To create a parlay online, log into your chosen sportsbook. Above are my recommendations for the best online sportsbooks for Parlay betting go to the sports events you wish to bet on and begin selecting your picks.You can choose moneyline, totals, or any combination of wagers to combine. The larger the odds of each selection, the higher the overall price of the parlay. Like any other types of wagers, not all parlay payouts are the same. Sports betting sites could have varying odds for the selection of events that are picked in a parlay. This ends up being quite confusing when looking at games that have varying odds and payouts for the same parlay.

This post gives you an overview of parlay betting, a form of betting that allows gamblers to place several wagers on one and the same ticket. Such a bet is also referred to as an accumulator. If any of the selections ends with a push, the total profit is lowered to what it would have been if the selection was not part of that ticket. If any one of the selections loses, you lose your full stake. This type of betting is very common among bettors. If used properly, it can generate lots of profits. If not, it can cause you to bust.

Bookmakers with the best payouts for parlay betting

* T&C’s apply, 18+.

Unfortunately, a lot of people are not aware how the system truly works and end up making a wrong choice. We can help you avoid that by answering the following questions: what is parlay, how does it work, and is it worth it? At the end of the post, we will also give you a few pieces of advice related to this particular strategy. Take a look.

Understanding the Concept behind Parlays

To explain what parlay betting is, let us take you away from sports betting for a while. Imagine you go to a casino and start playing blackjack. You begin by betting £100. The bet wins, and you obtain a total of £200. You place another bet and win. You now have £400. You keep on betting and winning, doubling your profits every time, from £800 to £1,600 and so on until you reach £6,400. You have been successful six successive times, turning your initial £100 into a huge profit. It sounds great, doesn’t it?

Now, let us assume you go back to the casino tomorrow and they offer a new type of blackjack. The rules dictate that you have to win six successive hands for your wager to win after which you will be paid 60-1 (61.00 in decimal odds format). If any of the hands is lost before you reach that number, you lose your entire stake. You would not be tempted to play this game, would you? Just yesterday the bets you won six successive times provided a payout of 63-1 (64.00). Why would you risk it?

It may come as a surprise, but quite a lot of people would take advantage of the offer. This is what punters do when it comes to parlay betting.

Truth be told, flipping a coin six successive times has fair odds of 63-1 (64.00). As well as that, total bets and point spreads are 50/50 propositions. In comparison, parlay betting is offered at the following odds at some common bookmakers: 35-1 (36.00); 40-1 (41.00); and 45-1 (46.00).

As the numbers show, the odds seem too ridiculous for a gambler to ever be tempted to place a sports betting parlay. Yet, there are many bettors who naively take that road. And if you want to know the truth, this type of bets targets people of this kind.

Payouts at Parlay Betting

Here, we would like to show you that the payout for a parlay wager that consists of six selections is not the same as the payout offered for fair odds on getting six blackjack hands right, which is 63-1. In fact, it is much different from that, and we are going to prove that in a while.

Let’s take a look at the parlay fixed odd payouts displayed at a randomly-picked online gambling portal. It should be noted that these numbers are common among other bookmakers on the web. They are not exclusive to this particular operator.

Looking at the table, you realise that the odds for parlays at most bookmakers are very unfair. So, who would anyone want to place such a wager once they find out the truth? To be honest, parlay betting is a final destination for many naive bettors who are not willing to go to all the trouble to figure out whether the wagers they want to place have any value, or are just unaware of what they are doing.

Also, you should keep in mind that sportsbooks charge a vig. Hence, the odds will change, and that will lead to a change in the payouts as well. Here is an example.

Parlay betting is usually offered at fixed odds of -110, which is 1.91 decimal odds. Let’s see what happens if you wagered six successive times at the odds we suggested.

1. Place a £100 bet at odds of 1.91; win £90.91; total balance: £190.91.
2. Place a £190.91 bet at odds of 1.91; win £173.56; total balance: £364.47.
3. Place a £364.47 bet at odds of 1.91; win £331.34; total balance: £695.80
4. Place a £695.80 bet at odds of 1.91; win £632.55; total balance: £1,328.36.
5. Place a £1,328.36 bet at odds of 1.91; win £1,207.61; total balance: £2,535.97.
6. Place a £2,535.97 bet at odds of 1.91; win £2,305.45; total balance: £4,841.41.

