What are parlays? How to bet parlays guide

Betting on parlays involves combining multiple sports bets into a single wager. We'll take a look at how parlay betting works for sports betting, how parlay odds are determined and parlay betting strategies. You can also start betting parlays right now at DraftKings Sportsbook:

What is a parlay bet?

A parlay bet is when a user combines multiple wagers into a single bet slip. This means the user is counting on multiple outcomes being correct to cash the bet, as opposed to betting on each outcome individually. Because of this, the odds are higher than individual bets at sports betting sites. However, users are less likely to cash parlay bets, as even one incorrect outcome causes the entire bet to lose.

How parlay odds work

Parlay odds are calculated by taking the odds of each individual wager and combining them. Sportsbooks have their own algorithms for calculating parlay odds, but typically you can multiply the odds of each leg in parlay to get the payout. For example, if you're parlaying three point spread picks at -110 odds, the total comes out to 6.86. That would be +586 when removing the stake.

You can combine many types of individual bets into a single parlay. For example, you can pick the point spread of one game, the total of another and the money line result of a third contest and put all those wagers into one bet slip as a parlay. However, if even one outcome is incorrect, your entire bet loses.

Understanding parlays and parlay rules

Parlay betting varies by sport and there are restrictions on what you can include. For example, some sportsbooks and sportsbook promos will not let you bet the point spread and money line on the same favorite in a parlay. You can make those wagers individually, but not in a parlay for increased odds.

Some platforms now have same-game parlays (SGPs), where the odds might be adjusted slightly for multiple bets on the same contest.

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, this past season, the Eagles faced the Cowboys in Week 1 and the Green Bay Packers played the Detroit Lions. If a user bet on Saquon Barkley, CeeDee Lamb, Josh Jacobs and Jahmyr Gibbs 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 Eagles were 7.5-point favorites against the Cowboys and the total was 46.5. If you don't like that line and want to bet Eagles -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 Eagles money line, Chiefs money line and Commanders 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 Eagles money line, Chiefs money line and Commanders 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.