How to Bet Parlay on Betway | Complete Guide

ByPat Pickens

Aug 1, 2022

If you have watched sports, you’ve undoubtedly become aware of Betway Online Sportsbook.

Betway has developed an aggressive marketing campaign where its name is in the arena/stadium at just about every pro sporting event. Despite the fact it is only live in a handful of states, Betway is a leader in online gaming and a great option for parlay betting.

Parlay betting, or combining two-or-more wagers in one overall bet, is one of the most popular ways for gamblers to bet on sports. Parlay betting is a fun way to get more lucrative odds on outcomes that are likely to happen, or to cash in when multiple long-odds outcomes hit.

If you are intrigued at the idea of parlay betting but aren’t sure where to begin, don’t stress. We’re here to help. Here’s a look at parlay betting with Betway.

How to Bet Parlays on Betway

Step 1: Create an Account or Sign In

If you have an account, sign in. If you don’t click through our custom link on our Betway full review page to take advantage of the best new-user offer.

Remember that all sensitive info is used to affirm your identity and is secure.

Step 2: Deposit

Add funds. The best method of doing so is an e-wallet, ACH or electronic payment method like PayPal because you will also be able to withdraw via that method.

Step 3: Peruse Betting Markets

Find the first leg of your parlay you wish to place. Add that leg to your bet slip.

Step 4: Add Subsequent Legs

Find other betting legs and add those to your bet slip.

Step 5: Place Your Bet

Once you’ve included all the wagers you wish to make, enter the amount you wish to wager in the slot that says “parlay." Tap place bet and root for your wager to hit!

What Is a Traditional Parlay?

A traditional parlay is a multi-leg bet that typically features multiple moneylines, spreads or totals in one wager. The most basic is a two-leg moneyline wager where the bettor chooses two teams he/she believes will win one game.

For instance, if the moneyline odds for the Kansas City Chiefs are -300 in their game against the Denver Broncos, I can add the Buffalo Bills to defeat the New England Patriots at -200 and get +100 odds if both teams win. If I don’t like those odds enough, I can also add the Dallas Cowboys to defeat the Philadelphia Eagles at -150 and the odds balloon to +233.

If I want to keep the Chiefs at -300 but don’t trust Dallas to win, I can include the Bills to cover 4.5 points at -110 and the odds are +154.

Betway Parlay Rules

Betway has a few caveats for its parlays. For instance:

  • Pushes: If any leg pushes, either if an NFL game ends in a tie or a spread bet pushes, that leg is voided and the parlay is reduced by one leg. Odds will shift accordingly.
  • Leg Limits: All parlays are limited to 20 legs.
  • Cashing Out: Bettors who have placed multi-leg parlays with multiple games can cash out early for part of their profit so long as cashing out is not locked.

Betway 1-Game Parlays

Betway’s version of a same-game parlay is title 1-Game Parlay, which enables users the opportunity to combine multiple markets from a single game.

Same-game parlays have become extremely popular among bettors, especially for marquee events like college national-championship games, championship-round games, the Super Bowl and much more.

Betway only enables 1-Game Parlays in certain sports, like soccer, basketball and football, and users can activate the feature by toggling a selection on the game they wish to bet.

For instance, if the Baltimore Ravens are a -450 favorite in their game against the Jacksonville Jaguars in a Thursday night game, a bettor might not want to risk putting out a lot of money to not win much back in profit. However, the bettor may want to create a same-game parlay, like the Ravens to win, Lamar Jackson to surpass 85 rushing yards and the Jaguars to finish with fewer than 17.5 points.

Betway 1-Game Parlay Rules

Betway does have 1-Game Parlay rules. Here are a few.

  • Limits: Again, Betway only enables bettors to create their own 1-Game Parlays in a few sports. Usually it is just soccer and basketball, but we suspect football games will also have the feature soon.
  • Maximum Legs: A 1-Game Parlay may not have more than six legs.
  • Voids: If any leg in a 1-Game Parlay is a push then the whole wager pushes, and the bettor receives his/her initial stake back.

Round Robin Parlays

Round robin parlays are a unique way to parlay bet where a bettor may combine a combination of wagers under a multi-leg parlay umbrella. Round robins must be at least three legs, and those parlays are broken into two-leg parlays, where a bettor wins if any of the combos are successful.

For instance, if I created a three-leg round-robin parlay for the Minnesota Vikings, Tennessee Titans and Cincinnati Bengals all to win one week, I would win if the Vikings and Titans won or if the Vikings and Bengals won or if the Titans and Bengals won. If all three were victorious, my parlay payout would be huge since my three two-leg parlays all were successful.

Betway Round Robin Rules

Round robins can be confusing, and do come with more rules than traditional parlays. Here are some of them:

  • Legs: As stated above, all round robins must have at least three legs. It may not have more than eight.
  • Stakes: The stakes for round robins can be crazy and vary depending on the amount of wagers needed to hit. For instance, in a three-leg round robin, a bettor must put out three-times his/her initial stake since there are three different outcomes that can be successful. If a bettor wants to place a four-leg wager, he or she may decide to bet on four two-leg parlays or two three-leg parlays, and stakes are adjusted accordingly.

Teasers

Teasers, or alternate spreads/totals, are bets where a gambler creates more favorable numbers than the sportsbook typically so a parlay becomes more likely to hit. Bettors are usually allowed to tease up or down the total or spread, although Betway will also invite users to tease up or down player props in 1-Game Parlays to make them more likely to hit.

