Parlay Betting 101 – Strategy Guide and Payouts

Parlay Betting 101 – High-Risk, High Rewards

Parlay betting is one of the most exciting ways to bet on sports. It’s a wager that combines two or more individual bets, with the potential to win big payouts. However, it’s also a high-risk bet, as all the bets in the parlay must win for the bettor to receive a payout. In this article, we’ll cover everything you need to know about parlay betting, from what it is and how it works, to the pros and cons of this type of wager.

What is a Parlay Bet?

A parlay bet is a type of sports betting wager where a bettor selects two or more individual bets and combines them into one bet. In order to receive a payout on a parlay bet, every bet in the parlay must be a winner. If any bet in the parlay loses, the entire wager is lost. Parlay bets are popular because they offer the potential for a large payout, with relatively small amounts of money at risk.

Types of Parlays: 2 Teamer, 3 Teamer, 4 Teamer, etc.

There are various types of parlay bets, ranging from two-team parlays to more complex parlays with multiple bets. Two-team parlays are the simplest type of parlay, where a bettor combines two individual bets into one. Three-team parlays are also common, where a bettor selects three individual bets and combines them into one bet. Parlays can include up to 10 or more individual bets, with the potential for significant payouts if all bets are winners.

What Does a Parlay Pay? Find Out Here!

The payout for a parlay bet depends on the number of individual bets included in the parlay and the odds of each individual bet. The more bets in the parlay, the higher the potential payout. However, the odds of winning a parlay decrease with each additional bet. Payouts can range from small amounts for two-team parlays to large payouts for more complex parlays with multiple bets.

Parlay Payouts based on a flat $100 bet size:

2 team 2.6 to 1 $260 $360
3 team 6 to 1 $600 $700
4 team 11 to 1 $1,100 $1,200
5 team 22 to 1 $2,200 $2,300
6 team 45 to 1 $4,500 $4,600
7 team 90 to 1 $9,000 $9,100
8 team 180 to 1 $18,000 $18,100

Are Parlays A Sucker Bet? Let’s Examine

Some sports bettors believe that parlays are a sucker bet, due to the high-risk nature of this type of wager. However, as with any type of betting, there are risks and rewards involved. Parlay bets offer the potential for significant payouts, but they also come with a higher risk of losing the entire wager. It’s important for bettors to weigh the risks and rewards before placing a parlay bet. Parlays can serve a purpose and there’s nothing wrong with trying them here and there. However, we wouldn’t advise playing parlays regularly as a long-term strategic solution to maximize profits betting on sports.

Pros and Cons to Parlays: What You Need to Know

There are both pros and cons to betting on parlays.


  • Potential for a large payout with relatively small amounts of money at risk.
  • Can have action on multiple games on just one ticket.
  • Lots of excitement that only builds as you win plays on a ticket.


  • Higher risk than single bets. One loss ruins the ticket even if you won the other plays on it.
  • Low probability of winning and gets worse the more teams you add to parlay ticket.
  • Can run into big dry spells, depleting your bankroll and ruining confidence.

Ideal Scenarios to Bet Parlays: Tips and Tricks

There are certain scenarios where parlay betting can be more advantageous than individual bets. For example, if a bettor has a strong feeling about multiple games and wants to combine them into one bet, a parlay can offer a higher payout. Additionally, parlays can be a good option for bettors looking to maximize their profits with a small bankroll. However, it’s important to remember the risks involved with parlay betting.

Where to Bet Parlays Online: Top Sportsbooks

There are various online sportsbooks that offer parlay betting options. It’s important to choose a reputable sportsbook with a good track record of payouts and customer service. Some top sportsbooks for parlay betting include Bovada, MyBookie, and BetUS.

Choose a Safe and Legit Sportsbook: Bovada Review

Bovada is a popular online sportsbook that offers a wide range of betting options, including parlay bets. The site is known for its user-friendly interface, quick payouts, and reliable customer service. Additionally, Bovada offers a variety of bonuses and promotions for new and existing customers. We regularly recommend Bovada as the top choice for USA citizens as they have been a standout in the online betting industry since starting in 2011.

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Using Expert Sports Picks for Parlay Bets: Get the Advantage

One way to increase the chances of winning a parlay bet is to use free picks and expert sports picks from top handicappers. Handicappers are experts in analyzing games and making predictions about the outcome. By using expert sports picks, bettors can increase their chances of winning a parlay bet. However, it’s important to choose a reputable handicapper with a track record of success and many years of experience honing their skills.

Parlay betting can be a thrilling way to bet on sports, but it’s important to weigh the risks and rewards before placing a bet. Whether you’re a seasoned bettor or new to the world of sports betting, understanding the ins and outs of parlay betting can help you make informed decisions and increase your chances of winning big payouts. By following the tips and tricks outlined in this article, you’ll be well on your way to making smart and strategic parlay bets. Sports Betting 101 Guides and Tutorials