Parlay betting is a popular strategy in sports wagering, where bettors combine multiple bets into a single, more complex wager. This article explores the mechanics of parlay betting, how the odds are calculated, and strategies to consider. Ready to dive into parlay betting? You can start today at DraftKings Sportsbook.

What is a parlay bet?

When placing a parlay bet, a bettor links several wagers into one consolidated bet slip. This means the bettor is banking on multiple outcomes to be correct in order to win, as opposed to placing separate bets on each outcome. The potential payout is higher than that of individual bets at sports betting platforms, but there’s a catch: if even one of the outcomes is incorrect, the entire parlay bet is lost.

How parlay odds work

Calculating parlay odds involves combining the odds of each individual wager. Sportsbooks use their own algorithms to determine parlay odds, but generally, you can multiply the individual odds for each selection to estimate the payout. For instance, if you combine three point spread bets, each with -110 odds, the total odds combine to approximately 6.86, translating to +586 after removing the stake.

Parlays offer flexibility in combining different types of bets. For example, you can select the point spread from one game, the total from another, and the money line from a third game, bundling them into a single parlay bet slip. However, remember that if any single outcome fails, you lose the entire parlay.

Understanding parlays and parlay rules

There are some limitations depending on the sport and sportsbook policies. For instance, certain sportsbooks and promotions might restrict you from parlaying the point spread and money line for the same team. You can still place these bets separately, but not as part of a parlay for enhanced odds.

Many betting platforms now offer same-game parlays (SGPs), allowing bettors to place multiple bets on different aspects of the same game, with odds potentially adjusted for the combined selections.

For example, the Philadelphia Eagles were 7-point favorites in Week 1 of the 2025-26 NFL season against the Dallas Cowboys at DraftKings Sportsbook. The total was 46.5. Bettors could parlay a pick on the spread and a pick on the total, or a pick on the money line and a pick on the total. If you wanted to add more legs, you could have added player props and/or game props.

Parlaying player prop bets is especially popular in NBA betting. Same-game parlays are common in basketball too, but you can combine player props from different games in the same bet slip. For example, a user can bet on LeBron James to go Over his points line and Kevin Durant to go Under his rebounds line as a parlay. If James and Durant were playing in the same game, the sportsbook would present the combined wager as an SGP. Now that you know the rules, sign up for FanDuel Sportsbook:

Sports where parlay betting might not be available

There are some events, like a golf tournament or F1 race, where only one competitor wins. Users wouldn’t be able to parlay multiple competitors winning, as one outcome would automatically eliminate the other outcome on the bet slip.

However, sportsbooks do offer markets like “top 10 finish” or “top 5 finish” for these events, where users can parlay selections as long as they do not conflict with each other. For example, a user can parlay Lando Norris to win the Las Vegas Grand Prix, Lewis Hamilton to finish in the top 5, and Oscar Piastri to finish in the top 5.

Other types of parlays

We’ve gone over the traditional parlay, which combines two or more bets into one bet slip, and the same-game parlay, which combines two or more outcomes from the same contest into one bet slip. However, there are other types of parlays that sportsbooks offer.

SGP+, SGPx and Super Parlays

SGP+ or SGPx bets combine same-game parlay outcomes, but from different games. Each sportsbook has a different name for this same concept. For example, the New York Giants faced the Washington Commanders in Week 4 and the Kansas City Chiefs played the Los Angeles Chargers. If a user bet on Malik Nabers, Travis Kelce, Ladd McConkey, and Terry McLaurin to all score touchdowns, those legs could be reflected as two same-game parlays within one bet slip as a SGP+ or SGPx.

Teasers

In parlay betting, a teaser is when a bettor adjusts the line on one wager to gain more value, but in turn has to add another leg in order to place the bet. This is less common now with sportsbooks offering substantial alternate lines on point spreads and totals.

For example, let’s say the Giants were 7.5-point favorites against the Commanders and the total was 46.5. If you don’t like that line and want to bet Giants -2.5, traditionally, the sportsbook will give you five points if you also take a position on the total.

However, as mentioned earlier, platforms now offer alternate spreads and totals at different odds, so teasing into a parlay isn’t necessarily required.

Round Robin Parlays

Round Robin parlay betting is also offered at many sportsbooks and requires at least three picks. For example, let’s say you are putting the Giants money line, Patriots money line and Vikings money line in a parlay for Week 1. You can use the Round Robin function to place multiple bets with the same picks.

This Round Robin functions as three separate two-leg parlays. You will get paid out winnings if any of them wins, but you may not make a profit if only one wins. Understand and double-check how many of the wagers within a Round Robin you need to hit to make a profit before placing the bet.

Best sportsbooks to bet parlays

All the top sportsbooks offer parlay betting, with the biggest difference being odds and promotions. DraftKings and FanDuel Sportsbook typically offer profit boosts on SGP bets for big events, though there are requirements for the number of legs and minimum odds. There’s always value in looking at multiple sportsbooks to find the best odds for the parlay you are trying to create, as even a slight change in odds can have a compounded impact in a parlay setting. Check out the latest betting odds at bet365 Sportsbook and use the promo code CBSBET365 to sign up:

Tips and advice for parlay betting

While parlay betting is fun and it can be exciting to follow, it’s generally not advised as a long-term strategy for profitability. While you may see sportsbooks promote massive parlay payouts where users bet minimal amounts and end up winning big, the majority of parlay bets lose.

If you do wish to bet parlays, understand that fewer legs can increase your chances of winning. You should also consider reducing the amount you wager on parlays because of the additional risk.

Sportsbooks also curtail the odds slightly on parlays when considering the true probability of a parlay wager hitting and the associated odds, making it tougher to be profitable by consistently betting parlays.

Parlay odds calculator and converter

Here’s a table showing true implied probability, the corresponding true odds and the implied probability associated with the odds provided by the sportsbook (paid implied probability and paid odds). All legs are considered -110 for the purpose of this table.

The difference between paid odds and true odds grows as you add more legs. Therefore, if you’re considering parlay betting, keep your bet slip to four legs or fewer.

FAQ

What does parlay mean?

A parlay is any wager where there are two or more bets involved.

What is an example of a parlay?

Betting the Giants money line, Patriots money line and Vikings money line all in one wager is an example of a parlay. If a user makes the three bets separately, it would not be considered a parlay as the outcome of one game does not impact the other bets as it would in a parlay.

How do you play parlays?

Parlay betting varies from sportsbook to sportsbook, but most platforms offer the same types of parlays. These are traditional, same-game, SGP+ and SGPx, teasers and Round Robins.

Is the parlay a risky bet?

Parlay betting is generally not advised since there is a lower chance of winning as you add more legs and the payouts are not in line with the true implied probability of winning. While all bets carry some risk of losing, parlay betting compounds that risk since it only takes one incorrect outcome to wipe out the entire bet slip.

Where can I place parlay bets?

You can place parlay bets at most sportsbooks, though some will have restrictions on which legs can be included.

What happens to my parlay if a leg pushes?

If a leg in a parlay is pushed or voided, sportsbooks generally will not count that leg and adjust the odds of the parlay accordingly. If the other legs in the parlay are correct, sportsbooks will typically pay out the adjusted odds for those remaining legs. However, the policy on pushed and voided legs in parlays can vary across sportsbooks, so if you’re looking for specific guidance, you should check the guidelines and rules of that particular platform.