Parlays are one of the most potentially lucrative bet types, and any bettor worth his salt should know his way around them
Best Parlay Betting App – Best Sportsbooks For Placing Parlay Bets
Parlay betting is now one of the most popular ways to place a bet. Most sportsbooks offer parlay betting, but there are lots of ways in which the experience can differ. When I say Best Parlay Betting Sites, I am really looking for sites that provide a large array of betting markets, which you can combine in your parlay bets, and the best tools to help you build your bet. After reviewing dozens of sites, I compiled a list of my favorite picks, and what each of them has to offer.
In this guide, we will look at the best sites and apps for parlay betting, and if you are new to this way of wagering, I will explain the ins and outs of parlay betting as well as listing some tips to maximize your betting.
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Recommended Sportsbooks For Parlays
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Best Sports Betting Apps For Parlay Betting
As bettors throughout the country are eager to get involved in sports betting, more and more online sportsbooks have launched promising, the best offers and betting experience. We have tested multiple sports betting apps to find the sportsbook offering the most parlay options. We have listed our top sportsbooks for parlay betting below.
#1. BetMGM Sportsbook
BetMGM is one of the most established US operators. This sportsbook has seen a lot of parlay bets in its time and is an excellent parlay betting app. Because MGM Resorts is such a large company and has numerous resources and ways of making money, it offers some of the fairest odds around. The odds are important when calculating the payout from a parlay, so it is crucial you get the best odds on the game no matter what.
Players can take advantage of regular parlays, Same Game Parlays, and a Bet Builder feature where they can create a parlay and see in real-time what the payout odds would be for the bet slip. Placing a parlay is very easy on BetMGM, just click on your selections, open your betslip, add your stake then press place bet.
My Favorite Parlay Feature: Easy Parlay Picks
The BetMGM app makes creating a parlay bet very easy. I found that finding sports betting lines was really quick and this mean’t I could find all of the bets from different sports I wanted to parlay together without too much headache. The odds were generally among the best I’ve seen although it does vary for each sport.
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#2. FanDuel Sportsbook
The FanDuel sportsbook is one of the top sports betting options for parlay wagers because you can parlay on basically anything you like. FanDuel was one of the first operators to highlight big player prop parlays that have been discussed at length in the media. Some of the parlay betting features available include parlay insurance & same Game parlay on a range of sports.
Many things across several sports can be parlayed. This enables bettors to create a diverse bet slip with all of their ideas and limit the risk by betting a little to win a lot. This is a sportsbook that really hones in on the parlay options and provides numerous features for customers.
My Favorite Parlay Feature: FanDuel Parlay Hub
Using the FanDuel app for putting a parlay together was a pleasant experience. The app is intuitive to use so I was able to find everything I wanted to place a wager on. The betslip is also easy to edit with the parlay option being readily available for most bet combinations.
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#3. DraftKings Sportsbook App
DraftKings offers Parlay Insurance with many different props and odds to parlay together. The insurance policy has a vast amount of betting options that are a lot bigger than many of its competitors. Making a parlay bet on the DraftKings sportsbook app is super easy to do. DraftKings parlays offer some of the best odds around and the Same Game Parlay feature is an awesome addition.
Additionally, DraftKings has weekly promotions that often include parlay bets for customers to benefit from. There is no promo code needed for the DK welcome bonus and ongoing promotions.
My Favorite Parlay Feature: Preselected SGP Browse by Odds
Putting together a parlay bet on DraftKings app is very simple to do. I would say that they are my number one choice for parlay bets on the NFL but they are also pretty good for other sports. I agree with Alex that my favorite feature is the SGP mode where you can browse preselected SGPs by the odds they offer.
3
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#4. Bet365 Sportsbook App
This sportsbook has a wide sports coverage, offering wagers on US pro leagues and competitions, as well as many international events. It delivers wagers on loads of sports, including eSports, and has excellent live betting markets and game props. To top it off, bet365 has a parlay boost that applies to all your parlay bets on the major US leagues, and can boost your potential returns by up to 70%. If you can get bet365, I highly recommend giving the betting app a go.
