What Is a Parlay in Betting?

Parlay betting is very popular among sports bettors in Canada. It allows players to combine multiple selections into a single wager, creating the potential for larger payouts from a relatively small stake. While parlays can increase potential returns, the risks they come with are also equally high.

Now you might have questions regarding what parlays actually entail. For example, what is a parlay in betting? Or you might be wondering how parlay bets work in sports betting, how to place and win these bets, how payouts are calculated, what pros and cons these bets have, common types of parlay bets, the best sports for parlay betting, and a lot more. Well, don’t worry. In this guide, we will cover everything you need to know about parlay betting in Canada.

What Is a Parlay in Sports Betting?

Straight off the bat, a parlay is a single wager that combines two or more individual bets (legs) into one, requiring all selections to win for the bettor to receive a payout. While a parlay offers massive returns compared to individual bets, a single losing leg results in a loss of the entire bet, making it a high-risk, high-reward betting strategy.

For example, instead of placing three separate $10 bets on three different games, you choose to combine them into one ticket. In this case, every single leg (bet) on your ticket must win for the parlay for you to receive the payout. If even one leg loses, the entire  parlay bet loses.

How Do Parlay Bets Work?

Understanding how parlay bets work starts with linking multiple selections into a single wager. Instead of betting on one outcome, bettors link several predictions together, and the sportsbook multiplies the odds from each selection to create a higher potential payout. Still, for a winning ticket, every leg included in the parlay must win.

These selections (legs) may include a mix and match of various types of bets like:

• Moneylines (picking the outright winner)
• Point spreads (betting on the margin of victory)
• Totals or over/under bets (betting on the combined score)
• Player props (betting on specific player performance)

Here is how the whole parlay betting process works step by step:

1. Select multiple bets (at least two)
2. Add these selections to your bet slip
3. The sportsbook combines them into a single wager
4. The odds are multiplied to determine the potential payout

The key rule is simple: every leg must win for the parlay to succeed. If even one selection loses, the entire wager is lost. In case a leg ends in a tie (push), most sportsbooks remove that particular leg and recalculate the odds based on the remaining selections.

Parlay Odds & Payouts Explained

Parlay odds are calculated by converting each bet’s odds to decimal odds, multiplying all the odds, and finally multiplying the result by the stake.

How Odds Are Calculated

To calculate parlay odds, sportsbooks follow a simple process:

1. Convert each bet’s odds into decimal format.
2. Multiply all the decimal odds of all legs.  
3. Multiply the final number by your stake to determine the payout.

For example, a standard -110 bet converts to 1.91 in decimal odds.

If you create a 2-leg parlay with both bets at -110, the decimal odds would be:

• Bet 1: 1.91 odds
• Bet 2: 1.91 odds

Multiply the decimal odds:

• 1.91 × 1.91 = 3.65

Then multiply by your stake:

• $10 x 3.65 = $36.50 (total payout, including your original stake)

Payout Example

To understand how the payouts are calculated in parlay betting, let’s focus on NBA betting to cover the spread, each at standard -110 odds (1.91 decimal odds):

• Pistons -3
• Celtics -6.5
• Lakers +2

If you bet these teams separately and spend $10 on each bet, your total return would be $57.30 if all three bets win. However, if you combine them into a $10 parlay, the odds multiply to 6.97, giving you a total return of $69.70. That is the real hook: more risk but a much bigger reward if you win.

Common Types of Parlay Bets

There is not just a single way to play a parlay; instead, there are multiple ways to place these wagers depending on the sportsbook and the types of selections you want to combine. Understanding the different formats can also help bettors better compare parlay vs straight bets, especially when deciding between higher potential payouts or lower-risk single wagers. Below is a quick look at the most common types of parlays you can place.

Standard Parlay 

This is the most common type of parlay betting. It is a high-reward, high-risk strategy in which you combine two or more bets (legs) across different games or events. All legs must win for you to receive the payout. If even one leg loses, the entire wager loses.

Same-Game Parlay (SGP) 

As the name indicates, a same-game parlay allows you to combine multiple bets from a single game, like betting on a team to win, total points over, and a player to score. Because many selections are correlated, sportsbooks often adjust the odds accordingly. Many bettors enjoy the thrill of placing bets on one game in multiple ways.

Teaser Parlay

A teaser allows you to adjust point spreads or totals in your favour for each leg, which increases the probability of winning. Teasers are commonly used in NFL and NBA point spread betting.

Round-Robin Parlay

A round-robin splits your selections into smaller parlay combinations. For example, if you pick 3 teams (A, B, and C), thesportsbook will create three separate 2-leg parlays (A+B, A+C, B+C) to reduce the risk. Even if one team loses, you can still win on other tickets. This reduces risk compared to a traditional parlay, but it also requires multiple bets and a higher total stake.

