Parlay bets are very exciting because of the opportunity a bettor has to yield a massive payout. Parlay bets give the sportsbook the advantage. However, the wager’s high-risk nature gives you a great chance to win big on a variety of different sports.
A parlay is a wager where multiple bets are combined to create a larger payout. All the legs of your parlay must hit for your bet to be successful. Some sportsbooks offer parlay insurance but do not count on this safety measure.
The parlay is treated as one bet as a sportsbook. The more legs you add to a parlay, the higher your payout will be if the bet is victorious. You can combine multiple sports into a parlay. Some books allow you to parlay various bets on the same game. However, the typical parlay bet only allows one bet per contest.
Building Your Parlay
Even though bettors assume more risk with parlays, these wagers are a perfect way to put a lot of money in your pocket. Building a parlay bet on a sportsbook is very simple. The first thing you should do before placing a parlay bet is to research the type of games you want to include.
You should study every game in your parlay as if you were just betting that individual contest by itself. If you do not do this with every bet, you will have a tough time winning the parlay wager.
On an online sportsbook, choose all the contests that you would like to include in your parlay. You can mix various betting types like the moneyline, spread, total, or multiple props in a parlay. Sportsbooks want you to put together crazy parlays because this will give the house an overwhelming advantage.
Once you choose all your bets, they will end up going into your betting slip. There will be a parlay slip with the adjusted odds for your group of wagers. In the risk tab, put in the amount that you are willing to bet. You will then see the winning number you will receive if all your bet hits.
After you see the initial number with your parlay, you may want to modify your group of wagers. To do this, you can add more games by going back through the sportsbook and selecting additional bets. To take wagers away from the parlay, just click the remove button from your betting slip.
Things to Remember with Parlays
With parlays, make sure you have fun. Do not be afraid to place a parlay wager. A small risk amount on a parlay can yield a vast payout depending on the number of games you utilize for your stake.
An important thing to note with a parlay is that you can choose future bets as well. Only select a parlay that fits your allotted time. If you want a parlay with a quick turnaround, make all your picks over a day or two.
If you want to make a parlay future, understand that the bet will take a long time to unfold. Start betting with parlays today!
How to Build a Parlay on BetMGM
A parlay wager is becoming one of the most popular betting options in the United States, especially at BetMGM Sportsbook. There is a high risk involved with this type of bet, but there is also the chance for a huge payout.
Building a parlay at BetMGM is not a difficult process, especially if you already know how to make a wager at the site. You will have to take some additional steps before you are able to submit your parlay, but it will be worth your time if your bet hits.
The first step is to be logged into your account at BetMGM Sportsbook so that you can view all of the available betting markets for that day. Some betting options cannot be combined in a parlay, but the most common bets and sports will be allowed.
From there, you can begin building your parlay by selecting your first bet. You will want to add that to your bet slip before returning to the sportsbook and searching for your second leg.
You can add anywhere from two to 15 legs into your parlay at BetMGM, but all legs must win if you are going to win the entire bet. This parlay can also be turned into a teaser, but that involves an additional step and further complicates things.
After you have added all of your bets into the parlay, the next step is to determine how much you are willing to wager. You will be able to view your potential payout at this point, and that can help you determine how much to bet.
The final step is to click “submit” and then sit back and enjoy the action.
BetMGM Parlay Builder
BetMGM has also unveiled a terrific new product for its customers called “Parlay Builder” from Betgenius. This new feature was first offered in October 2020, and it allows customers to build their own custom same game parlay.
Most sportsbooks don’t allow you to combine bets from the same betting markets into one parlay, but the only exception is the same game parlay. BetMGM looks to make this experience even easier for customers by using this new form of technology.
The first step is to obviously choose the game or betting market that you want to focus on for your same game parlay. After you have chosen a game to feature in your same game parlay, the next step will be to determine which odds you want to focus on.
You can use the parlay builder to quickly add more legs to your same game parlay. A really cool feature of this piece of technology is that the odds and potential winning amount will be updated in real-time every time that you add a new leg.
Not all of the games are available for this type of bet at BetMGM, but there is a way to quickly determine what the options are. A parlay builder icon will appear next to the available games, and from there, you can begin building your customer parlay.
How to Build a Parlay on BetRivers
Parlay betting is more common than ever, with sportsbooks making it easier than ever to place parlay wagers. BetRivers is one such sportsbook, as they have made it incredibly simple for bettors to set up multi-leg bets for potentially large payouts. Here, we will run through the steps of how to place a parlay at BetRivers and what you should know before doing so.