My Favorite Parlay Feature: Parlay Boosts
Since checking out the parlay boost feature on the bet365 betting app, I have been hooked. I love how all of my NFL, NHL, MLB and NBA bets are always boosted, and with the Early Payouts, it makes for the perfect parlay betting app.
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What Is A Parlay?
A parlay is a single sports bet that involves two or more wagers combined into one. This bet could include moneylines, futures, and point spreads. These bets are attractive because they offer the potential of a higher payout over choosing a single team to win. On the flip side, there’s more of a risk to these types of wagers because every “leg” of the parlay needs to win. If just one leg loses, the whole parlay is unsuccessful. It can be heart-breaking to see just one team mean the entire parlay bet loses, but those are the high stakes surrounding this type of wager.
Because every leg needs to win, the more bets added to the parlay increases the odds, which increase very quickly after four or five teams. Parlay bets must have at least two picks but can go up to 25 legs on certain platforms.
The flexibility of a parlay is also attractive to gamblers. Players can combine multiple sports into their parley bet. For example, you could include the Seahawks from the NFL, the Lakers from the NBA, and the Maple Leafs from the NHL into one single bet. If they are all victorious, so are you.
Parlay Calculator
If you really want to get into the nitty-gritty of working out the potential payout from your parlay bet, you could use a parlay calculator. You can access our free-to-use parlay calculator here: Parlay Calculator.
This gives you the opportunity to calculate the odds on any amount of parlays, with the option to add up to 15 teams or selections. It is straightforward to use, and the calculator works equally as well on a sportsbook app or desktop site. Additionally, you can use it to decide if you should do a two-team parlay or add more teams.
How we rank Parlay Apps
Ranking the best parlay apps requires a different approach than judging betting apps as a whole. One operator may be popular among bettors due to its attractive bonuses and promotions, while another may attract new users with a huge range of betting markets.
We consider multiple factors when choosing the best parlay betting apps. The key criteria includes:
- Does the app provide features that can’t be found elsewhere?
- Are the odds competitive?
- Does the app have an easy to use same game parlay option?
- Can you cash out your parlay?
- Are there any promos or bonuses targeted specifically at parlays?
- Is there a broad range of sports and markets available for parlay wagering?
The apps we have listed on this page meet all of the above criteria. Additionally, these apps are easy to use and navigate around, so you won’t have any trouble finding those parlay betting options.
How do Parlays pay out?
Parlay bets are known for their huge payouts and big odds because they can essentially be as large as you want them to be. Most sportsbooks allow ten legs in a single parlay, while some allow up to 25 legs, which means payouts can be astronomical.
Once your online sports betting site accepts your parlay wager, they create a multi-level bet where each wager that wins then becomes bigger on the next leg and so on. In this example with two traditional -110 legs, the first wager is $100 on the 49ers +3 or under 55.5 on the spread. In this instance both bets finish at the same time so there is no real ‘first leg’ as it doesn’t matter. Because the 49ers +3 covered the spread, your $100 wager turns into $190.91.
With this profit, you use the $190.91 for the sake on your second leg, under 55.5. That was a winner as well, and a -110 bet for that price results in a pay out of $173.55. Both winning wagers give you a total of $364.46. Bear in mind that you started with a $100 stake, so you have a made a nice $264.46 from this particular parlay wager.
If you fancy yourself as a bit of a math genius and are trying to figure out what a parlay bet will pay out, the most straightforward formula is to work to -110 wagers. Above we have outlined how a two-team bet pays out approximately 2.6-to-1. Add to that to make it a three-team wager and the pay out becomes 6-to-1. The odds will double from that point for every -110 bet added to the parlay.
Types of Parlays to Try Out
There are several types of parlay bets, as they are one of the most versatile and complex forms of sports betting. Below are some of the most popular types of parlay bets, how they work, and how their odds might compound for a given scenario.
