What Is a Parlay? - Sports Betting Examples, Tips and Analysis November 2025

A parlay is a type of bet that involves combining two or more bets onto a single wager. often referred to as an accumulator.

The key to parlays lies in the price and potential winnings, these rising with each additional bet. But each selection must win for the parlay to cash.

Bettors looking to increase profits on lesser wagers, particularly in basketball and soccer, frequently use parlays. However, each additional selection increases the risk, even if the benefits might be substantial.

What is a Parlay Bet?

One of the most thrilling methods to place a sports bet is with a parlay bet, often known as an accumulator. It enables you to put two or more separate wagers on one ticket. All of the legs (or selections) must hit for the parlay to win. The entire wager is a failure if only one is lost.

What makes parlays so popular among bettors? It's straightforward: greater risk equals greater gain. When you combine many choices, the multiplier increases, significantly increasing your possible reward above placing separate bets. Because of this, parlays are a common option for people who want to increase their winnings with a little wager.

Here’s why parlay betting is so widely used:

• High potential payouts: If you combine odds of +200, -110, and +150, you may be looking at a return of at least 10 times more than your risk.
• Low entry cost: If all legs land, a $5 parlay may yield a sizable profit.
• Customized thrill: You may construct your ticket using totals, moneylines, or spreads from several sports and events.
• Accessible across the board: Almost every major US sportsbook offers parlay functionality, including pre-built same-game parlays and parlay builders.

You’ll find parlays everywhere—from NBA fans betting across a night of games, to soccer bettors stacking MLS, Premier League, and La Liga outcomes into one wager.

Best of all, they’re easy to place:

• Select multiple bets from your betslip
• Click on the Parlay option
• Enter the amount to be wagered, check the new payout, and bet.

Just remember—all selections must win. Even if four out of five legs hit, you still lose the entire parlay. That’s the trade-off for the boosted returns.

Find the betting odds confusing here? Our expert offers up a betting odds explained or his specialised sports betting glossary article to help any and everyone with

NBA Parlay Bet

To show you how parlay betting works in the NBA, let’s break it down with two examples: one covering multiple games across the league, and one focused on a single blockbuster matchup.

Multi-Game NBA Parlay Example

You’ve got a full NBA slate, and you’re feeling confident about some heavy hitters. Here’s how a three game parlay might look:

So here - parlay bettors would need - Denver Nuggets to Win - Cleveland Cavaliers to Win - and the LA Lakers vs. Dallas Mavericks to combine for a 177 points or more to ensure the parlay wins.

• Our sportsbook expert also detail exactly what a moneyline bet is or offers a over/under betting breakdown

Same-Game NBA Parlay - (Thunder vs Spurs)

Parlays aren’t just for multiple wagers—you can combine individual bets from one game using what’s called a same-game parlay. Let’s use a marquee clash (Thunder vs Spurs)

This same-game parlay gives you +683 total odds, combining player props and the over on points scored. This one is more self explanatory, with SGA needing 31 or more points, Wemby to pull out three blocks and the game itself to go higher then the 211.5 line.

Nail all three, and you turn $10 into $70—or $25 into $175. Parlays bring serious juice to your bets, especially in the fast-paced world of NBA action. But never forget—the entire accumulator depends on every leg hitting.

NFL Parlay Bet

Parlays are incredibly popular in NFL betting. With only one game per team each week, bettors often stack multiple matchups—or multiple plays from a single game—into one ticket for a shot at a much larger payout. Let’s break it down with two examples: one multi-game parlay across the NFL, and one same-game parlay using top player props from a huge primetime matchup.

Multi-Game NFL Parlay Example

You’re confident about a few favorites heading into Sunday. Here’s what a three team parlay on the NFL could look like:

Relying on a Chiefs win, the Niners to win by four or more and the Eagles-Cowboys game to see 45 or more points, seems simple, and look at the potential profits from this parlay wager, of course all must win, and Sunday's rarely go to script, but the potential is there.

• Confused by point spread betting? Our beginners guide details the basics for any new bettors

Same-Game NFL Parlay Example - (Cowboys vs Eagles)

These days, most sportsbooks offer a parlay option for popular games in all the major sports and leagues.

Same game parlays are the way to go for the diehard fans, following their team to the last. Jalen throwing a TD would give Philly a lift, whilst CeeDee Lamb going for 86 or more yards is well within the receivers wheelhouse. And with Cooper DeJean prowling about for the Eagles the turnovers could be there. Three wagers, all with decent shots of landing, combine into one valuable parlay for players.

This kind of correlated parlay lets you stay locked into one game, with different ways to win, ranging from star player props to game stats like turnovers. With NFL parlay bets, the payout potential rises fast. Of course, if one bet loses, the parlay is lost.

How to bet Parlays

It's easy and quick to place a parlay wager, regardless of the sportsbook you choose. The procedure is simple, whether you're stacking player props from a single contest or creating a multi-game ticket across the weekend.

