How to Parlay on Fanduel | Complete Guide

ByFrank Ammirante

Jul 27, 2022

FanDuel is a popular operator, renowned for its user-friendly app and expansive betting markets. But the best part about this betting site is how good it is for parlays. These are types of bets where you combine several wagers for a chance at a higher payout, making them enticing options.

This is a sportsbook that created Same Game Parlays, which enables users to put together their favorite wagers from one game for a chance to hit a home run with a nice profit. It’s an exciting bet type that has spread like wildfire throughout the industry.

In this article, we’ll provide a breakdown of how to bet both types of parlays on FanDuel. You’ll learn about the process and strategies to help set you on the right path to success with this wager type.

How to Bet Parlays on FanDuel

Betting parlays on FanDuel is an easy process. We’ll go through each step to guide you toward your selection.

Step 1: Create an Account or Sign-in

First, you’ll need to create an account by inputting your personal information, including your name, address, and e-mail. You can click on our Fanduel review page link to activate the welcome bonus. Once this is done, you’ll receive a confirmation e-mail to indicate that your account has been verified. If you already have an account, simply enter your username and password.

Step 2: Deposit Money

Your next step is to deposit funds into your account. The great part about this is that it’s convenient, as FanDuel provides you with multiple banking methods, including debit/credit card, PayPal, and more. What’s even better is that your deposit is immediately reflected in your balance, so you’re ready to roll right away.

Step 3: Choose Your Bet

Now you can navigate the site and find your preferred betting market. Each sport is organized by its respective leagues. Click your preferred sport and select your pick to put it on your bet slip. After that, you can choose other wagers to add to your parlay. If you want traditional markets like moneylines, spreads, and totals, you’ll see them on the main page for your selected sport. If you want props, click “More Wagers."

Step 4: Edit Your Bet Slip

You will now have the option to place your wager. The bet slip shows you the odds of your parlay along with the potential payout, depending on your stake. If you want to remove any of the wagers from your parlay, simply click the garbage can icon. The odds will adjust for you, so you’re fully aware of the effect this could have on your potential payout.

Step 5: Review Your Wager

There is an option that can be toggled on or off to review line changes. Sometimes, odds will change as you’re placing your bet. Having this selected will activate a prompt that will appear to confirm that you still want to proceed with the wager despite any changes. Once you’re ready, select “Place Bet."

What Is a Traditional Parlay?

A traditional parlay is when you combine several bet types from multiple games. Originally, you would only be able to include point spreads, moneylines, and totals, but with the popularity of player props, this bet type is now an option for traditional parlays.

You need to hit each of your selections for your wager to win. The payout depends on the odds of each event as well as the number of legs in your parlay. It’s a fun bet type because you stake less to potentially win more, but it’s also more challenging since you need to win every selection.

Let’s take a look at three hypothetical examples that demonstrate how payouts can change, even with the same number of legs.

NBA Parlay: +595 odds

  • Boston Celtics -3.5 (-110)
  • Golden State Warriors -7.5 (-110)
  • Toronto Raptors +5.5 (-110)

In this case, I’d need to win all three picks for my bet to hit. If I risked $100 here, I’d win $595.

NHL Parlay: +180 odds

  • Florida Panthers (-300)
  • Toronto Maple Leafs (-200)
  • Colorado Avalanche (-250)

This parlay has a lower payout because each selection has expensive moneylines. It would pay $180 on a $100 wager.

MLB Parlay: +2900 odds

  • Pittsburgh Pirates (+300)
  • Detroit Tigers (+200)
  • Los Angeles Angels (+150)

Here we have a longshot that pays more because there are three huge underdogs. Putting $100 would pay out $2,900.

Parlays with fewer picks can have a greater payout than those with much more legs. This again goes back to the odds of each bet. When determining how much your parlay may pay, think about the odds first and the number of legs second.

FanDuel Parlay Rules

There are some rules to keep in mind with parlays, such as:

  • If one leg becomes void (ex. postponed, player doesn’t play, etc.), the rest of the parlay is still in play, just with one fewer leg.
  • However, if it is an Odds Boost pre-packaged parlay, one voided selection cancels out the entire parlay.
  • FanDuel reserves the right to reject parlays with multiple combinations of the same event.
  • Players must be active for a prop to stand. For example, if you take an Under on a prop and that player is a late scratch, the bet will be void.

