What is a Parlay Bet & How Does It Work? Everything You Need To Know
Parlay Betting Explained: How It Works & How to Win
Want to flex your sports knowledge AND win big while doing it? Parlay bets are the go-to move for you, but what actually are parlays in sports betting, and how do they work?
This betting option lets you stack multiple picks into a single parlay bet, boosting your potential payout. But it comes with its own rewards and risks. We'll break down everything you need to know about parlay betting in this comprehensive guide. Let's get it!
What is a Parlay Bet?
A parlay bet (sometimes called an accumulated or combo bet) is a single wager that combines two or more bets together. For the bet to win, every individual pick (or leg) needs to hit. Lose a single bet? The entire parlay loses, meaning no money for you.
The beauty of parlay bets is the massive potential payouts. Since you're taking on extra risk by requiring multiple bets to win, sportsbooks like Rivalry jack up the odds, giving you way bigger returns compared to placing those same individual wagers separately.
But parlay bets aren't just for traditional sports—they pop off in esports too!
💡 Parlays are a popular option because upsets are more likely to happen in esports, due to the unpredictability of the game, recent patch notes, roster synergy, and general game updates. As a result, underdogs have more of a chance to win, making for juicier odds if you guess the outcome correctly.
Types of Parlay Bets
There are plenty of betting options when it comes to parlay betting, and they're not all built the same. From Same Game Parlays to Teasers, here are the most common types of parlay bets you'll find.
Standard Parlay
The old classic. These are traditional parlays where every leg must win and can be spread across different events, which can delay the cash-out. The more legs you add, the bigger the payout—but also the bigger the risk.
Same-Game Parlay (SGP or SGP)
Sometimes referred to as Same Game Combos, these are a single-game parlay that combines multiple bets from the same event. Example:
- LeBron James to score over 25.5 Points
- LA Lakers to Win
- Anthony Davis Over 7 Rebounds
The same as a traditional parlay, everything needs to hit with a single-game bet, and the odds stack up quick.
Teaser Parlay
Teaser bets work best for point spreads, if you're into that. Teasers adjust the spread in your favor—lowering risk, but also reducing the typical payouts.
Team Parlay
A team parlay is where all your bets are focused on the same team across multiple games or matchups. This is great for those of you that bleed team colors and will follow your fave squad to the ends of the Earth.
Example:
- T1 to Win Match 1
- T1 to Win Match 2
- T1 to Win the Entire Match
- T1 to secure First Blood in both matches
If you think a team is on fire and can keep the momentum going, team parlays can be a great way to get enhanced odds while staying focused on a single powerhouse squad.
Calculating Parlay Payouts
So you've built a spicy parlay, stacked with huge picks, but now you're wondering: how much do I actually stand to win if this hits? Let's break it down below so you know exactly what kind of cash-out potential you're looking at:
Parlay payouts are calculated by multiplying the odds of each individual bet together, giving you a way bigger payout than if you had just bet on each leg separately. The more legs you add, the higher the risk—but also the bigger the reward.
Example of a Parlay Bet in Sports Betting
Let's say you're betting on the NBA and you cobble together a 3-leg parlay across different matches. Your bet slip could look something like this:
- LA Lakers -5.5 (They need to win the match-up by 6+ points)
- Boston Celtics Moneyline (They just need to win)
- Golden State Warriors vs. Phoenix Suns: Over 220.5 Total Points (The game must reach at least 221 points or more)
If all three bets hit, you'll get paid out at much higher odds compared to placing multiple individual bets. But if even one of these outcomes is wrong? You take the L and your money is gone ASAP Rocky.
Step-By-Step Parlay Calculator
Here's how you calculate parlay odds manually:
- Convert the American odds to decimal odds.
- Multiply the decimal odds together,
- Multiply these results by your initial bet amount.
- Subtract your initial stake to get the overall parlay odds.
Parlay Odds Example:
Confused? Here's an example. Let's say you have a three-leg parlay on football with the following odds:
- Leg 1: 1.80
- Leg 2: 2.20
- Leg 3: 1.75
- Parlay Odds = 1.80 x 2.20 x 1.75 = 6.93
If you bet $20, your overall potential winnings would be $20 x 6.93 = $138.60. Then, you subtract your initial stake, so your actual profit would be $118.60. Ezpz.
With Rivalry's bet builder, your parlay profit is automatically calculated, so you can simply put your brain to what it's good at: finding mega picks.
Why Bet Parlays with Rivalry?
🔥 Bigger Wins, Better Odds - We're all about those big-brain bets. And you deserve to be rewarded for them. Rivalry offers some of the best parlay odds for sports and esports, so you can maximize every pick.
💰 Exclusive Bonuses & Boosts – New to Rivalry? Get a 100% deposit match bonus! Plus, you can enjoy other exclusive rewards like cashback, VIP Program, and boosted odds when you bet with us.
