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How to Parlay Bet on PointsBet | Complete Guide

ByPat Pickens

Oct 25, 2022

If you’ve watched sports you probably have become familiar with the PointsBet Online Sportsbook.

PointsBet is one of the best options for online sports betting, with two unique styles of betting that is available in eight states. If you’re in a state where PointsBet is legal and have always wanted to use the book but have angst about doing so, don’t worry. We’re here to help.

Here’s a look at how to place parlay bets with PointsBet.

How to Bet Parlays on PointsBet

Step 1: Create an Account or Sign In

If you don’t have an account, sign up for a free one by clicking on one of our “Get Bonus" buttons above or via the PointsBet review. Remember to include any relevant promo codes to unlock the sportsbook’s best new-user bonus.

Keep in mind that all sensitive info is used to affirm your identity and is secure.

Step 2: Deposit

Enter your money. The best way to deposit is using an e-wallet, ACH or electronic payment method like PayPal, since you’ll be able to withdraw via that method too. Credit card deposits carry a cash-advance fee, usually $10, and are not a withdrawal method.

Step 3: Peruse Betting Markets

Look at the available betting markets and find the first leg of your parlay. Add it to your bet slip.

Step 4: Add Subsequent Legs

Peruse other betting markets and add each that you wish to wager.

Step 5: Place Your Bet

Once you’ve added all available wagers for your parlay bet, enter the amount you wish to bet in the space that says “parlay." Tap “place bet" and root for each leg of your parlay to hit!

What Is a Traditional Parlay?

A traditional parlay is a multi-leg wager that combines any of moneylines, spreads, or totals in a single bet.

The most basic parlay is a two-leg wager that combines two moneyline bets, and in a traditional parlay, each wager needs to be successful in order for the full bet to hit.

For example, if the Denver Broncos’ moneyline odds for their game against the Seattle Seahawks are -240, but you wish to bet Denver, you could combine it with the Philadelphia Eagles to defeat the Washington Commanders at -170 odds. The parlay odds would be +120, which means a $120 profit on a $100 wager, but both teams would need to win for the bet to pay out.

PointsBet Parlay Rules

PointsBet’s fixed-odds betting features a few house rules for parlay betting. For example:

  • Pushes: If any leg pushes, either if a spread or totals wager falls on the exact number listed, a game is postponed due to inclement weather or ends in a draw, then that leg is voided and the parlay is reduced by one stake. Odds will adjust as well.
  • Leg Limits: All PointsBet parlays have a 12-leg limit.
  • Cashing Out: If you believe your parlay is in jeopardy, sportsbooks like PointsBet will allow you as a bettor the opportunity to cash out early, either for a slight profit or loss.

PointsBet Same-Game Parlays

PointsBet, like most online sportsbooks these days, offers same-game parlays.

Same-game parlays are when a bettor combines multiple outcomes, like a moneyline, totals, spreads, props, and more, in a single wager from one game or event.

Same-game parlays are especially popular around marquee events like championship-round games, college national-championship games, the Super Bowl, and other comparable events.

PointsBet invites bettors to create their own custom same-game parlays for NFL, MLB, NBA, and college basketball, plus the National Rugby League and Australian Football League.

The sportsbook will offer more options for same-game parlay betting in the future.

For example, if a bettor is interested in wagering on a Thursday night NFL game, but the Kansas City Chiefs are a -300 favorite to defeat the Houston Texans, he or she could combine a Chiefs moneyline bet with Patrick Mahomes to surpass 250 passing yards and Houston to finish with fewer than 20 total points.

The sportsbook would create corresponding odds for such a parlay.

Same-Game Parlay Rules

PointsBet has a few house rules when betting same-game parlays.

  • Limits: PointsBet only enables same-game parlay betting in the sports listed above. Its website states that more options will be available for bettors soon, but for now that’s all there is.
  • Maximum Legs: A PointsBet same-game parlay may not have more than 20 legs.
  • Voids: If a same-game parlay leg is a push, meaning the final total lands on the exact number listed, that leg is voided and the wager is reduced by one. Odds will adjust accordingly.

Round Robin Parlays

Round robins are a unique way for bettors to place parlay wagers where they combine a number of wagers under a parlay umbrella.

Round robins must always be at least three legs since they are broken down into smaller parlays where at least two of the outcomes must be successful.

For example, if I wanted to place a parlay bet for the Denver Broncos, Chicago Bears, and Minnesota Vikings to win their games on Sunday, but I was anxious about any of them actually doing so, I could place a round-robin wager for them all to win.

If any two teams win, I’d win at the corresponding two-leg parlay odds — since the round-robin would be broken down into three two-leg parlays.

If all three teams won, the payout would be greater since the stake is greater and the odds are longer.

Round Robin Rules

Round robins can be confusing and come with extra rules.

  • Legs: All round robins must have at least three legs.
  • Names: Round robins traditionally have unique names depending on how many teams are included. Any two-leg combo is called double, Three-leg combos are trebles, and the names continue up to Yankees (11 potential wagers with four picks) and more.
  • Stakes: Round robin stakes can seem confusing, but the easiest way to keep it all straight is that the amount you’ll have to wager depends on the number of wagers there are.
    • For example, if you’re placing a Yankee, an 11-outcome round robin with four picks, your total wager is 11x the initial stake.
    • That means if you wanted to place $10 on each outcome, the amount bet would be $110.