FanDuel Same Game Parlays

Same Game Parlays are where you can combine correlated outcomes from a single game to try to hit a nice payout. You’re able to put various bet types, such as moneylines, spreads, totals, and props.

When placing a Same Game Parlay on FanDuel, you’ll need to click “More Wagers" and then the “Same Game Parlay" tab.

Like regular parlays, you need to win each of your bets in order to hit. The difference here is that you’ll often get worse value in odds because the outcomes are correlated.  Let’s take a look at an example:

Yankees vs. Blue Jays: +448 odds

  • Toronto Blue Jays (-115)
  • Ross Stripling Over 3.5 Strikeouts (-118)
  • Bo Bichette Over 1.5 Total Bases (-115)

Here we have a three-teamer that pays +448 odds. However, in a regular parlay with the same moneylines on each selection, it would give you a payout of approximately +545. Instead of winning $448 on a $100 bet, you’d be getting $545.

This is because the selections have a strong correlation. If the Blue Jays beat the Yankees, there’s a good chance that Stripling pitches well and Bichette contributes to the victory. While we’re losing value, there’s also a higher probability that we’ll win.

This is the main drawback with Same Game Parlays, but the better probability coupled with the entertainment factor makes this a viable trade-off. You can live with the lower value because of your improved chance of winning.

FanDuel Same Game Parlay Rules

While the rules are similar to traditional parlays, there are some to keep in mind for Same Game Parlays:

  • Not every event is eligible for this bet type. You’ll see the “SGP" icon next to games where this is enabled.
  • Some bet types cannot be included in Same Game Parlays. For example, in MLB, you can’t take a team total combined with a player prop, so taking Yankees Over 4.5 Runs and Aaron Judge Over 1.5 Total Bases is off the table.

Round Robin Parlays

Round Robin Parlays are when you combine multiple parlays, effectively mitigating your risk but also reducing your upside. It increases your probability of obtaining profit, but you’ll get a lower payout.

To put in a Round Robin, click each of your picks to add them to the bet slip, then click the Round Robin tab, where you’ll get different options on how to approach your wager.

Here’s an example, using three NFL teams:

  • Chargers -3 (-110)
  • Broncos -10 (-110)
  • Giants +7 (-110)

If you wanted to stake $10 on this as a regular parlay, it would pay approximately $60 (+600 odds). With a round robin, you’re making combinations of these teams along with the regular three-teamer.

  • Chargers -3/Broncos -10: $10 to win $26 (+260)
  • Chargers -3/Giants +7: $10 to win $26 (+260)
  • Broncos -10/Giants +7: $10 to win $26 (+260)
  • Chargers -3/Broncos -10/Chargers -3: $10 to win $60 (+600)

The goal here is to get some type of return on your investment if two of your three picks hit.

Let’s take a look at potential scenarios here:

Scenario 1: All 3 Hit

In this case, you would be staking $40 with a return of $138, giving you a $98 profit.

Scenario 2: 2 of 3 Win

Here, you’d be staking $40 while getting back $26 for a net loss of $14.

Scenario 3: 0 or 1 of 3 Win

This is the worst-case scenario, where you end up losing all $40.

The goal with Round Robins is to get some money back in the event of a close loss on your parlay.

FanDuel Round Robin Parlay Rules

Round Robins are subject to the same rules as traditional and Same Game Parlays. You just need to make sure that you select “Round Robin," because FanDuel will now allow separate parlays where you hedge certain selections.

Teasers

Teasers are when you adjust the point spread to your favor, increasing your win probability but also lowering your potential payout. This is a popular bet type with NFL and NBA, where there is more scoring.

In order to place a teaser, select your events to add it to your bet slip, then click the “Teasers" tab. Type in your stake, and your payout will be shown to reflect the odds of your parlay.

Teasers commonly shave off three to 14 points, depending on the sport. The more points in your teaser, the lower the odds along with the potential payout.

Let’s take a look at an example with the NFL. Imagine you liked the Patriots -10.5, Bills -14, and Packers -7.5. You weren’t confident enough in each team covering the point spread, so you put them in a 7-point teaser, which would look like this:

  • Patriots -3.5
  • Bills -7
  • Packers -0.5

Teasers use a fixed odds chart. One with seven points like this would pay approximately +120 odds. This is much lower than what a parlay would pay with the regular point spreads, which would be about +600.

