NFL parlay betting is one of the most popular bets you can make in the US. It combines the most popular sport in the country with a betting style that allows for higher payouts. Bettors love parlays because it allows them to combine two or more bets to give them a higher reward on their wager.
Whether you’re going with a long-shot four-teamer or combining two heavy favorites to lower your risk, parlays are an enjoyable part of the betting experience. At the same time, parlays can be difficult to win, so it’s important to make sure that you bet with a sportsbook that makes it easier for you.
How NFL Parlay Betting Works
NFL parlay betting is when you choose multiple games, totals, or props and combine them to create a higher payout for the wager. You would need to get each wager correct in order to win.
For example, I could parlay the Cowboys +3.5 with the Giants +7.5. If both bets hit, I would win my parlay. You can also choose the side and total in the same game. For instance, I could parlay the Chiefs -9.5 with Over 51 points.
The more bets that you include in your parlay, the higher your payout. For example, if I include two bets at -110 odds in my parlay, I would receive a +264 payout. That means if I bet $100, I would win $264.
On the other hand, if I included six bets at -110 odds in my parlay, I would receive a +4700 payout, meaning that I would win $4700 off of a $100 bet. Obviously, it’s more difficult to win this type of parlay because you need to get six bets correct, so the odds reflect this challenge.
Parlay payouts are also calculated based on the odds of each specific game. For instance, if you parlay two games where teams are +200 underdogs, your payout would be +800. That means that if you bet $100 on this parlay, you would receive $800 if you won.
You might also choose to bet two heavy favorites in a parlay in order to minimize your potential loss. For example, if you parlay two games where teams are -200 favorites, your payout would be +125. That means that if you bet $100 on this parlay, you would receive $125 if you won.
Parlays are so appealing because you can maximize your earnings if you’re able to hit, especially if it’s on a larger parlay. With that said, it’s important to understand the difficulty with such a bet.
This means that you need to be comfortable with losing a fair share of parlays because this is the likely outcome. In order to balance this, you might opt for a couple of parlays with heavy favorites to offset your losses from your long-shot parlays.
Best NFL Parlay Betting Sites
Caesars Sportsbook purchased the popular British online sportsbook William Hill in August 2021 and has taken the online sports gambling space by storm with an aggressive marketing push. Caesars is an official partner of the NFL and offers betting on every NFL game from the preseason through the Super Bowl, with elite odds and no shortage of parlaying options.
Plus, every wager with Caesars, win or lose, comes with Caesars Rewards, the company’s loyalty program that gives hotel and restaurant credits, free bets and much more.
bet365 Sportsbook is great for parlays because they really help out users to optimize their expected value, particularly with their cash-out option. For example, imagine that you bet on a four-game parlay with three games at 1 p.m. and one game at 8:15 p.m.
Let’s say that you won the first three games that were played at 1 PM, with only one game left to win. You can cash out at this point to secure a lower payout rather than risking that you lose the last game and win nothing for your close result.
FanDuel Sportsbook is another good option because, unlike bet365, it allows you to parlay on props. bet365 only allows this on certain games. They also offer parlay insurance, where you get a certain amount of money back ($25) if you get only one incorrect result within your parlay. Like bet365, FanDuel also provides cash-out options.
DraftKings Sportsbook is similar to FanDuel with a vast selection of options at your disposal for your parlaying needs. Like FanDuel, DraftKings provides you with opportunities to parlay props, which is huge because betting on player props can often be easier with predicting a correct result in the actual game.
BetMGM Sportsbook includes a Bet Builder feature that allows you to combine different bets from different sports to create your parlay. This feature is only available on selected matches on the site. BetMGM has some of the best odds on parlays in the industry.
BetRivers Sportsbook has an interesting feature called Jackpot Parlay, which provides eight randomly selected longshot bets that are combined to create a large potential payout for you. It’s a nice touch that can help you if you’re deciding which games to pick in your longshot parlay.
We break it down even further if you are interested in more parlay betting sites.
How To Pick the Best NFL Parlay Betting Sites
- Cash-out: Allows you to cash out when you win one or more games to secure some winnings. This is best if you hit multiple games on your parlay.
- Welcome Bonus: It’s great when a sportsbook matches your deposit. You can then use these funds on a parlay and try to hit big on a parlay.
- Parlay Insurance: Parlay Insurance is a great promotion that gives you some money back if you get most of your parlay correct.
- Props Parlays: Player Props are great for parlays because they are a bit easier to project than single-game results. This means that you can really maximize your earnings with a parlay of prop bets. Not every sportsbook offers this, but this is huge for your potential success in parlays.
