With a great Parlay Betting Strategy, your sports betting experience can be exciting and profitable. Parlays have the potential for high payouts as they combine multiple wagers into one bet. Yes, they carry a higher risk than betting on each game individually and combining these bets for a payout can be challenging. But this parlay betting guide will cover everything you need to know from parlay meaning, how it works, and the best parlay betting strategy you can use.
1. What is a Parlay Bet?
While we may assume that those looking for the best and free parlay betting strategy understand the meaning of parlay, it’s good to let in some beginners. So, what is a parlay in betting? A parlay is a wager combining two or more separate bets into one bet. Depending on the region, parlays are referred to by other names, such as accumulators or multibets/multis.
One of the biggest reasons bettors may go the parlay route is the potentially high payouts, making it one of the most profitable bet types. But for a parlay to win, all individual bets in the wager must be successful.
2. How Does a Parlay Bet Work?
As mentioned, a parlay bet will combine 2+ individual bets into one wager. The metrics of this bet are simple - every individual bet must hit for you to win the parlay. If at least one individual bet loses, you lose the parlay bet.
Parlay bets are risky as the payout depends on all the bets/legs winning. However, you can expect profitable payouts once your parlay bet is successful.
3. The Best Parlay Betting Strategies
Because it is a risky type of bet, you must employ a good sports betting parlay strategy to boost your winning chances and profits. Below are some of the best parlay betting strategies:
3.1 Correlated Parlays
One of the best strategies for parlay betting is using correlated parlays. A correlated parlay mostly works if you are betting on a single sport. The parlay will involve picking multiple outcomes that are linked within a game.
For example, in a football game between the Carolina Panthers and the Atlanta Falcons, you may bet on the Atlanta Falcons as the favorites at odds of -227. However, a good football parlay betting strategy will see bettors make another bet linked with the game. For example, you may go further from the moneyline bet to make a spread bet if you feel the favourite can win with a large margin. If you think the Falcons can win by over 7 points, you pick the option at odds of -714. If you need help reading odds, check out what does odds difference indicator mean in our dedicated article.
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Minimum deposit required. Bonus awarded on the first deposit after full account setup and opt-in. Wagering requirements, minimum odds, and time limits apply. Full terms and conditions apply.
3.2 Hedge Bets
Another Parlay Betting Strategy you can use is to hedge bets. The risky part of a parlay is that each leg must win for the parlay bet to be successful. However, you can counter this and ensure a guaranteed profit by hedging your bet.
For instance, your 3 bets in your 4-leg parlay have already won, you could hedge your bet by placing another bet that backs the opposite outcome of what your original parlay had. This way, you can be sure of a profit, whether or not you win your parlay. An NFL parlay betting strategy to use is hedging your bet with half of the potential winnings you anticipate in your parlay.
For example, if your remaining leg in the $100 parlay is about to return $2,000 after winning, you can take $1,000 to hedge the bet to back the opposite outcome. That way, you are guaranteed a profit on either outcome. However, for this strategy to work, you must ensure the selections in your wager have different starting times to allow you to hedge your bet.
3.3 Moneyline Parlays
A simple Parlay Betting Strategy is to parlay moneyline bets, as they are less risky. While the returns are not expected to be enormous, the chances to win a parlay are high.
For example, NBA matches have two possible outcomes for the match result. Either team A or team B wins. A good NBA parlay betting strategy for a beginner or bettor who prefers less risk is to make a parlay with match result selections. If you are interested in how to win moneyline bets with the best strategies from experts check out our dedicated article.
3.4 Go Small
The other strategy to use while parlay betting is to go small. It is better to limit the number of legs for better winning chances. For example, the chances of hitting a 3-leg parlay are higher than winning a 5-leg parlay. You might feel confident to go big for higher potential payouts, but the best strategy is to go small, as there is the element of surprises and upsets.
