A parlay bet is considered an exotic wager that is very popular as it can often result in the big paydays for successful bettors. A parlay wager contains multiple teams that are put into a grouping and every single team must win to collect the bet. The more teams grouped, using the point spread or a money line, the greater the return on the investment. Handicappers are advised to keep their amount wagered “reasonable” when placing parlay bets. Scoring a parlay winner requires proper research, and you'll like not hit them very often, but when you do they are oh so sweet when they cash!

How Parlay Bets Work

Parlays are a wager bet that are essentially created by the bettor. He or she determines which teams to group together, and you can often group teams across different sports. The more teams you add to your parlay, the more substantial the odds become, with some bookmakers offering bonuses if you correctly predict the outcome of a 12-team parlay. However, if even only one teams lets you down, your entire bet is lost, so parlays are high risk, high reward bets to place. 

Place parlay bets at the online sports betting sites in the table below and see what sort of parlya bonus they offer their customers.

      Big payouts are possible with the parlay wagering option

      Parlays are most popular during an NFL Sunday and college basketball’s March Madness with so many games being played simultaneously. Television ratings dictate the start times of American sports, meaning they are often all grouped together in start times, especially on weekdays.

      That said, parlays don’t have to be made on real-time events or even the same sports. A parlay could include a NFL game one day, a college basketball the next, and an NHL game the next. Most bettors stick to NFL and college football parlays because the odds are available starting early on in the week – giving them lots of research time.

      One negative about multiple-day parlays over different sports is moneylines or point spreads on NBA, NHL and MLB  games are only released the day before in the regular season. Bettors must parlay every game on the point spread or money line and not a mix of the two. Point spread parlays will pay a fixed price because it’s essentially based on a 50-50 chance of each team winning.

      A moneyline parlay would be paid out at odds determined by the lines on each team chosen. Picking all money line underdogs on a parlay would pay out vastly more than picking all favorites. 

      Soccer is another game ripe for parlay betting, particularly if several stronger teams are in action on home soil. Their individual moneyline odds may be short, but add eight or nine of them together in a parlay and you could be winning a sizable amount at the end of 90 minutes.