How to Bet Parlays on Caesars Sportsbook | Complete Guide

ByPat Pickens

Jul 27, 2022

The Caesars Online Sportsbook is a world-class option for sports betting, with elite odds and a robust number of betting markets on every sport every day. While betting with Caesars, users will be able to accrue Caesars Rewards that can be redeemed for points and credits at Caesars properties around the world.

Parlay betting, or combining multiple bets in one wager, is one of the most popular ways to gamble on sports. Betting parlays at Caesars is as easy as adding two markets to your bet slip, entering your bet amount where it says “parlay bet" and tapping “place bet" as you would any other.

If you have a Caesars account but have been anxious about placing parlay bets then this is the article for you. Here’s a crash course on placing parlay bets at Caesars.

How to Bet Parlays on Caesars

Step 1: Create an Account or Sign In

If you don’t have a Caesars account, click through our specially curated link on our Caesars sportsbook review page, enter your info, keeping in mind that any information you’re asked to share is secure and only used to affirm your identity. Use the promo code “GAMEDAY15" to unlock the sportsbook’s best new-user offer.

If you have a Caesars account, sign in.

Step 2: Deposit

Enter funds in your preferred method of doing so, keeping in mind that credit cards can not be used as a withdrawal option even if you used that method to deposit. If that concerns you, use an ACH or e-Wallet like PayPal so you can withdraw in a timely fashion.

Step 3: Enter Parlay Leg No. 1 

Peruse betting markets and find the bet you wish to be your first parlay leg. Add it to your bet slip.

Step 4: Add Subsequent Legs

Consult the rest of the app and come up with the remaining parlay legs, add those to your bet slip. The maximum number of legs you can place with a parlay at Caesars is 25.

Step 5: Place Bet

Enter the amount you wish to wager, tap “Place bet" and root like crazy for each leg to hit!

What Is a Traditional Parlay?

A traditional parlay is any two-or-more leg wager that has consists of moneyline, spreads or totals from multiple games/matches. In parlay betting, every leg must be successful in order for the wager to be successful, which is why parlay bets carry longer odds than single-leg outcomes like moneylines or spread bets.

Caesars Parlay Rules

Caesars has extra rules for parlay betting due to the complex nature of that type of bet. They include:

  • Pushes: If any leg of a parlay pushes, meaning there is a draw or the spread you wanted a team to cover is a push, that leg is voided and the parlay is reduced to one fewer leg.
  • Cash Out: Bettors may be interested in cashing out of their parlay if one-or-more leg has already hit and the second/third/fourth, etc., is in jeopardy. Caesars will typically offer bettors money back — the amount depends on the stake and odds of your final leg hitting — for bettors who wish to cash out before the final leg is completed.
  • Maximum legs: No parlay can be longer than 25 legs.

Caesars Same Game Parlays

Caesars offers same-game parlays for its pro and college football and basketball betting, but it does not offer the same level of customized SGPs as some of its competition. However, Caesars will curate same-game parlays in all sports, like betting on one player to post 20-plus points and for his team to win or betting on multiple players to knock down a predetermined number of 3-pointers.

In a customized same-game parlay on Caesars, bettors might choose to combine the Los Angeles Chargers to win, Justin Herbert to throw for 250-plus yards and for there to be more than 45 points in the game. This is a bet that’s possible to place on Caesars.

Caesars Same Game Parlay Rules

As stated above, Caesars has limitations on customized same-game parlays. Typically, bettors are confined to just NFL and NBA SGPs, especially since some states do not allow prop wagers for college games.

Cashing out in SGPs is not allowed since the bet is ongoing as of the start of the game and is closed as soon as the game ends. This means if your SGP hits, you’ll get paid instantly. If it doesn’t then there’s no cash-out option.

Round Robin Parlays

Round Robin parlays seem complex but really aren’t. In a three-leg parlay all bets must be successful for the bet to pay out. But in a three-leg, round-robin wager, the bets are broken down into two-leg parlays, meaning only two of the three listed need to win for one of your bets to hit. If all three teams win, you’ll hit a massive pay out, since three two-leg parlays come with extremely long odds.

For example, if you place a three-leg round-robin parlay with the Chicago Bears, Tennessee Titans and Kansas City Chiefs in their three games one Sunday, your wager would hit if the Bears and Chiefs won even if the Titans fell on a last-second field goal. Your wager would hit if the Titans and Chiefs won even if the Bears got blown out. Your bet would hit triple if all three won.

The only true drawback is in a round robin you are charged triple your stake, since you are placing three two-leg wagers. But again, if any combination of two are successful you’ll win some money back.

Caesars Round Robin Rules

As stated above, the rules of round-robin betting are that you must multiple times the original stake you’d put out, since round robins are essentially multiple bets in one. If you do a five-leg parlay, you’ll be placing 5x your stake since there are five wagers in your slip.

If one leg pushes then your two-leg round-robin wager simply becomes a single bet, as is customary since pushes generally void the original wager.

Teasers

A teaser is when a bettor moves an over/under number or spread to make it more favorable for gambling. Teasers are especially useful in parlay bets since expecting multiple wagers with -110 odds to hit is really, really hard. But when you tease spreads or totals that makes them more likely to hit and thus makes your multi-leg parlay to hit.

My favorite personal tale of teasing came in 2020 when I teased Boston College to cover a 14.5-point spread against Notre Dame in a four-leg college-football parlay. The Fighting Irish were listed as 13-point favorites and covered with a 45-31 win, but the Eagles helped me win my bet by covering 14.5 points. The odds were less lucrative than if I had BC +13 as a leg, but I still won.

