How Do You Make Parlay Bets?

Most often, sports betting is an art that leans towards obtaining results. Either you choose one side to win or the other. If your team wins, you win your bet. If they lose, you also lose. However, there is a type of bet called a parlay, a combined bet based on two or more results. If you’re not familiar with this high-risk, high-reward strategy, it’s considered, by most expert bettors, a must in the world of sports betting. 

Parlay Betting Meaning

What are parlay bets? How do they work? These might be some of the most common questions for bettors and sports fans. A parlay is when you join several picks into a single bet. Of course, you can only bet on one outcome at a time. However, you must win all your results with a parlay to have a winning bet.   More specifically, what is a parlay in sports betting? For example, there is a wide range of matchups on NFL game day. Here is an example of three games and teams to keep the explanations simple.

Top 5 Rated Sportsbooks For Parlay Options

What is a Parlay in Sports Betting?

In a game between the Kansas City Chiefs against the Green Bay Packers, the Pittsburgh Steelers against the New York Jets, and the Tennessee Titans against the Houston Texans, you will start by analyzing stats, numbers, and odds before beginning to make picks. You will then select a single bet to pick your three game-winners.  It is essential to remember that to hit a parlay win, all picks must be winners. If one of your picks is unsuccessful, your parlay will have an entirely negative outcome. Obviously, the more picks you select in your parlay, the more profit you will get if you win. However, this also implies that your actions carry a higher risk. That is what learning about what parlay betting means is all about.  Making your picks with a particular analytical perspective is vital for your long-term bets since new bettors might lean on picking the teams with higher numbers. However, sometimes it’s about looking at the complete picture. Therefore, it is essential to specialize in a field, make this your strong suit, and aim for long-term profitability.

The Upside of Parlay Betting

The benefit of a parlay is the payout. Parlay betting is popular because you can bet a small amount and win a big payout. Going back to our previous example, you can make thousands of dollars on a $100 wager based on the outcome of all the games. You could easily make over $1,000 profit if you win all four.  Another common question that most fans and bettors bring up is, how many legs per parlay do sportsbooks allow? Well, most sportsbooks will not limit the number of legs for a parlay. Therefore, you can make two, three, four, and up to ten leg parlays if you wish.  However, remember that the more legs you add to your parlay, the less the odds are of you nailing a win. This decrease in odds and probability is substantially significant, so bettors need to remember that the more does not always translate into the best.  

What to Watch For in Parlays

The risk of parlay betting should now be more evident. In sports betting, it is pretty challenging to pick winners consistently. At -110, a win percentage of 55% or 56% can allow bettors to become short and long-term winners. However, choosing a winner at almost 50% odds is not the same as successfully pulling off a four-game winner in parlay betting.  If the odds of winning the first bet are 50/50, they drop to 25% if you play a two-game parlay, 12.5% ​​if you play a three-game parlay, and 6.75% if playing a three-game parlay. Chances of nailing a win become slimmer with each leg. There are times when parlays can be a clever strategy, but for the most part, this strategy must be approached with caution.

Some of the Biggest Recorded Parlay Wins 

What are some of the biggest parlay wins ever to happen? Of course, many bettors and sports fans may have asked this question. So here are some examples of some of the biggest parlay wins ever recorded. 

Horse Racing

Steve Whitely was an engineer in England. As an incentive, he participated in a parlay bet that set the main objective: to predict six winners on a card for a chance to win a big prize. In the end, Steve won them all and took home 1.4 million pounds, equivalent to $1.7 million back in 2012. 

Golf

The Americans defeated their European rivals back in the 2021 Ryder Cup edition. A bettor took center stage when he predicted all 12 Sunday match results. In the end, the bettor recorded a 12-leg parlay win and made $966,290 from just an $8 wager. 

Basketball

In March 2016, a bettor placed $5 on 15 basketball games at a William Hill betting shop. He focused on college basketball teams such as Wisconsin, Arkansas, and Ohio State. However, he also included two NBA teams, the Detroit Pistons and the Golden State Warriors. The odds were at 61,000 to 1 for the 15-leg parlay. In the end, the anonymous bettor recorded a $305,000 profit from a $5 bet.  Q/A

Why are parlays so popular?

A parlay is popular because you can get big wins on a small bet. Winning big with negligible risk attracts bettors and fans from all over the globe with various sports tastes. Unfortunately, the chances of you winning with a parlay is small. This is because of the odds that go up against bettors as they choose to add legs. However, that doesn’t seem to drive bettors away from a thrilling experience. 

Are parlay bets Legal? 

Yes. Most sportsbooks offer diverse types of parlay bets and like any other kind of wager, they are entirely legal and legitimate. 

How many legs can I do in a parlay bet?

Most sportsbooks will allow bettors to build an unlimited number of legs on a parlay bet. The most typical parlay bets range from three to five legs.