fbpx

DraftKings Parlay Guide: How to place a parlay on DraftKings

Parlay betting is one of the most popular bet types with DraftKings. If you are new to the sportsbook, you may be wondering how do you parlay with DraftKings?

Online sports betting is expanding across the United States. Sports bettors located in states with a legal gambling market have access to numerous top-quality betting apps and features. Whether you like to wager recreationally or are a more serious player, you can bet on a football game on the go via the latest innovative gambling software on mobile apps. With new online sportsbooks frequently launching, there are also a considerable amount of bet types available. Whether you want to use your free bets on a straight wager or combine multiple bets, there is lots of choice.

One of the most popular types of wager you can place on a sports betting site is the parlay bet. Parlay sportsbook apps will allow you to place game parlay bets on all significant domestic leagues such as the NFL, NBA, and MLB. It is not often these days to find an online sportsbook that won’t let you parlay or bet on more than two teams with the same wager. Parlays have certainly become a favorite among sports gamblers worldwide.

Parlay bets are attractive as the potential payout for players is huge. One of the best sportsbooks that offer parlays is the DraftKings sportsbook. You can parlay on DraftKings by using either the desktop site or the excellent DraftKings app. DraftKings is well-known for being one of the premier daily fantasy sites, and the brand also offers several DraftKings parlay betting options.

This article provides an extensive guide for anyone wondering how to bet parlay on DraftKings. We will cover how to do a parlay on DraftKings, how to cash out a parlay on DraftKings, how to do a 5 team parlay on DraftKings, DK same game parlays, and more. We will also cover the basics of a parlay wager, such as the decimal odds and what goes into a parlay bet.

How to Place a Parlay bet on DraftKings

Placing a parlay wager on DraftKings is straightforward, but before you go looking into player props or point spreads, you must first create an account. DraftKings is one of the most trustworthy brands around and has a fantastic welcome bonus consisting of up to $1,000 in bonus funds in the form of site credit that you receive just for signing up. If you don’t already have an account, you can create one in a matter of minutes at sportsbook.draftkings.com.

Simply follow the on-screen instructions to set up your account, and you can bet betting on your favorite sports in no time. Please be aware that you must provide some personal details such as name, address, email, and birth date to complete your registration.

As mentioned above, placing a multi-game parlay on DraftKings is simple.

  1. Make sure you have an account and are logged in
  2. Navigate to the sport you want to bet on
  3. Tap on the odds boxes of two or more selections
  4. Open the bet slip, select parlay
  5. Enter your stake
  6. Press the green place bet button

DraftKings parlay

Easy enough? So let’s look at an example of how a parlay with DK would work. For the purposes of this article, we are going to bet betting on two games in the NFL.

Once you have navigated to the NFL betting page on the DraftKings site, you will see the list of games displayed and the bets you can choose. The two bets we will make in our example are:

  • Over 50 total points in the Seattle Seahawks Vs. San Francisco 49ers game
  • Over 50 points in the Dallas Cowboys Vs. Philadelphia Eagles game

To place your wager, select the two boxes for those bets. When you have done that, the two boxes will be highlighted, and the bets will appear on your bet slip on the right of the screen. Notice that if you stake in a $10 bet for both as single-game wagers, which is the automatic choice of the site, your potential payout will be $39.90. That is because the Cowboys/Eagles game has a vig of +102, while the Seahawks 49ers game has a vig of -104.

You could opt to use a parlay calculator to view your potential DraftKings parlay payouts on any parlay bets you make. There is no DraftKings parlay limit, and you can bet on up to 12 teams on one slip at any given time.

Confirm Parlay Wager

To make your bet a parlay wager, click the parlay tab of your bet slip. Once you do that, the parlay will be underlined in green, and your bet will become a parlay. You need to enter your total bet amount for the parlay below the games, and your potential payout for the same $20 bet mentioned above now becomes $79.59 if both games win. When combined, they return odds of +298.

When you are ready to submit your bet, click the big green Place Bet button under the Bet Slip, and the wager will be confirmed.

What is a Parlay Bet?

Before you choose your preferred online sportsbook or decide to try parlay wagering, it’s vital to understand precisely what a parlay bet is and how it differs from a single-game bet. Put simply; a parlay bet is a single wager that involves at least two teams or game totals winning. For you to win a parlay bet, every leg within the bet must win.

