What is a Parlay Bet?
A bet involving two or more wagers, where all wagers must win. Parlays are naturally harder to win than a straight bet, but the payouts are much greater. Point-spread parlay payouts are based on the number of teams. A standard two-team parlay pays 13-to-5 odds, so risking $10 on two winning sides or totals would profit $26. A three-team parlay (often called a three-teamer) returns 6-to-1 odds ($10 would profit $60). So, despite being harder to win, you need to win much less often to stay profitable.
The WynnBET app will show you the potential payouts based on each parlay before you place the wager, regardless of how many teams you choose.
In moneyline parlays, the full winning amount from each step, or "leg" of the parlay is carried over to the next wager.
If you have a two-team parlay where the first leg is a +120 moneyline underdog and the second is an even-money +100 proposition, and you bet $10 on it, the first winner would profit $12, and that $22 (your $10 bet plus profit) would be applied to the second leg of the parlay at even money, and profit $22. So, your $10 bet would return $44, or a $34 profit.
How to Make a Parlay Bet
Navigate to your desired sport.
Select two or more games.
Head to your Bet Slip and click “Parlay.”
Enter your bet amount and submit!
Pros and Cons to Doing Parlays
Higher returns than single wagers
High-risk, high reward
Excitement across multiple sporting events
Great for free play bonuses
Need multiple things to happen for a winning ticket
Increased chance of going through a cold streak
Odds typically favor the sportsbook
Good Strategies for Parlay Bets
It is true that the math favors the sportsbook on parlay bets, but bettors can increase their odds by doing a correlated parlay. It essentially means you take multiple bets that lead to a similar outcome, which is especially helpful if you have a good read on a select game.
A good example of this is a college football point spread of 22 points with an over/under betting total of 45. In this case, it probably makes sense to parlay the favorite and the over, or the underdog and the under. It might not always work out, but that type of parlay would have the best chance.
Are Parlays Worth It?
It depends! If your goal is to make a living off sports betting, then parlays are probably not the best strategy to earning a longterm profit. But you also could have a huge payday if you hit just one! WynnBET has had plenty of such winners already!
Parlays can be fun, and an easy way to have action on multiple events. You can even do same game parlays and cross-sport parlays to add even more interest! As long as you are not spending too much of your bankroll on parlays, there is no harm in doing them to have some enjoyment.
And if you hit one with us, your payday could be shown on our social channels!