With parlays, you create a significant odds value from the combined odds of two or more selections in a single bet. The tricky part is all selections must win. But more on how to bet parlays later.
For now, my primary concern is recommending reliable and licensed online sportsbooks that allow parlay betting and offer fair betting conditions with little or no restrictions. I also consider criteria like the availability of parlay betting options such as same-game parlays (SGP) and betting promotions applicable to parlays. More on my selection methodology in a bit.
First, let’s look at the candidates that made the cut.
Our 5 Picks for Parlay Betting
After a short trial period, BettingTools decided on the following sportsbooks as the overall best to place your parlay. Best in terms of credibility and reputation, parlay features, minimum bets, and deposits, betting markets, and parlay promotions.
#1. BetMGM Sportsbook
Mobile apps: iOS, Android
Parlay options: Standard Parlay, SGP, Parlay Insurance, Parlay Boosts, Multi-sport Parlay
Min. legs: 2
Max. legs: 10+
Parlays are an integrated part of the BetMGM sportsbook and app, and the options for creating them are endless. Dozens of betting markets are available per sport and placing parlays on BetMGM is very easy to do, even for those new to sports betting. BetMGM offers active sports coverage of NFL, NBA, MLB, NHL, and all other top-tier sports leagues in the US. Odds for soccer, golf, MMA, college sports, and international sports leagues are also available.
The markets for each sport can number in the dozens and are particularly diverse during ongoing seasonal competitions. You can create parlays and combined tickets days in advance as BetMGM quickly releases odds for upcoming rounds. This allows you to place your bet while the odds are still in your favor.
As is usually the case, you can mix your bets from different sports and combine different betting lines like half-time results, anytime to score, or even props in your parlay. The option for placing both parlays and same-game parlays (SGPs) adds further value to BetMGM. The minimum number of selections for multi-bet tickets is 2, and you can add up to 10 or more legs.
You can download the free BetMGM app for your iOS or Android system and create combined bets that way. The sportsbook app from BetMGM is available in over 25 states across the country and is one of the most popular sportsbooks among bettors.
Pros
- Wide range of sports
- 24/7 customer support
- Lucrative welcome offers
- Access to great rewards program
Cons
- Limited payment methods
- Futures markets not easy to find
- App can be glitchy
#2. DraftKings Sportsbook
Mobile apps: iOS, Android
Parlay options: Standard parlay, SGP, parlay odds calculator, Quick SGP, Stepped Up Parlay, Profit Boosts
Min. legs: 2
Max. legs: 10+
Over the past decade, DraftKings has steadily secured a status as a top online sportsbook in the US. Alongside its top-grade daily fantasy app, the DraftKings sportsbook app abounds with betting features, betting markets, and sports events from over 20 sports. Creating a parlay is easy. Two (2) is the minimum number of legs you can add and you can add up to 10-11 selections.
You can also add an individual stake for each selection or place a total combined bet through your bet slip. With a minimum stake of $0.10, you can create low-wager tickets and still generate a hefty payout.
What I personally like about DraftKings are its betting features and promos, some of which apply exclusively to parlays. For instance, some sports (not all) have a Quick SGP (same-game parlay) tab featuring DraftKings’ own suggestions for Quick SGPs. Additionally, the Promotions page usually touts promos like Parlay Boost and Stepped Up Parlay, which further increases the profit boost of your combined bet.
Pros
- Regular promos offered throughout the year
- Sleek design and functionality
- Lots of markets and bet types
- One of biggest betting brands in country
Cons
- Customer service department response times aren’t the best
- Can limit users who win consistently over a short period
#3. FanDuel Sportsbook
Mobile apps: iOS, Android
Parlay options: Standard Parlays, SGPs, Parlay Builder, SGP profit boosts
Min. legs: 2
Max. legs: 10+
Like DraftKings, FanDuel’s reputation as a DFS betting site precedes it, but what some don’t know is that it’s an excellent sportsbook for parlay bets. It offers competitive betting lines for all events in its sports index, which covers over 20 sports. It offers odds for MLB, NFL, NCAAF, NCAAB, WNBA, NHL, and other US top-tier leagues.
When it comes to parlays, FanDuel excels. Alongside standard parlays, you have SGPs, Live SGP, and suggestions for Popular SGPs. Parlaying certain bets is restricted. But what is not restricted is the number of legs you can add to 10. While some sportsbooks have a 10-11-leg limit, I noticed FanDuel allows up to 15 in your ticket.
