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How to Parlay Bet on BetRivers | Complete Guide

ByFrank Ammirante

Nov 24, 2022

If you’re searching for a sportsbook that features an accessible platform along with numerous betting markets and a generous signup bonus, BetRivers is one of the better choices within the industry.

It’s a great betting site, whether you want to put in straight bets on moneylines, spreads, totals, and props, or if you’re more interested in trying to hit a home run on a parlay.

In this article, you’ll learn about the ins and outs of parlay wagering on BetRivers, including the process involved with placing a bet as well as optimal strategies to guide you towards a profitable venture.

How to Bet Parlays on BetRivers

Placing a wager on parlays is quick and easy on BetRivers — just follow this process:

Step 1: Create an Account or Sign In

Click our “Get Bonus" link to access the BetRivers landing page. Select “Join Now" to start registering for a new account. You’ll have to provide your personal information as well as create a username and password. If you already have an account, simply sign in.

Step 2: Deposit Funds

Put money into your balance by selecting “Deposit," which is prominently displayed on the top-right corner of your screen. You’ll be able to use multiple banking methods, making this a convenient process. Your funds will show up in your account immediately following the transfer.

Step 3: Navigate the Betting Markets

Decide which sport you’d like to target for your parlay. You may also choose to combine multiple leagues for this wager. When you’ve decided on your picks, you’re ready to add them to the bet slip.

Step 4: Add to Your Bet Slip

Click each of your picks, and they’ll show up on your bet slip. When you click two or more, BetRivers will automatically put those two selections into a parlay. Your potential payout will depend on the odds of each pick and the number of wagers within your parlay. When you’re ready, click “Place Bet."

Step 5: Same Game Parlay

To place a Same Game Parlay, click “More Bets" on your preferred match. Select “Same Game Parlay" to see which picks can be combined for this bet type. Please note that some games and bet types aren’t eligible to be used in a Same Game Parlay.

What Is a Traditional Parlay?

Traditional parlays are when you combine two or more picks from multiple games. The bet types may include moneylines, over/unders, spreads, and props. You can go with the same sport or pick from multiple leagues. Your potential payout depends on the size of your parlay and the odds of each wager.

You need to win each of your picks in order for your parlay to hit. This means that even if you only miss by one, you still take a loss.

Here is an example:

Parlay: +595 odds

  • Cowboys -3 (-110)
  • Giants +7.5 (-110)
  • Chargers -6.5 (-110)

Betting $100 would pay $595 on this parlay.

BetRivers Parlay Rules

Remember this rule when placing a parlay on BetRivers:

  • If one of your games is void because of extenuating circumstances (i.e. weather) or a push (when your bet ties), that leg will be removed from your parlay, which will still be active, albeit with a lower payout because the odds have been adjusted.

BetRivers Same Game Parlays

Same Game Parlays are when you combine two or more bets from one match. This may include moneylines, totals, props, and spreads. This gives you the opportunity to correlate your picks, which increases your win probability.

Same Game Parlay: Blue Jays vs Yankees

Frankie Montas: Over 4.5 Strikeouts (-148) + Over 17.5 Outs (-108)

If Montas registers 18 or more outs (six innings), there’s a great chance that he also eclipses four strikeouts. These are two correlated plays.

However, sportsbooks recognize this, so you have worse payouts for these types of parlays. In this case, the parlay has +150 odds. Normally, a parlay that has -148 and -108 odds would pay at approximately +220, so we’ve lost 70 cents of value.

At the same time, if you combine two plays with a negative correlation, your odds will change. Let’s say that we went with Montas at Under 17.5 Outs (-117) and Over 4.5 Strikeouts (-148). This is a less likely scenario because he’d have to pitch fewer innings while still registering at least five strikeouts.

Because of the lower probability, this parlay would pay +330 odds, over twice as much as the correlated version. This gives you an opportunity to mix and match your correlations to enhance your potential payouts.

Same Game Parlay Rules

Same Game Parlays have similar rules to their traditional counterparts. The only difference is that some games are not eligible for this bet type. You’ll know if it is when you see it as an option after clicking “More Bets."

BetRivers Round Robin Parlays

Round robins are where you create multiple combinations of the same games. The idea here is to recoup some of your money if you only miss your parlay by one leg.

Let’s take a look at an example to enhance your understanding:

Imagine that I liked the following parlay:

  • Chiefs -3 (-110)
  • Raiders +3.5 (-110)
  • Cowboys -7.5 (-110)

This would pay at about +600 odds. If I staked $10, I would win $60.

With a round robin, I’d create three separate two-team parlays:

  • Chiefs -3/Raiders +3.5
  • Chiefs -3/Cowboys -7.5
  • Cowboys -7.5/Raiders +3.5

Each of these would pay about +250 odds, so I’d take home $25 on a $10 wager. In this case, I’d be putting $10 on all three, totaling $30, instead of $10 on one three-teamer. Let’s take a look at the following scenarios for my round robin:

  • Scenario A: If all three teams win, I’d have risked $30 for a $75 return ($45 profit).
  • Scenario B: If two of three teams win, my $30 stake would return $50 ($10 loss).
  • Scenario C: I’d lose all $30 if I lost each of my legs.

With a parlay, you’re taking a loss whether you go winless or miss by one leg. The round robin helps you get back some of those losses, while still maintaining a chance for profit.

Round Robin Rules

Round robins follow the same guidelines as parlays. In order to create one, select “Round Robin" on your bet slip. Don’t try to create it manually by making your own combinations.

