Betting on parlays involves combining multiple sports bets into a single wager. We'll take a look at how parlay betting works for sports betting, how parlay odds are determined and parlay betting strategies.
A parlay bet is when a user combines multiple wagers into a single bet slip. This means the user is counting on multiple outcomes being correct to cash the bet, as opposed to betting on each outcome individually. Because of this, the odds are higher than individual bets at sports betting sites.
Parlay odds are calculated by taking the odds of each individual wager and combining them. Sportsbooks have their own algorithms for calculating parlay odds, but typically you can multiply the odds of each leg in parlay to get the payout. For example, if you're parlaying three point spread picks at -110 odds, the total comes out to 6.86.
You can combine many types of individual bets into a single parlay. For example, you can pick the point spread of one game, the total of another, and the money line result of a third contest and put all those wagers into one bet slip as a parlay. Additionally, sportsbooks will often allow users to combine parlays across sports.
Some sportsbooks and sportsbook promos will not let you bet the point spread and money line on the same favorite in a parlay. You can make those wagers individually, but not in a parlay for increased odds. This restriction varies by sport and platform.
Same-game parlays (SGPs) are a popular type of parlay. For example, the Philadelphia Eagles were 7-point favorites in Week 1 of the 2025-26 NFL season against the Dallas Cowboys. Bettors could parlay a pick on the spread and a pick on the total, or a pick on the money line and a pick on the total, or some other combination thereof.
Parlaying player prop bets is especially popular in NBA betting. Same-game parlays are common in basketball too, but you can combine player props from different games in the same bet slip. For example, a user can bet on LeBron James to go Over his points line and Kevin Durant to go Under his rebounds line as a parlay.
There are some events, like a golf tournament or F1 race, where only one competitor wins. Users wouldn't be able to parlay multiple competitors winning, as one outcome would automatically eliminate the other outcome on the bet slip. However, in other sports with a single winner, such as boxing or mixed martial arts, users have the option of creating a same game parlay on a single event.
Sportsbooks offer various types of parlays, including SGP+, or SGPx bets, which combine same-game parlay outcomes, but from different games. For example, a user could bet on Malik Nabers, Travis Kelce, Ladd McConkey, and Terry McLaurin to all score touchdowns in different games.
In parlay betting, a teaser is a type of parlay that lets a bettor shift the point spread or total in their favor on each leg, but at reduced overall odds. This is less common now that sportsbooks offer substantial alternate lines on point spreads and totals.
Round Robin parlay betting is also offered at many sportsbooks and requires at least three picks. For example, a user can put the Giants money line, Patriots money line, and Vikings money line in a parlay for Week 1 and use the Round Robin function to place multiple bets with the same picks.
All of the top sportsbooks offer parlay betting. The biggest difference comes in the odds and the various promotions offered by each. DraftKings and FanDuel Sportsbook typically offer profit boosts on SGP bets for big events, though there are requirements for the number of legs and minimum odds.
Source: CBS