A parlay bet is one of the most popular ways to bet on sports. Bettors love parlays because you’re able to add two or more bet selections and combine them in the same wager for a greater return on investment.
Parlays can include any of the following from different games: point spreads, Over/Unders, moneylines, and player props.
For every additional bet selection added to the parlay, the odds will increase because it’ll be harder to win the wager. Small parlays are safer, but when you start adding more legs, it becomes a lot more difficult.
On this page, you’ll learn about the ins and outs of parlay betting online, including its benefits, strategies, and more.
Best Parlay Betting Sites & Apps
The best parlay betting sites are outlined below. They’re included for their robust markets, user-friendly interfaces, Same Game Parlays, and more.
DraftKings Sportsbook
DraftKings is a terrific operator flush with any of your desired betting markets, including novelty props. They have a number of useful promotions, such as odds boosts, to enhance the value on your wagers.
You’ll find each of your favorite bet types at DraftKings, making it easy to build your parlays. The odds are in line with the rest of the market, so you’ll enjoy fair pricing here.
Be sure to sign up for DraftKings when wagering on parlays, as it’s a must-play for every user.
FanDuel Sportsbook
FanDuel is one of the most popular sports betting sites in the industry. You’re able to create parlays with alternate lines and combine picks for a Same Game Parlay.
This site has some of the most expansive selections of props in the industry, giving you an assortment of options for your parlays.
In addition to this, you’ll enjoy an accessible platform that caters to both beginners and experienced sports bettors.
BetMGM Sportsbook
BetMGM is a reputable brand that has been a major player in the casino resort industry for a while. Their sportsbook has evolved to become one of the industry favorites due to its sleek app.
The welcome bonus puts you in a great position to succeed as you start your sports betting venture. There are also pre-packaged parlays to allow you to place your bets efficiently. This is great if you’re in a rush and want some quick action.
It’s easy to find your desired betting market due to the organized layout on the site. Be sure to join BetMGM today, as it’s terrific for building parlays.
Caesars Sportsbook
Caesars has expanded to become an industry giant, especially following its acquisition of European operator William Hill. It’s one of the first operators to set up shop in new markets.
The best part about Caesars is its welcome bonus, which is among the most lucrative within this space. There is also a robust VIP rewards system, where points are earned and can be redeemed for hotel accommodations, dinner reservations, and more.
Betting on parlays is easy at Caesars because of every market is easy to find. Make sure to include Caesars in your preferred sportsbooks.
bet365 Sportsbook
bet365 is considered as one of the top sportsbooks in the world. It started in the United Kingdom, but has entered the fray in the American market.
There are two distinct features that make bet365 so appealing. For one, they offer some of the best returns with cash-outs, giving you better value here. Secondly, you’re able to create parlays through live betting, including on props, which is something not often offered by other sportsbooks.
There is also a great promo called early payout in various sports like basketball, baseball, and football. For example, if your team goes up by 17 in a football parlay, you’ll win that leg of the parlay automatically without sweating out a potential loser if they blow the lead.
How To Pick the Best Parlay Betting Sites
There are many reasons to use different sportsbooks. I always preach to people that one sportsbook isn’t enough, since each site has pros and cons. If you’re able to use each site for its pros, you’re going to be in great shape.
Promotions
Promotions are an integral component when deciding on a sportsbook. They can give you free bets through parlay insurance or enhance your value with odds boosts.
There are also welcome bonuses like first-deposit matches, which fill your bankroll with bet credits, allowing you to start off strong in your sports betting venture.
Same Game Parlays
Most sites now offer Same Game Parlays, but some give you more options, such as alternate lines on player props. Others even allow you to create multiple Same Game Parlays into one larger bet with a big payout. This is another important factor when selecting a sportsbook.
Odds
Always go line shopping. If you find a site that has your wagers at slightly better odds than the rest, that’s going to boost your parlay odds significantly. Odds matter — shop around.
Cash-out Options
Some sites offer you a cash-out while your parlay still has games going on. For example, you may have built a 5-leg parlay with four bets hitting and one remaining. In this case, you might want to take an early win.
Sportsbooks will offer early payout at a reduced profit in this case, but it varies from site to site. While I recommend letting your parlays ride in most situations, there are some scenarios where you may want to secure the profit.
I noticed that bet365 is among the best operators in giving you enough value on your early cash-outs.
