Sports Betting Parlays: Overview, Top Sportsbooks & More

A parlay bet is different than a traditional or "straight" bet because it combines two or more individual wagers into a single wager. To win, every selection in the parlay must hit — if even one leg loses, the entire bet loses.

The appeal of parlays? It's the payout. Because you're linking multiple outcomes together, the odds multiply, which can turn a small stake into a much larger return compared to betting each pick separately. For example, combining three favorites in a parlay can still produce plus odds, because all three favorites are required to win for the bet to hit. Parlays can include different games or multiple bets within the same game (often called same-game parlays). 

While the upside is attractive, the risk is higher since you need a perfect sweep. Bettors often use parlays to chase bigger wins with smaller stakes or to bundle together opinions they feel strongly about.

Just like there are a lot of different online betting sites, there are also a lot of different parlay betting types. Each offers a unique way to stay involved in the game, and betting sites in the US provide access to a wide range of options.

Ranking the best sportsbooks for parlays by their offers and benefits gives you better insight into what to expect.

With live betting parlays, you can place your bet while the game is happening, allowing you to react to what's happening in real-time. It's an excellent way to stay involved in the action on the field or court.

Each leg of the parlay will have odds that change in real-time as the events unfold. This means the odds for your parlay are dynamic and can fluctuate until the bets are placed. The complexity and risk are increased because each event in your parlay is subject to the unpredictability of live betting.

As such, you'll need to be quick and decisive since the odds can change rapidly during live events.

Round robin bets allow you to break down your parlay into smaller, multiple wagers for a chance to win some money even if not all picks hit. They offer a bigger top payout if you win and a better chance to mitigate losses if you lose.

By spreading your selections across multiple parlays, you increase your chances of winning some of the bets even if not all your selections win. If one of your selections loses, you still have the possibility of winning with the other combinations, reducing the impact of a single loss on your overall bet.

You can choose different sizes for your parlays, such as three-team parlays, depending on how many teams or games you select. However, while the chances of winning are higher, the payouts for each winning parlay might be lower compared to a single, larger parlay with all selections.

There are several variations of the Round Robin bet, although you won't necessarily find them on all sportsbooks. In some cases, the book may call them something else - DraftKings and others lists a Pixie bet, for example, with a "4x" beside the parlay bet you're creating because it includes four bets. Still, it's good to know what the various round robin options are in case you're feeling really adventurous and come across them.

With teasers, you can adjust the point spread or totals slightly in your favor for a lower payout than a standard parlay. In most cases, the teaser bet involves just two teams, although some books will allow up to 10 teams.

For example, imagine the Carolina Panthers need to win by 7 points on the point spread in a game against the New Orleans Saints. With a teaser, you might be able to move that spread to your advantage, say the favorite only needs to win by 1 point. This makes your bet easier to win.

In a correlated parlay, the picks influence each other, like betting a team to win and the total score to be low. In other words, if one of the conditions wins, the payout is greater if the second condition then wins. You don't have to choose two unrelated items, either. You can choose the Boston Celtics to cover the spread in the first half of a game against the Dallas Mavericks, for example, as well as to cover for the entire game.

Correlated parlays aren't very popular with sportsbooks; they remove the edge that the books like to have. However, you still might come across them, which is why they deserve a place on the list.

Parlay insurance is usually available on regular and same game parlays. You'll have to check how the sportsbook provides it - FanDuel, for example, will give you up to $25 if the parlay fails, while BetMGM offers up to $50.