Parlay Bet Explained | Learn What is Parlay Bet, Tips & Examples
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Parlay Bet

Steven D. Thompson

Updated:

Experienced bettors love nothing more than a winning parlay bet. With Betpack’s parlay betting guide, you can learn how to make the most of this popular bet type. Parlay or combo bets allow you to combine multiple betting selections and double, triple, and quadruple the excitement by including more events in your wager. Think you can get four or five NBA outcomes right?

Table of Contents

    Parlay Bet Explained

    With a parlay bet, you include two, three or more betting selections in your wager. The odds of all those events are multiplied, meaning your potential parlay payout increases as you add more picks to your bet slip. It is important to note, though, that you must predict all outcomes correctly to win your parlay bets.

    Let's say you place a four-team parlay. Even if three of your bets win and only one selection lets you down, your entire parlay loses. That's despite all your other sports betting predictions being spot on. In contrast, when you place a single-game bet, you predict the outcome of only one match, and that outcome determines if you win or lose your single bet.

    Let’s explain parlay bets. Imagine you have included three matches in your parlay bet - the Grizzlies to win against the Nuggets, Djokovic to defeat Tsitsipas, and the Real Madrid and Barcelona match to end in over 2.5 goals. You will need all of those things to happen to have a winning parlay bet. If the Grizzlies and Djokovic win, but El Clasico ends 1-1, you will unfortunately lose your parlay bet. That is the nature of these types of bets.

    Parlay Bet Explained Parlay Bet Explained

    Parlay Bet Examples

    The moment you add more than one selection in your bet, you have created a parlay wager. There are different types of parlay bets depending on the number of events you include in your bet slip. Stay with Betpack to learn what kinds of parlay bets you can compile.

    Double Parlay Bets

    As the name implies, when you place double bets, you include two selections in your parlay bet. Both of those legs need to come to fruition for you to win. Let’s say you are into American football betting and have created a two-team parlay backing the San Francisco 49ers to beat the Dallas Cowboys and the New York Jets to triumph over the Los Angeles Rams. You will have a winning bet only if both the Niners and Jets win their matches.

    Treble Parlay Bets

    With treble bets, you include three events in your wager. For example, you can create an English Premier League three-team parlay bet where you will predict that Chelsea vs West Ham, Everton vs Tottenham, and Manchester City vs Liverpool will all end with over 2.5 goals scored. If each match produces at least three goals, you have a winning treble bet. 

    Four-Team Parlay Bets and Higher

    You can already see how parlay bets work. As you might have guessed, four-folds are parlay bets that consist of four selections, but they are not where parlay bets end, far from it. You can include as many events in your parlay bet as you wish or as online bookmakers allow you to do. That means you can create long parlay bets consisting of 10, 20, 30, 40 or more selections.

    Round Robin Parlays

    When you place Round Robin parlay tickets, you create a series of coexisting smaller parlays on the same ticket. Let's say you back the Kansas City Chiefs, Miami Dolphins, and Tampa Bay Buccaneers in a three-team parlay. The Chiefs lose, while the Dolphins and the Buccaneers win. In a regular parlay, the Chiefs losing, will cost you your ticket.

    However, in a Round Robin, you basically place three two-team parlays concurrently in the same bet. So, you get the following three parlays within the same Round Robin bet: Chiefs-Dolphins, Chiefs-Buccaneers, and Dolphins-Buccaneers. That way, even if the Chiefs lose, you still have the winning Dolphins-Buccaneers parlay.

    How to Place a Parlay Bet

    There’s nothing complicated about placing parlay bets. Even if you still haven’t registered with an online sportsbook, we can help you set up a sports betting account in no time. Here’s what you need to do to place your first parlay bet.

    • Estimated Time Needed: 00:05
    • Tools Needed: Account
    • Supplies Needed: Time, Money
    Register with a Quality Sportsbook Step 1

    Register with a Quality Sportsbook

    First, read our reviews and find a bookmaker you fancy. Next, click on the link to get to the sportsbook’s website. Once there, click on the “Register” button and follow the instructions.

    Deposit and Claim Bonus Step 2

    Deposit and Claim Bonus

    Now, select your preferred payment method to make your first deposit. Your funds will reach your account instantly. While you are there, activate the welcome bonus if the sportsbook has one.

