A parlay bet is one of the most popular ways to bet on sports. Bettors love parlays because you’re able to add two or more bet selections and combine them in the same wager. Parlays can include any of the following from different games including point spreads, totals (over/unders), or moneyline bets.
For every additional bet selection added to the parlay, the odds will increase because it’ll be harder to win the wager. Small parlays have potential, but when people start including eight or ten different wagers in one parlay, they’re basically playing the lottery.
Benefits of Parlay Betting Online
There are plenty of pros to parlay betting online, but there’s no better benefit than being able to hedge out of your parlay when the first couple of wagers come through.
What I mean by this is if you have a four-team parlay and the first three legs win, you can guarantee yourself money by hedging the other side of the last leg of your parlay.
Many people who begin long parlays have hedging in mind, which enables them to receive a solid profit even if their parlay would have lost. There are also some legal sportsbooks that allow bettors to edit their parlays and add more legs to their parlay, which would not be allowed in person.
By editing your bet and adding another wager to the parlay, you have a chance at increasing your odds and payout compared to the previous wager. Lastly, once you win your parlay online, you’re able to withdraw it and deposit it within minutes after the wager wins.
If you place a big parlay at a casino in person, you’ll have to go back to the casino to grab your winnings and will have to walk around with a bunch of cash in your pocket before you can take it to the bank to deposit it.
Best Parlay Betting Sites
There are plenty of sites in the US that allow parlay betting. If a legal site is accepting wagers, they’re also going to accept parlays.
Some sites won’t be able to accept wagers over a certain betting limit, but for normal bettors the sites below should suffice.
FanDuel is one of the most popular sports betting sites in the industry. They’ve always accepted parlays via teasers and alternate lines, but when they added Same Game Parlays (SGP) they simply became the best.
No site had allowed SGP until FanDuel introduced it, and SGP became a huge hit. It got so big that other big name sportsbooks had to copy their thinking.
The Same Game Parlay allows you to combine multiple bets from the same game in a single parlay. It’s not always offered on every game, but the more notable and best games (i.e. playoffs, All-Star games, etc.) will certainly be available for SGP wagers.
When BetMGM saw how successful FanDuel was with SGP, they brought “One-Game Parlays” to their site. It’s the exact same concept as FanDuel, but worded differently.
On the right side of their site, BetMGM sportsbook gives you the chance to randomize your parlay and build a parlay using the “Parlay Generator.”
While the Parlay Generator doesn’t have serious analysis based on actual games, it’ll give you an idea of how much money you can make if you bet a certain amount on certain odds.
The Parlay Generator allows you to select what odds you want per selection and what winnings you want. BetMGM also has lots of parlay bonuses with odds boosts and plenty of other exciting promotions using parlays.
bet365 is originally a European betting site that came to New Jersey looking to get into the American markets. The most wagered sport on their site is soccer, so if you’re a big soccer bettor you’re going to love what they have in store.
bet365 sportsbook uses “Bet Builder” — a feature that lets you create the pre-match bet you want on any soccer match. Once you’re in the Bet Builder, simply click the bets you want to add and bet365 will calculate the odds for you.
For other sports, bet365 has early payout for sports like basketball, baseball, and football. If your team goes up by 17 in a football parlay, for example, you’ll win that leg of the parlay automatically without sweating out a potential loser if they blow the lead.
At WynnBET, if you place a parlay wager and you have enough chips, you can push the “Sin the Wheel” button on the bet receipt. When you select it, you can win cool rewards like a stay at the Wynn Hotel and Casino in Las Vegas.
Everyone loves a good teaser, especially during football season. Teasers are adding points to a team’s spread to give yourself a better chance at winning.
The catch is that the teaser is just like a parlay and you’ll need multiple selections to make the bet. The teaser worsens the odds but strengthens your chance at winning.
Most sites have alternative lines, but SugarHouse actually has teaser lines that you can select without having to do the math in your head when selecting alternate lines. For people who struggle with mental math, SugarHouse helps a ton when it comes to teaser betting.
How To Pick the Best Parlay Betting Sites
There are many reasons to use different sportsbooks. I always preach to people that one sportsbook isn’t enough, since each site has pros and cons. If you’re able to use each site for their pros, you’re going to be in great shape.
It’s always fun to place parlay wagers to see if you can win. But what if you can place a wager and receive money back regardless of the outcome? That’s much more fun and a reason why looking for solid promotions when making a parlay bet is helpful.
Same Game Parlays
If you think you know exactly what’s going to happen in a single game, you’re going to want to pick a sportsbook that allows you to add two or more wagers from the same game into one bet. If you think a team is going to score a lot of points, why not pair their team total over with a player prop over?
Parlays are already risky as it is, so if you’re able to find a site that pays out before games are finished, you should use that site.
Always go line shopping. If you find a site that has your wagers at slightly better odds than the rest, that’s going to boost your parlay odds significantly. Odds matter — shop around.
Parlay Betting Promotions
Parlay Profit Boosts
Plenty of sportsbooks offer parlay boosts on a given day. Some sites will offer up to 40 percent more in profit boosts on riskier parlays like a 7-10-team parlay. A profit boost is adding a bonus percentage that would be added to your winnings.
A risk-free parlay is when a betting site claims they will give you a free bet of the exact amount wagered if the bet loses, making it essentially risk free.
Many sites have a section for odds boosts, and parlays will always be a big portion of them. These betting sites are looking to lure you into a better valued odds boost to sucker you in and take your money, so be careful.
However, if you do the right research and believe in the wager, you’re likely getting positive extra value and the wager itself isn’t a poor one.
How to Place a Parlay Bet Online
- Find the Sport you want to bet on.
- Select two or more games.
- If the sportsbook still has all games listed as a single wager, make sure to select the “Parlay” tab. Some books will already start the parlay before you have to click the tab, but please double check and confirm you’ve selected a parlay.
- Enter your wager amount and submit.
- Cross your fingers and hope you win, or look to hedge like we talked about earlier!
Where Can I Legally Parlay Bet Online?
You can legally place parlay bets online in the following regions:
- New Hampshire
- New Jersey
- Rhode Island
- Washington D.C.
- West Virginia
Choose More Than One Parlay Betting Site
As mentioned above, it’s crucial to have more than one sports betting site that you wager on. Each site has their own promotions, so make sure to check those before placing a wager so you can get the most out of your wager.
Furthermore, each site has different odds, so it’s important to compare and make sure you’re getting the most bang for your buck before clicking the submit button.