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What Is A Parlay Bet?

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  • Parlays Are Combination Bets
  • All Bets (Legs) Included In The Parlay Must Win For Success
  • Combo Bets Lower The Probability Of Winning But Increases Payouts

Placing a bet on sports is all about risk and reward. The answer to “what is a parlay bet?” is simple – lumping added outcomes into a single wager for additional reward. In this guide, we describe what’s a parlay, and provide a list of the best online sportsbooks that allow you to combine multiple bets into one.

We also list our top-rated online sportsbooks offering the best parlay bets today, and provide links that expedite the membership signup process. We also go through the meaning of parlays, the details involved, and any varieties you may encounter.

Table Of Contents

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    Best Parlay Betting Sites For 2024

     Site NameCurrent BonusAgeU.S.Visit Site
    Top Rated #1 IconBovada Sportsbook50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
    2BetUS125% Max $3,12518+USA Players Legally AcceptedVisit Site Review
    3Betonline Sportsbook50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
    4sports betting logo50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
    5MyBookie Sportsbook50% Max $1,00021+USA Players Legally AcceptedVisit Site Review
    6xbet logo50% Max $50021+USA Players Legally AcceptedVisit Site Review

    Are Parlays Legal?

    Yes, there are no laws against combining wagers together at domestic or offshore sportsbooks and adjusting the probability of winning. Local sportsbooks are permitted in most states, but some have not legalized sports betting domestically. Read our legal sports betting by state list for more info.

    Legal sports betting can occur within any US state by joining an offshore sportsbook and placing a wager. Each of the best-reviewed online sportsbooks are linked to here and will allow you to place parlay bets on most major sports and perhaps even other fringe categories like politics and entertainment.

    The reason these offshore gambling sites are legal to do business with inside the USA is that there are no federal or state laws that forbid them. Despite this status, some sites don’t allow betting inside certain states so check each one’s conditions of membership before joining.

    Parlay Definition

    A parlay is betting on the combination of multiple occurrences and the probability of picking all of them successfully. Adding more outcomes to a given parlay bet will raise the moneyline odds and the payouts that result.

    This is an attractive prospect for gamblers because a lot of money can be won on a small bet if all legs of the parlay are winners. Sportsbooks also enjoy the benefits of offering parlays to their customers as they win so rarely that they can afford it when they randomly hit.

    How To Use A Parlay Calculator

    Sure, there are parlay calculators that can be purchased on the open market, but you won’t need any of that nonsense when you place your bets with a respected online book that we prefer. Parlays can be calculated instantly in the bet slip by simply clicking on more than one set of odds or a point spread and opting to combine them.

    What moneyline odds or spreads can be included, and how many legs can be added, are unique to each online sports betting site. Eligible sports, games, matches, and events are also decided by each book.

    Here are a few examples of how creating parlays and including underdogs and heighten the payout potential considerably.

    Parlay example
    Parlay example
    Parlay example

    Different Types Of Parlay Bets

    Pleasers – A pleaser bet works just like a parlay, but gamblers are granted a certain number of points that can be used to adjust the spreads or moneyline odds in favor of the house for a higher payout.

    Teasers – Teaser bets are the opposite of pleasers and allow players to reduce the number of points that favored options must win by, or underdogs must lose by, for a smaller and easier to achieve payout.

    Round Robin Parlays

    For players who want to spice up simple parlays, round-robin bets create multiple combinations out of as few as three wagers and let you gamble on the outcome. Point spreads, and moneylines for most major sports can be included.

    For example, if you choose three bets to place - Jets +1, Chiefs -5, and Cardinals +2 - a round robin will create a series of four parlays as follows:

    • Jets +1 and Chiefs -5
    • Jets +1 and Cardinals +2
    • Chiefs -5 and Cardinals +2
    • Jets +1, Chiefs -5, and Cardinals +2

    These keep you from putting all of your eggs in one basket and allow for a leg to lose and remain in the hunt for potential profit. As you add additional wagers to the round robin, the betting becomes more expensive as you'll have to risk some money on each leg.

    You can also alter the number of total bets and the resulting combinations to your liking.

    Same Game Parlays

    Now that there are so many prop bets offered on each pro and college contest, same-game parlays are possible at online sportsbooks. These wagers work the same way as standard parlays, but they are confined to a single game and will conclude no later than when it's over.