So, for example, if you were betting on the NFL DraftKings markets, you could choose a parlay bet that combined the Los Angeles Rams -10 Vs. the Buffalo Bills and the Tampa Bay Buccaneers -4.5 Vs. the Las Vegas Raiders in any game week. For the parlay to succeed, both the Bills and Buccaneers would need to cover the spread.

There must be at least two different bets in a parlay wager, but you can have more than two legs if you wish as well. The more teams you choose, the higher the return on a winning bet. You can also use the DraftKings cash-out option if some of your legs have won and you would rather cut your losses than wait to see if the remaining legs are successful.

DraftKings Same Game Parlay

DraftKings also offers the same game parlays (sometimes called single game parlays), letting use the parlay option on the same event. The operator launched this feature in 2021, and it offers SGP’s on NFL, NBA, MLB, Soccer, and has recently revealed they will be available for NHL games.

On the DraftKings sportsbook, same game parlay over/under rushing total options are listed in increments of 10. Unlike some other sportsbooks, they are not priced individually. Same game parlays have grown to become incredibly popular among bettors, and DraftKings has fantastic options if this is your preferred method of wagering. You can see which games are available for a same game parlay with DraftKings by looking for the little SGP icon next to the time, like on here:

DraftKings SGP Icon

To place a same game parlay bet with DraftKings, just follow these steps:

  1. Make sure you have an account and are logged in
  2. Navigate to the sport and game you want to bet on
  3. Click on the game and slide the toggle over
  4. Tap on the odds boxes of two or more selections
  5. Click on the Add To Bet Slip button
  6. Open the bet slip, select parlay
  7. Enter your stake
  8. Press the green place bet button

The image below shows exactly what the screen looks like when you select the SGP option with DraftKings

DraftKings Same Game Parlay

It’s very easy to place a normal or SGP on DraftKings. The interface on the app (and regular desktop site) makes parlay betting a breeze.

DraftKings Parlay Rules

Parlay betting is pretty straightforward. There aren’t a huge amount of rules to follow for your bet to qualify as a parlay. The stipulation is that your bet must include at least 2 selections and in order for you to win the bet, all your picks must win.

Big wins from DraftKing Parlays

The main reason parlays are so popular with bettors is that you can win life-changing sums from a small bet. Sure the odds are in the books favor and your 15 bet parlay will probably never come in, but what if it did? Bettors always share crazy parlay wins online on places like Twitter and Reddit. Take this DK parlay for example that bagged $47,258.22 from a $5,000 wager.

Big DK parlay win

DraftKings Sportsbook Parlay Insurance

DraftKings offers its users parlay insurance, which gives you a free bet if your parlay falls short. Once the NFL season finishes, the best sporting promotions typically end. However, the DraftKings sportsbook keeps the action moving along into the spring with a great deal for new customers.

One recent example of this is the NBA season from two years ago. From September 2020 until the end of that NBA season, DraftKings offered parlay insurance for parlays of five or more legs. If one of the legs failed, the site refunded the bet as site credit, up to $25.This provided bettors with a fantastic opportunity to try out one of the best legal sportsbooks in the US.

A parlay bet consists of two or more legs; an example of a parlay bet would be:

  • Atlanta Falcons -4.5 on the point spread against the New Orleans Saints (-112)
  • La Lakers to cover 5.5 points against the Brooklyn Nets

Some rules come with the DraftKings parlay insurance feature. It has to be a straight parlay card with five as-is bets. There are no odds boosts, round-robins, teasers, and free bets allowed. Any attempts to cash out while the parlay is still active will remove the chance to get the insurance.

Issues With Parlay Bets On DraftKings

If you come across a DraftKings parlay not working message or are still unsure how to do parlay bets on DraftKings (though this guide should avoid that), you can get help 24 hours a day. Like most legal online gambling apps, DraftKings has round-the-clock customer service that is available. You can contact customer support via both live chat and email. The live chat feature is excellent as it allows you to instantly get in touch with the bookmaker, while email inquiries are typically resolved within 24 hours.

FAQs

How does parlay insurance work on DraftKings?

On DraftKings, parlay insurance is available. This covers you or up to $25 in the event you lose one leg in the parlay. It is a nice little insurance policy that can soften the blow if only one leg lets you down.

Can you cash out a parlay early DraftKings?

On selected parlays, you can cash out your bet early. You can check the bet by logging into your account, then selecting my bets, and using the cash out button if it is available.