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What Is Parlay Betting?

Let's start by answering the question of “what is parlay”. Parlay is a special type of bet and is mostly seen in sports betting. However, it is possible to enter such bets in all kinds of games of chance. Simply put, it means that you bet on more than one “win” possibility at the same time. In order to make a profit, all of these possibilities must result in a winning. If only one is lost, all bets are deemed lost. In case of a tie, less payment is made.

For a parlay sports betting, you must place a bet on at least two teams. This number can be increased, and for example, it is possible to place a bet in favour of 11 teams at the same time. The higher the number, the higher the payout rates. This is why players choose this type of bet: Even with a limited budget, you can get maximum payout rates. Using a betting odds calculator, it is possible to find out what the actual payout amount will be. Click here for an example parlay odds calculator.

Basically, it is possible to say that there are two types of parlay bet. These are:

  • Point-spread parlay: Odds are fixed.
  • Moneyline parlay: There are no fixed odds.

Point-spread parlay bets are simpler and the probability for each outcome is 50%. However, there is no fixed payout table for money line parlay bets because this is a progressive betting system. If you win a bet, you'll spend all your winnings to bet on the next match and this goes on and on. In theory, moneyline parlay bets have the highest payout rates.

Parlay Payouts

You can see the payout rates for point-spread parlay bets in the table below.


Number of Bets

Payout Values
2 3 : 1
3 7 : 1
4 15 : 1
5 31 : 1
6 63 : 1
7 127 : 1
8 255 : 1
9 511 : 1
10 1023 : 1
11 2047 : 1

 

So, theoretically, if you bet on 11 teams and they all win, you can invest $ 1 USD and win $ 2,047. However, the likelihood of this is very low. Parlay bets really help you win a lot, but your chances of winning are not as high as you might think. If you have just started sports betting, we recommend you to stick to simpler bets.