The online sports gambling market is packed with intriguing sports, bets, and markets. Some are more common than others, and today, we investigate the most popular of them all: parlay betting. A pound-for-pound favorite with online sportsbook gamblers and a market available at all major betting apps, parlays offer huge potential returns off small stakes.

What is a parlay in sports betting, how do you place one using your laptop or smartphone, and which promotions are available? We answer those important questions and more.

What Are Parlay Bets?

A parlay is a single bet with two or more selections, often from different games. Most bookmakers call a parlay with two picks a double and three picks a treble, with four or more referred to as a parlay or accumulator. No matter the name, the rules of the bet remain the same. You have one stake, and all selections in your parlay must be correct for your bet to be settled as a winner and the profits paid into your online gambling account.

For example, if you place a $50 parlay with four selections and all four win, you land the returns. But if just one of the four lets you down, the entire bet is a loser, and the bookie keeps your stake. The attraction of parlays is you can add several predictions to one bet slip and for one stake, making it a value-for-money play. It can also provide a sizeable return. The more legs included in your parlay, the higher the odds are and the greater your profits. 

Parlays can cover fixtures on one day and one fixture, or spread your predictions across several sports and days to ramp up your interest. A good parlay could give you something to follow for a few hours or even a weekend.

The beauty of a parlay is you can add just about any sport or market to your bets. Some sports are more popular with parlay bettors as the fast and unpredictable nature of the fixtures blends well with the type of bet.

Parlay bets

Soccer is the world’s most popular sport, and it’s also a big draw for parlay gamblers. You can predict the result or play one of the hundreds of pre-match and live betting markets available on every game, including spreads, totals, handicaps, and both teams to score.

The second most popular option for parlay bettors is American Football and, in particular, the National Football League. Choose a win for the home team or the visitors, or browse the other options available on your betting app. The third most popular sport for parlay lovers is basketball, with the NBA offering you a chance to gamble on multiple games on game days.

Outside of the three most popular sports and competitions for parlay bettors, others worth a look include baseball, tennis, and horse racing. You can combine any market from different fixtures or try your luck on a new addition to online betting: the same-game parlay. These bets allow gamblers to add several markets from one fixture, such as match winner, total points, first scorer, half-time score, and other favorites. It’s an interesting way to target a decent payout off a small stake when watching a sports fixture live on TV.

How to Place a Parlay Bet

Now that you know what a parlay is and the most popular sport for parlay gamblers, let's look at how you can place a parlay ahead of the next round of sports fixtures.

First, visit your chosen bookmaker and create an account or log in with your username and password. Then, visit the sports navigation bar and browse the options before clicking on your chosen sport. Here, we are placing a parlay with Bovada.

Bovada

You’ll see a long list of sports available, like football, horse racing and boxing. Click the one you’re after to open all available fixtures. Again, browse the list and click the game you want to follow. Click the odds attached to your chosen market, such as moneyline, to add to your bet slip. 

Repeat the steps for each pick to build your parlay, input the desired stake, check, and complete. Your bet is live, and a cash-out value will appear.

Let's take a look at some parlay bet examples.

Parlay example 1: English Premier League soccer

Manchester United to beat Liverpool @ 2.50

Arsenal to beat Tottenham @ 1.80

Chelsea to beat Man City @1.90

Multiply the decimal odds of the first game by the odds of the second game and then the third game to see the overall potential returns. The above example would be 2.50 x 1.80 x 1.90 = 8.55. That means a $10 stake on this parlay with combined odds of 8.55 pays $85.50 if all three predictions are correct.

It’s important to remember to change the format of the odds on your sportsbook from American to decimal if you’d like to calculate the potential returns yourself. Most bookies do this for you, so there’s now little need to know how to calculate parlay returns, but it’s worth knowing in case you ever need the skill.

Parlay example 2: NFL

New England Patriots to beat Buffalo Bills @ 1.60

Green Bay Packers to beat Chicago Bears @ 1.90

Dallas Cowboys to beat New York Giants @ 2.00

The overall odds are 1.60 x 1.90 x 2.00 = 6.08. A $20 stake at 6.08 pays $121.60 if all three predictions prove to be correct. But if just one team fails to win, your bet loses, and the bookie keeps your $20 stake.