Choose Your Parlay Legs
A parlay bet consists of multiple selections that are combined to make one bet. Thus, in order to place a parlay bet, the first thing that a bettor must do is make the multiple selections that are required for them to create the parlay bet. BetRivers has a large selection of betting markets across all major sports, along with more obscure sports to use in your parlays.
There are some restrictions as to what can be placed in one parlay bet. Player props from the same game cannot be folded into one parlay, for example. Spreads and totals from the same game are not restricted from parlay action at BetRivers, though. The site will alert you should you put together a parlay consisting of selections that violate their rules and cannot be placed.
Select the Parlay Option
By default, when you make multiple selections at BetRivers, your betslip will show them as a series of single bets. In order to change them into a parlay, bettors have to click or tap the parlay tab within the betslip. Once they do that, they will be shown their parlay odds and the potential payout for their parlay wager.
Enter Your Stake Amount
The final step to take when entering a parlay bet at BetRivers is to enter the amount a bettor wants to put on their parlay. Parlay bets typically come with a plus price, which means that bettors do not have to risk as much as they would on a single spread or total wager to make a handsome profit. If you are satisfied with the risk amount and potential payout, hit the Place Bet button to lock in your parlay.
When placing a parlay wager, it is important to remember that the chances of that bet winning are lower than when making a single bet. That is the reason that sportsbooks like BetRivers are offering you plus odds for that parlay. Thus, parlay bettors should risk responsible amounts on their parlays and not go overboard on a type of bet that yields a lower return on investment than most wagers.
Use the House Specials
For those who do not wish to seek out their own bets to form a parlay, BetRivers offers some pre-made parlays in their House Specials section. There, bettors can wager on wagers curated by the BetRivers sportsbook, including several multi-leg bets that constitute parlays.
Bettors should still look at these pre-made parlays through a critical lens and do their own research on whether they are a good idea or not. But these are very easy parlays to place, as bettors simply need to click the button to add them to their betslip, choose a risk amount and finalize their wager.
How to Build a Parlay on DraftKings
Parlay betting is easier to do than ever, as sportsbooks like DraftKings have made assembling and placing a parlay quicker and easier than it has been before. In this guide to parlay betting with DraftKings, we will go over the steps required to place a parlay at DraftKings and talk about ways that this site has made parlay betting even more accessible.
Select Your Parlay Legs
The first thing a bettor has to do when putting together a parlay is select the legs of the parlay bet. Using DraftKings’ massive selection of betting markets, bettors can put together parlays across multiple games in multiple sports in an attempt to earn a payout that would exceed what they would stand to make from a single bet.
One of the interesting things about parlay betting at DraftKings is that bettors can get in-play wagers into their parlay bets. The odds for live bets can change quickly, but the fact that bettors can make these a part of their parlays adds that many more options for bettors who want to get involved with parlays at this sportsbook.
There are some restrictions to parlay legs at DraftKings. The site does not allow multiple prop bets to be included in the same parlay. But parlays across multiple sports are allowed, as are parlay bets that take the spread and total from the same contest. If a bettor has assembled a parlay that runs afoul of their parlay restrictions, bettors will be notified that one or more selections cannot be included.
Enter Your Risk Amount
Once a bettor has entered the selections they want to make when putting their parlay together, the next step is to enter the amount they want to risk on this bet type. The betslip will show bettors what they would stand to make after entering their risk amount on the DraftKings website or app. Bettors can then hit the Place Bet button on their screen to finalize their selection if everything looks correct.
When placing a parlay bet, bettors do not need to risk as much as they would to make the same amount on a single wager. But that smaller risk amount should not prompt bettors to wager on multiple parlays. Even with the chance to earn a higher return, bankroll management on parlays is just as important as bankroll management on single bets.
Check Out the Odds Boosts
DraftKings makes it easy to place a parlay bet without having to go through the above steps as well. They have an Odds Boosts section, which showcases several wagers at prices that are more favorable than they usually are. This section includes parlays, as bettors can get pre-made bets featuring multiple legs with odds that are enhanced.
It should be noted that not every bet with boosted odds is one worth making. Bettors still need to apply the same research and thought to every selection they make, especially bets that require multiple legs to win to be successful. After all, the added value from the odds boosts will not mean much if the bet still loses in the end.