What is a parlay in sports betting?

A parlay is a wager that requires you to make at least two different bets. The only way to win a parlay is if every prediction you’ve made comes in. If a single bet fails then the whole wager is forfeit, so it can be a high risk/high reward option.

The only exception to this is if one or more of your predictions results in a push. For example, the first 3 of your 4 bets have come in correctly now all you need is the 4th spread bet to come, say -7, so if your team wins 27-20 it is a referred to as a "push" so it is discounted from the whole parlay so you wouldn't lose the parlay but you would only get paid out on the 3 bets you predicted correctly. Be sure to check the terms and conditions of each gambling site you use as some online sportsbooks won't cover push's.

Parlays cannot include any prop bets or futures bets. They must be straight bets only. A straight bet is the simplest type of bet. You pick a team to either win the game outright or to cover a spread (could be the first half, second half, or for the game), or a scoring total to go over or under the projected number. To remember it simply just remember bets are made on winners, spreads and totals. You can mix your parlay with as many different sports as you want, but all the bets have to be straight bets.

Why place a parlay bet?

The simple reason to make a parlay bet is for each additional wager you make the odds, and therefore the payout, increases exponentially. So to put it simply, every single time you add an extra bet, for example from 3 bets to 4, you increase the amount of the parlay payout but also decrease the chances of actually winning.

Are parlay bets worth trying?

Personally, I don't think you can consider someone a true sports bettor if they haven't placed a parlay bet at some point in their gambling career. As discussed before the odds of winning decreases as you add more bets but the trade off is a potentially larger payout.

Types of Parlay bets

Whilst with most online betting sites there is an almost limitless combination of parlay bets that can be made there also some more unique and constrictive types.

Same Game Parlay

Same game Parlay bets are exactly that, you can make as many wagers within a parlay bet but every bet has to be made on the same game. You could wager that a football team wins the game, covers a 7 point spread and also scores more than 30 points in that game, that would be an example of a same game 3 fold parlay bet.

Same Day Parlay

There is also another variation on parlay bets known as a "same day" parlay meaning that you could spread your wages across several games and even several different sports as long as each game or match is played on the same day, this can often be good for those that hate waiting as there is very little more frustrating than having 2 of your bets come in and having to wait several days for the final leg of the bet before you know if you are a winner.

Team Parlay

The third and final type of parlay is what's known as a team parlay. A team parlay is a parlay where each wager is made on the same team. This is great for diehard fans who would never want to bet against their own team but don't want to make a parlay bet for the same game. There have been some very crazy examples of same team parlays such as betting on the winner of every game for that team for the whole season, of course the odds of winning this type of bet is tiny but the potential payout can be huge.

Parlay Cards

The more popular way to bet parlays today is with a Parlay Card. These are the long narrow cards where bettors fill in the numbered circle of the side or point spread they want to include in their bet. Once the teams and totals are chosen the bettor simply presents the filled in portion on the card to the ticket writer in the sportsbook along with how much they’d like to wager.

Parlay Cards are especially popular during football season. There are many different types of Parlay Cards including a variety of teasers, ties win and reverse teaser cards known as pleasers. These are more popular every year so the mobile sports wagering apps have started to add Parlay Cards for mobile bettors.