A parlay bet provides you with the opportunity to turn a modest amount of money into a large payout. However, it is tricky to compile a winning parlay. Read on to learn what a parlay entails and how to place one.
What is a Parlay Bet?
Let’s say you want to bet on five NBA games on a particular day:
- Memphis Grizzlies to beat Orlando Magic at -125
- Phoenix Suns to cover the spread against the Washington Wizards at -110
- La Lakers to beat New York Knicks at -118
- Over 226.5 points in a Milwaukee Bucks vs. Portland Trail Blazers game at -110
- Oklahoma City Thunder to cover the spread against Sacramento Kings at -110
If you have $50, you could divide it up and place a $10 bet on each of your predictions. If all five bets paid off, you would earn a healthy profit of $43.74.
However, if you were to instead roll all five predictions into a five-leg parlay, you would earn $1,106.90. The profit you earn on each correct leg rolls onto the next one, ensuring the payout compounds.
The only downside is that the parlay crumbles if just one selection proves incorrect. For that reason, sportsbooks tend to make a lot of money on parlays, so you need to tread carefully.
How to Place a Parlay Wager
Find a selection you want to bet on and click on it to add it to the betslip. Repeat the process for a second selection.
You will then see a parlay section appear on the betslip. Keep clicking on as many selections as you like to add them to the slip. When you are done, type in the amount you want to wager on the parlay. It will inform you of the potential payout, and you can click the confirm button.