A Complete Guide to Parlay and Teaser Bets

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Also known as multiples and accumulators in other parts of the world, parlay bets are commonplace throughout the sports betting industry. Some love them, others hate them, but how do they work?

What is a Parlay Bet?

A parlay is a combination bet that requires all selections to win for the bet to pay out.

For example, let’s assume a schedule that looks something like this:

  • Bills vs Rams
  • Falcons vs Saints
  • Steelers vs Bengals
  • Lions vs Eagles

If you were to place single bets on all home teams to win, you’d get a return even if only 1 of them won. It would be a loss overall, but it would still be a return as those bets are placed independently of one another.

If you were to place all bets in a parlay, you’d need all of them to be successful. Obviously having all bets comes with a higher risk, but with a higher risk comes higher reward.

What is a Teaser Bet?

A teaser bet is when you adjust the spreads or totals used in a parlay to increase the odds. For instance, if the spread is Bengals -5, you could increase that to Bengals -10. The probability is lower, but the odds are much higher.

<h2>Calculate a Parlay Payout</h2>

Most sportsbooks include a “Projected Win” section on the bet slip. This will show you how much you can expect to win with a parlay. For the times when this is not available, use the following formula:

  • Convert American odds into decimal
  • Multiply the odds together
  • Multiply the result of the above by your wager
  • Subtract your stake

The result will be your parlay odds.

What is an Example of a Parlay Bet?

Here’s an example of a parlay using the sample games mentioned above:

  • Bills vs Rams = Bills to win at -100
  • Falcons vs Saints = Saints to win at -200
  • Steelers vs Bengals = Bengals to win at +100
  • Lions vs Eagles = Lions to Win at +200

With a bet of $100, the above would return a payout of $1,700.

What Happens When a Bet is Void, Cancelled, or Pushes in a Parlay?

If an event is canceled and a bet is void, it will be removed from your parlay, resulting in a lower potential payout. If a bet is merely postponed, it will remain open until it is settled or voided. Please be aware though that this is general guidance on the voiding or cancellation of bets, consult with your individual Sportsbook if you want to make sure. 

Are Parlay Bets Worth it? Are they Good Bets?

Parlays are the lottery bets of Sports betting. They’re risky, but the payoff can be huge. They are best used as occasional small stake bets. They can be great options for players who know their stuff and stick with 3 or 4 lines, but the more lines you play, the more of a lottery it becomes. Please also be aware that the more lines you play, the bigger the Vig a Sportsbook it taking on your bets. This is why a lot of professional sports bettors like to steer clear of Parlays.

What is a Same-Game Parlay?

A same-game parlay is a combination bet for a single game. The rules are the same, but you’re betting on multiple outcomes in a single contest. For instance, rather than playing moneylines across an NFL game week, you could bet that Team A will win, there will be more than 50 points, and Team A’s WR will complete over 150 yards.

Can you Parlay Futures Bets?

In most cases, yes, you can. However, it all depends on whether the sportsbook accepts such bets as not all of them do.

How to Hedge a Parlay Bet

The high odds offered by parlays make them ideal for hedging, but you'll need to wait until at least one or two of your legs in your parlay have already hit. When this happens, simply place a bet on the alternative outcome. So, if you have a 5-game parlay, 4 bets have won, and you need Team A to win for a $500 profit, place a bet on Team B that would generate a similar return. That way, regardless of the outcome, you will win some money.

What are the Biggest Odds Ever Won on a Parlay?

It’s hard to know for sure, as many punters don’t publicize their winnings and sportsbooks usually don’t do it for them. However, a bettor from the UK is known to have won at odds of 90,336/1 in 2021. This equates to decimal odds of 90,337.0 and moneyline odds of +9033600.

What is the Biggest Payout Ever Won on a Parlay?

In the above example, the player in question wagered £11.50 (about $13.77) and won £1,039.55 (about $1.24m). He became a millionaire with a wager of less than $15.

How to Make a Parlay Bet on FanDuel

FanDuel has Same-Game Parlay and Parlay Builder tools to simplify the process. You can also just add your bets to the slip and then choose “Parlay”.

How to Make a Parlay Bet on DraftKings

Add two or more selections, open the bet slip, and select “Parlay”. Enter your wager and confirm by clicking the green button.

How to Make a Parlay Bet on BetMGM

Choose the “parlay” option after adding two or more bets. Enter the stake and confirm. Double-check to make sure you haven’t selected a straight wager.

How to Make a Parlay Bet on Caesars

When you add a bet to your slip, you’ll be taken there. Simply choose “add more bets” to create additional lines, and then enter a stake in the “parlay” section.

How to Make a Parlay Bet on BetRivers

Choose a minimum of two wagers, visit your bet slip, and confirm your stake amount. Press “place bet” to place the parlay.

How to Make a Parlay Bet on PointsBet

Add a bet to your slip and then choose “Start Parlay”. This will create a parlay section to which you can add bets. Set your stake and confirm when ready.

How to Make a Parlay Bet on Unibet

Choose two selections and then visit your bet slip. Select the “Parlay” option and enter your wager in the clear box. Confirm when ready.

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