Here is a step-by-step guide to placing a parlay bet:

1. Use your computer or mobile device to access your sportsbook account.
2. Look through the available games and sports, including soccer, the NFL, and the NBA.
3. Add and individual bet to your bet slip.
4. Repeat for additional selections. You need at to combine bets to form a parlay.
5. Open your betslip. You’ll usually see an option to switch from “Singles” to “Parlay.”
6. Input your stake
7. Review your selections to make sure they’re in order
8. Confirm and place your parlay bet.

That’s it—you’re in. Once your bets are live, just follow the action. Remember: all legs must win for the parlay to pay out.

Cashing Out Parlay Bets

The majority of sportsbooks have a “cash out” function that lets you settle a wager before all legs have been played. It allows you to lock in profits or decrease losses according to the real-time performance of your parlay.

With parlay bets, cash out becomes a useful option once one or more legs have already landed. If your first few selections in a parlay hit, your sportsbook may offer you a partial payout, even though the entire bet hasn’t finished. This gives you a decision to make:

• Take the offer and lock in a smaller guaranteed profit
• Let the bet ride and hope the remaining legs win for the full payout

For example:

If you have a 5-leg parlay and the first 3 bets win, your sportsbook might offer you a cash out worth a portion of the potential total winnings. The value depends on:

• How likely are the remaining legs to land
• The odds of each selection
• How long is the wager still open?

Checking your account or betslip frequently is crucial, particularly after many legs have landed. Based on current game action and odds, the cash-out amount is updated in real time. It is ultimately up to you whether you want to pursue the larger prize or accept the money now. However, knowing that you can cash out offers you greater control over your wager, which is a significant benefit when it comes to parlay betting.

Parlay Promotions & Bonuses

Looking for more value on your parlays? Many leading U.S. sportsbooks offer parlay-specific promos and boosts—here’s a breakdown of the best deals available now:

• Want more than just Parlays? Our expert details the best sportsbook promos in the US right now

FanDuel – Parlay Profit Boosts

Offer: Get your’re stake back as a free bet if the parlay loses by one leg

Advantages: Offers a safety net for players, and offers a second chance with bonus bets to try for a winner

T&Cs: 3+ Legs needed. Total Parlay odds must be +200 or greater, max refund up to $25, parlay bonus bets expire after seven days

BetMGM – Parlay Boost Tokens

Offer: “Any-Sport Parlay Boost Token” adds 25%, 33%, or 50% to your parlay payout on 3+ leg bets with 400+ odds.

Advantages: Drives higher ROI on bigger parlays across different sports.

T&Cs: Tokens must be activated before placing a bet; applicable only to eligible odd ranges; tokens are limited/time-bound.

• Check out our BetMGM promo code offer

Caesars Sportsbook – 50% College Parlay Boost

Offer: 50% boost on college basketball parlays at odds +400 or longer.

Advantages: Great for college hoops fans looking to maximize returns.

T&Cs: Only applicable to CBB parlays with 3+ legs; must meet minimum odds; standard boost restrictions apply.

• Our Caesars promo code offer offers extra profit boosts for players

DraftKings – Sportsbook+ Subscription Perks

Offer: Members pay $20/month to unlock boosted parlay payouts—10% extra on 2-leg, 100% on 10+ leg parlays with each leg at –500 or longer.

Advantages: Ideal for frequent parlay users—it doubles profits on large, qualifying tickets.

T&Cs: Subscription-based; applies only to parlays meeting leg count and odds criteria; current rollout limited to certain states.

Why It Matters for You

• Enhanced value: These promotions provide you with a payoff that is higher than the typical parlay.
• Strategic advantage: To maximize profit without taking on additional risk, use tokens or boosters sparingly.
• Fan-oriented deals: Many boosts are related to prominent leagues or events, which is ideal if you're an avid fan of the NBA, NFL, college basketball, or soccer.

What to Watch Before You Bet

• Leg requirements: Most boosts need at least 3 legs (400+ odds).
• Activation deadlines: For tokens, you must activate BEFORE placing your parlay.
• State restrictions: Offers differ by state; check with your sportsbook to see what's available.
• Rules for expiration: Keep an eye on your betslip timings; boosted bets sometimes need to settle within days.

Your parlay experience may be greatly improved with boosts and tokens, but it's important to read the fine print. With the right knowledge and timing, they may significantly increase the value of your wagers.

Strategies for Same Game Parlay Betting

Now that our expert has equipped you with all the knowledge, examples, and the different types of parlay bets out there, let’s talk about how to get ahead when wagering on these markets.

Betting is never a sure thing, but there are steps players can take to get informed about their wagers and hopefully spot odds or markets that offer real value.

Players can choose to follow one or any of these strategies, but these are the ones our expert tipsters rely on most when building smarter parlays:

Injuries

A game's entire perspective can be altered by injuries. A club may play poorly if its leading scorer or quarterback is absent. However, injuries may also provide opportunities for younger players or backups that bettors might otherwise ignore, adding value to markets like player props.

Research

A small amount of research is quite beneficial. Trends that don't always appear in the odds can be found by reading team news, coach statements, and advanced statistics. The more knowledgeable your choices are, the more likely your parlay is to withstand stress.

