Parlay Betting 101: The Ultimate Beginner’s Guide
Parlay betting is one of the most exciting ways to wager on sports. With just a small stake, you can potentially turn a few dollars into a big win by combining multiple bets into one ticket. But before you dive in, it’s important to understand what parlay betting actually means, how it works, and the risks involved.
This parlay betting 101 guide is designed for beginners who want a clear explanation of how parlays work, how to place them, and strategies to use on top sports like football, basketball, hockey, and even esports.
What Is a Parlay Bet?
The meaning of parlay in betting is simple: A parlay bet is when you combine two or more bets into one single ticket. Each bet in the parlay is called a leg.
- If all legs win, you win a much bigger payout than betting them separately.
- If just one leg loses, the entire parlay loses.
Example
Let’s say you bet $10 on three NFL games:
- Packers to win (odds -110)
- Chiefs to win (odds -110)
- Cowboys to win (odds -110)
If you bet each game separately, you’d win about $9 profit per game.
But if you parlay all three together, your $10 could turn into about $59 total return.
Parlay odds multiply together, which is why payouts are bigger than single bets. That’s why parlays are exciting: higher reward, but higher risk.
But here’s the catch: the chance of all three winning is lower. If each has a 52% win probability, the combined chance is only 14%.
Types of Parlay Bets Explained
Parlays aren’t all the same. Here are the main types:
- Standard Parlay: multiple moneylines (the outright winner of a game), spreads (win or lose by a certain margin), or totals (score over or under a number).
- Same-Game Parlay: combining outcomes in one match (e.g., “LeBron 25+ points” + “Over 220 total”).
- Teasers: adjusting point spreads in your favor with reduced payouts.
- Round Robins: several smaller parlays grouped together.
- Progressive Parlays: some books let you win even if one leg loses.
- Most sportsbooks allow you to combine spreads, totals, and props into football parlays.
Why Bettors Love Parlays
- High rewards for small stakes: Many players chase a “lottery-style” payout.
- Entertainment value: One ticket covers multiple games.
- Flexibility: Available in football, NBA, NHL parlay betting, UFC betting parlay, esports parlay betting, and more.
- Fun Fact: DraftKings reported that in the 2022 NFL season, over 50% of bets placed by beginners included parlays, showing how attractive they are.
The Risks of Parlay Betting
While parlays are fun, they’re also risky:
- Probability compounds against you: A single mistake ruins the whole ticket.
- Sportsbooks’ highest edge: According to the American Gaming Association, parlays have some of the worst expected value for bettors.
- Beginner mistake: Adding 10+ legs “just for fun,” which almost never hits.
Parlay betting explained simply: great entertainment, but not a long-term winning strategy.
Beginner-Friendly Parlay Strategies (With Examples)
Parlays can look intimidating, but the key is to keep them simple.
1. Keep Parlays Short (2-3 Legs Max)
Why: The more legs you add, the lower your chance of winning. Even professional bettors rarely build parlays beyond 3 legs.
Example
- Bet $20 on a 2-leg NBA parlay: Lakers -5.5 and Warriors Over 220.5 points.
- Both bets win → payout is about $52.
- If you had added 2 more games, the payout jumps higher, but the chance of winning drops sharply.
- Tip: Start with 2-leg parlays. They give you a taste of higher payouts without being unrealistic.
2. Stick to Sports You Know
Why: Parlays are risky enough, you don’t want to add games from leagues you don’t follow.
Example
- If you watch English Premier League weekly, parlay Manchester City to win + Over 2.5 Goals in the same match instead of adding random NHL picks just to boost odds.
- Tip: Focus on the leagues you understand best.
3. Mix “Safe” Picks With Value Plays
Why: Blending a strong favorite with a slightly riskier pick gives balance.
Example
- NFL Parlay: Chiefs -200 (moneyline) + Dolphins -3.5 (spread).
- Chiefs are heavy favorites (safe leg), while the Dolphins spread adds value.
- Tip: Anchor your parlay with at least one reliable pick.
4. Use a Parlay Calculator Before You Bet
Why: Beginners often overestimate payouts. A parlay betting calculator shows you exactly what you’ll win.
Example
- $10 on a 3-leg NBA parlay at -110 odds each.
- Calculator shows payout: $59.58.
- Without checking, you might wrongly assume it’s over $70+.
- Tip: Always calculate payouts so you know the risk/reward clearly.
5. Hedge When You’re Close to Winning
Why: If all but one of your parlay legs have won, you can lock in guaranteed profit.
Example
- You bet a $10, 3-leg NFL parlay: two legs already hit, and only the Packers remain.
- Your ticket pays $100 if Packers win.
- Hedge: place a $30 bet on the Packers’ opponent at +200.
- Outcome → If Packers win: you profit $70. If they lose: you still profit $50 from the hedge.
- Tip: Don’t let the last leg ruin your night, hedge for safety when you’re close to cashing out.
6. Avoid “Lottery Ticket” Parlays (10+ Legs)
Why: Sportsbooks push big parlays because they almost never hit.