Caesars lets you tease spreads and over/unders as well. For instance, if you want to wager the under in the Detroit Lions-Chicago Bears game, but are anxious about it at 42.5, you can tease it on Caesars to 45.5 or 48.5 as part of a same-game parlay or traditional parlay.

As stated above, teaser parlays come with shorter odds than their non-teased counterparts, but sometimes you need every edge you can get.

Caesars Teaser Rules

Caesars does offer teasers is just about every game but it doesn’t let bettors tease as robustly as you can in other sportsbooks — there is a sliding scale the sportsbook features that looks cool and incrementally allows bettors to tease numbers.

If you tease an over/under, and it pushes, that leg is voided, meaning the bet is dropped by one leg. Bettors may cash out early from their multi-leg teaser bets, especially there is only one leg still in doubt.

Caesars Parlay Bets for NFL

Thanks to its partnership with the NFL, Caesars is an exceptional option for football parlay betting. As stated above, the sportsbook offers customizable same-game parlays for NFL games all season long. Plus, traditional parlays are a breeze with Caesars’ easy-to-navigate interface.

The best way to bet parlays at Caesars is to do so on Saturday nights or Sunday mornings before games start due to the vast volume of prop wagers that are unveiled shortly before the early slate of games kicks off.

Super Bowl

The Super Bowl is, well, the Super Bowl for sports bettors, sportsbooks offer an insane amount of betting options and Super Bowl bonuses as enticers. Caesars is one of the best options for Super Bowl same-game parlay betting. Aside from the aforementioned curated same-game parlays, Caesars will empower bettors to place their own customizable two-plus leg bets for the big game.

Plus, Caesars offers odds on all 32 teams to both win and reach the Super Bowl on a year-round basis, meaning you can bet on your favorite team to win its conference or hoist the Lombardi Trophy any day of the year.

Parlay Bet Strategies

There are no shortage of strategies for parlay betting, and given the long odds and general difficulty in getting parlay bets to hit many involve some superstition or voodoo.

The best parlay betting strategy is to do your homework. Make sure you are giving serious thought and consideration to all factors when placing a parlay. Check the weather if you’re inclined to do an over bet as one leg. Make sure there aren’t any marquee injuries if you’re wagering an underdog to cover a spread or win outright as one of your legs.

Also make sure you’re teasing smartly. If you’re trying to bet a three-point underdog to cover a spread in football tease the number to 3.5 or 6.5, since you’ll win if that team loses by a field goal and betting an underdog to cover 6.5 points covers you if the game goes to overtime.

Bet smart, do your homework and have fun. Also, be responsible. There’s no sense in jeopardizing your future over the potential to hit a long-odds parlay on a Sunday afternoon.

Parlay Betting for Beginners

The best way to dip your toe into parlay betting is by doing it. Combine two games/outcomes that you think will happen, and combine them in a parlay — no matter the odds — and place a small sum of money on the parlay to hit. You’ll see right away how much fun it is to bet parlays when you’re monitoring both legs, especially if either or both are close games.

From there you can get crazier and place multi-leg or multi-futures parlay wagers as you get comfortable. But the best way to get comfortable betting is by doing it. It all might seem intimidating, and you may make mistakes along the way, but don’t worry. This happens to everyone. The point is to have fun and learn so you can get better and make smarter decisions.

As much as you can, try to also bet smart with your money - meaning, shop around to find the best available promotions you can for an extra edge on your wagers.

How to Calculate Parlay Odds?

Parlay odds vary drastically depending on the wager you try to place. If you’re trying to combine two wagers at -200, the fixed odds for a parlay are +125. Two wagers at -110 pays out at +264, meaning you’ll earn $264 profit on a $100 wager.

However, with parlay profit boosts and huge variations depending on the number of legs and original odds of the legs you care to bet, it is easy to just let Caesars calculate the parlay odds for you and simply worry about cashing those tickets in.

Why Are Parlays a Good Bet?

They are fun and are a great way to better odds on moneyline and teased-spread bets that seem likely to hit. Betting a three- or four-leg parlay on a football Sunday is a great American pastime. Betting on a multi-leg NBA Christmas or playoff parlay is a ton of fun. Betting a World Series same-game parlay is awesome.

Plus, if you keep your parlays small, again between 2-4 legs, and focus on likely occurrences — like -200 or shorter — there’s a strong possibility of cashing in some big payouts.

Can Parlays Be a Bad Bet?

It can be if it has too many legs. There’s a reason why parlays four-legs and longer come with such long odds: Because the more outcomes that have to be correct, the less likely you are to have a winner.

It may only take one eight-leg parlay to hit to get a massive payout, but in the long run you’re not likely to hit any eight-leg parlays, which means you’re throwing your money away.

What Sports Are Available for Parlays?

All of them. Every single one. You can combine betting markets for multiple sports in a parlay, and Caesars will even curate boosted parlays for individual markets. For instance, if you’re in New York, you can bet on the Giants and Knicks to win on the same day with boosted odds. If you’re in Tennessee you might get the chance to bet on UT and Vanderbilt football and the Memphis Grizzlies in a boosted parlay on a particular game.

Caesars will let bettors combine moneyline and spread bets on every game every day. It’s only up to you to dream up a combo that will win.

Is There Bet Insurance on Parlays?

Yes! Caesars regularly has insurance on parlays like a free bet if exactly one leg of your qualifying parlay does not hit. Make sure to consult the site/app’s promos page to see the details and take full advantage.

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.