For some sports, like the NFL and the MLB, you will see a Parlay Builder tool. This integrated feature allows select markets to be added to your parlay, such as regular-season player props. Examples include a given player to have over a specified number of passing/receiving yards or passing touchdowns, among other bets, throughout the season. The number of legs you can add via the FanDuel Parlay Builder usually ranges from 3 to 7, depending on the bet type.
Pros
- Licensed and regulated in over 20 states
- Excellent parlay betting options, first to introduce same game parlays
- Clean user interface
- Wide range of betting options
Cons
- No rewards program for sports bettors
- Customer service could be better
#4. Caesars Sportsbook
Mobile apps: iOS, Android
Parlay options: Standard parlay, round robins, SGPs, Super Parlay, Teasers
Min. legs: 2
Max. legs: 10+ (up to 25 for Super Parlay)
As far as brand recognition goes, Caesars Sportsbook needs no introduction. A versatile betting site, Caesars’ only limit compared to the other sportsbooks on this list is the number of sports, which is fewer than 20. But the betting market variety stands, allowing you plenty of creative freedom to mix two or more betting markets into a parlay.
Round Robin betting – which other listed sportsbooks also allow – is one of the many ways to play around with parlays. Additionally, you have the Caesars Teasers, offering adjustable point spread/total odds, but at the cost of lower odds and, effectively, lower payouts.
Early cash out is a feature integrated into the Caesars betting system and also applies to parlay tickets. Another noteworthy feature applicable to parlay betting is the Super Parlay – a possibility to mix together multiple SGPs into a standard parlay.
Pros
- Extensive markets covering all major sports
- Early cash out options giving you chance to settle bet early and lock in a profit
- Regular odds boosts
- Very competitive odds compared to rivals
Cons
- Limited live odds
- Geolocation verification can be temperamental on the app
#5. bet365 Sportsbook
Mobile apps: iOS, Android
Parlay options: Standard parlay, Bet Builder, Parlay Calculator, parlay boosts
Min. legs: 2
Max. legs: 10
bet365 is a staple sportsbook, expanding its services throughout the years and eventually landing on US soil. The bet365 betting platform is intuitive and streamlined. You can download the Android or iOS app by scanning the QR code on the website or download it for free via Google Play or the App Store.
Those who can access bet365 will be pleasantly surprised by its competitive odds and betting market variety. On top of US sports leagues, bet365 consistently covers international sports events. You can combine your parlay tickets with useful features like early payouts and even snatch a tailored parlay bonus or boost.
Features and tools like live streams, live betting, and Edit Bet allows further flexibility for your combined bets. You can create small parlays with 2, 3, or 4 selections and add up to 10 bets to your ticket.
Pros
- User-friendly app
- Excellent live betting options
- Secure platform
- Partial cash out options available
Cons
- No VIP program
- Could have more promos for ongoing customers
- Only available in limited amount of states
Areas We Consider For Parlay Betting Sites
Combined bets, like parlays, create plenty of betting opportunities. Some parlay-related tools and features (like SGPs) are commonplace, while others (like DraftKings’ Stepped Up Parlay) are exclusive. Below, I list a few things I took into account when picking the best parlay sportsbooks
Odds
The value of the odds in a parlay can make a lot of difference. Even odds that are just fractions higher can significantly increase the potential earnings from your parlay. For this reason, I did some odds shopping and comparisons between the leading US sportsbooks. The five listed above came out as the best options in terms of providing consistently solid prices on all betting markets.
SGPs
Same-game parlays follow the same concept as standard parlays, except they are bets from one game. As you know, a single game can have dozens of different betting markets, and sportsbooks use this market diversity to allow players to create parlays from the same event. It is a feature common in online sportsbooks, which is why I prefer brands that have it, such as DraftKings, FanDuel, BetMGM, and Caesars.
Parlay Insurance
Parlays are tricky bets because unless it’s a system bet, every selection must win for you to net a profit. A Parlay Insurance is just that: insurance if one of your selections loses. If one leg loses, and you’ve opted in for parlay insurance, the sportsbook will provide you with bonus bets, usually equal to the amount of money you wagered. The insurance can also apply to SGPs.
The sportsbook will grant the insurance bet upon successful bet settlement. This can be considered an exclusive parlay feature, as not all sportsbooks offer it. BetMGM and DraftKings are just a couple of brands where you can activate parlay insurance. Note that special terms usually apply to parlay insurance, such as the minimum number of legs and bet settlement restrictions.
Boosts
Boosts, or profit boosts, increase your parlay payout by a given percentage value. I like this feature because even a 20% boost can significantly raise your parlay payout, and sportsbooks often offer boosts up to 50% or more. Terms apply, such as minimum number of legs, minimum odds per leg, restricted bets, and ineligibility to use parlay boosts in conjunction with other sports bonuses and odds boosts. Speaking from experience, bet365, FanDuel, BetMGM, and DraftKings are the best sportsbooks to look for a parlay boost.