🥜 Earn $NUTZ – Every single bet (win or lose) earns $NUTZ, Rivalry's native crypto token, which will offer free bets, enhanced VIP perks, and so much more.
⚡ Instant Payout Calculations – No need for mental math. We automatically calculate your potential winnings before you lock in your single-parlay bet.
🔄 Live Betting Options – Catch the action in real-time and stack your parlays with live in-game betting.
🤑 Flexible Payment Options – Bet with fiat or embrace the future of crypto with a range of betting options, including Visa, Mastercard, PayPal, Skrill, BTC, ETH, SOL, and more!
🎮 Parlay Your Esports Picks – From MLBB and LoL to CS2, Dota 2, and Valorant, Rivalry lets you build high-value esports parlays alongside your traditional sports picks.
Pros & Cons of Parlay Bets
| Pros | Cons |
|---|---|
| ✔️ Higher Potential Payouts – Small bets can lead to big wins | ❌ Harder To Win – One bad leg busts the entire parlay |
| ✔️ More Excitement – Betting on multiple games adds hype | ❌ Variance Is Brutal – You could be one point away and still lose |
| ✔️ High Reward – A small $10 parlay can turn into hundreds | ❌ Sportsbooks Love Them – Casual bettors miss most of the time. |
| ✔️ Bet Diversification – Mix and match different bet types, like team parlays and props | ❌ Delayed Cash Flow – Some parlay bets take longer to settle, especially futures |
| ✔️ Promotions & Bonuses – Many sports betting sites offer parlay-specific promos like cashback | ❌ Complicated Strategy – Requires more thinking and analysis compared to regular bets. |
Parlay Betting Strategies: How to Win More
Want to actually cash in on your parlays? Here are five expert tips to stack the odds in your favor:
1. Keep It Small (2-3 Legs MAX)
The more bets you combine into your parlay, the harder it is to win. Stick to smaller parlays with higher-value picks to get more bang for your buck. Size doesn't matter; you'll want to choose parlay legs you're confident will win.
2. Don't Chase Huge Odds
We get it, big wang energy. That 8-leg +5000 parlay might look good, but real ones know that it's a long shot, even if you are a prediction genius.
Instead, focus on smart plays over a parlay that's a complete shot in the dark and luck-based.
3. Mix in Moneyline Faves
Sneak in a few solid favorite moneyline bets. This boosts your overall odds while keeping the risk factor pretty low.
4. Use Same Game Parlays Strategically
Stack bets that make sense, like Same Game Parlays or moneyline parlays. For example, if you bet on T1 to win the overall match, it makes sense to bet on them to claim an objective like the first Baron or Inhibitor.
5. Hedge Your Bets
If your parlay is one leg away from hitting, consider hedging with a small bet on the opposite outcome to lock in some extra profit.
The Bottom Line: Should You Bet Parlays?
If you're chasing big payouts with a small investment, parlays are the move. They're high-risk, high-reward and when they hit? It feels euphoric. But you've got to think about your prediction skills and probabilities. When you create parlays and add more bets, they become harder to win. Unless you've got an accurate crystal ball and the powers of foresight, your super-specific 8-leg parlay is unlikely to score.
If you're betting parlays, do it smartly. Keep them short (2-3 legs), look for value, and don't go OTT on mega odds. If it looks too good to be true, that's because it probably is.
Now that you're up to speed, are you ready to send it? Build your winning parlay today on Rivalry, claim your welcome bonus, and let's cash in!
Parlay Betting FAQs
Got questions about parlay bets? We've got the answers. Here's a general overview of how parlay bets work, what happens when a game is canceled, if you can cash out parlays early, and more.
What happens to parlay bets if the game is canceled?
If a game in your parlay is canceled or postponed, most sportsbooks—including Rivalry—will typically remove the canceled leg and adjust your odds accordingly. Your parlay remains active, just with one less leg. So for example, a three-team parlay may become a two-team parlay.
Can you cash out a parlay early?
Some sportsbooks offer an early cash-out feature, letting you take a partial payout before all your legs settle, though you'll have to check their T&Cs before committing to this.
Do all sportsbooks offer same-game parlays?
Not all, but Rivalry does! Same Game Parlays let you combine several bets from a single game, offering high-value payouts.
How do parlay bets work?
Parlay bets combine multiple individual wagers into a single bet with a higher payout. If all your picks win, so does your parlay. If even one loses, the whole parlay is busted.
Can you parlay prop bets?
Yes! Many sportsbooks, including Rivalry, allow parlaying prop bets. This means you can combine player stats, game events, and more, into the same bet for more high-value opportunities.
What happens when a bet is void in a parlay?
If a leg in your parlay is void (due to injury, game cancellation, etc.), sportsbooks like Rivalry will adjust your parlay to exclude that leg, recalculating the odds based on the remaining bets.
Do you have to win all bets in a parlay?
Yes. For a parlay bet to win, all legs in the parlay must hit. If even one wager loses, the entire parlay is lost.
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