Parlay betting is an increasingly popular way to play the odds. Once considered an avenue for avid sports bettors only, the parlay bet is gaining a lot of traction with less experienced bettors as well — and for good reason. While the bets tend to be higher risk, they’re high reward too, with payout odds that grow exponentially with each wager.

What is a parlay bet?

A parlay bet is a single bet that combines multiple wagers. The success of the bet depends on each wager winning. In other words, if every wager in your parlay wins, you win. But if just one wager loses, the entire bet is a bust. Parlays can combine different types of wagers too, such as point spreads, moneylines or over/unders.

The typical parlay bet payout structure is based on the number of wagers made within a parlay.

Number of bets ---- Payout

2 ---- 13:5

3 ---- 6:1

4 ---- 10:1

5 ---- 20:1

6 ---- 40:1

What if there’s a tie?

Depending on the types of bets you make within your parlay, it’s possible you could come up with a tie. For instance, if you make point-spread bets, and the Colts are minus 7 on the line, and they win by exactly 7 points, your wager would be a push — a tie between the bettor and the sports book. If that happens, the parlay could be downgraded to a two-team parlay. Keep your eyes out, though. Some sportsbooks consider ties losses, so be sure you know the specific policies of the sports book where you’re betting.

Why bet parlays?

For bettors just looking to have fun, parlays are a great way to gamble on all your favorite teams at once. For hardcore handicappers, parlays have the potential to pay serious money. Although parlays tend not to have as good of odds as other bets, their payouts can be exceptionally high. An 11-team parlay, for example, might pay 1,100:1, meaning you win $110,000 on a $100 bet. While the odds are definitely daunting, they’re not impossible.

Getting used to parlays

For people who are nervous about betting parlays, try not to go over three wagers within your bet. Keeping it at three maintains the potential for a nice payout, without really starting to strain your odds.

How to place parlay bets

The easiest ways to place parlay bets are using a sports book mobile account or a parlay card at a brick-and-mortar casino. Both options clearly and simply lay out wagers, which is especially helpful the more wagers you make.

Did you know?

In Europe, parlay bets are widely referred to as “accumulators.”