but don’t love the Vikings to win, you can place a one-game parlay where the Broncos win, there is more than 42.5 points and Jerry Jeudy scores an anytime touchdown. The odds on that parlay are more likely to be longer than that of the Broncos-Vikings parlay since wagering on a player to score a touchdown carries longer odds than most other props.
BetMGM Same-Game Parlay Rules
Same-Game Parlays have rules too. For instance:
- Voids: If a parlay leg is cancelled, due to injury or push, then the entire wager is voided and your money is returend.
- Early Cashouts: They aren’t allowed because a one-game parlay is settled after the game ends, meaning cashing out is suspended throughout the game.
- Leg restrictions: One-game parlays are limited to 10 legs and must have a minimum of two.
Round Robin Parlays
Round-robin parlays are those where a bettor is wagering on at least two of three outcomes to be successful. For instance, if you place a four-leg wager in a round-robin then your bet is successful as long as two of the legs win. If three win then you get a payout for A-B-C. If all four win then you get a massive payout since you’re essentially placing six, two-leg parlays.
BetMGM Round Robin Rules
Round robins have rules, like most parlays. Here they are:
- Legs: You must have a minimum of three legs and no round robins can be longer than eight legs.
- Declaring: In the case of a round robin, you must declare whether you want two or three or more legs to be successful. The more successful outcomes you declare, the shorter the odds are since it is fewer wagers — four two-leg round robins is six total bets, four three-leg round robins are four bets.
- Stakes: Because round robins are essentially multiple bets in one, bettors must multiply their initial stake. For instance, in the four, two-leg round robins, a bettor must place 6x his/her initial stake since there are six separate bets on the line. A three-leg round robin requires a 4x stake.
Teasers are a great asset to take advantage of in parlay betting, and BetMGM has a tremendous assortment of teasers for bettors to take advantage of. For instance, if the Green Bay Packers are a seven-point favorite over the Chicago Bears, but you aren’t certain the Packers can cover a touchdown, BetMGM will let you tease the spread down to say 4.5 points. That means if the Packers win by five or more, you as a bettor will win.
Teasers are tailormade for parlay betting, since parlays carry long odds and multiple -110 odd wagers are really, really hard. Plus, since teams don’t play to cover spreads, they simply play to win, teasers can let you control how you believe the game will go instead of relying on sportsbook odds.
If you are a New York Jets fan and want to bet on your team to hang tough against the Buffalo Bills as a parlay leg, you can tease up the spread to 10.5 as a parlay leg. That way if the Bills win 30-20, you the bettor will win, even if the spread listed is 7.5 points or lower.
BetMGM Teaser Rules
Teasers carry rules. Here they are:
- Length: Bettors cannot tease more than 10 outcomes in a single parlay bet.
- Voids: If a teaser leg pushes that leg is canceled, and the wager is reduced by one leg. If a teaser leg pushes in a two-leg parlay then the entire wager is canceled and the initial stake is returned.
- Limitations: Only full-game totals, spreads and some player props may be teased. Bettors may not tease first-half or first-quarter moneylines.
BetMGM Parlay Bets for NFL
BetMGM is arguably the best option for NFL parlay betting. It features moneylines/spreads/totals on every NFL game from the Hall of Fame Game in August to the Super Bowl in February. Plus, you can combine futures markets, like for a team to win the Super Bowl, make the playoffs or win its division, for a great and fun parlay.
But the top-shelf NFL parlay betting with BetMGM is multi-leg moneylines for games each week. BetMGM offers competitive odds and loads of teasers so bettors can be more comfortable with their parlay legs than with the competition. Plus, BetMGM is among the most widely available online sportsbooks in the United States, which means if you live in a state where only sports betting is legal, it is likely that you will be able to place NFL parlay bets with BetMGM.
The Super Bowl is, well, the Super Bowl of sports-betting events, there always are an insane amount of options and Super Bowl bonuses. BetMGM has you covered with loads of markets you can combine for a one-game parlay. Bettors can choose to add props, totals, alternate spreads and totals, as well as the traditional moneyline wagers with great odds.
Plus, as stated above, bettors are empowered to combine futures markets like a team to win the Super Bowl with other betting markets, or combine two teams to win the AFC and NFC in predicting the Super Bowl months before the big game happens.
Parlay Bet Strategies
The key to parlays is conviction. You need to truly believe in every leg since they all need to be successful for the wager to pay out. If you have any doubt, leave it out.
Try to avoid the urge to get greedy too. It seems like in every parlay, no matter the length, there is at least one leg that’s going to make you sweat, even if the team you wagered is -450 before the game. That’s why 12-leg, favorite-laden parlays still carry extremely long odds: because long-shot underdogs win every day.
Don’t be scared to sprinkle in an underdog, especially if you believe it will win.
But most importantly, have fun and be responsible. There’s no sense in risking your livelihood on a parlay with longer odds than a lottery ticket.
Parlay Betting for Beginners
Start small. Maybe do a two- or three-leg moneyline parlay and see how it goes. My first parlay with BetMGM was a two-leg moneyline parlay where only one of the legs hit. Then I assessed and tried a different one the next night.
The key is research and taking advantage of market inefficiencies. Plus, BetMGM offers teasers and round robins at your disposal, meaning there are ways to mitigate some of the risk so you aren’t locked into five, -110 odd wagers or longer in a parlay.
As a beginner, take one extra measure (and this goes for seasoned bettors too) - shop around your sportsbook available to make the most out of your buck.
How to Calculate Parlay Odds?
It’s not easy. Two -110 wagers results in +264 odds, but with varying odds on all different markets, plus differing odds depending on the number of legs and for one-game parlays, you’d need an abacus to figure out the odds.
Fortunately, BetMGM has a helpful bet-calculator tool that informs you of your odds and total payout before you place your bet, so you’ll know exactly how great your payout will be before you tap “place bet."
Why Are Parlays a Good Bet?
Because they are fun and exciting, especially when they hit. Parlay betting is perfect for football Sundays or doubleheader, national-TV NBA nights or 15-game NHL slates, because you can monitor all the outcomes and stagger them to meet your watching/monitoring needs.
Plus, there’s no feeling like staying up late, especially on a weekend, to watch the final leg of your four- or five-leg parlay hit. It’s indescribable.
Can Parlays Be a Bad Bet?
Dreaming up 20-leg parlays that can make us millionaires is from fairy tales, and although they do hit sometimes, the odds of hitting that many successful outcomes are really, really long, and at some point you’re just throwing your money away.
That’s not to say it isn’t fun or exciting to dream big. Just be careful since the longer the odds, the less likely an event is to pan out.
What Sports Are Available for Parlays?
All of them, and you can combine sports too. For instance, if you live in New York and want to bet on the Knicks, Mets and Rangers to all win in the same day you can easily do that. If you are from Indiana and want to wager on the Colts, Pacers and IU basketball to win, you can do that.
Or you can combine different markets from different sports and different games. For instance, if you aren’t sure about the Pacers but believe the over will hit, you can bet on the Colts to cover the spread, the over in the Pacers game and IU to win, or any combination of the three.
The parlay world is your oyster with BetMGM.
Is There Bet Insurance on Parlays?
Yes! BetMGM, like most online sportsbooks, will usually give bettors parlay insurance if exactly one leg does not hit. Or if you place a one-game parlay, bettors who opt in may get insurance in the form of a risk-free bet.