Be sure that you’re using this feature on the bet slip. Otherwise, BetRivers may consider it as “syndicate betting," where several people have combined to wager on the same match. This is against their house rules.

BetRivers Teasers

Teasers are where you move the assigned point spread or total up or down. The idea here is to get a more favorable number for yourself and increase your win probability. You aren’t able to choose your numbers, they range from six to fourteen points, depending on the operator.

Here’s an example of a seven-point teaser in the NFL:

  • Cowboys -1
  • Patriots +14
  • Commanders +17

Each of these games has had its spread altered by seven points.

The difference with teasers is that they have fixed odds depending on the number of points and games as opposed to the variable format you see with traditional and Same Game Parlays.

Teaser Rules

There are a few rules to keep in mind for teasers:

  • Pushes (ties) lose your entire teaser
  • You aren’t able to cash out
  • You can wager up to eight legs
  • The options are six to seven points

BetRivers Parlay Bets for NFL

The NFL is great for parlays because there are so many games happening at the same time.

Here are some choices to look at with football parlays:

  • Parlay a few underdogs for a high payout.
  • Combine multiple favorites to reduce the risk and avoid paying expensive prices.
  • Create a round robin to recoup any potential losses.
  • Put together a Same Game Parlay of the game you’re watching for optimal entertainment value.

Super Bowl

The Super Bowl is best for Same Game Parlays. You can combine numerous props from the big game. Correlate them for higher win probability, or combine contradictory outcomes for higher payouts. You may even have an opportunity to parlay futures, such as Super Bowl MVP and winning team.

Parlay Bet Strategies

Let’s dive into some parlay bet strategies:

  • Put fewer units on your parlays than straight bets because they’re more difficult to win.
  • Limit your selections to five or fewer to keep your win probability at a reasonable level.
  • Mix in some longshot parlays with underdogs for higher payouts.
  • Create Same Game Parlays that have some correlation, but not too much, since you lose value.
  • Think about your favorite picks on the slate. Put straight bets on them and also combine them into a parlay.

Parlay Betting for Beginners

If you’re new to parlays, here’s some advice:

  • Think of parlays as the condiments to your burgers with straight bets as the beef patty. You don’t want the focus of your portfolio to be parlays, but you want to allocate some percentage towards this bet type.
  • Practice prudent money management. Track your record so you see how you’ve done. Don’t risk too much money on a single parlay.
  • Research each of your picks, looking at factors such as the head-to-head matchup, recent performance, weather conditions, home/away splits, and more.

How to Parlay Moneyline Odds

Each game is displayed in American odds on BetRivers. This is shown as positive or negative integers related to 100.

Here’s how you calculate:

  • risk $100 on -110 odds
    • Divide 110 / 100 = 1.1
    • Divide 100/1.1 = 90.9
    • Risk $100 to win $90.90
  • to win $100 on -110 odds
    • Divide 110 / 100 = 1.1
    • Multiply 1.1 x 100 = 110
    • Risk $110 to win $100
  • stake $100 on +130 odds
    • Divide 130 / 100 = 1.3
    • Multiply 1.3 x 100 = 130
    • Risk $100 to win $130

Parlay odds are calculated based on the odds and selections. If you have three picks at +200 or greater, that will pay more than a five-teamer of teams with -200 odds or lower.

Example 1: Underdog Parlay (3 teams)

  • Knicks +200
  • Raptors +200
  • Hornets +200

This parlay has +2600 odds, so if you stake $100, you win $2,600 if it hits.

Example 2: Favorite Parlay (5 teams)

  • Yankees -300
  • Dodgers -300
  • Braves -200
  • Mets -200
  • Astros -200

Even though this has two more teams, the picks consist of heavy favorites. Therefore, it pays at +500 odds, so if it hits, you’d win $500 off a $100 wager.

Why Are Parlays a Good Bet?

Parlays are a good bet for these reasons:

  • Hit a home run with a nice payout on a longshot parlay.
  • Combine heavy favorites in a parlay instead of paying heavy juice on a straight bet.
  • Have some fun with a Same Game Parlay by creating combinations of correlated outcomes.
  • Parlay your favorite futures for a chance at a big payday.
  • This bet type has a better return on investment than straight wagers.

Can Parlays Be a Bad Bet?

Parlays also have some drawbacks, such as the following:

  • They’re harder to win, so they can drain your bankroll in the long run.
  • Same Game Parlays give you less value, especially if your legs are correlated.
  • It can be difficult to find multiple games where you feel confident in a win.

What Sports Are Available for Parlays?

These are the sports available for parlays:

  • NFL
  • MLB
  • NBA
  • NHL
  • NCAAB
  • NCAAF
  • Soccer
  • Tennis
  • MMA
  • Formula One
  • Golf

Is There Bet Insurance on Parlays?

You may find Parlay Insurance as a promotion on some operators. This is where you’re refunded a certain amount of money if your parlay loses by one leg. There are terms and conditions attached here, so be sure to check them out. Usually, the parlay needs to be four or more legs with a $20+ stake.

Author

Frank Ammirante

Before joining The Game Day, Frank spent three years in the fantasy sports and betting industry, writing for websites like RotoBaller and 4for4football. Frank is an active member of the fantasy baseball and fantasy football community, participating in high-stakes leagues like NFBC/NFFC as well as industry competitions like Scott Fish Bowl, RazzBowl, and TGFBI. Frank is a member of the FSWA and IBWAA. Give him a shout to talk fantasy sports and sports betting.

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