    Add Selections Step 3

    Add Selections

    With your account funded, go to the “Sports” section of the betting site. Navigate through the sports and leagues and find the events you want to bet on. Start adding them to your bet slip.

    Place your Parlay Bet Step 4

    Place your Parlay Bet

    It is now time to submit your parlay bet. Before you do, check that you have included all the selections you planned to add. Enter your bet stake and hope you have compiled a winning bet.

    Strategies and Tips for Parlay Bets

    With parlay bets, you don’t just multiply the excitement. You also multiply how much you stand to win. Each subsequent selection boosts your potential parlay payouts, so it is no wonder that so many bettors are placing parlay bets day in and day out. Read Betpack’s top three tips for parlay bets and improve your chances of winning.

    Use Parlay Bet Bonuses to Your Advantage
    Go with a Low Stakes Method
    Bet on Favourites

    There are several types of parlay betting offers you can benefit from, such as accumulator boosts and combo bet insurance promos. These bonuses either increase how much the original parlay bet pays or provide you with a consolation when you have been super-close to winning.

    For instance, with parlay bet boosts, your winnings are increased by a predetermined percentage with each qualifying selection you add to your bet slip. So, if you include 10 qualifying legs, the bookie might increase your winnings by 10%.

    You can also profit from combo bet insurance promos. They allow you to get your bet stake back when only one selection lets you down and you have included the required minimum number of events to qualify for the promo.

    One of the most important things you have to decide when placing parlay bets is how much money you are going to stake. Managing your budget is crucial when wagering, and Betpack’s banking guide is a great place to start. Once you cover that you can begin to think about what staking approach you will use.

    We think that the low-stakes method is ideally suited to parlay bets, as you can bet only 1% of your monthly sports betting budget on each parlay bet you place. So, if you have a budget of €800, you will stake €8 on each combo bet.

    Those small bet stakes will keep you in the game for a very long time, and even bad losing runs will impact your bankroll only minimally. Moreover, the high winnings associated with longer parlay bets may replenish your budget only after one win. Get a little lucky and win a couple of those bets and you will soon start comparing payment methods to find the ones with higher limits.

    Sports betting on favourites with single or individual bets doesn’t make much sense unless you are backing those bets with a lot of money. For example, backing a team such as Manchester City with €100 to win at odds of 1.20 will result in only €20 of profit. 

    However, if you combine that selection with a few other favourites, you increase your parlay odds substantially. That, in turn, means you don’t have to stake €100 to get decent winnings. Instead, the parlay pays quite well even with a €5 wager. And considering that odds-on favourites such as Manchester City lose once in a blue moon, that will be a low-risk prudent bet.

    Conclusion

    A parlay bet is any bet in which you include two or more selections in your bet slip. It is one of the most common bets out there. In fact, chances are that most of the wagers you will place as a bettor will actually be parlay bets, as opposed to single or individual wagers.

    The great thing about parlay bets is that they allow you to get substantial winnings with modest to moderate bet stakes. That makes them perfect for bettors on a tight budget and ideal for punters who want to enjoy watching as many matches as possible with only one bet.

    Frequently Asked Questions

    What is the best parlay bet?

    The best parlay bet is the one you have spent time analyzing. Doing your betting homework is crucial if you want to win your parlay wagers. And because parlay bets consist of more than one selection, you will need to spend some time to place educated parlay bets.

    Are parlay bets worth it?

    Yes, they are. Parlay bets allow you to experience the excitement of online betting to the fullest. That’s because you can follow multiple matches with only one parlay bet. The fact you risk only a small portion of your budget is a big plus too.

    How to place a parlay bet and win?

    The best way to win from a parlay bet is to join a reputable bookmaker, such as those we list at Betpack. These betting operators give you a wide range of markets and competitive odds for your parlay bets and offer unparalleled security.

    Can you parlay prop bets?

    Yes, you can. A lot of top bookmakers let you combine two or more bets from player prop markets. For instance, you can parlay prop bets from the NBA and create individual player bet parlays, such as how many points, assists, rebounds, or steals an NBA player will record.

    What is the difference between regular and Round Robin parlays?

    With regular multiple bets, if any of the selections in the parlay lose, you won't get your parlay payouts, as you will have a losing bet. However, with Round Robin parlays, you place multiple two-game and three-game parlays concurrently within a larger parlay wager. So even if one bet loses, there will be one or more parlay wagers winning.

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