Example
- Yes, a $5, 12-leg parlay might pay $10,000… but the chance of winning is less than 1 in 4,000.
- Tip: Treat parlays as strategy, not lottery.
Bottom line: If you’re new to parlays, think small, focused, and strategic. Stick with 2–3 legs, mix safe and value picks, and always check payouts before betting.
Common Parlay Betting Mistakes
- Believing “the more legs, the better” (odds say otherwise).
- Ignoring bankroll management.
- Relying only on parlays instead of mixing with single bets.
- Misunderstanding voids/ties in parlays (see FAQ).
Where to Place Parlays Safely
With so many online parlay betting options, choose trusted platforms.
- Licensed sportsbooks like M8Bet.
- Options for multi-sport parlays, same-game parlays, and multi-line bonus slot machines if you like mixing casino + sports.
👉 Always use reputable parlay betting sites with secure payouts.
Popular Parlays Across Different Sports
Football (NFL)
The most popular parlay market includes point spreads and totals (over/under). Beginners often start here because there’s plenty of data and predictable patterns.
- Example: Parlaying two spread bets and one over/under in a Sunday slate can boost your potential payout.
Basketball (NBA)
NBA parlays often combine moneylines, totals, and player props.
- Example: Betting Lakers moneyline + Over 220 points + LeBron to score 30+ points in one parlay can multiply your winnings.
Hockey (NHL)
NHL parlays usually mix moneylines and pucklines.
- Example: Betting on the Maple Leafs to win + Canadiens to cover -1.5 puckline in the same ticket increases potential returns compared to single bets.
UFC
UFC betting parlays are popular because fight cards have multiple bouts.
- Example: Parlaying two fight winners on the same card can yield a higher payout than betting each fight separately.
Esports
Esports parlays let you combine multiple matches across games like LoL, CS:GO, and Dota 2.
- Example: Parlaying three CS:GO matches in a tournament bracket can turn a small stake into a big return.
Across all sports, parlays are most effective when you mix bets with realistic chances of winning. Don’t just chase high odds, balance risk and reward.
Tools & Resources for Beginners
Getting started with parlays doesn’t mean you have to guess your way through. Here are essential tools and resources you can use right away.
Parlay Betting Calculator
What it is: A simple tool where you enter your stake, odds, and number of legs. It instantly shows your potential payout.
Why it matters: Beginners often overestimate how much parlays will pay. With a calculator, you’ll always know the exact reward before placing a bet.
Example:
- $20 bet on a 3-leg parlay, each leg at -110.
- Calculator shows payout = $118.23.
- Without this, you might wrongly assume it pays $150+.
- Takeaway: Always run your picks through a parlay betting calculator to check if the risk justifies the reward.
Parlay Push & Hedge Guides
What it is: Charts and examples showing how to handle “pushes” (voided bets) and hedging strategies when you’re close to winning.
Why it matters: Many beginners don’t realize that if one leg “pushes” (e.g., a draw in football), the parlay usually continues with reduced odds, not an automatic loss.
Example:
- 4-leg parlay, one leg pushes → your ticket becomes a 3-leg parlay, odds adjusted.
- If you’re one leg away from cashing, hedge by betting the opposite side to lock in profit.
- Takeaway: Learn what happens when a bet pushes, and how to hedge instead of praying the last leg hits.
Communities & Learning Hubs
What it is: Online forums, guides, and betting groups where you can see real-world parlay strategies from other bettors.
Why it matters: Just like poker players swap notes on when to fold in poker, sports bettors trade insights on when to parlay bet.
Example:
- In NBA communities, bettors often share “same-game parlays” that combine points + rebounds + win margins.
- Beginners can copy simple setups instead of guessing.
- Takeaway: Use communities to spot trends and strategies, but always double-check the math with your own calculator.
Bottom Line: With a parlay betting calculator, clear push/hedge rules, and access to active betting communities, beginners don’t just place parlays, they place them smarter.
FAQ
A parlay bet combines multiple bets into one. All must win for the bet to cash.
Combining NBA spreads, totals, or props into one wager.
Usually, the parlay adjusts as if that leg didn’t exist. (e.g., 3-leg becomes 2-leg).
Choose multiple NFL spreads/totals, add them to your bet slip, and select “parlay.”
Most books treat ties as a push → reducing legs but not killing the parlay.
If your parlay is close to winning (e.g., last leg pending), bet the opposite side to lock profit.
Known as an “accumulator” or “all-up” bet, multiple races combined.
Check parlay betting sites like M8Bet for today’s odds across your favorite sports.
Conclusion: Should Beginners Bet Parlays?
Parlays are thrilling, but they’re also one of the hardest bets to win consistently. Treat them as fun, high-risk bets, not your main strategy.
If you’re new, start small, learn the odds, and use this parlay guide to make smarter choices. Remember: sometimes the best parlay strategy is to keep it short and simple.
Ready to Try Your First Parlay?
Learn the ropes risk-free with beginner-friendly sportsbooks offering safe parlay betting options.
Ready to Try Your First Parlay?
Learn the ropes risk-free with beginner-friendly sportsbooks offering safe parlay betting options.
