Navigating Parlays: 3 Tips To Get You Started

There are many ways to build a parlay, but essentially the idea is that you build a list of bets (or "legs"), and if you win all of them, you win the parlay. 

Here is the thing: if only one of the legs doesn't work out, you don't win anything. 

Here are the steps to betting on and seeing out a parlay:

1. Go onto your sportsbook of choice and pick your parlay legs. You can pick as many or as little as you'd like, depending on your book's limitations. Keep in mind that the more legs to a parlay, the lower the chances of winning are.
2. Decide how much you'd like to bet in total. The bigger/more complicated the legs, usually the bigger the payout (because the odds or high). They will let you know how much you have the potential to win at this point.
3. Wait to see if the bets hit. You have to wait until all the legs of the parlay are completed to see if you won or not. If even one leg fails, the parlay fails.
4. Collect your payout, or try again next time!

Keep in mind that there are some rules and limitations to building a parlay. Some sports or betting components cannot be added to parlays. Your sportsbook will likely let you know of this, but doing a bit of research before building your slip helps as well.

Let's use a hypothetical example to explain this better. Here is an example of a (fake) parlay you could build while watching an NBA game:

• LeBron James Over 16.5 points (-115)
• Total Points: Over 207 points (-110)
• LeBron James Over 4.5 rebounds (-130)

Again, this is hypothetical, but these are the types of small bets you could build an NBA parlay with. 

Each of those points would be a leg in your parlay. You'd input all of these into your bet slip, decide how much to wager, and your sportsbook would let you know how much money you have the potential to win. Say, for example, this parlay could win you $100.

The thing with parlays though, is that all three of those legs need to work out in order for you to get your $100 in the end. So even if LeBron James scores 23 points and 10 rebounds, but the total points for the game was 199 and not higher than 207, you don't win anything. Not even a portion of the $100 you could have won.

This is what makes parlays more interesting than a simple moneyline bet.

Here are a few tips for bettors who are just starting out with parlays:

Tip 1: Start small

Until you know your way around a parlay, start by building parlays and then putting just a little bit of money down. If you're only risking a little bit, it's not so bad when you go back the next day and see that you missed out because of one factor. Or even worse, a few points or even just one rebound.

Sportsbooks reward you for taking risks - the bigger the parlay, the more you can potentially win. 

It can be tempting to throw in more money, especially when you see that number of potential winnings. Avoid disappointment by starting small, or even continuing to bet small on parlays as you go along.

Tip 2: Know your sport

One way to wrap your head around parlay betting is to know the sport you're betting on well, and the players/teams you're placing these bets on. 

If you're betting for a player to score UNDER 15.5 points in a night and they are averaging 25 points on the season, you won't have a very good chance of winning, right?

Take a look at stats, injury reports, and how that player is performing. See if the team you are betting on is on night two of a back-to-back series or on the road - are they going into this game tired? Refreshed? Are there any factors that could contribute to the success (or failure) of a certain player or team? Having this knowledge will help you make more informed decisions when building your parlay.

Now, keep in mind that you can also mix and match teams on a parlay. If you're an NFL fan, for example, you can pair together a couple of game outcomes for teams playing on NFL Sunday - you don't have to contain your parlay to just one team or player.

Tip 3: Use betting boosts

Sportsbooks will sometimes offer you boosts or promotions to help your parlays out a little. They will offer you better odds so that despite putting down a smaller amount of money, the payout will be larger.

This goes back to knowing your sport and sportsbook before placing a bet. Knowing if you have to opt-in to a certain promotion before you submit your wager will help you take advantage of these deals. 

Most sportsbooks will have a promotions page, so it doesn't hurt to browse through that before deciding how to place your bets. Some sportsbooks will offer these promotions to you in push notifications as you navigate the site, making it an easier process.

Next: sign up with an online sportsbook

To make your first parlay bet you would need to create an account with one of our trusted sportsbook partners:

You're now ready to explore the world of parlay betting! 

Good luck and let us know how you do!