Early Cash Out
Early cash out can be a convenient and profitable option when you are placing parlay bets. It is a feature that is becoming increasingly common and most bettors nowadays expect to be able to cash out their bets to mitigate their losses. The clear benefit of using cash out is that you can lock in some profit before all of your parlay legs have finished.
Let’s look at an example where you have placed a four-leg parlay at +500 odds with a $20 stake, meaning the full payout would be $120. Two legs have already won and the other two are looking very good. In this scenario, the sportsbook may offer you $90 to cash out early. You can take this money and run or let it run until the end and try and win the full $120.
Parlay Rules and Features
Considering the various forms of parlay betting and bonuses, parlay bets are subject to restrictions and strict terms of use. I wanted to find sportsbooks that are not overly restrictive and allow nifty parlay features like SGPs, boosts, sport-specific parlays, and/or Quick Parlays, to name a few, to give bettors more betting combinations.
How to Bet Parlays
Placing a parlay is a simple process composed of a maximum of 4 steps, depending on the website. But since it all starts with opening an account, I thought it smart to offer a step-by-step illustration.
- Open a betting account with a desired sportsbook.
- Verify your details and place a minimum deposit.
- Open the sportsbook, then find your favorite sport from the sports menu.
- A list of games will appear. Select the desired bet on the card.
- Your bet slip will appear on the screen and start creating a parlay automatically after your 2nd selection.
- Input your bet amount and adjust any other settings to your preference (such as accepting odds changes).
Once you create your ticket and input your bet, you can see if you are eligible for a parlay boost or insurance. If you want to quickly work out the odds on your bet before placing it, just use our free parlay calculator to quickly work out your odds.
Markets You Can Include in Parlays
There may be some restrictions on creating parlays depending on the sportsbook. For instance, you usually cannot combine moneyline and spreads, moneyline and totals, and spreads and totals from the same event in your parlay. The terms for combining different bets from the same event into one parlay can vary and are subject to change depending on whether you’re using special parlay tools, such as Caesars’ Super Parlay.
Moneyline bets, spreads, and over/under (totals) are the basic markets you can include in your parlay. Most sportsbooks I listed also allow combining props, albeit with some restrictions. Half-time/full-time markets; point/goal-scoring bets; player props, and team props are just a few of the bets that can go into your parlay. Let’s look at the most common bet types in more detail.
Over/Unders (Totals)
Over/under bets, also referred to as totals, give you the chance to bet on total number of points scored by one or both teams in a match. You can also wager on the total number of points that will be scored in a certain quarter or half.
Moneyline
This is the most simple type of bet available, where you are betting on the outright winner of a game. Moneyline odds are used to determine the profit you could make for bets such as totals and point spreads.
Props
This is the most creative bet type you could add to your parlay wager, prop bets don’t depend on the result of the game. Rather, they are tied to one element of the match of a single player’s performance. For example, you could bet on a running back running over a certain amount of yards or a wide receiver scoring two touchdowns.
Point Spread
Arguably the most popular betting option, point spreads involve betting on a team’s margin of victory or defeat. If your team is favored to win by 6.5 points, then they must by at least 7 points for you to cover the spread. The same applies to betting on the underdog, they must lose by a minimum of 7 points for you to win.
Are Parlays Good Bets?
I cannot say parlays are good for everyone. Perhaps they are too nerve-wracking for your taste. Personally, they are my favorite bet. I can add multiple legs with high probability outcomes and still earn a decent payout with a small stake. Depending on the cumulative odds, I usually bet between $2 and $10 for parlays.
Boosts are an excellent asset because they can increase your profit without you raising your stake to get a better return. All things considered, parlays add extensive flexibility to your bets and allow for smart risk management, especially with tailored promos like Parlay Insurance.
FAQs
This depends on the sportsbook and whether it has special terms or promotions that allow adjusting your parlay ticket after one of your games starts. In certain cases, you can edit your ticket (remove/add legs, etc.) and the odds and payout will be adjusted accordingly. You cannot remove or otherwise change games that already started. All parlays are risky. All bets are risky. It’s what you do to control the risk as much as you can. Parlays allow risk management with promos like Parlay Insurance, favorable terms for bets settled as a push, or canceled games, or even with Round Robins. Exclusive parlay bonuses are in short supply. Parlay boosts and parlay insurance are the most recurring promos for this form of betting.