So, if you place a parlay of six selections staking £100 and you get £4,841.41 in return, this means that you get something close to odds of 47.4-1. Now, let us tell you something. There is a way to overcome this. You just need to find gambling venues where parlay betting is not offered at fixed odds. You can come across these options at the best sports betting websites. So, you need to keep looking. You can also check our list of the best options. We offer rankings based on a number of factors we took into consideration beforehand.

How to Force True Parlay Odds

We just said that you need to find some decent online portals that do not have fixed parlay gambling odds, but we should also tell you that there is a way to force sportsbooks to pay true odds. All you have to do is add one more selection with different odds. To illustrate this better, here is an example.

Imagine you want to place a wager with six selections at a bookmaker. Let’s say they are all offered at odds of 1.91, which means that you get a 40-1 payout. However, you change your mind at the last minute, and you decide to make five selections instead of six, all at the proposed odds of 1.91, and then you make another one at odds of 1.83. The payout you get will be based on the real odds.

Here is how to make the calculations. You need to multiply the odds of the six selections. So, you have five selections at odds of 1.91 and one selection at odds of 1.83.

1.91 x 1.91 x 1.91 x 1.91 x 1.91 x 1.83 = 46.52

This means that the payout will be 46.52-1 (47.52). This is more than odds of 40-1 (41.00), which we get if we use a fixed odds betting parlay.

So, if you just make one selection at different odds, you can force the sportsbook to pay based on true odds.

A Strategy You can Use

Considering what we just said, you may be surprised to find out that there are a few situations in which you can use parlay gambling to your advantage. The bettors who are more experienced and knowledgeable use this system every now and then. We will show you three situations in which the strategy is recommended to use.

#1 Bypassing betting limits

Yes, you can use parlay gambling to circumvent the betting limits that sites have. If you are a low roller, that probably isn’t a problem at all. However, high rollers feel like they are limited. If you are experiencing the same problem, you can try placing more parlays. For instance, NFL games often have £1,000 max bet. You can place a parlay of three selections that would offer odds of 5.96-1 (6.96). The difference between placing a three-team parlay and making separate bets is that when betting separately, you are not allowed to risk more than £1.100, whereas if you choose to go with a parlay, you can risk about £2,185.33 on every wager.

Yet, you should keep in mind that your chances of losing are bigger than your chances of winning because all the selections you make on a parlay have to win for it to be successful. However, if you are willing to bet huge amounts of money, you are probably already aware of that anyway.

#2 Bonuses and promotions

Parlay gambling is great to use for betting bonuses and promotions, especially if they come in the form of free play credits. Why is this so? If you wager £100 cash at odds of 1.91, you will get a return of approximately £90.91, and you will get your stake returned. This makes a total of £190.91. However, if you stake a free credit of £100, you will only win £90.91, i.e. you do not get your stake back. So, in this situation, it is much better to place a parlay rather than a point spread bet. You will get a bigger payout out of your credit.

Please note that free play bonuses are gone forever once you use them. It does not matter whether you win or lose. The credit will disappear after use. So, our advice is to use it wisely. We think that the option we suggested is a good way to go.

#3 Correlated betting parlay

Imagine there is a football match and the bookmaker offers a point spread of +21.5/-21.5 over and under. A wise thing to do in this situation is to place a parlay bet on the under and the underdog, or the over and the favourite. It is better than a straight bet.

We hope you are no longer wondering what a parlay bet is. We gave you plenty of examples and scenarios to help you understand the strategy. We hope we were successful.

Other Types

If you are a gambling enthusiast, you will probably be interested in the rest of the betting types.

Other Betting Markets & Strategies

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Sports betting success is all about access to the right information at the right time. With online betting sites increasingly offering bettors the option to wager from their mobile phones, it’s only natural that a wide range of complementary sports betting apps have cropped up on the Apple Store and Google Play.

Best Parlay Betting Sites Against

Don’t waste your time on Instagram scamdicappers and other questionable digital betting services. Sports Betting Dime has identified the most useful sports betting apps for everything from bankroll management to line shopping.

