How Parlay Bets Work | A Smart Gambler’s Guide to Win

What is a Parlay Bet?

A parlay bet is a type of sports wager where multiple selections are combined into a single bet. To win a parlay, all individual bets, also called "legs" must win. This betting style offers higher payouts compared to single bets but comes with increased risk.

For example, if you place a NBA parlay with three teams and one team loses, your entire parlay bet is lost.

How Parlay Bets Work

Parlays multiply the odds of each selection to create a larger potential payout. However, since every leg must win, the difficulty increases as more selections are added.

Example:

• You bet on three NBA games:
  • Lakers (-110)
  • Celtics (+150)
  • Warriors (-120)
• A ₱50 parlay could pay significantly more than three individual ₱50 bets due to combined odds.

Types of Parlay Bets

1. Standard Parlay

The most common type, where multiple selections across different games are combined into one bet.

2. Same-Game Parlay

A parlay bet app often offers same-game parlays, allowing you to combine bets within a single game (e.g., a player’s points, team to win, and total score).

3. Teaser Parlay

This allows bettors to adjust the point spread or total in their favor in exchange for a lower payout. Popular in basketball and football betting.

4. Round Robin Parlay

A safer option where you place multiple smaller parlays within a larger bet. Even if one leg loses, some winnings may still be earned.

How to Make a Parlay Bet

Making a parlay bet is simple, whether you’re betting online or through a parlay bet app.

Steps to Place a Parlay Bet:

1. Choose a Sportsbook – Sign up with a reliable parlay betting site like OKBet.
2. Select Your Bets – Pick multiple selections (e.g., NBA, PBA, or other sports).
3. Add to Bet Slip – Select "Parlay" instead of single bets.
4. Enter Wager Amount – Decide how much you want to bet.
5. Confirm and Place Bet – Review the odds and confirm your wager.

Example Sports Available for Parlays:

• NBA Parlay – Combine multiple NBA bets into one ticket.
• PBA Parlay – Bet on the Philippine Basketball Association games.
• Football and Soccer Parlays – Popular for combining different match outcomes.

Calculating Payouts for a Parlay

Parlay payouts are based on the odds of each selection, multiplied together to create the total payout. The more selections, the higher the potential win.

How to Calculate a Parlay Payout:

1. Convert American odds to decimal format:
   • Example: Lakers (-110) = 1.91, Celtics (+150) = 2.50, Warriors (-120) = 1.83.
2. Multiply the decimal odds:
   • 1.91×2.50×1.83=8.721.91 \times 2.50 \times 1.83 = 8.721.91×2.50×1.83=8.72 (final odds).
3. Multiply by wager amount:
   • If you bet ₱50: 50×8.72=43650 \times 8.72 = 43650×8.72=436.
   • Total payout = ₱436 (including the original wager).

Using a Parlay Calculator

A parlay calculator simplifies this process. Just enter your bets and odds, and it will instantly calculate potential winnings.

Example of a Parlay Bet

3-Leg NBA Parlay Example:

• Lakers to win (-110)
• Celtics to win (+150)
• Warriors to win (-120)
• Bet Amount: ₱50
• Total Payout: ₱436

If all teams win, you earn ₱436. If one team loses, the entire bet is lost.

Benefits and Risks of Parlay

Benefits:

• Higher payouts – Compared to single bets, parlays offer significantly higher returns.
• Excitement and entertainment – The thrill of multiple games being tied to one big payout.
• Smaller investment, bigger returns – A small wager can lead to massive winnings.

Risks:

• All-or-nothing nature – A single loss voids the entire bet.
• Higher variance – More unpredictable than single bets.
• Difficult to win consistently – Even experienced bettors struggle with parlays.

NBA Parlay and PBA Parlay Betting

NBA Parlay Betting

The NBA parlay is one of the most popular parlay bet types, where you combine multiple NBA games or player props into one bet. Example bets include:

• Lakers to win
• LeBron to score over 25 points
• Total points over 210

PBA Parlay Betting

For Philippine basketball fans, a PBA parlay works similarly, allowing bettors to combine different PBA game bets for bigger winnings.

Using a Parlay Calculator

A parlay calculator is a must-have tool for bettors. It helps determine potential winnings based on odds and bet amounts.

How to Use a Parlay Calculator:

1. Enter the odds for each selection.
2. Input your wager amount.
3. The calculator will display potential payouts.

How Moneylines Work?

Best Parlay Betting Sites and Apps

Top Parlay Betting Site

1. OKBet – One of the best parlay betting sites with great odds.

Best Parlay Bet App Options

• OKBet Sportsbook App – Mobile-friendly betting experience.

Winning Strategies for Parlay Bets

Limit the Number of Selections

Smaller parlays (2-4 teams) have a higher success rate than larger ones.

Use a Parlay Calculator

Before placing bets, use a parlay calculator to evaluate potential profits.

Consider Hedging

If most of your parlay legs have won, consider placing a hedge bet to secure profits.

Stick to Low-Risk Bets

Choosing moneyline favorites or small spreads increases winning chances.

Place Your Parlay Bets in OKBet and Win!

A parlay bet can be an exciting way to maximize winnings but comes with risks. Whether you're placing an NBA parlay, PBA parlay, Football, and more or using a parlay calculator, smart betting strategies can improve your success. 

Sign up now and choose reliable parlay betting sites like OKBet for the best experience.

FAQs About Parlay Bets

1. What happens if one bet in my parlay is canceled?

If a game is canceled or postponed, most sportsbooks adjust the parlay by removing that leg and recalculating the odds.

2. Are parlay bets worth it?

They offer high rewards but are risky. If you prefer lower-risk betting, single bets might be a better option.

3. What’s the best way to win a parlay bet?

Focus on small parlays, use a parlay calculator, and stick to informed bets.

4. Can I cash out a parlay early?

Some parlay bet apps allow early cash-outs if most legs have won.

5. What is a same-game parlay?

A parlay where all selections are within the same game, combining different markets like spreads, totals, and player props.

6. What is the best parlay betting sites?

Top options is OKBet, OKBet Provides best odds, fast transaction, and higher payouts.