4. Parlay Bet Example
A parlay bet will have two or more bets combined into one wager. The odds of each pick will be multiplied against each other to determine the final odds of the parlay. The good news with parlays is that you can combine different sports events or even take multiple outcomes in one game. Below is a parlay bet example: You wish to make a 4-leg parlay with NBA and NFL picks and settle for match result picks. The following are your picks:
- Oklahoma City Thunder vs Houston Rockets: Pick Oklahoma City Thunder at -260
- Los Angeles Lakers vs Golden State Warriors: Pick Los Angeles Lakers at -175
- Jacksonville Jaguars vs Houston Texans: Pick Jacksonville Jaguars at -133
- New England Patriots vs Pittsburgh Steelers: Pick the Pittsburgh Steelers at -118
The overall odds will be +605, meaning that for a $100 bet, you’ll receive $605 in profits. When you include the stake, you’ll collect $705 in total.
5. Bookmakers with Parlay Offers
You can place a parlay bet on almost any app, and many of them offer various sports betting promos, including parlay bet bonuses. For example, you can use our bet365 bonus code 2025 when registering with the bookmaker. Here are other top sites recommended by our experts:
Parlay Betting Platforms
bet365
Bonus Sports
Bet $5 and Get $200 in Bonus Bets Win or Lose
1XBET
Bonus Sports
Exclusive Bonus 130% up to $145/€130 (or currency equivalent)
Pinnacle
Bonus Sports
Best value odds
BetWinner
Bonus Sports
100% First Deposit Bonus of up to $150/€130
1xBit
Bonus Sports
Welcome Package up to 7 BTC and 250 Free Spins
T&Cs:
App Exclusive Offer. Minimum $10 deposit required. Minimum odds -500 or greater. Bonus Bets wager excluded from returns. New customers only. T&CS, time limits and exclusions apply.
T&Cs:
A customer is entitled to only one bonus. The min deposit is 1 EUR. Wagering requirement: x5 in accumulator bets. Each accumulator bet must include 3 or more events. At least 3 of events included in such bets must have odds of 1.40 or higher. T&C Apply
T&Cs:
Minimum deposit required. Bonus awarded on the first deposit after full account setup and opt-in. Wagering requirements, minimum odds, and time limits apply. Full terms and conditions apply.
T&Cs:
T&C apply. Minimum deposit required: 1 mBTC (or equivalent in another currency).
6. Parlay Betting Strategy - FAQs
6.1 ⚽ Can you hedge a parlay bet?
You can hedge a parlay bet, especially in instances when all legs have won and one is remaining. You can bet the opposite of your initial outcome for a guaranteed profit.
6.2 🏀 Is parlay betting profitable?
Parlay betting can be profitable with the right strategy. Limit the number of selections, consider moneyline parlays, and use strategies like hedge betting.
6.3 🏆 What is the best parlay strategy?
The best Parlay Betting Strategy is to parlay moneyline bets, as they are less risky, providing higher chances of winning.
Parlay Betting Strategy
With a great Parlay Betting Strategy, your sports betting experience can be exciting and profitable. Parlays have the potential for high payouts as they combine multiple wagers into one bet. Yes, they carry a higher risk than betting on each game individually and combining these bets for a payout can be challenging. But this parlay betting guide will cover everything you need to know from parlay meaning, how it works, and the best parlay betting strategy you can use.
Contents
1. What is a Parlay Bet?
While we may assume that those looking for the best and free parlay betting strategy understand the meaning of parlay, it’s good to let in some beginners. So, what is a parlay in betting? A parlay is a wager combining two or more separate bets into one bet. Depending on the region, parlays are referred to by other names, such as accumulators or multibets/multis.
One of the biggest reasons bettors may go the parlay route is the potentially high payouts, making it one of the most profitable bet types. But for a parlay to win, all individual bets in the wager must be successful.
2. How Does a Parlay Bet Work?
As mentioned, a parlay bet will combine 2+ individual bets into one wager. The metrics of this bet are simple - every individual bet must hit for you to win the parlay. If at least one individual bet loses, you lose the parlay bet.