Parlay Betting Promotions
Parlay Profit Boosts
Plenty of sportsbooks offer parlay boosts on a given day. Some sites will offer up to 40 percent more in profit boosts on riskier parlays like a 7-10-team parlay. A profit boost is adding a bonus percentage that would be added to your winnings.
Odds Boosts
Odds boost enhance the value of your wagers, increasing the price to a more favorable number compared to the rest of the market.
For example, you might see a parlay boosted from +240 to +300 odds, which is a $60 difference on a $100 wager. Be sure to take advantage of these offers, as long as you think the parlay will hit.
Parlay Insurance
Some sites offer “sweat-free" parlays, where you get back a bonus bet token if your wager loses. This is a popular offer at DraftKings, allowing you to recoup your losses with bonuses when this promo is available.
Types of Parlay Bets
Below you will find a description of the different types of parlay bets available. Remember, the more bets include in your parlay, the higher your potential payout. This applies to each type of parlay.
Parlays: These are traditional parlays, where you combine different bets from separate games. You can include moneylines, spreads, totals, and props in these types of wagers. Some sites, like bet365, allow you to build live parlays filled with in-game wagers.
Same Game Parlays: This refers to a type of parlay with bets from one specific game. You can combine a bunch of correlated outcomes among players (like Patrick Mahomes Over passing yards and Travis Kelce Over receiving yards), but your payout will be reduced due to the correlation.
Do note that some sportsbooks do not allow certain player props in parlays. You can find the options available to you by clicking on your preferred game.
Same Game Parlay+: Here is where you can build multiple Same Game Parlays and combine them into one mega parlay for a huge payout. This is known as Same Game Parlay+ and only available on some platforms, like FanDuel.
Strategies for Parlay Betting
Here are a few types of strategies to keep in mind with parlay betting:
- Safe Parlay: Combine several expensive bets (-200 odds or shorter) to reduce the juice for a more manageable price.
- Longshot Parlay: Shoot for the moon for a high payout with longshot picks. Make sure to use less of your bankroll.
- Limit Correlation: Don’t take plays that are too correlated in your Same Game Parlay or the price is too reduced.
- Money Management: Use a lower stake on parlays compared to what you use on straight bets.
- Odds Shopping: Shop around for the best pricing on your parlays to maximize your potential profit.
Benefits of Parlay Betting Online
There are several benefits of parlay betting online, including the following:
- It’s convenient to place a wager from the comfort of your personal device, whether it’s on desktop, laptop, or mobile.
- You can take advantage of lucrative welcome bonuses offered by online sportsbooks.
- There are also promotions catered towards parlays, such as parlay insurance, where you receive free bets if your wager loses by one leg.
- Operators provide you with cash-out opportunities, which is great if you want to take an early profit. For example, if you hit the first three legs of your parlay, you can cash out to ensure you make some money.
- You can create parlays filled with in-game picks through live betting.
- It’s easier to research your plays since you’re already using an electronic device.
- Deposits and withdrawals are quick and efficient.
- Customer support is available through 24/7 live chats on many platforms.
How to Place a Parlay Bet Online
- Click our “Get Bonus" button to get to your preferred sportsbook.
- Sign up for a new player account.
- Deposit money into your balance.
- Find the sport you want to bet on.
- Select two or more games.
- If the sportsbook still has all games listed as a single wager, make sure to select the “Parlay” tab. Some books will already start the parlay before you have to click the tab, but please double-check and confirm you’ve selected a parlay.
- Enter your wager amount and submit.
- Cross your fingers and hope you win, or look to hedge like we talked about earlier!
Where Can I Legally Parlay Bet Online?
You can legally place parlay bets online in the following regions:
- Arizona
- Arkansas
- Colorado
- Connecticut
- Delaware
- Florida
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Montana
- Nevada
- New Hampshire
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- Tennessee
- Virginia
- Washington D.C.
- West Virginia
- Wyoming
Choose More Than One Parlay Betting Site
As mentioned above, it’s crucial to have more than one sports betting site that you wager on. Each site has their own promotions, so make sure to check those before placing a wager so you can get the most out of your bet.
Furthermore, each site has different odds, so it’s important to compare and make sure you’re getting the most bang for your buck before clicking the submit button.
You also have the opportunity to take advantage of multiple welcome bonuses, such as first bet insurance. This is a great way to build your bankroll.
