Few bets in sports generate as much excitement as parlays. They promise small stakes with big payouts — the $10 wager that can turn into $200 or even $1,000. But while parlays are popular with casual bettors, they’re often misunderstood and misused.
To bet parlays wisely, you need to understand how they work, why sportsbooks love them, and when they can actually make sense in a strategy. This guide explains everything you need to know about parlays in sports betting, complete with real examples, math, and tips from the professional side of the market.
What Are Parlays in Sports Betting?
A parlay combines multiple individual bets — called “legs” — into a single ticket. For the bet to win, every leg must hit.
- 2-leg parlay: Win both legs → cash payout.
- 3-leg parlay: Win all three → bigger payout.
- Miss one leg: The entire parlay loses.
This all-or-nothing format is what makes parlays appealing (high payouts) but also risky (higher probability of losing).
How Do Parlay Payouts Work?
Parlay odds are calculated by multiplying the decimal odds of each leg together, then converting back into American odds.
Example: 2-leg NFL parlay
- Chiefs -110 (1.91 in decimal)
- 49ers -110 (1.91 in decimal)
Parlay payout: 1.91 × 1.91 = 3.65 (decimal odds) → +265 in American odds.
- A $100 bet → $265 profit (vs. ~$91 profit if betting the two games individually).
Why Parlays Are Popular
- Low Risk, High Reward Feel
- $5 or $10 parlays can return hundreds, making them attractive to casual bettors.
- Entertainment Factor
- Parlays keep multiple games interesting at once.
- Social Sharing
- Big parlay wins get attention on social media and sportsbook promos.
The Downsides of Parlays
- High House Edge
- Sportsbooks make more money on parlays than straight bets because the true odds aren’t always reflected in the payout.
- Low Probability
- A 4-leg parlay of coin flips (50/50 bets) has only a 6.25% chance of winning.
- All-or-Nothing Risk
- One bad beat ruins the ticket.
Math Behind Parlays: Why They’re Risky
Each leg decreases your probability of winning.
- 2-leg parlay with -110 odds each: ~26% chance of hitting.
- 3-leg parlay with -110 odds each: ~14% chance.
- 5-leg parlay with -110 odds each: ~4% chance.
Sportsbooks promote parlays heavily because they’re profitable — most bettors lose more often than they win.
Smart Strategies for Using Parlays
1. Stick to 2- or 3-Leg Parlays
The probability of winning drops dramatically with each added leg. Pros rarely go beyond 3 legs unless using promos.
2. Correlated Parlays (When Allowed)
Some sportsbooks ban these, but they can create value:
- Example: Team over + QB passing yards over (events that are likely linked).
3. Use Promos and Boosts
Sportsbooks often offer parlay boosts or “risk-free parlay” promotions. These can tip the math slightly in your favor.
4. Anchor With Strong Edges
If you use parlays, anchor them with high-confidence plays — ideally ones rated TPC Score™ 7 or higher.
💡 Example Prompt for The Club Assistant™:
- “Build a 2-leg parlay only with today’s TPC Score™ ≥ 7 bets.”
Parlays vs. Straight Bets
Straight bets are the bread-and-butter of professional betting. Parlays are mostly recreational but can serve as entertainment or promo leverage.
- Straight bets = steady grind, sustainable ROI.
- Parlays = high variance, occasional big hit.
The best approach: mix parlays sparingly, but keep most action in singles.
Real-Life Example of a Parlay Gone Right (and Wrong)
- Bettor A hits a 3-leg parlay for $10 → wins $60. Exciting, but still rare.
- Bettor B misses one leg on a 6-leg parlay that would’ve paid $1,200. That one miss is the parlay problem in a nutshell.
Parlays and the TPC Score™
At The Pick Club, parlays are rated carefully with TPC Score™:
- Plays below TPC 6 rarely belong in parlays.
- A parlay with two TPC 8-rated bets has real potential.
- Tools like PropView™ help identify value props that can strengthen small parlays.
Common Mistakes Bettors Make With Parlays
- Too Many Legs – the “lottery ticket” mindset.
- Forgetting the Vig – sportsbooks bake in more edge with each leg.
- Overreliance on Public Teams – overs, favorites, and big-market teams attract casual parlays but lose long-term.
- No Bankroll Discipline – chasing big payouts with large stakes is a recipe for disaster.
Conclusion
Parlays in sports betting are exciting, but they come with risks. They’re best used for entertainment or when leveraging sportsbook promos — not as a primary strategy.
For consistent profits, focus on straight bets and use parlays sparingly, anchored by strong TPC Score™ plays. With tools like The Club Assistant™, you can even automate parlay building to ensure only value-based legs are included.
Want to see which parlays have the best value today? Join The Pick Club Today and unlock access to TPC Score™, PropView™, and The Club Assistant™.
Nick Travers is Senior Editor of The Pick Club, with 10+ years of experience in sports betting analysis and predictive modeling.