PointsBet Teasers

Teasers are when bettors can buy points in hopes of having more favorable odds.

Sportsbooks like PointsBet invite gamblers to either add or subtract a fixed number of points, either in a total or spread, for each leg of the parlay with the odds adjusting accordingly.

There are multiple ways to tease though. Bettors may use alternate spreads or totals for one leg, which is comparable to buying points only doesn’t necessitate that all legs move that whole amount. Or bettors may tease the full amount.

For instance, if a bettor wanted to place a three-leg teaser, he or she could buy six points for each game featuring the Green Bay Packers, Philadelphia Eagles and Arizona Cardinals.

If the Packers are listed as a seven-point favorite, they would be teased down to -1. If the Eagles were a 3.5-point favorite, they’d be teased to +3.5. If the Cardinals were a 4.5-point underdog, their line would move to 10.5.

But when teasing individual totals, you could wager the Packers at -5.5, the Eagles at -2.5 and the Cardinals up to +7.5, and the odds would be a little more favorable than the teaser above.

Teaser Rules

  • Limitations: PointsBet offers about 70 alternate totals and spreads to tease.
  • Requirements: There is no parlay requirement for teasing odds, but odds do vary based on the amount teased.

PointsBet Parlay Bets for NFL

Sundays are tailor-made for NFL parlay betting.

With up to 14 games on a Sunday, and a vast assortment of props, moneylines, spreads and totals to choose from across multiple time slots, finding a multi-leg wager conducive to both your betting style and interests is extremely easy.

PointsBet gives NFL bettors a plethora of options for fixed-odds parlay betting. They can customize a same-game parlay or combine multiple bets from multiple game at lucrative odds.

Plus, PointsBet provides prospective bettors specially curated parlays and boosts their odds to differentiate itself from its competition and give gamblers a more profitable parlay.

Super Bowl

The Super Bowl is the Super Bowl of sports betting, and the PointsBet Online Sportsbook gives gamblers a ton of terrific same-game parlay options for the Super Bowl.

PointsBet will also produce extra odds-boosted, Super Bowl parlays for bettors to consider ahead of the big game.

Bettors may also combine NFL futures bets, like picking a team from both the AFC and NFC to win its prospective conference, or wager on one team to hoist the Lombardi Trophy in February.

Parlay Bet Strategies

Research, research, research.

Some fly-by-the-seat-of-your-pants parlays will pan out, but the smarter play is to know exactly what you want and what to expect going in.

Check weather reports, especially when considering overs, and check for any marquee injuries that could stem the tide of a game in a particular direction.

Don’t be afraid to tease, including prop bets. It is extremely hard to combine even two -110 bets — which are the sportsbook equivalent of a coin flip — and win, so try not to get greedy. The difference between a +215 and +230 isn’t worth losing an entire bet over.

Like all wagers, find the markets you love. Scared money is often losing money, and the best way to build a resentment against a friend is to allow him or her to coax you into a parlay leg you don’t like that ultimately dooms your entire wager.

Parlay Betting for Beginners

Start small with something you absolutely love. Don’t go too crazy with too many legs since the more legs added means longer odds and a less-likely wager to hit.

Again, tease, especially as you’re getting comfortable with parlay betting. Placing a small parlay bet full of teased props, spreads or totals with odds in the +100 to +200 range is a great way to get your feet wet before you jump into the deep end of round robins.

If you’re still not quite ready to bet with real money, peruse the sportsbook’s odds and drum up a hypothetical wager. That way you can follow along and assess how your instincts are before putting your real funds on the line.

Parlay betting is supposed to be a fun ride. Try to enjoy it. You’re not going to win every one — believe me — but as long as you’re being responsible and doing your absolute best, you won’t actually lose.

How to Calculate Parlay Odds?

Calculating parlay odds can be an inexact science based on the number of legs you include and each leg’s odds.

For instance, two combined -110 wagers come with +264 odds. The more legs you add the more lucrative the payout.

Fortunately, PointsBet, like every other online sportsbook, will notify you of your odds and full payout before you place your bet.

That way you’ll know exactly how much you stand to win if and when your wager hits.

Why Are Parlays a Good Bet?

They are really fun and a great way to get more lucrative odds on outcomes that appear likely to hit.

Plus, there’s no feeling like watching the last leg of your parlay hit and see the funds enter your account while also celebrating the joy of being correct.

Can Parlays Be a Bad Bet?

Parlay odds are long for a reason.

Nailing a multi-leg parlay, even ones with short odds like +130, is very hard. Plus, the more legs you add the less likely the wager is to hit.

What Sports Are Available for Parlays?

Every single one. Plus, parlay bettors may combine outcomes over multiple sports.

For instance, if you wanted to bet both the Colorado Rockies and Denver Broncos to win on a September Sunday, you could combine those.

Or if you wanted to combine the Broncos, Denver Nuggets and University of Colorado football to win in a single weekend, that’s a parlay you can place too.

Is There Bet Insurance on Parlays?

Sportsbooks like PointsBet often will give bettors parlay insurance, typically in the form of a reimbursed bet if your qualifying parlay fails by exactly one leg.

Consult the fine print before opting in to any promotion that includes parlay bet insurance.

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.

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