Cross-Sport Parlays 

These types of parlays allow you to combine legs from different sports, meaning you can combine anNFL spread, an NBA moneyline, and an NHL line onto a single betting slip. This offers more flexibility and variety in betting, allowing bettors to diversify their selections across different leagues.

How to Place a Parlay Bet

Placing a parlay bet is simple once you understand the process. Follow these steps to create a parlay at most online CA sportsbooks:

1. Select a Sportsbook: Choose a betting platform from our suggested list and sign up or log in to your account.
2. Choose Legs: Navigate to the games you want to bet on and select the markets you want to include, such as moneylines, spreads, totals, or player props.
3. Add Your Bets to the Slip: Open your bet slip and add all selections to your slip.
4. Combine Picks: In the bet slip, click the option to combine your picks into a parlay.
5. Wager: Enter the amount you want to stake and confirm by clicking the “Place Bet” button.

Best Sports for Parlay Betting

There are different sports you can use for parlays. Let us take a quick look at the most popular sports for parlay betting, including the NFL, NBA, and MLB.

NFL

The NFL is by far the most popular sport for parlay betting, especially on Sundays when multiple games are played throughout the day. With a wide range of NFL betting markets, including spreads, totals, and player props, bettors often combine several selections into a single ticket to increase potential payouts.

NBA

The NBA provides frequent opportunities for parlays because games take place almost every day during the regular season. Bettors often include spreads, totals, and player props in NBA parlays, making it one of the most flexible leagues for building multi-leg bets.

MLB

MLB is another sport with a large number of games per season, making baseball ideal for parlay betting, particularly on totals and props. MLB props can be very lucrative, and parlaying them can boost both odds and payouts.

NHL

Betting on the NHL also works well for parlays due to its busy schedule and consistent matchups throughout the season. Hockey bettors frequently combine moneylines, puck lines, and totals into parlays, creating opportunities to increase potential payouts from multiple selections.

Pros and Cons of Parlay Bets

While parlay bets are both exciting and rewarding, they carry a high risk. Understanding their pros and cons can help you decide whether they really fit your betting strategy.

Tips for Smarter Parlay Betting

Parlays in sports betting can be really exciting and rewarding, but they require discipline. Here are some crucial tips to help avoid common mistakes and bet smarter to win big.

1. Keep Your Parlays Small: Stick to 2-3 legs, as the more legs you add, the harder it is to win.
2. Avoid High-Risk Props: Props can be highly unpredictable. Keep your focus on spreads, moneylines, or totals for consistency.
3. Compare the Odds: Odds may vary from one sportsbook to another. Even small differences can impact your payout. Make sure each pick has fair odds.
4. Use a Parlay Bet Calculator: Calculate potential payouts, so you know exactly what to expect.
5. Use Parlay Insurance: Look for parlay boosts or promos that help you reduce the risk and increase payouts.
6. Don’t Chase Losses: Avoid chasing losses as they often lead to bigger losses.

Are Parlay Bets Worth Your Money?  

So,what does parlay mean in betting?For most bettors, parlays function almost like a lottery-style wager that adds extra excitement to NFL, NBA, or other sporting events. While they can be really entertaining and rewarding, they carry a high risk. The more legs you add, the lower your odds of winning.

However, if you choose to keep your parlays small, use them wisely to your advantage and treat them as fun rather than a serious betting strategy. Many bettors treat them as a fun addition to their betting strategy rather than relying on them as a primary way to generate profits.

Many bettors still enjoy using small parlays for major events like betting on The Masters golf tournament, where outright winners, round leaders, and player props create varied betting opportunities. However, if you have a strong gut feeling about a few games and want the shot at winning big, a multi-leg parlay can be your way to go.

FAQs

What is a parlay bet?

A parlay is a single bet that combines two or more individual bets (legs) into one for a higher payout. 

What is a 2-leg parlay?

It is a simple form of a parlay consisting of two selections or bets. If you pick Team A to win and Team B to cover the spread, both teams must win for you to receive the payout.  

What is a same game parlay bet?

A same game parlay allows you to combine multiple bets from a single sport or game, such as player props and totals. All legs must still win for you to receive the payout.  

What happens if one leg pushes?

If one leg ends in a push (tie), most sportsbooks simply remove that leg from the parlay and calculate the payout based on the remaining selections.  

How much does a $10 parlay pay?

The payout of a $10 parlay depends on the number of legs and the odds of each selection. Since parlay odds are multiplied together, adding more legs increases the potential payout. For example, a 3-leg parlay with each selection at -110 odds would return roughly $69.70 from a $10 bet if all legs win.