How to Bet Parlays on DraftKings | Complete Guide

ByFrank Ammirante

Jul 28, 2022

DraftKings has become one of the leading operators in the iGaming space, offering an assortment of betting markets within a user-friendly interface that makes it accessible for all players. You’ll find everything you need from a betting standpoint, including moneylines, totals, props, and most importantly, parlays.

Parlays are fun and lucrative because they give you a chance to hit a higher payout while risking less money. You even have an opportunity to combine several bets from one contest to build a Same Game Parlay. This is great because you can correlate your choices to increase your win probability.

In this article, we’ll dive into parlays on DraftKings, explaining everything that you’ll need to know about this bet type. By the end, you’ll have a thorough understanding of this market, making you ready for a profitable venture in parlay betting on DraftKings.

How to Bet Parlays on DraftKings

Placing a bet on parlays on DraftKings is a straightforward process. Just follow these steps:

Step 1: Create an Account or Sign In

Players with existing accounts can simply enter their username and password to sign in. New users will need to click our “Get Bonus" link on our DraftKings review page to take advantage of the best welcome offer from DraftKings. Next, type in your personal information, which includes name, address, e-mail, and more. Once you’ve received a confirmation e-mail, you’re ready to fund your account.

Step 2: Deposit Funds

You have to put money into your balance, so click “Deposit," which is prominently displayed in green on the top-right corner of your screen, making it easy to find. There are several banking methods to choose from, including credit card. You’ll need to deposit at least $5 in your account. The money will immediately show up in your balance, which is convenient.

Step 3: Navigate the Betting Markets

Now you’re all set to find your preferred sport and wagers to combine in your parlay. If your market is commonly targeted, you’ll find it within the “Popular" section. Otherwise, you can click “A-Z Sports" to find an alphabetical listing of different leagues. Once you’ve selected the one that you want, you’ll see a page filled with the day’s slate of games. You’re able to choose multiple bet types to put in your parlay.

Step 4: Add to Your Bet Slip

When you click a bet type, it’ll be added to your bet slip. Since we’re making a parlay, we’ll need to choose at least two picks. After selecting each event, you’ll see the updated odds for your parlay. If you want to make a Same Game Parlay, click the game that you want and then select that option to turn on the feature. There are also pre-packaged options available under the “Quick SGP" section.

Step 5: Finalize Your Selection

Determine how much you want to stake on this wager. You will see your potential winnings updated based on the size of your bet and the odds of the pick. Click “Place Bet" when you’re ready.

What Is a Traditional Parlay?

Traditional parlays involve selections from multiple games. You can choose moneylines, spreads, totals, and props within your combination. Parlays include at least two selections, with the payouts varying based on the odds of each pick and the number of plays.

The odds of each game take precedence for the overall payout, more so than the number of picks. You can see a two-leg parlay pay more than an eight-teamer, it just depends on the odds.

In order to win your parlay, you need to hit on every pick. Even if you only miss one, that’s still a loss. This is why it has a higher payout, as it’s more challenging to win.

Here is an example of a traditional parlay:

Yankees (-150) + Red Sox-Rays Under 7.5 Runs (-110)  + Blue Jays -1.5 (-110)

This is a three-teamer with approximately +500 odds, meaning that it would pay $500 on a $100 wager.

DraftKings Parlay Rules

There are some rules to consider when betting on parlays at DraftKings, such as:

  • If one event is void (i.e. either due to a push or postponed game), your parlay is still active, it just has one fewer leg. The odds will be adjusted accordingly.
  • You will have opportunities for early cash-outs if you want to take a profit before the bet is settled.
  • If totals or spreads with whole numbers land there, it will result in a push (ex. 30-27 final score on an Over 57 in NFL).
  • MLB games must go for nine full innings (8.5 if the home team has the lead).
  • The maximum number of legs in a parlay is 20.

DraftKings Same Game Parlays

Same Game Parlays are the latest rage in sports betting, as they’ve taken the industry by storm. It’s fun to be able to combine several bets from one game for a higher payout. You also have a number of choices, such as player props, point spreads, over-unders, and moneylines.

It’s a chance for you to create correlated plays, which makes the parlay easier to hit. For example, if you take Patrick Mahomes Over 2.5 Passing Touchdowns and Travis Kelce Anytime Touchdown, you have a wager that can hit on one play — a Mahomes TD to Kelce. This gives it a strong correlation.

However, it’s important to remember that sportsbooks recognize that correlation gives you a higher win probability, so the odds are adjusted to reflect this edge. Same Game Parlays with uncorrelated outcomes will have better odds than those with strong correlations.

Furthermore, if you make two or more picks with a negative correlation, that will have higher odds. For example, if I took the Chiefs Under 24.5 Points but Mahomes Over 300.5 Passing Yards, that would be contradictory, as it’s likely that Mahomes had a disappointing game if Kansas City went below their team total. However, it’s still possible, so you can try to use these negative correlations to your advantage at times.

Same Game Parlay Rules

There are a few more rules to think about with Same Game Parlays, such as:

  • If one player doesn’t suit up, your prop is voided, but the Same Game Parlay will remain active, just repriced.
  • If non-player prop bets are void, then the entire Same Game Parlay will be as well (i.e. an abandoned game due to rain).
  • In “Race to X Points" markets, if no team reaches that number, then it is marked as a loss.
  • The selections outlined after you click “Same Game Parlay" are the ones available for use.
  • Some picks can’t be combined (i.e. if they don’t increase your odds).
  • Your maximum odds often range between +100000 and +150000.

