Parlay Bets and How to Use Them: Complete Guide | LeoVegas CA

Parlay Bets - An Introduction

Have you ever visited online sports betting page and wondered what the term parlay bet means? Search no further - we’re about to explain it all to you, and even give you some tips on how to have the most fun with them at LeoVegas!

Table of Content:


What is a Parlay Bet?

A parlay bet, also known as an accumulator (or acca) bet, combo bet, or multi bet is one single bet that combines two or more two or more bets into one betting ticket. In order to win, ALL those wagers need to win! Why would anyone do that? Read on to find out, and learn how best to take advantage of our weekly parlay bet offers, where we give you Profit Boosts every week!

What Does Parlay Mean?

Since you are combining multiple bets together, that means that the odds of winning the parlay bet go down - but that is also reflected in your potential winnings!

There are plenty of parlay calculators out there, but the parlay odds can easily be calculated by multiplying the odds of the individual bets together. This means there is a much bigger potential win than if you were to place straight bets bet separately.

However, if even a single bet in the parlay loses, the entire parlay loses. This means you have the potential to win a large amount on a comparatively low stake, and it also means you get to combine multiple events into the same bet slip - even across multiple sports!

The most common parlay bets are two team parlays and three team parlays.

đź’ˇ Did you know? Sports betting has been around for millenia - in fact, the origin of the very first sports bet is hard to date. However, we do know that the ancient Greeks who spectacted the Olympic Games would bet on the winners of events amongst themselves.

How are Parlay Odds & Payouts Calculated?

The appeal of a parlay wager is that it offers substantially better odds of winning than a single wager. Although calculating the chances of a winning parlay bet is difficult, your bookmaker or sportsbook will do it for you using their own mathematical tools.

The bookmaker or sportsbook will set up a multi-level wager when you place a parlay bet such that each winning bet increases the stake on the subsequent leg. You are picking winners by placing a wager on a straightforward 3-team parlay on the moneyline.

Bigger parlays, those with 7 or more legs, have a lower chance of success but pay out more money if they do. Moneyline, spread, game totals, and under/over bets are just a few of the multiple parlays selections that can be combined into a single parlay bet.

Types of the Parlay Bets

There are numerous parlay bet varieties to choose from. Here, we examine a few of the most well-liked and describe how they differ.

Three-leg parlay

A 3-leg parlay consists of three options and can be made up of several selections, including moneyline bets, point spread side bets, game totals, under/over bets, etc.

Four-leg parlay

A 3-leg parlay and a 4-leg parlay are identical. Please note that adding one more selection has both raised the likelihood that the bet will lose and increased the payoff if it wins. Once more, four selections can be made in the form of different choices, including wagers on the moneyline, point spreads, game totals, under/over bets, etc.

Round Robin

You place a round-robin wager when you make several parlay bets at once. For instance, in a round robin wager, you might pick three to eight teams on the moneyline. The number of these teams you want to bring together can then be decided. You will now have 28 distinct parlay bets if, for example, you choose eight teams and want to round robin them with one additional team. You now have 56 potential parlay bet options if you decide to place three-team round robin parlays together. Your stake money and your potential return will increase as the number of teams you link does.

Correlated Parlays

Correlated parlays provide you the ability to observe how a winning wager increases the likelihood of another wager. An example would be combining an over points wager from the first half with an over points wager from the entire game. The overall total bet is now the favourite to win if the first half total points bet wins. Another name for this sort of wagering is a same-game parlay.

Parlay Betting at LeoVegas

Not only do we have an awesome Sports Club where we give you weekly Free Bets and Profit Boosts, but our Sportsbook allows you to place parlay bets in the easiest way imaginable thanks to our handy Bet Builder function, with an built-in parlay calculator!

It allows you to make a parlay bet using wagers on the same as well as different events, and it actually removes the bets on screen that you can’t use as part of your parlay bet as you go along. That way, you can never add a bet to the parlay which isn’t valid!

The Bet Builder is available both pre-match and in-play, leaving you with a multitude of choices.

Simply enter a sports event page and click the slider at the top to activate the Bet Builder. Once you’ve added your bets, the parlay calculator will show you the odds and the potential parlay payouts, leaving you just to enter your stake and place your bet!


Parlay Betting Wins at LeoVegas

As mentioned above, parlay bets can score you some big wins with a relatively tiny wager.

The player who submitted the bet below placed a €25 bet ($37) on a parlay bet of 10 football games across 4 competitions. The bet with the best decimal odds was 1.57, and his steepest odds were 3.5 (both were bets on over 1.5 goals being scored in two Premier League matches).

Once all the odds were multiplied in the parlay calculator, they added up to 999.50. And wouldn’t you know it - he won! That happy player went home with almost €25,000 (almost $38,000) that day!

Want to try your luck? Head to our Sportsbook and give it a go!


Parlay Bet FAQ

How does a parlay bet work?

In sports betting, a parlay bet is when you place numerous wagers—at least two—and connect them to form a single wager. But, your entire parlay wager is lost if even one of the bets in the parlay loses. On the other hand, depending on the stake that was made, you may receive a substantial payout if all of your bets are successful.

Are parlays a good bet?

Due to the potential for large returns for a little initial investment, parlay bets are a tremendously interesting type of wager. But, given the number of choices you must accurately predict, they are difficult to win. Keep the stakes low and hope today is your fortunate day.

Is it better to do single bets or parlays?

There are numerous viewpoints on this issue. Although parlay or teaser bets are a lot of fun, they have a far higher risk of losing than straight wagers because they require multiple winners rather than just one.

What does a $50 2 team parlay pay?

The standard payoff for a 2 team parlay is 13-5 (2.6-1), however, the exact amount depends on the moneyline odds for each team included

What does a $100 3 team parlay pay?

For example, if you wager $100 on a three-team basketball parlay with the Los Angeles Lakers +150, Miami Heat +100, and Golden State Warriors +203. If all three teams win, the $100 bet pays a huge amount of $1,515. This is just an example, so you must check each team's odds and use the payout calculator to determine the estimated payout for your parlay.