In the “Parlay Size” section, choose either “Exactly” for a precise number of parlays or “At Most” for a maximum amount of betting parlays, and then choose the number of parlays.
A parlay bet is a wager in which multiple choices are included on a single betting slip. A minimum of two selections is required, and books can cap the total number of choices that can be included somewhere north of 10. The chances of being correct on all legs of a parlay lessen with each selection that’s added to the ticket. Start a small ($10 or $20) five-leg parlay and make the first four legs Show bets on lower-priced horses. Then close it to a Win bet on the horse you like most. You just might be able to parlay your $10 or $20 base bet into a $50 or $100 Win bet on your horse just by making a series of Show bets.
One of the best (and most fun) ways to bet on the NFL is by utilizing a parlay bet. A parlay is a multiple team/total bet where all the legs need to win for the bet to cash—because it’s the riskiest play to make.
Today, we will be creating a 5-bet NFL parlay for Week 3 using BetMGM‘s odds. This bet includes a few favorites and a few underdogs to increase the odds. Let’s take a look our top Week 3 parlay bet, shall we?
Leg 1: Houston Texans at Pittsburgh Steelers -4.5 (-110)
Odds via BetMGM; access USA TODAY Sports’ betting odds for a full list. Lines last updated at 9 a.m. ET.
Despite being at home, Pittsburgh finds itself as just a 4-point favorite over the 0-2 Texans. While QB Deshaun Watson is incredible, his offensive line is not. Pittsburgh recorded seven sacks in Week 2 and could easily match that total again in this game.
Look for Pittsburgh’s defense to dominate and for the Steelers to walk to an easy victory over the Texans.
New to sports betting? This bet wins if the Steelers beat the Texans by 5 or more points.
Leg 2: Chicago Bears +3 (-110) at Atlanta Falcons
Chicago travels to Atlanta in Week 3 to play the Falcons in what promises to be a high-scoring affair. The Bears have the defensive talent to potentially slow down the Falcons offense and they should be able to keep this game close. While the Bears could certainly win this game outright, they are a great bet at +3 to cover this spread.
Bet Chicago with confidence in this game, especially considering Falcons WR Julio Jones‘ status is in question.
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Leg 3: Detroit Lions (+210) at Arizona Cardinals
Our one surprising upset bet in this parlay to increase our odds is Detroit over 2-0 Arizona. The Lions will be getting back star WR Kenny Golladay and they have the offense to keep up with the Cardinals when they are at full strength. Expect this to be a high-scoring game that likely comes down to the final possession or two.
At +210, the Lions are a great money line bet here to dramatically increase this five-team parlay’s odds.
Leg 4: Dallas Cowboys at Seattle Seahawks -4.5 (-110)
Seahawks QB Russell Wilson has been phenomenal to start the season and should continue his hot streak against a Cowboys’ defense that allowed 39 points to the Atlanta Falcons last week. Dallas will be playing without two of its top cornerbacks in CB Chidobe Awuzie and CB Anthony Brown, and likely without both of its starting offensive tackles.
Take Seattle to win and cover in Week 3.
Leg 5: Kansas City Chiefs (+145) at Baltimore Ravens
Finally, the last bet of our parlay will come on Monday Night Football. Somehow, QB Patrick Mahomes and the Chiefs are 3.5-point underdogs in this contest. While that is a great bet in itself, the Chiefs to win outright pays +145. Let’s take the Super Bowl champions to pull an “upset” here to win our five-leg parlay in Week 3.
5-TEAM PARLAY Bet $100 to earn a $5,084.55 profit
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Also see:
Mark Sanchez doesn’t understand the Mitchell Trubisky criticism (Bears Wire)Predictions for Chiefs vs. Ravens, Week 3 (Chiefs Wire)Follow @Marcus_Mosher on Twitter. Follow SportsbookWire on Twitter and like us on Facebook.
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A parlay bet is a common way for sports bettors to increase their odds and payoffs. Instead of making multiple, single bets, a parlay bet combines 2 or more bets into one bet. Each bet within the parlay must win in order for the parlay to win. If any bet within the parlay loses, the bet loses. The more teams put into a parlay bet, the higher the odds.
Parlay bets should be used by one type of bettor, casual bettors doing it for occasional fun. Serious and professional sports bettors should only place parlay bets on very limited occasions, if ever. Since it only takes one loss within a parlay to lose the entire bet, the risk is very high. On a 6 team parlay, you could go 5-1 and lose your entire bet. Had these been straight bets, you’d be a happy camper.
Recommended Sportsbook for Parlay Bets:
Higher than normal parlay payout odds
Parlay Betting Odds
Two types of parlay bets can be made – those that use a point spread, and those that use a money line. Point spread parlay bets have somewhat standard odds, being very close at most sportsbooks. While there can be some slight variation from one sportsbook to another, in order to be competitive they’re generally pretty similar.