Round Robin Parlays

Round Robins refer to when you make a parlay of at least three legs and create multiple combinations of those three events, seeking to secure some winnings if you only miss by one.

Here’s an example using the NFL:

Let’s say that I bet on the Chiefs -3 (-110) + Chargers +3.5 (-110) + Rams -6.5 (-110)

Regular Parlay

$10 to win $60 at +600 odds

Round Robin

Chiefs -3 + Chargers +3.5: $10 to win $26
Chiefs -3 + Rams -6.5: $10 to win $26
Rams -6.5 + Chargers +3.5: $10 to win $26

Instead of wagering $10 to win $60, I’d be betting $30 to win $78.

The difference here is if I go two out of three, I’ll have staked $30 to win $52. In this case, instead of having a net loss of $10 on a traditional parlay, I’d have a profit of $22.

The hope here is that I don’t go winless because then I’d be losing my entire stake of $30.

Round Robins are good for minimizing your risk on parlays.

DraftKings Round Robin Rules

Round Robin rules are the same as traditional parlays:

  1. Players must suit up for props to stand
  2. MLB games need to go a full nine innings
  3. You can make a 19-pick Round Robin on a 20-team parlay as the maximum

DraftKings Teasers

Teasers are essentially parlays of alternate spreads or totals. The goal here is to get yourself a more favorable number to increase your win probability. This bet type is especially popular in the NFL. You can make 7, 10, and 14-point teasers in football.

Here’s an example of a 7-point teaser:

Instead of Cowboys -7 + Eagles -10 + Rams -14 in a parlay, I would have:

Cowboys PK + Eagles -3 + Rams -7

Teasers have fixed odds based on the number of points you’re shaving off your play, which is different than parlays, where odds can fluctuate.

For example, the odds for an 8-point, 3-team teaser in basketball is -120.

If you want to make a teaser on DraftKings, just click three or more plays and select “Teaser" on your bet slip.

Teaser Rules

Teasers have similar rules to other parlays, but there are a few distinctions:

  • Ties lose instead of push (void)
  • Fixed odds instead of variable
  • You are limited to the selections available (i.e. 3 teams + 8 points)
  • This means that you can’t pick as many games as you want, you have to go with what is stated
  • There are no cash-out opportunities for teasers

DraftKings Parlay Bets for NFL

There are several bet types that you can parlay with the NFL, such as:

  • Point Spread
  • Moneyline
  • Totals
  • Player Props
  • Game Props

You’re even given the option to parlay futures bets, such as Division Winners, which gives you a chance at a high payout. This is something that isn’t often offered elsewhere, so it helps set DraftKings apart from the competition.

Super Bowl

The Super Bowl is the biggest sporting event of the year with tons of options to choose from, plus enticing Super Bowl bonuses - so it’s a great time to lay down a Same Game Parlay. Choose some of your favorite props to go along with the total and moneyline or point spread. Try to make it fun and shoot for the moon for a big payday.

You’ll be able to parlay all of the bet types listed above, as well as novelty props like the color of Gatorade poured on the winning coach or the length of the national anthem.

Parlay Bet Strategies

These are a few important factors to consider when building your parlay:

  • Shop around different betting sites to find the best odds
  • Limit your parlays to your top straight bets
  • Create a safe parlay with favorites to act as insurance for a longshot
  • Sprinkle fewer units on a parlay with longer odds for a higher payout
  • Practice sound money management by focusing on straight bets and only mixing in parlays
  • Combine correlated outcomes for Same Game Parlays while taking a risk by putting together contradictory plays for better payouts

How to Calculate Parlay Odds

Parlays are listed in American odds format, which includes positive and negative integers related to $100. When you build your parlay, DraftKings will automatically calculate the odds for you on your bet slip. If you want to see the payout, type in your stake.

If you’re interested in how American odds work, here’s an explanation:

Let’s say that I have a +600 parlay of three legs:

  1. Divide 600 / 100 = 6
  2. Multiply 6 by your stake (i.e. $100)
  3. 6 x 100 = $600
  4. Your payout is $600

The higher the odds on each selection, the better the payout on your parlay.

Why Are Parlays a Good Bet?

Parlays are a good bet because:

  • You can minimize your risk on heavy favorites by putting them together into a parlay
  • Try to hit a home run on a nice payout
  • Putting games into a parlay gives you better odds
  • You can combine bets that are correlated in a single game, increasing your win probability

Can Parlays Be a Bad Bet?

There are a few cons to consider with parlays, such as:

  • They are harder to win because you need to hit each leg
  • Parlays can drain your bankroll due to their lower probability
  • You can suffer a bad beat when your parlay loses by only one leg

What Sports Are Available for Parlays?

As one of the most popular bet types, you’ll find multiple sports available for parlays, such as:

  • NFL
  • MLB
  • NHL
  • NBA
  • Soccer
  • Tennis
  • Golf
  • MMA

Is There Bet Insurance on Parlays?

Bet insurance is often provided as a new-player offer to welcome them to the site. This is where your first bet is refunded if it loses, capped at a certain number. You can use this promo on parlays.

There is also a recurring promo that is offered, known as Parlay insurance. This is where you’re provided with a free bet up to a maximum if your pick loses by only one. Check the terms and conditions to be fully aware of what is involved with this offer.

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.