Parlay bets are risky as the payout depends on all the bets/legs winning. However, you can expect profitable payouts once your parlay bet is successful.
3. The Best Parlay Betting Strategies
Because it is a risky type of bet, you must employ a good sports betting parlay strategy to boost your winning chances and profits. Below are some of the best parlay betting strategies:
3.1 Correlated Parlays
One of the best strategies for parlay betting is using correlated parlays. A correlated parlay mostly works if you are betting on a single sport. The parlay will involve picking multiple outcomes that are linked within a game.
For example, in a football game between the Carolina Panthers and the Atlanta Falcons, you may bet on the Atlanta Falcons as the favorites at odds of -227. However, a good football parlay betting strategy will see bettors make another bet linked with the game. For example, you may go further from the moneyline bet to make a spread bet if you feel the favourite can win with a large margin. If you think the Falcons can win by over 7 points, you pick the option at odds of -714. If you need help reading odds, check out what does odds difference indicator mean in our dedicated article.
3.2 Hedge Bets
Another Parlay Betting Strategy you can use is to hedge bets. The risky part of a parlay is that each leg must win for the parlay bet to be successful. However, you can counter this and ensure a guaranteed profit by hedging your bet.
For instance, your 3 bets in your 4-leg parlay have already won, you could hedge your bet by placing another bet that backs the opposite outcome of what your original parlay had. This way, you can be sure of a profit, whether or not you win your parlay. An NFL parlay betting strategy to use is hedging your bet with half of the potential winnings you anticipate in your parlay.
For example, if your remaining leg in the $100 parlay is about to return $2,000 after winning, you can take $1,000 to hedge the bet to back the opposite outcome. That way, you are guaranteed a profit on either outcome. However, for this strategy to work, you must ensure the selections in your wager have different starting times to allow you to hedge your bet.
3.3 Moneyline Parlays
A simple Parlay Betting Strategy is to parlay moneyline bets, as they are less risky. While the returns are not expected to be enormous, the chances to win a parlay are high.
For example, NBA matches have two possible outcomes for the match result. Either team A or team B wins. A good NBA parlay betting strategy for a beginner or bettor who prefers less risk is to make a parlay with match result selections. If you are interested in how to win moneyline bets with the best strategies from experts check out our dedicated article.
3.4 Go Small
The other strategy to use while parlay betting is to go small. It is better to limit the number of legs for better winning chances. For example, the chances of hitting a 3-leg parlay are higher than winning a 5-leg parlay. You might feel confident to go big for higher potential payouts, but the best strategy is to go small, as there is the element of surprises and upsets.
4. Parlay Bet Example
A parlay bet will have two or more bets combined into one wager. The odds of each pick will be multiplied against each other to determine the final odds of the parlay. The good news with parlays is that you can combine different sports events or even take multiple outcomes in one game. Below is a parlay bet example: You wish to make a 4-leg parlay with NBA and NFL picks and settle for match result picks. The following are your picks:
The overall odds will be +605, meaning that for a $100 bet, you’ll receive $605 in profits. When you include the stake, you’ll collect $705 in total.
5. Bookmakers with Parlay Offers
You can place a parlay bet on almost any app, and many of them offer various sports betting promos, including parlay bet bonuses. For example, you can use our bet365 bonus code 2025 when registering with the bookmaker. Here are other top sites recommended by our experts:
Parlay Betting Platforms
6. Parlay Betting Strategy - FAQs
6.1 ⚽ Can you hedge a parlay bet?
You can hedge a parlay bet, especially in instances when all legs have won and one is remaining. You can bet the opposite of your initial outcome for a guaranteed profit.
6.2 🏀 Is parlay betting profitable?
Parlay betting can be profitable with the right strategy. Limit the number of selections, consider moneyline parlays, and use strategies like hedge betting.
6.3 🏆 What is the best parlay strategy?
The best Parlay Betting Strategy is to parlay moneyline bets, as they are less risky, providing higher chances of winning.