NFL Parlay Betting Promotions
Parlay Bonus (bet365): You can get a bonus between five and 70 percent of your winnings, depending on how many selections. If you hit on a two-game parlay, you’ll receive a five percent bonus, but if you hit on a 14+ game parlay, you receive a 70% bonus.
Parlay Insurance (FanDuel & DraftKings): Provides up to $25 if you hit all bets except for one. This is helpful because it gives you some money back for a close call.
Parlay Plus (BetMGM): Similar to Parlay Bonus (Bet365), where bonus rewards are provided (up to 40% more profits), depending on the size of your parlay.
Best NFL Parlay Bets
I would make sure to make parlays on player props because these are the best types of bets to make. Player props are a lot easier to project because we can heavily research the matchup. We can see how teams fare against certain positions.
For example, last season, the Texans were horrendous against the run. Opposing running backs routinely went off against them. In this case, I’d bet the over on the opposing team’s running back’s rushing yardage.
We can also project game script pretty easily, which helps with player props. For instance, if the Falcons are +10.5 point underdogs in Kansas City, we can expect Matt Ryan to air it out often to keep pace with the high-powered Chiefs offense.
This means that we should bet the over on props such as Matt Ryan pass attempts. These are the benefits of player props. Be sure to take advantage of them and check out all of our NFL betting picks for more guidance.
NFL Same Game Parlays
What are NFL Same Game Parlays and how do they work?
Same Game Parlays are when you bet on the result, total, and props in the same game. For example, I can parlay the Titans -5.5 with the OVER 47 points in the same game. I might also include the OVER on Derrick Henry’s rushing yards.
This would be a highly correlated play because if the Titans win the game and play with a lead, there’s a good chance that Henry is getting his fair share of rushing yards due to the favorable game script. Be mindful of correlated plays when doing Same Game Parlays.
How to Place an NFL Parlay Bet Online
- Select your potential bets: spread, totals, props.
- Determine the amount of money that you will risk.
- Check the payout and see if it’s worth the parlay.
- Limit your parlays to six games to keep the difficulty at a reasonable level.
NFL Parlay Betting Strategy
As previously mentioned, the NFL season is a sprint with only 17-weeks for you to build your bankroll. This means that maximizing your earnings through parlays can be an optimal strategy.
It’s a good idea to diversify your portfolio with your parlay bets. This means that you should combine longshot parlays with favorite parlays.
For instance, let’s say that I wanted to do a long-shot, five-team parlay. This parlay includes Cowboys -3.5, Eagles +4.5, Chiefs -9.5, Broncos/Chargers OVER 47, and A.J. Brown OVER 80.5 Receiving Yards. This parlay would pay +2435, so I would put less money on it, let’s say $25, which would give me $608.75.
I could add a favorite parlay with something like Cowboys -200, Chiefs -1000, and Bills -450. This parlay would pay +100, so I would risk $100 on it to win $100. It’s a much more likely outcome, so there’s a good chance that I’d hit on this parlay. It would help offset any losses on my long-shot parlay. I’d have a good opportunity to be +$75 for the day in this scenario.
Benefits of NFL Parlay Betting Online
There are many different ways to bet on the NFL, but the main benefit of parlay betting is that it can lead to big payouts. The NFL has a short season of 17 weeks, so this makes it even more appealing to wager on a parlay to maximize your earnings.
This isn’t like the long grind of the 162-game season where you can slowly build your bankroll with straight bets. This is a sprint, not a marathon, which is why parlays align so well with the NFL.
NFL parlay betting is best used through online sportsbooks. This is because you can do it on your phone while on the run or within the comfort of your own home.
It’s quick and easy to deposit money and your payout is immediately put into your account following the result of your parlay. This is much more convenient than going to the casino, making your parlay, then returning to the sportsbook when you won and collecting your money.
Where Can I Legally NFL Parlay Bet Online?
- New Hampshire
- New Jersey
- New York
- Rhode Island
- Washington D.C.
- West Virginia
Choose More Than One NFL Parlay Betting Site
When making parlays, it’s important to check different websites to make sure you’re getting the best odds on your wager. Some websites might offer different odds. For instance, bet365 might have the Chiefs at -7.5, but BetMGM might have them at -7.
That extra half point is huge in the NFL. If a team is winning by more than 7, there’s a good chance that they’re winning by 10 or more. This is also true for -3.5 and -10.5 point spreads. If a team is up by more than 3, there’s a chance that it isn’t 4. Be sure to monitor the differences among each sportsbook.