Form

In competitions like the NBA or the Premier League, a hot run might be the difference between a loss and success. Teams in good form are more reliable and more likely to achieve scoring totals or cover spreads. Your ticket may be made or broken by determining who is peaking (or sinking).

Weather

The weather has a big impact on outdoor sports like college football and soccer. Cold, wind, or rain can impede kicking or passing and reduce score totals. The weather has a significant impact on player props (such as passing yards) and total markets.

Head-to-Head Matchups

Simply put, some teams perform better—or worse—than others. A dominant team might struggle every time it faces a gritty underdog with a solid defensive setup. Studying recent head-to-head meetings can reveal hidden edges in outcomes or prop markets.

Parlay Odds: Expected Value

Sportsbooks automatically determine the overall odds for you when you construct a parlay, so you don't need to be an expert in arithmetic to enjoy parlay betting. Here's how the math behind parlay odds works, though, in case you're interested or want to figure it out for yourself.

Converting the American format to decimal odds, multiplying them collectively, and then converting the outcome back into US format is the crucial step.

Step-by-Step: How to work out the Parlay Yourself

Let’s say you’ve picked these three bets:

• Bet 1: +150
• Bet 2: -110
• Bet 3: +300

Step 1:Convert the odds from American format to decimal format

Use the following formulas:

• For positive odds (+): Decimal = (Odds ÷ 100) + 1
• For negative odds (–): Decimal = (100 ÷ Odds) + 1

Step 2: Apply that to the bets:

• Bet 1 (+150): (150 ÷ 100) + 1 = 2.50
• Bet 2 (-110): (100 ÷ 110) + 1 = 1.91
• Bet 3 (+300): (300 ÷ 100) + 1 = 4.00

Step 3: Multiply all decimal odds together

• Multiply the three decimal values: 2.50 × 1.91 × 4.00 = 19.1
• This means your parlay payout = your stake ($) x 19.1

Step 4: Convert the result back into American odds

Use this formula:

• If decimal odds > 2.00: American = (Decimal – 1) × 100
• If decimal odds are less than 2.00: American = -100 ÷ (Decimal - 1)

So for 19.1: (19.1 – 1) × 100 = +1810

A $10 wager would yield $191.0 (including your investment) if your parlay had +1810 odds. Although this arithmetic isn't required for regular betting, it does help explain why parlays involve a higher risk but may provide such large payouts.

Pros of Parlay Sports Betting

Due to the possibility of large payouts and the ability to customize, parlay bets have emerged as a popular choice among sports gamblers, particularly in basketball and football. The following are some of the main advantages of parlay betting that contribute to its allure:

• Higher Odds & Payouts: Parlays give you a chance to win large from a little bet by multiplying your chances with each extra leg. If all of your picks come true, even a $5 parlay can yield hundreds of dollars.
• Lower Staking Options: To strive for a large reward, you don't have to place a large wager. In parlays, many gamblers wager as little as $1 to $10 and yet stand a chance of earning triple-digit profits.
• Range of Parlay Bets: Moneylines, spreads, totals, player props, and even other sports may all be combined. You have complete control over creating the ideal ticket thanks to this versatility.
• Bonuses & Promotions: You may increase your profit or receive a portion of your bet back if one leg misses with specific parlay boosts or insurance offered by certain sportsbooks in case your parlay loses. Your wager gains additional value as a result.
• Increased Engagement: Every game may become more suspenseful with parlays. You're following several outcomes rather than just one, and each one heightens the excitement as you get closer to winning.
• Great for Prime Time and Weekends: Parlays are ideal for NFL Sundays, NBA doubleheaders, and weekend soccer schedules. Over a day or a weekend, you may combine your favorite teams or top players into a single wager.
• Same-Game Potential: Same-game parlays let you concentrate all of your wagers on a single game, which is ideal for nationally broadcast contests involving well-known teams and athletes.

Cons of Parlay Betting

Even though parlay bets have a lot of potential, there are also serious hazards involved. Understanding the drawbacks is crucial before placing a wager, particularly for novice bettors who may be enticed by the large returns.

• Harder to Land: For a parlay to be profitable, each leg must win. Your parlay loses and you still leave with nothing even if you hit four of five choices.
• Lower Probability of Winning: The real chance of success decreases with each extra individual wager. No matter how certain you are of each choice, the parlay winning is more difficult the longer it is.
• Length of Wager: You could have to wait hours or even days for the outcome if your parlay consists of games on several days or at different kickoff times. This makes tracking and cashing out more difficult.
• No Margin for Error: Single bets allow for some strategy and recovery. There is no margin for error when using parlays; a single poor beat, injury, or red card may wreck the entire ticket.
• Payouts vs. True Value: The payout may look big, but the real value often isn’t as strong as placing smarter singles. Some sportsbooks price parlays slightly below true combined odds, meaning you’re not always getting full value.
• Temptation to Overreach: Because the odds increase with every leg, it’s tempting to keep adding picks to chase a bigger return. But this often leads to riskier bets with far less chance of success.
• Limited Cash Out Options: Depending on the sportsbook, you might not be able to cash out early—or the offer may be far below the potential payout—especially if later legs haven’t started yet.