The World Wide Leader of Sports has officially announced its entrance into the sports betting industry with its partnership with PENN National Gaming.
ESPN BET is a (soon-to-be) new operator in the sportsbooks industry, but they’ve already established as one of — if not the single — largest brands in sports.
From the full network of channels, a massive social media following, and an immense library of content — both live and otherwise.
ESPN BET will surely offer a wide variety of betting markets within a freshly branded, user-friendly interface that makes it accessible to 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.
ESPN BET also offers the opportunity to combine wagers from the same contest to build a Same Game Parlay — which allows you to correlate your choices in a way that increases your win probability. You can also combine multiple same-game parlays with the Parlay+ feature.
Below, we’ll dive into parlays on ESPN BET and explain everything you need to know about this type of wagering. By the end, you’ll have a thorough understanding of this bet type and be ready to bet parlays on the soon-to-be ESPN BET.
How to Bet Parlays on ESPN BET
If you want to learn more about this latest major name in legal sports betting before starting to wager, read our full ESPN Bet hands-on review.
After you’ve scoped out our trial run through the mobile app, start creating your parlay bets. The steps are straightforward:
Step 1: Create an Account or Sign In
ESPN BET is not officially launched yet — but will be soon — but the account registration process will likely look similar to the Barstool Sportsbook.
Once it is officially rolled out — expected to be this fall — you’ll navigate to the ESPN BET app or website and click “Create Account." Follow the on-screen prompts and fill out any necessary fields.
These fields include personal information — name, address, email, and more. You may have to confirm the creation through your email, as well as complete any necessary steps to verify your identity and location.
Step 2: Deposit Funds
You’ll then need to make a deposit using one of the many safe and secure deposit methods available on ESPN BET.
They will likely offer several banking methods to choose from, including credit/debit cards, PayPal, online banking, and wire transfers.
Be sure to check out the top sportsbook bonuses for the full terms and conditions of the ESPN BET welcome offer when applicable.
Step 3: Navigate the Betting Markets
You’re all set to find your preferred sport and wagers to combine in your parlay.
You should be able to easily find the accessible betting markets available on ESPN BET — if it is a heavily targeted market, it may even be on the home page.
Otherwise, you can navigate around the app through the top sports and markets for the top betting options of the day.
Once you’ve selected the one that you want, you’ll see a page filled with the upcoming available games. You’re able to choose multiple bet types to put in your parlay.
The betting markets will likely similarly align with the formerly known Barstool Sportsbook, as well as TheScore — which PENN purchased in October of 2021.
Step 4: Add to Your Bet Slip
When you click a bet type, it’ll be added to your bet slip.
Since we’re placing 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, simply click two options from the same game that you want and it will create an SGP for your chosen selections.
There are also pre-packaged options available under the “Home" tab section — many of which will come with boosted odds or that predict a “story" for the game.
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 parlay bets combine different wagers from multiple games or markets — called “legs" — to create one bet with longer odds.
You’ll be able to 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.
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:
- Chiefs ML (-150)
- Bucs-Panthers Under 47 (-110)
- Bills -7 (-110)
This is a three-team parlay with approximately +500 odds, meaning that it would pay $50 on a $10 wager.
ESPN BET Parlay Rules
There are some house rules to consider when betting on parlays at ESPN BET:
- Where one or more legs of a parlay is void or pushed for any reason, the bet will be settled using the remaining selections, which will become a new parlay, or a single wager if only one leg remains.
- If totals or spreads with whole numbers land there, it will result in a push for that leg (ex. 30-27 final score on an Over 57 in NFL).
The potential payout will be reduced to reflect the combined odds of the revised wager.
Cash Out is a feature that is offered on select parlays — which allows you to amend your original bet by settling your bet — or a portion of your bet — for the event to finish.
Cash-out values are reflective of current odds and are therefore bound to sportsbooks’ rules. Cashout may not be available for all parlay markets.
ESPN BET Same Game Parlay
Same-game parlay bets have become one of the most popular bet types in the industry.
You will have several choices with the SGP feature on ESPN BET, such as player props, point spreads, over-under, and money lines.
It’s an interesting revolution in the sports betting industry and a fantastic way to capitalize on the “story" of a game by combining correlated plays which can allow you to take greater advantage of perceived errors in the market.
For example, if you take Saquon Barkley’s Anytime Touchdown and Giants Team Total over 21.5, you have a wager that can hit on one play — a 4th quarter touchdown run from Barkley.
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.
Parlay+ wagers 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 Giants Under 24.5 Points but Barkley scores two-plus touchdowns, that would be contradictory.
