parlay bet is a series of bet wagers that are grouped to create a bigger payout. The critical thing to consider in a parlay bet is that you have to win ever3y bet to cash in the parlay bet.

If you’re a seasoned sports bettor, you’ll be familiar with Moneyline wagers, spread bets, and Over/Unders. If you want to bet in many different games, you can either make individual wagers on all other games or place a parlay bet where you combine all the games in one wager.

You can combine as many wagers as you like – from two-bet parlay to ten-bet parlay in a parlay bet. But to cash it, you need to win the entire parlay, or you lose.

Understanding Parlay Bets

Suppose that you’re a big fan of NFL betting, and you’re rooting for three Sunday games. Instead of making different bets for all of them, you can risk $100 on a single three-team parlay and aim for a better payout with less risk. It will look like this:

  • Green Bay Packers (-6.5) over Miami Dolphins (-110)
  • Kansas City Chiefs (+3.5) over New England Patriots (-110)
  • Chicago Bears (-7) over Tennessee Titans (-110)

What you’ll risk: $100

What you’ll win: $596

A three-team parlay usually pays out at 6-1 odds. When you take -110 vig on every game into account, your parlay will payout at $596 if it wins.

However, if you wager on individual games, you’ll have to bet $330 to win $300. That’s why parlay bets give you more significant rewards with less risk, and that makes them popular.

Understanding Parlay Odds

When it comes to payouts and odds, there’s a drastic variation in parlay bets. There are two main factors that you must consider – the number of teams you choose and the vig on those picks. Here’s a Moneyline odds example for this:

  • San Francisco 49ers (-210) over Baltimore Ravens
  • Dallas Cowboys (-180) over Arizona Cardinals
  • Indianapolis Colts (-205) over New York Giants

What you’ll be risking: $100

What you’ll be winning: $244

The payout on this parlay bet is low because this bed comprises of three heavy favorite Moneyline picks. Rewards/risk depends on the odds of individual picks.

Your parlay bet’s number of picks can also alter the payout. Let’s see the previous example with an addition of another game.

The number of picks in a parlay bet also changes the payout. Now let’s go back to our original example, but with another game added.

  • Green Bay Packers (-6.5) over Miami Dolphins (-110)
  • Kansas City Chiefs (+3.5) over New England Patriots (-110)
  • Chicago Bears (-7) over Tennessee Titans (-110)
  • Oakland Raiders (-3) over Denver Broncos (-110)

What you’ll be risking: $100

What you’ll be winning: $1230

Adding another game to the list with the same odds altered the payout’s amount from $596 to $1230. Adding another game will bring this amount to $2,441.

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