3 Leg Parlay Bets
Three-team parlays are one of the most common forms of parlay betting and, in my opinion, are a perfect size. Below is an example of a three-team parlay containing NBA spread bets at -110 odds to simplify things and make it easier to understand.
- Sacramento Kings -6 (-110)
- Minnesota Timberwolves +2.5 (-110)
- Chicago Bulls -2.5 (-110)
These three wagers by themselves at $100 each would only net bettors $90.90 for each bet, meaning you will risk $300 to win $272.70. Parlaying these picks together makes the odds of the bet +595, meaning a $100 bet would win $595.
4 Leg Parlay Bets
Like a three-team parlay, a four-team parlay is a great size to make your bet because it makes your odds better, but it’s less aggressive than a seven or eight-team parlay. Typically, a four-leg parlay will feature odds that are around 12:1, although these will change drastically based on the odds of each leg.
Let’s continue to build off of the example above:
- Sacramento Kings -6 (-110)
- Minnesota Timberwolves +2.5 (-110)
- Chicago Bulls -2.5 (-110)
- Philadelphia 76ers -9 (-110)
The odds roughly double between the three and four-team parlay bet, so keep in mind that each leg added makes the bet a lot more difficult to win but also pays out a lot more.
Same Game Parlays
Same Game Parlays
A same game or single game parlay is a parlay that consists of correlated bets. Players can use these separate parlays to put together several props or markets from the same game, in the hope, as ever, that they can secure a huge payout. Correlated bets refers to two or more wagers which are linked in a way which means the likelihood of one of the legs winning is improved or decreased by the result of the other leg.
FanDuel was the first operator to really dive forward with SGPs, but they are now widely available on most sports betting sties. Initially, sportsbooks allowed small combination bets on a single contest, like a over/under, spread or the monyeline, but parlays for single games weren’t available. However, there have been big changes in recent years.
In the same way as a standard parlay, all of your choices need to be correct for you to win. If just one leg lets you down, the whole parlay loses. Consequently, like with any parlay bet you place, it is very much a high risk high reward type of wager.
One Game Parlay Odds & Payouts
One game parlay odds are primarily based on the following factors:
- The number of selections or legs
- The odds for each leg
The sportsbook adjusts the odds as you add each pick to the bet slip. Some sportsbooks such as FanDuel show the odds for each individual side, total, and prop, while others do not and only show the odds for the entire parlay. However, in either case, you do not get the true odds. The sportsbook might charge a premium and lower the payout compared to what it should be.
For example, consider the simplest possible one game parlay consisting of two legs. For illustration purposes, let’s say that leg A is for the Philadelphia 76ers to cover the point spread and leg B is for the team total to go over. Assuming that both the point spread and over/under lines include a half-point, so a push is impossible, as shown below, your bet would have four possible outcomes, only one of which would be a winner:
- The 76ers cover and the total goes over (the parlay wins)
- The 76ers cover and the total goes under (the parlay loses)
- The 76ers do not cover and the total goes over (the parlay loses)
- The 76ers do not cover and the total goes under (the parlay loses)
Further assuming that each of the four outcomes has the same 1 in 4 chance of occurring, a winning parlay should give you odds of 3 to 1. But because you are typically only paid at odds of 2.6 to 1, instead of winning $300 on a $100 bet, you only win $260.
Similarly, the true odds on a 3-leg parlay are 7 to 1, but instead, you are typically paid at odds of only 6 to 1. The more legs your same game parlay includes, the greater the discrepancy between the odds you are getting and the true probability, or in other words, the heftier the vig.
Typical One Game Parlay Payouts vs. the True Odds
| No. of Legs | True Odds | Sportsbook Payouts |
|---|---|---|
| 2 | 3 to 1 | 2.6 to 1 or 13 to 5 |
| 3 | 7 to 1 | 6 to 1 |
| 4 | 15 to 1 | 10 to 1 |
| 5 | 31 to 1 | 20 to 1 |
| 6 | 63 to 1 | 40 to 1 |
| 7 | 127 to 1 | 75 to 1 |
| 8 | 255 to 1 | 150 to 1 |
| 9 | 511 to 1 | 300 to 1 |
| 10 | 1,023 to 1 | 700 to 1 |
Offering less favorable odds is not the only ploy sportsbooks use to increase their edge on one game parlay bets. Sometimes they also adjust the line from what straight bettors get to a slightly more unfavorable number. A line movement of even a single point is often all it takes to turn a winning bet into a losing bet.
