Parlay betting is very popular in sports betting because they offer bettors tremendous upside in potentially turning a small wager into a big payday. However, they’re far from easy to win. But what is a parlay?
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What Is Parlay Betting?
A parlay is when you combine multiple wagers into one wager, and for you to cash your bet, each of the wagers, also known as “legs,” needs to win.
The payout for a parlay is calculated by multiplying the odds of each pick by the other. But rather than doing the math manually, just use our parlay calculator, which does all of the work for you.
How Do You Bet Parlays?
Making a parlay bet is really simple. Just select at least two wagers from your sportsbook app, and enter the dollar amount you want to risk for the parlay in your bet slip, then place your bet.
There is no limit on how many selections you can add to your parlay, but be careful in adding too many legs, as it will become increasingly more difficult to win. More on that later.
What Is a Same-Game Parlay?
A same-game parlay (SGP) is a parlay with multiple bets from the same game. SGPs typically allow you to choose from the spread, totals, player props, and game props to combine together for one single bet.
When betting SGPs, it’s recommended to make sure your picks are correlated based on how you think the game will play out. For example, if you like the Kansas City Chiefs to beat the Detroit Lions in the 2023 season opener in a high-scoring game, you could do an SGP on Chiefs -290 ML, over 54 points, and Patrick Mahomes’ passing yards over.
How Should You Bet Parlays?
This is also a personal preference, but I try to never go longer than four sides, totals, or props in a parlay. Sure, the payoff is much larger the higher you go, and there’s nothing wrong with going for the lotto ticket from time to time. However, in the long run, those don’t hit often and are usually a waste of money.
Stick to what you really know and pick three or four sides/totals/props that you’re strong on. There’s much more value in that strategy.