    Each sportsbook will differ in what they allow to be included in a parlay, but props, point spreads, the over/under, and moneyline odds to win are usually allowed.

    Parlay Builders

    Prop builder tools are now offered at some of the sportsbook sites we prefer which, among other things, allows members to create combination bets sourced from games that will happen that same calendar day. Users can easily toggle between sports and games, allowing for hundreds of props to be observed much quicker than surfing the site manually.

    You can access the prop builder app via the main menu at our top online sportsbooks. The custom bet slip gathers the wagers together and calculates the revised odds and the payouts once you enter how much money you want to risk.

    There is also the ability to edit each prop by increasing or reducing the number of achievements required. No matter how you want to flip your prop bet combo, these builder apps can do it, but there are preset maximums and minimums for each stat or set of odds.

    Best Parlay Apps For Apple And Android

    mobile bet iconDomestic sportsbook apps are available in many states, and they can be downloaded and used for parlays for pro and college games. Because of the aforementioned legal status of offshore sportsbook sites in the USA, mobile devices in every state can be utilized to place parlay bets.

    Offshore betting sites can be accessed using mobile web browsers, and do not require permanent downloads to devices. This allows parlays to be submitted on the go across the nation using Apple (iPhone, iPad) and Android smartphones and tablets legally.

    If you are reading this on a mobile device, click any sportsbook link we’ve included to be taken directly to their respective homepage.

    What Sports Can Be Included In Parlay Bets?

    Parlay Betting Tips

    • Don’t go overboard adding too many legs to a parlay. We usually don’t go over three or four legs so stick to the picks and parlays you’re most comfortable with and leave the longshots out.
    • Be mindful of when parlay legs payout or conclude. You don’t want to be waiting weeks for a combo bet to finish after the first leg is over, so make sure the timeframe makes sense before you commit. Also, avoid adding futures unless the championship is held within the next week or so.
    • If you can’t find friendly odds or point spreads in the same sport as your initial leg or two, check game lines for other active sports by shopping around each book. There is no limit to what you can include in a parlay except for the few options that each book excludes.
    • Same-game parlays are becoming more common and are a great way to lay more than one wager on a given contest. Earn more money faster by placing a combination wager on the same event.

    Is The Risk Worth The Reward?

    Any time money is risked at an online sportsbook, one of two resulting actions will occur - you'll either lose everything or earn additional funds. The same is true for parlay bets, but there are more opportunities to lose.

    You've got a roughly 50-50 chance of winning a given bet, so when you compile several of them into a parlay, the likelihood dips closer to zero. If you prefer to play it safe, break up the parlay and wager on each game by itself.

    Restrictions

    None of the books we do business with will allow the combination of the moneyline odds to win and the point spread for the same team. Also, odds from first-half and second-half lines cannot be added to a parlay. Other rules will vary by site.

    Sign-Up Bonus Offers At Online Sportsbooks

    While offers exclusively attached to parlays are uncommon at domestic and offshore sports betting sites, there are occasionally contests that require members to submit combo wagers and get all of them correct.

    Sportsbook bonus offers are extended to new (and usually existing) players at each of the online sportsbooks that we suggest, and these optional dollars are typically the result of these sites matching a percentage of your deposit.

    There are terms that usually need to be completed before payouts based on promo cash can be withdrawn. Read up on these terms on each site’s page dedicated to sportsbook bonuses and learn more about these conditions and promo codes there.

    Funding Your Account And Withdrawing Payouts

    No matter what your preferred online banking option is, chances are, you can use it to deposit and withdraw at one or more of the sportsbooks we list here. Some banking choices can be used directly on their site to upload cash and get paid, while others may require a third-party or a workaround.

    There are a few details involved, so check out our guide to sportsbook banking options to learn the complete picture. For now, suffice to say that the following methods can be used to fund your account and get paid your winnings.

    Deposits – Cryptocurrency, Credit Cards, Bank Wire Transfers, P2P Transfers, Sportsbook Voucher Purchases, Member Transfers

    Withdrawals – Cryptocurrency, Sportsbook Voucher Sales, P2P Transfers, Cashier’s Check Via Courier

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