Can You Cash Out a Same Game Parlay?
Yes, it is possible to cash out a same game parlay with most sportsbooks. There are a few caveats, however. Not every same game parlay you place is eligible for cash out. Sportsbooks seem quite picky with what bets and markets they will allow bettors to cash out on.
From our research, around 80% of SGP will allow you to cash out. If you are unsure what cash out is, the feature allows you to end a bet early for a lower amount if you don’t feel your bet will win.
For example, you could same game parlay a bet involving the Bengals Vs. Chiefs. To start off, you will need some bets to combine into your SGP, so you pick a Moneyline and a handful of NFL player props. Now let’s look at two examples of how much you could potentially cash out midway through the game.
Round Robins
Round robins are a great form of parlay betting that requires at least three teams because they break down parlays into several combinations of smaller parlays. So, let’s take our three-team parlay example from above and turn it into a round-robin below.
The original parlay contained three spread bets at -110 odds each that combined to equal +595. If we were to make this a round-robin, we would break the three-team parlay into three separate two-team parlays at +264 each.
- Parlay 1: Sacramento Kings -6 & Minnesota Timberwolves +2.5 (+264)
- Parlay 2: Sacramento Kings -6 & Chicago Bulls -2.5 (+264)
- Parlay 3: Minnesota Timberwolves +2.5 & Chicago Bulls (+264)
Doing this doesn’t yield as much winnings as placing a standard parlay does with the same amount of risk; however, it does help limit losses because it allows a larger margin of error. While a parlay is lost if one of the bets loses, a round-robin can still yield results if the other two are winners!
Round robins are not limited to two-leg parlays either; users can add as many as 25 picks and break them down into nine-leg parlay combinations on some sportsbooks like with round robins on FanDuel and DraftKings!
What happens to my parlay if a game gets canceled?
If a game in your parlay is canceled, the sportsbook will typically treat the canceled game as a push. This means that you will not receive any payout for that game, and the rest of your parlay will be adjusted based on the remaining games. It is important to check with the sportsbook before placing a parlay bet to make sure you understand their rules and regulations regarding canceled games.
If the canceled game was the only game in your parlay, then you will typically receive a full refund of your original stake. However, if the canceled game was part of a larger parlay, then the sportsbook may alter the odds of your entire parlay to reflect the odds of the remaining matches. This adjustment will depend on the sportsbook, as different sportsbooks may have different policies.
An example of this is shown below; three wagers at odds of -110 could return $595.79 from a $100 wager. If there is a canceled match and it is void on your parlay, your potential return drops down to $264.46.
Keep in mind that this specific calculation excludes same game parlays. If you are only betting on one match and it’s canceled, your original wager should simply be refunded.
FAQs
Which sportsbook offers the highest number of parlays?
This varies from book to book and what markets and events you are betting on. There is no set figure available, but you can get some parlay ideas by visiting each site to see what they offer.
Which sportsbook offers the best parlay odds?
Again this varies depending on the event. It's worth checking a few operators to compare pricing.
Where can I bet parlays online?
Nearly all licensed US sportsbooks now offer parlay betting as a bet type and you can use them as a parlay app to place bets on the move.
Can you parlay Moneyline bets?
No. You can't parlay a bet against the spread and a moneyline bet on the same game.
Can you parlay Futures?
No matter which betting site you choose to sign up with, you can't parlay correlated futures markets. If you attempt to do this on a sports betting site the request will be rejected. If you keep trying consistently the sportsbook may decide to suspend the parlay function on your account. An example of a correlated parlay would be betting on the San Francisco 49ers to win the NFC Championship game and the Super Bowl. You can still place parlay bets using lots of other types of wagers such as spreads and props.