Here are the five most interesting and innovative choices for 2020.

1. SharpSide: Best App for Betting Tips & Community Picks

SharpSide is a relatively new app that provides a huge amount of community-driven info and analysis for bettors.

The beauty is in SharpSide’s model for sourcing betting tips and advice – each member’s betting records are public and there’s no way to delete losses or otherwise manipulate the results.

This stands in sharp contrast to some other paid pick services, many of which are notorious for a lack of transparency and selling shoddy info.

SharpSide asks every user to make picks on a huge range of game lines, game props, and player props at their leisure. The app tracks picks and displays results publicly on detailed boards – allowing you to see what other bettors are thinking with an incredible level of detail.

Because everyone’s record is shared publicly, it’s easy to closely follow the bettors with a proven track record handicapping the sports and bet types you’re most interested in.

2. BettingPros: Best App for Sports Betting Line Shopping

Line shopping is the single easiest way to increase your profits when betting on sports. By comparing the odds offered at multiple sportsbooks, you can ensure you’re getting the best possible value for every line to your liking.

The BettingPros sports betting app not only displays valuable data like betting percentages and team trends – it displays the odds for each matchup at a range of online sportsbooks and highlights the most favorable option for every line available on a given matchup.

Thanks to this conveniently intuitive layout, you’ll identify the best value on any pick within seconds of opening the page.

Save yourself the hassle of navigating between various online sportsbooks to compare the odds on your mobile screen – once glance at BettingPros can condense tons of frustrating back and forth into mere seconds.

3. Parlay It!: Best Parlay Calculator & Accumulator

Betting parlays and teasers is a great way to amplify your sports betting profits, but it can be a challenge to accurately calculate potential payouts.

Parlay It! is a simple, stripped-down sports betting app that allows you to estimate payouts for parlays with up to 12 legs/picks included. Odds can be entered in decimal, American, or fractional format and you’ll instantly see the potential profit, return, and percentage return on investment.

Parlay It! also features a ‘dutching calculator’ to help you hedge your bets across multiple sportsbooks.

For a small one-time fee of $1.99, you’ll also gain access to an overround calculator that allows you to see how much the bookmaker is profiting off your selections.

This is an invaluable tool in determining which betting markets are offering the best value when playing multiple lines.

4. Kelly Calculator – Best App for Sports Betting Bankroll Management

Parlay Cards Online

There are various systems bettors can use to determine how much should be wagered on a given event.

The Kelly Criterion is one of the best-known and effective methods for identifying value and shoring up your bankroll, and the Kelly Calculator takes cares of the math you need to follow this system.

Simply input the total value of your bankroll, your assumed probability of success, and the odds to see the size of your edge over the sportsbook and the suggested amount you should wager.

If you’re looking for a sports betting app to practice disciplined bankroll management and stick to a system, it’s hard to beat the simplicity and clarity of the Kelly Calculator.

Football Parlay Cards Online

5. Onside Sports – Best App for Tracking Your Sports Bets

Onside Sports provides a range of services for sports bettors, but the app shines brightest with their bet tracking tool.

A personalized dashboard contains key metrics of your overall betting performance in great detail, tracking classic indicators like return on investment and win-loss records along with stats such as an adjusted win percentage and associated z-score that provides more relevant feedback on the value of your betting strategy.

The ‘pools’ function also allows you to track bets against your friends and family, while public leaderboards allow you to follow the picks of the best ‘cappers in each sport as you fight for their spot at the top.

Want to Learn More About Betting From Your Mobile Phone?

Online sportsbooks and sports betting media are going to great lengths to deliver an engaging and easily navigable mobile experience. Find the features you need without the fluff – Sports Betting Dime’s odds app is a one-stop-shop for the latest odds, standings, and betting trends.

Check out our guide to sports betting on mobile for a comprehensive overview of how to get more out of betting on the go. The guide is full of site-specific tips for our favorite mobile betting sites.

Pair the apps outlined here with a mobile-optimized online sportsbook, and you’ll have everything you need for a profitable betting experience right in the palm of your hand!

Best Parlay Betting Sites No Deposit