As with Round Robins, teasers are used to lower your risk. An important note: you can also create a defacto teaser in MLB or NHL by parlaying alternate spreads. For example, I can take the Braves and Red Sox at +1.5 instead of -1.5 for a +104 payout.

FanDuel Teaser Rules

Teasers have the same rules as parlays and round robins, but their odds come from a fixed chart. They do not vary depending on the odds of each selection. There is also one other important distinction:

  • One voided leg results in the entire teaser being refunded on a two-teamer, but three or more will be recalculated after removing the pushed leg.

FanDuel Parlay Bets for NFL

There are several options for NFL parlays on FanDuel. Combine your favorite spreads or totals in a traditional version, take a few player props, or even make a Same Game Parlay with your favorite team. If you’re feeling unsure about your parlay, you can create a Round Robin to mitigate your risk. Furthermore, you can even make a teaser between 3-14 points.

Unfortunately, the one thing that you can’t do is parlay futures bets, such as Josh Allen to win MVP and Jonathan Taylor to win Offensive Player of the Year. Luckily, there are enough options to satisfy your parlay fix in the NFL.

Super Bowl

The Super Bowl is the pinnacle event of sports betting, so you can expect to see a ton of options, and betting enticements like Super Bowl bonuses. Not only will there be traditional markets like point spreads, moneylines, totals, and props, but you’ll also see some novelty selections, like the coin toss and length of the national anthem.

This is a terrific time to build a Same Game Parlay to hit that nice payout.

Parlay Strategies

There are several strategies to consider when placing your parlay bets. Below you’ll find a description of each. Be sure to incorporate these into your betting process because they will help you become more successful.

Bankroll Management

The first point to consider is managing your risk. Parlays are volatile wagers because they’re harder to win since you need to hit every leg within your combination. Even one miss will result in a losing bet. This means that you should stake fewer units on parlays than you would on a straight bet. You don’t want to burn your bankroll here.

Let’s say that your standard bet is one unit on single wagers. In this case, it would be a good idea to risk about 0.25 units on your parlay. This way, even if it misses, you’ll still be profitable if your straight bet hits.

For example, you may bet $100 on the Yankees -1.5 and put $25 on a parlay with New York moneyline and another heavy favorite, like the Dodgers. This covers you if the Yankees win by only one run and can add to your winnings if the parlay hits. If it misses, you would still be +$75 for the day due to your straight bet win.

Be sure to shop for the best lines, as this can save you money in the long run.

Limit your Selections

It can be tempting to create parlays with several legs to try to hit that massive payout. It’s every bettor’s dream to hit a home run with a longshot. However, this is a quick way to put a dent in your profits in the long run. That’s why you need to try to limit the number of selections to a maximum of five plays.

Five-team parlays can still get you that nice payout. For example, if I combined five teams at -110 moneyline, that would get me about 20-to-1 odds. That means if I wagered $100, I’d get back $2,000. This is still a big win and it’s a lot easier to hit than a six-teamer or greater.

At the same time, that does not mean that you should only stick to five legs in your parlay. Vary your combinations to include two-to-four teamers as well. Parlay betting is already a high variance venture, so you don’t want to make things even more difficult by always swinging for the fences.

Betting on Favorites

A prudent move would be to construct a parlay consisting of heavy favorites. Taking such a team in a straight bet is too risky. For example, if you liked the Brooklyn Nets at -300, you would risk $300 to win $100 in that case. Instead, you can get some exposure to these types of bets by combining them with other expensive moneylines in a parlay.

I could parlay the Nets with the Milwaukee Bucks (-300) and Golden State Warriors (-200). This would give me approximately +137 odds, meaning that a $100 wager would pay $137. With this bet, I’m able to take advantage of a team with a high implied probability for a win without incurring the same financial risk.

You can use a parlay like this to act as insurance for your longshot. Perhaps you put one unit ($100) on this bet and $25 on your less probable combination. This helps cover your losses if the riskier parlay ends up loses. However, make sure not to include too many heavy favorites because sports can be unpredictable and upsets happen often.

Betting on Underdogs

You still want to incorporate some underdog parlays because the payouts are so nice. Just make sure that you risk fewer units are these types of wagers because they’re much more difficult to win. Underdogs have higher moneylines for good reason: their implied win probability is lower, based on projections that bake in a number of factors, such as team performance, recent trends, and more.

