Parlay Betting Explained:What Is a Parlay?

The most frequently encountered type of parlay is the multiple event parlay, where two or more short-term events are combined into a single wager. It's important to note that multiple event parlay betting can involve different types of bets, including spreads , moneylines , totals, props and may also span across various sports. However, you cannot directly include correlated events, such as betting on the same team to win both on the moneyline and against the spread.

Certain sportsbooks enable you to mix various spread bets from different games to assemble a teaser bets and sweetheart teasers .

Same-game parlays (SGPs) permit you to gather results from the same game into one single bet. Often, forming an SGP with interconnected legs can be a smart approach. Let’s take an NBA scenario to depict this. proposition bets The selections in the above SGP complement each other well. For instance, a high-scoring performance from Currey works harmoniously with the total points surpassing expectations, the Warriors claiming victory, and Butler accumulating assists.

• • Golden State Warriors to Win
  • OVER 208 Points
  • Steph Curry Over 26.5 Points
  • Jimmy Butler 5+ Assists

Creating same-game parlays and reviewing their potential payouts is effortless with a prop builder like the one available at

7-Leg Progressive Parlay: +4000 if all seven picks win, +100 if six win, a refund if five win, and a loss if four or fewer win.

• • The number of legs included in a progressive parlay impacts the potential payouts. It also dictates how many legs can be counted as losses while still ensuring that the parlay pays out.

A round-robin parlay is a type of wager that allows bettors to create smaller parlays from three or more selections. For example, let’s say you want to create a series of parlays for today's MLB games, and you choose four top teams: the Atlanta Braves, Boston Red Sox, Texas Rangers, and Philadelphia Phillies.

Organizing these four teams into a two-team round-robin would result in six different parlay combinations:

Using the Round Robin feature on your betting slip on a platform like the

• • Atlanta and Boston
  • Atlanta and Texas
  • Atlanta and Philadelphia
  • Boston and Texas
  • Boston and Philadelphia
  • Texas and Philadelphia

. For example, during halftime of an NBA game, a live parlay would enable you to combine your choices for the total points in the third quarter and the eventual winner of the game. Such parlays are typically found in the live betting sections of events where sportsbooks allow them. live betting Making a parlay bet online is a relatively simple process that we will guide you through step-by-step in the following parlay betting tutorial.

Bet 1: $100 to win $100 on Los Angeles = $200 total if the Kings score a win, which then rolls into the next bet.

• • Bet 2: $200 to win $200 on Chicago = $400 total if the Blackhawks emerge victorious, which rolls over.
  • Bet 3: $400 to win $400 on Colorado = $800 total if the Avalanche are successful.
  • When parlaying three +100 selections together, you achieve a +700 parlay, meaning a $100 bet could yield a profit of $700, culminating in the $800 total outlined previously.

Now that you understand the mechanics of calculating parlay bets, let's explore the advantages and disadvantages of this betting style.

1.Some betting platforms allow you to merge different spread bets from various games into

Let’s say you are handicapping an NBA game Same-game parlays (SGPs) enable you to fuse outcomes and

from the same event into a single bet. Often, constructing an SGP with related bets is a savvy approach. Let's use an example from the NBA to elaborate.

2.Build Around Key Selections

The four selections of the above SGP complement each other well. For instance, Curry racking up points aligns nicely with a high game total, the victory of the Warriors, and Butler accumulating assists.

Creating same-game parlays and evaluating their potential payouts is straightforward with a prop builder, like the one on

. Just select your choices, and your betting slip will automatically adjust with the new pricing. Using the previous parlay on the Bovada prop builder, you can place a four-leg same-game parlay at +345.

3.Stick to Smaller Parlays

In contrast to standard parlays, progressive parlays offer players some leeway by providing reduced payouts if one or more selections do not win. The payouts and rules for progressive parlays can differ across sportsbooks. Here’s a hypothetical payout structure:

7-Leg Progressive Parlay: +4000 if all seven selections win, +100 if six win, money refunded if five win, a loss if four or fewer win.