For instance, if I’m betting on the NBA, and I don’t trust the Golden State Warriors to beat the Sacramento Kings by the 13-point spread listed, I can tease the spread down to 8.5, and the odds would adjust accordingly. The odds for Warriors -8.5 might be -200, but if the Dubs win by nine, 10, 11, 12 or 13, I’d be successful instead of hoping they beat the Kings by more than 13.

Teasers can be combined as parlay legs the same way they would be. Like Warriors -8.5 could be part of a broad, three-leg teaser parlay where I wagered on the under in the San Francisco 49ers vs. Los Angeles Rams and could’ve teased that number from 45.5 to 48.5, and chose Stanford football to cover 2.5 points against UCLA.

Teasers are valuable because parlays are hard to hit in the first place, and teasing the spread or over/under total gives us as bettor more of an edge in exchange for a slightly lower payout. My favorite personal story of teasing a spread came in 2020 when I took Boston College to cover 14.5 points as an underdog against Notre Dame as a leg in my four-team parlay. Notre Dame covered the 13-point spread it was assigned, but thanks to a late two-point conversion in the fourth quarter, BC covered my alternate spread and my parlay hit as a result.

Betway Teaser Rules

  • Limitations: Teaser parlays are limited to NBA, NFL, NCAA football and NCAA basketball in Betway.
  • Pushes: Like most parlays, individual legs that push are voided, and the whole parlay is reduced by one leg.

Betway Parlay Bets for NFL

NFL Sundays are tailor-made for parlay betting as their are as many as 15 games every Sunday across multiple time slots that can span from the early morning to midnight Monday.

Fortunately, Betway, like most online sportsbooks, is an exceptional option for parlay betting. Bettors have competitive odds and a vast array of teaser options for all games, and the Betway interface makes parlay betting a breeze.

Plus, single-game parlay bets are only the beginning with Betway. The sportsbook empowers NFL fans to choose multi-market futures wagers too that includes bets like division winners, each conference’s winner and more. Bettors who wish to place multi-leg wagers on multiple sports champions may do so too with Betway.

Super Bowl

The Super Bowl is the best sporting event in the world to bet on as it is always full of Super Bowl bonuses, and Betway, again, enables users to combine markets like which team will win the NFL championship along with other futures. Plus, the Super Bowl is a perfect event for 1-Game Parlay, with the vast array of props and teasers Betway enables for Super Bowl betting.

Parlay Bet Strategies

Teasers are your friend, especially when betting online and including spreads or totals in a parlay. A -2.5 bet might not seem as sexy as wagering a team to cover a full three points, or even 4.5, but you’ll be laughing all the way to the bank when your three-leg parlay hits on a last-second field goal while all the spread bettors are crying in their beers.

If you’re going to dream up an octopus-sized parlay, make sure to sprinkle in an underdog or two. Even -500 favorites lose, and there’s always at least one leg that’s going either make us sweat or doom the whole bet outright.

Do your homework, otherwise you’re just throwing darts. You’re not going to want to see that your six-leg parlay comes down to a team starting a backup quarterback or whose best player is resting that night.

Have fun, be responsible and study up. And good luck!

Parlay Betting for Beginners

The best advice is to get comfortable with betting on individual markets before betting parlays. I remember feeling embarrassed when my Alabama -6.5/under 50.5 parlay failed before halftime in the 2016 college football championship game.

Make sure to start by combining moneyline markets you believe strongly in. Once you master multi-leg parlays, between 2-5 legs, you can advance to more advanced betting parlays like round robins, teasers and futures.

Lastly, it never hurts to remember to shop across different sportsbook options for the best odds so you can make the most out of your money.

How to Calculate Parlay Odds?

Calculating parlay odds can get really dicey, especially when you factor in a dozen-or-more legs and varying odds based on the types of wagers made. Teased-up or down bets carry differing odds depending on how far you move the spread or over/under. Underdogs carry a huge swath of moneyline odds. Same-game parlays make the wagers go even more haywire since odds for each outcome can vary even further.

Fortunately, Betway gives users the exact odds and payouts they will receive for each parlay they wish to wager. You can put that calculator away.

Why Are Parlays a Good Bet?

They’re fun and a great way to get more lucrative odds on wagers that are likely to hit. If you bet on multiple teams that are -300 or shorter to win, and they all do, you’ll still double your money as long as they all win.

Plus, there’s no feeling like watching the final leg of your four-team parlay hit and cashing in on the huge payout you’re going to get as a result.

Can Parlays Be a Bad Bet?

There’s a reason why parlays of four-or-more legs carry astronomical odds like +500 or longer. They’re hard to hit, especially the more legs you add.

What Sports Are Available for Parlays?

All of them, and not just that but bettors may be able to wager on multi-leg cross-sport parlays. Betway, like other sportsbooks, may also boost multi-sport, regionally specific parlays, like where users get enhanced odds on the Yankees, Rangers and Knicks to win or if the Pacers, Colts and Purdue basketball all win.

Is There Bet Insurance on Parlays?

Yes! Often times sportsbooks like Betway will create parlay insurance, like a returned stake if exactly one leg of a qualifying parlay keeps the whole parlay from hitting. Be on the lookout for those promos and whether or not you need to opt into such wagers.

Author

Pat Pickens

Pat Pickens is a seasoned sportswriter who has covered the NHL since 2013 for various websites, including The New York Times, NHL.com, Sportsnet.ca, USA Today, the Associated Press and many others. His debut book, titled "The Whalers" about the history of the NHL's Hartford Whalers, was released in October 2021. His greatest successful wager was an LA Kings puck-line bet (+200) in Game 1 of the 2012 Western Conference Final.