Let’s say that I parlayed the Miami Marlins (+150), Colorado Rockies (+120), and Arizona Diamondbacks (+180). This parlay would pay at about +1440 odds, meaning that a $100 bet would win $1,440.  This is part of what makes parlays so enticing, as have an opportunity to really hit a home run. Give yourself an opportunity for a big win by placing some underdog parlays.

Creating Same Game Parlays

You’ll want to incorporate Same Game Parlays because they’re fun to play and can be profitable if you build them the right way.

Create a game narrative that aligns with your selections. For example, if I like the Boston Red Sox -1.5, I can add in Rafael Devers and Trevor Story to go Over 1.5 Total Bases. If Boston wins by two or more runs, there’s a good chance that two of their best hitters contributed to the victory.

We’ll get into this bet type more later in the article. If you want more information about putting together Same Game Parlays, check out our guide here.

Mixing in Round Robins and Teasers

Round Robins and Teasers are a great way to mitigate your risk. You can put more units on these bets to act as insurance for your parlays, which have a lower win probability.

Parlay Betting for Beginners

There’s a lot to know about parlay betting, so if you’re new to this bet type, we’ve got you covered here at The Game Day:

  • Limit your selections to three-to-five. This gives you a balance of a nice payout with a reasonable win probability.
  • Put less money on parlays because they’re more difficult to win.
  • Research your favorite wagers based on team performance, recent trends, head-to-head matchups, and notable injuries.
  • Combine correlated choices in your Same Game Parlays.
  • Mix in a Teaser or Round Robin to act as insurance.
  • Shop around different sportsbooks options to find the best odds.

How to Calculate Parlay Odds?

Odds are usually displayed in American style, which is a negative or positive integer related to $100. For example, the New York Yankees may be -150 in odds to win a game. Simply divide the moneyline by 100 and multiply by the result. If you’re playing to win $100, you would be risking $150 in this case, since 100 times 1.5 equals that number.

Parlay odds are calculated depending on the moneyline of each selection. If we assume -110 odds, it usually looks like this:

  • 2 legs: +260
  • 3 legs: +600
  • 4 legs: +1000
  • 5 legs: +2000
  • 6 legs: +4000
  • 7 legs: +7000
  • 8 legs: +15000

Your payout will change if your odds on each bet are higher.

Why Are Parlays a Good Bet?

Parlays are good choices because you don’t have to risk as much money and your potential payout is larger.

Here’s an example:

  • Knicks -110 straight bet: $11 to win $10
  • Knicks -110 + Celtics -110 parlay: $5 to win $13.20

In this case, I’m risking less than half as much money while winning $3.20 more if it hits. The difference is that it’s harder to win two games instead of one, so there’s a trade-off here.

They’re also great because you can remove some of the financial risk associated with taking heavy favorites.

Let’s take a look:

  • Bills -300 straight bet: $30 to win $10
  • Bills -300 + Chiefs -150: $10 to win $12.22

There are some teams that are unplayable at their prices, like the Bills in this example. You’d be risking way more than the potential winnings. This is where parlays come in handy, as you can remove that risk. In this case, I’d stake $20 less to win $2.22 more.

Can Parlays Be a Bad Bet?

Parlays can be a bad bet if you’re creating too many longshots. These are difficult to win and can really drain your bankroll. You also want to make sure that you’re not risking too many units on parlays. You should always put more money on straight bets because they have a higher win probability.

Money and risk management are important. I know that the high payouts can be so enticing, but limit the number of parlays because you’ll be more profitable in the long run. Keep the legs between 3-5 to give yourself a better chance to win. If you’re not doing these things, parlays can become a bad bet.

What Sports Are Available for Parlays?

There are several sports available for parlays, such as:

  • Football
  • Basketball
  • Baseball
  • Hockey
  • Soccer
  • Golf
  • Tennis
  • MMA

Is There Bet Insurance on Parlays?

Bet insurance is a promotion that is available for parlays at some sites. This is where you’re provided with a refund up to a maximum number if you meet the terms and conditions. You’re usually required to have a parlay of at least five legs and if you miss by one, you’re reimbursed anywhere from $10 to $20 in most cases.

FanDuel has a Parlay Insurance offer where you can get up to $25 in site credit if your 5+ team parlay loses by one. Each leg needs to have a minimum odds of -200.

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.