Typical Point Spread Parlay Betting Odds
- 2 Teams: 2.6:1
- 3 Teams: 6:1
- 4 Teams: 10:1
- 5 Teams: 20:1
- 6 Teams: 40:1
- 7 Teams: 80:1
- 8 Teams: 100:1
- 9 Teams: 150:1
- 10 Teams: 300:1
- 11 Teams: 450:1
- 12 Teams: 600:1
- 13 Teams: 750:1
- 14 Teams: 900:1
- 15 Teams: 1500:1
Money Line Parlay Betting Odds
Odds for parlay bets when using a money line are relative to the odds of each pick within the parlay. If you’ve chosen a number of underdogs, your odds will go up. If you’ve chosen big favorites, the odds will be lower. Money line parlays are great for an annual trip to Vegas where the idea is to go big or go home. However, for people who take their sports betting seriously, they’re too high risk to be a reasonable betting strategy.
Benefits of Parlay Betting
Parlay bets allow sports bettors to make small bets with the possibility of large wins. They also allow bettors who have a limited bankroll to bet on multiple games, instead of waiting for games to end and time to collect their winnings. If multiple games are going on at the same time and you don’t have enough money to make straight bets on each game, a parlay bet is a way to get action on each game.
To put a parlay win into perspective, lets use a 5 game parlay as an example. If you made 5 straight bets for $22 each ($110 total wagered) and won all of them, you would win $20 per game for a $100 total profit. However that same $110 wagered on a successful 5 team parlay would pay $2200. But wait, before you go place your bet, keep reading.
Negatives of Parlay Betting
The major problem with parlay betting is that they don’t offer true odds. For example, the true odds of hitting an 8 team parlay is 255:1, while the payoff is only 100:1. This is a big disadvantage to the bettor. Similar to Roulette, when you split your chips across 2 numbers, you get slightly worse odds. When you split them across four numbers, the odds get worse again. The same can be said for parlay bets in sports betting.
Think of it this way. If you want to bet $100 on each of 5 games, but can’t afford to risk the full $500, you probably shouldn’t be betting at all. If you can afford the full $500, you will get a better payout with less risk of losing all your money by making straight bets.
Parlay Betting Tips
There are all sorts of little tips for improving your ROI on parlay bets, but there are a couple of tips that everyone needs to know. To improve your chances and win more on your parlay bets, follow these tips.
What Is A 3 Leg Parlay
Bet on Fewer Teams, Raise Your Bets
Parlays are often used the wrong way. Instead of placing a $20, 5 team parlay, it’s better to make a 3 team parlay for more money. While the odds are lower, the win-rate is much higher, relying on only 3 wins instead of 5. By increasing the bet size, you can make up for the lower odds. This gives you a better chance at a win and a nice payday.
If you have more teams you want to bet on, split your parlays into multiple, smaller parlay bets.
Protect Your Bets
Gambling Parlay
If you have a 5 team parlay that is 4-0 going into the fifth game, you stand to win $1000 on a $50 wager. A loss in the fifth game pays you nothing. To guarantee a win, place a straight bet for $525 on the team opposing your parlay pick. This will guarantee you a minimum win of $425 no matter what the result of the fifth game is. While expert bettors don’t bet a lot of parlays, when they do, this is a strategy they often employ.
If your parlay wins, you collect $1000. This is a $950 profit from your $50 bet, minus the $525 side bet, for a guaranteed win of $425.
If your parlay loses, you lose $50 there but make $477 profit (11/10 odds) on the $525 side bet, for $427 guaranteed profit.
Either way, you can grab a beer and enjoy that last game, knowing you’re a winner no matter what.
Parlay Betting Rules in Event of a Tie
Parlay Odds Formula
Before placing a parlay bet at a live or online sportsbook, find out the rules in the event of a tie. At some sportsbooks a tie will remove one team from the parlay, moving it down one level. For example, if you have a 5 team parlay with one tie, the parlay will automatically become a 4 team parlay, essentially removing one team from the bet.
At other sportsbooks, a tie results in a loss. This is bad for the bettor, so make sure you know the rules before placing your bet. This is especially important for betting on soccer or hockey where ties are common. Expert sports bettors never place a parlay bet without knowing these rules.
NFL & NCAA Football Parlay Betting
Show Me A Winning 3 Leg Parlay Bet On Football
Parlay bets are extremely popular with NFL and NCAA football bettors. Parlay bets for football combine multiple straight bets, meaning the point spread is used. A bettors job is to pick teams that will cover the spread. If any team within the parlay does not cover the spread, the entire parlay bet loses.
3 Leg Parlay Meaning
While we don’t like parlay bets for serious bettors, they’re a great way to add tons of excitement to a weekend of football. Just remember how hard it is to go 3 for 3 in your fantasy league before you place a 10 team parlay.