How to Win Parlay Bets (& When to Place Them)

Download Article

A beginner’s guide on the most fascinating type of bet

Co-authored by Eric McClure

Last Updated: June 30, 2026 Fact Checked

Download Article

Parlays Explained

|

Improving Your Odds

|

Strategies for Beginners

|

Parlay Odds

|

Why are parlays so popular?

|

Parlay Types

|

Video

Parlays are easily the most confusing type of bet available in most betting apps and websites, and they tend to have the lowest payout odds, too. As a result, a lot of enthusiastic gamblers either write them off entirely, or treat them like the holy grail of gambling strategies. There are plenty of simple steps you can take to improve your odds of winning a parlay, but you’ll never fully escape the reality that the odds are going to be lower. That’s the tradeoff for the massive payouts! In this article, we’ll break down everything you need to know about parlays, including how to improve the odds, so that you can avoid throwing your money after bad bets.

Key Strategies for Winning Parlays

Parlays have the least attractive payout chance of any bet type, so only place parlays when you’re extremely knowledgeable on a matchup.
Spread your legs across multiple games to minimize your concentration risk in any single game’s outcome.
Use parlays to leverage your payout when you’re extremely confident in a single matchup.

Section 1 of 6:

What is a parlay?

Download Article

A parlay is a single bet on multiple different bets all succeeding. Also known as “multis” or “accumulators,” parlays are basically two or more independent bets that you package together into one single bet. Every single part of a parlay must succeed in order for the parlay to pay out. In other words, you could set a parlay with nine bets, hit on eight of them, lose on one, and the parlay will not pay out.^{[1]
X
Research source}
- A “leg” is a single bet inside of a parlay. So, a parlay with three bets has three separate legs.
- As an example, say the Eagles are playing the Bears. You might craft a parlay where the Bears win, Caleb Williams throws for two touchdowns, and you take the over. This would be a 3-leg parlay.

Section 2 of 6:

Ideas for Improving the Odds You Win a Parlay

Download Article

1
De-risk by spreading the legs across multiple games. You do not have to stick to a single game when you’re constructing a parlay. In fact, you don’t even have to stay in the same sport; you can bet on a baseball game, basketball game, and soccer game all on the same parlay. If you aren’t super confident in any hyper-specific bets, go broad.^{[2]
X
Research source}
- For example, say you’re very confident the Detroit Pistons are going to win, but you don’t have any strong feelings about Cade Cunningham’s performance, or how high the score will be. Instead of forcing a moneyline, Cunningham bet, and over/under into a single parlay, just bet the moneyline and then pick another game or sport where you have a strong feeling about the outcome and make your parlay out of that.
2
Lean into the leverage by focusing on a single outcome. If you’re highly confident in a single matchup, you really know how both teams have been playing, and you’ve got your finger on the pulse of the key players, build a hyper-specific parlay. If your right, the payout will be much better than it would be if you were to bet on multiple games with broader, less specific outcomes.^{[3]
X
Research source}
- Say you’re the biggest White Sox fan in the world, and your secondary team is the Mariners. They’re playing each other, and you know Martin has been on fire on the mound. At the same time, you know Raley has been struggling at the plate. You might compose a parlay where you take the moneyline on the Sox, the under on the score, Martin to pitch through 7 innings, and Raley to go hitless.
3
Reduce the number of legs to increase your chances. With each leg you add, the worse your odds become. People tend to get momentum with parlays where they get excited about the payout and the low cost so they throw four or more legs on a single parlay, but you really are better off with sticking to 2-3 legs if you want to improve your chances of hitting.^{[4]
X
Research source}
- It’s totally okay to create “scratch off” parlays for fun. These are the parlays that cost like $2 because they have 10 legs that are deeply unlikely to hit. They’re absolutely terrible bets and they almost never work, but if you think it’s fun to make these kinds of parlays, it’s okay to throw a few bucks away every now and then.

Section 3 of 6:

Betting Strategies for Beginners

Download Article

If you’re new to sports betting in general, or even just parlays, it’s best to not overdo it. Start with 2- to 3-leg parlays where the odds are high and you aren’t spending a ton of money. As you get used to the mechanics of the whole thing and learn how to assess the odds, you’ll be much more comfortable placing more complex parlays.^{[5]
X
Research source}
Parlay enjoyers tend to love building elaborate parlays so much that they’ll incorporate legs that they don’t even really understand just to raise the payout profile. This is generally ill-advised; you really shouldn’t put any money on a sport or event you don’t know anything about.^{[6]
X
Research source}
3
Use a parlay calculator to check the odds of your bet. Calculating gambling odds is already a bit of a tough gig if you aren’t mathematically inclined, but parlays take this to another level. By compounding multiple odds into one bet, it radically changes the risk profile. To help, use a parlay calculator before placing your bet to make sure you fully understand everything.
- There are tons of good parlay calculators out there. We like this simple calculator from Vegas Insider.
4
Expect to lose and don’t get discouraged. Look, at the end of the day, parlays are just not a good way to make money. In the world of gambling, a world where a negative return on your money is already the baseline, the parlay is the most unlikely type of bet to pay off. That doesn’t mean you shouldn’t place them! Just set your expectations accordingly and remember: you are doing this for fun, not to strike it rich.
- If you find yourself struggling to stop or losing is driving you crazy and you start chasing even riskier bets, reach out to someone to get help with your gambling.

Section 4 of 6:

Do parlays have good odds?

Download Article

No, parlays tend to be very bad payout-wise. Parlays are not a good way to make money gambling. They may have colossal return odds, but that’s only a consequence of how unlikely they are to hit. Because you’re combining multiple bets in one, if a single leg fails, your entire bet becomes worthless. This gives parlays some of the worst odds in sports gambling.^{[7]
X
Research source}
- For a parlay to have a winning expected value, every single independent bet in a parlay must have asymmetrical odds in your favor. Since sportsbooks are generally pretty good at making sure the odds aren’t in your favor, you’re unlikely to compose a parlay that will hit.^{[8]
  X
  Research source}

Section 5 of 6:

Why are parlays so popular?

Download Article

The payouts are big, and they’re exciting to place. There are three major reasons gamblers love parlays: First, they have huge payouts. Parlays have such low odds of hitting that they tend to pay big when they do hit. They also compound your edge. So, if you have strong confidence in three bets, combining them in a parlay will pay more than it would if you played all bets separately.
- They’re also just really exciting bets to play. Parlays rarely hit, so when they do, it’s a lot of fun. And there are so many different ways you can put a parlay together that each bet really feels like your own.

Section 6 of 6:

Types of Parlays

Download Article

There are a few unique types of parlay to be aware of. Every betting app, sportsbook, and casino is different, but you may come across a few different styles of parlay while you’re setting up your bets:
- Two-leg parlay: The most basic parlay, a two-leg parlay has two separate elements.
- Three leg parlay (plus): Three-leg parlays (or more) have three (or more) different legs.
- Same-game parlay: Same-game parlays are when each leg of the parlay is based on outcomes in a single game.
- Cross bets: Cross bets (often called combo bets) are when your parlay involves bets of different types in different games.
- Teaser parlay: Teaser parlays are usually a bad idea, but they allow you to adjust (or “tease”) the odds in your favor. This process lowers your payout, though.
- Round robin parlay: Round robin parlays let you get around the requirement of winning each leg. You combine multiple smaller parlays so that if some of them pan out, you at least win something back.