How to Cash Out a Parlay Bet

The cash-out feature has been revolutionary to online gambling, allowing bettors to finish a wager early and take the pay-out offered. A cash-out can earn you a profit from a bet that would otherwise be a loser or help you recoup some of your stake if you’ve made a poor selection.

Here’s how to cash out a parlay.

Cashing out a parlay is popular when selections finish at different times. Suppose you have the Premier League parlay mentioned in the earlier example, and two teams have already won. You can bide your time and wait for the third game in the hope of landing the $85.50 payout or take the cash out. The value of the cash-out depends on several factors, but let’s say it’s $50. Do you grab the $50 cash-out or sit tight and try to win the $85.50? It’s a gamble within a gamble, and it’s great fun.

To cash out your parlay, simply click the cash-out button and confirm. The profits are instantly sent to your betting account player balance and your parlay ends. After cashing out a bet, it’s over, and the results no longer matter. Bookmakers offer cash-out as a way to reduce the amount they need to pay out. You get an early profit, and the sportsbook pays $50 instead of $85.50 on your bet.

What happens if one or more selections are void?

As bettors know, anything can happen in sports, and that’s part of the attraction. But what if you place a parlay and one or more selections are void, such as a postponed soccer match or a non-runner in horse racing? It could get messy, but thankfully, it’s all quite simple. 

If one selection in your parlay doesn’t run for whatever reason, you simply remove it from the equation. A five-runner parlay on horse racing becomes fourfold, and your bookie will adjust the odds accordingly. Different sportsbooks may have their rules on void bets in parlays, but most firms remove that leg from the bet.

Parlay Booster

The most popular bookmakers offer promotions on sports parlays to new and existing customers. These deals come in many different shapes and sizes, but some are particularly popular with bettors and appear more often on betting websites and apps.

One of the most common and best-loved promotions is the parlay insurance. Wager on a sportsbook parlay and get your stake back as a free bet if you lose by one selection. Insurance promos have terms and conditions attached, covering the minimum number of selections in your parlay, the stake, odds, and more. It’s worth reading the small print before accepting a deal from your bookie.

Another popular option is the parlay price boost. With this promo, a bookie enhances your returns on winning bets. The more legs included in your parlay, the bigger the profit boost. Most firms work it on a percentage, such as 10% for three picks, 20% for four picks, and so on. As above, terms and conditions apply to the bonus, and you should read these to ensure you fully understand how the offer works and what’s expected of you when using it.

The third promotion is the parlay free bet. Join a bookmaker as a new customer or place a certain number of wagers midweek, and the bookie may offer you a free bet on a weekend parlay. It’s a deal that encourages customers to place parlays and helps drive repeat business. Typical T&Cs state you must have a minimum stake on your qualifying parlays and at minimum odds or better. Winnings from free parlay bets are paid in cash or as other free bets.

When to tread carefully with parlays

The reason bookmakers offer great deals on parlays and promote this type of bet on their websites is because it’s a wager that stacks the odds in their favor. As any experienced gambler knows, it’s difficult enough to land one correct prediction, so reeling off multiple winnings picks on one day or across a weekend can be challenging, to say the least. 

Parlay bettors know their chances of winning are slim, and it’s likely the bet will end with a bookie keeping the stake. But the odds available are often too tempting to ignore. Parlays with high potential returns usually require small stakes, so bettors see it as a gamble worth taking, with the rewards outweighing the risks.

Join a Parlay Betting Community and Increase Your Odds of Success

There you have it: everything you need to know about sportsbook parlays and how to get the most from this popular style of betting. You’re now ready to start placing parlay bets on upcoming sports fixtures, including the next round of games from the NFL, NBA, and the English Premier League.

If you need help finding selections to add to your bet slip, Whop has everything you need. The Whop Marketplace is home to thousands of sports picks communities where you can learn everything there is to know about betting - including parlays.

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Sports picks groups on Whop are led by experienced bettors and cappers who share their advice, education, picks and plays with community members. Join a community that revolves around a certain sport (like an NHL-focused group) or a private group centered around finding and placing the best parlays.

Ready to get serious about your online sports betting picks? Join a sports picks community at Whop and become a better bettor today.

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