It’s likely that if Barkley scores two touchdowns, the Giants would have offensive success and thus would go over 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
A few central rules and practices to think about with Same Game Parlays include:
- If any selection within a Same Game Parlay is void or pushed under ESPN BET General or Sport-Specific Rules, the remaining selections will be used to determine the outcome of the wager and the odds will be changed to reflect the new price.
- You can combine Same Game Parlays from multiple games which is known as a Parlay+.
- If one player doesn’t suit up, your prop is voided, but the Same Game Parlay will remain active, just repriced.
- Some picks can’t be combined (i.e. if they don’t increase your odds).
Round Robin ESPN BET Parlays
A round-robin parlay allows you to place a series of parlay wagers on three or more selections, from a greater amount of overall selections.
For example, a customer could place four parlays covering three selections.
Here’s an example using the NFL:
Let’s say that I bet on the Saints ML (-110) + Giants +3.5 (-110) + Cardinals +10.5 (-110)
$10 to win $60 at +600 odds
- Saints -110 + Giants +3.5: $10 to win $26
- Saints -110 + Cardinals +10.5: $10 to win $26
- Cardinals +10.5 + Giants +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 $12.
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 and maximizing your profit on parlays.
ESPN BET 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, due to the sharpness of oddsmakers in setting the lines and the ability to tease through key numbers.
You can make 7, 10, and 14-point teasers in both the NFL and college football.
Here’s an example of a 7-point teaser:
Let’s say on a given NFL Sunday the current lines are Eagles -7, Bills -10, and Cardinals +14. You would instead get those lines at Eagles PK + Bills -3 + Cardinals +21.
Teasers have fixed odds based on the number of points you’re shaving off your play, which is different from 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 ESPN BET, just click three or more plays and select “Teaser" on your bet slip.
Teasers have similar rules to other parlays, but there are a few distinctions:
- Should any part of a Teaser bet be settled as a void or push, that particular selection will be excluded from the parlay and the odds/payout will be re-adjusted removing the voided or push legs.
- Where a void or push results in a teaser being reduced to one selection, the teaser will be treated as a single wager and paid out at the appropriate fixed odds.
ESPN BET Parlay Bets for NFL
There are several bet types that you can parlay with the NFL, such as:
- Point Spreads
- Player Specific Props
- Game Specific Props
- Team Specific Props
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.
You can combine the spread and total if you believe a team’s defense will dominate a game. The Super Bowl is also sure to offer the most prop betting options of the season — including a large selection of novelty props —
Parlay Bet Strategies
These are a few important factors to consider when building your parlay:
- Shop around to various betting apps to find the best odds
- Limit parlays to your favorite straight bets
- Create parlays with multiple favorites to increase your odds with likely events
- Be careful with your unit size on parlays due to the variance involved
- Focus on straight bets while sprinkling in parlays for big paydays
- 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.
- (-110) = Bet $110 to win $100, pay out $210
- (+150) = $100 bet wins $150, pay out $250
When you build your parlay, ESPN BET will automatically display the odds in your bet slip. To see the full payout information, just add your stake and it will show your payout.
If you’re interested in how American odds (-110, -150, +200, etc.) work, here’s an explanation:
Let’s say that I have a (+600) parlay of three legs:
- Divide 600 / 100 = 6
- Multiply 6 by your stake (i.e. $10)
- 6 x 10 = $60 win + your initial $10 stake
- Your total payout is $70.
The higher the odds on each selection, the better the payout on your parlay.
If you want a quick way to tabulate your payout on these fun multi-leg wagers, use our Parlay Calculator:
Why Are Parlays a Good Bet?
Parlays can be a good bet because:
- You can combine multiple likely events (favorites, alternate totals, etc.) to increase odds and payout
- Hit a big score without committing a large percentage of your bankroll
- Allows you to 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:
- Need to hit multiple bets to win a single wager
- Have a lower probability which can increase volatility in your bankroll
- Opens the door to bad beats such as winning your first four legs and losing the fifth and final leg
- Sportsbooks want you to place them as they collect a bigger hold percentage on parlays compared to straight bets
What Sports Are Available for Parlays?
As one of the most popular bet types, you’ll be able to place a parlay on nearly every sport where ESPN BET offers straight bets:
- and more!
Does ESPN BET Have Bet Insurance on Parlays?
Bet insurance, second chance bets, and first bets on an operator are 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. Most sites offer the ability to use their new-player offers on parlays as well as straight wagers.
There is also a recurring parlay insurance that is often offered. This is where you’re provided with a bonus bet up to a maximum if you place a qualifying wager.
Each operator will have different terms & conditions for their parlay insurance. Perhaps it needs to have a certain number of legs or minimum odds, maybe you are only allotted one leg to lose. Be sure to check the terms and conditions to be fully aware of what is involved with these offers.