This post offers our top recommendation for the single best sportsbook for parlays. We also include a couple of alternatives, which basically means you have a top 3 list to choose from here.
Parlay sports bets offer big payouts for small bets. Many gamblers like parlays because of the possibility to win big. Parlays are notoriously hard to win, though.
You can make parlay bets in most sportsbooks, US online sportsbooks included.
Besides offering a top choice, we also present what a parlay bet is, standard parlay odds, why parlays are good, and why parlays bad.
The #1 Best Sportsbook for Parlays Is BetMGM
The top three sportsbooks for parlays are so close that the final order came down to a single factor. All sportsbooks in the running offer the same standard parlay odds.
And all three top parlay sportsbooks have great mobile betting apps, good reputations, and good deposit and withdrawal options. So, it came down to the sportsbook offering the best bonus for parlay play.
The good news is that all three sportsbooks listed here are great options. And it also means that you can join each of them and get three bonuses instead of one.
Our pick for the best sportsbook for parlays is BetMGM. You can read our review here: BetMGM review.
BetMGM offers a $1,000 bonus first bet. You can bet $1,000 on a two-team parlay and have a chance to start with a bankroll of over $2,600. And if you don’t win, you still have $1,000 to bet with.
The #2 Best Parlay Sportsbook Is Fanduel
The second best parlay sportsbook is FanDuel. FanDuel is so close to BetMGM that it might as well be a tie.
FanDuel is one of a couple companies that started by offering fantasy sports wagers and added sports betting. Here’s our review: FanDuel review.
FanDuel also offers a new player bonus of a $1,000 bonus bet. So, you can do the same thing when you join the FanDuel site you can with BetMGM, by betting on a two team parlay.
FanDuel has an easy-to-use mobile betting app and a clean interface for computer betting. And they offer a wide range of betting options, deposit options, and withdrawal options.
The #3 Best Sportsbook for Parlays Is Draftkings
The third best sportsbook for parlays is DraftKings. And the only reason it didn’t crack the top two is because of the bonus offer.
But once you see the DraftKings bonus offer, you might decide it’s an even better deal than you can get at BetMGM or FanDuel.
DraftKings offers a 20% deposit bonus. And you can get up to $1,000 using their bonus. The bonus clears as you make bets. For every $25 you bet, you unlock $1 of your bonus.
You can use this bonus to make a $1 parlay bet every time you make a straight $25 bet. So, you can get a bunch of bonus parlay bets as you make straight one, even if you don’t usually use parlays.
Read more about DraftKings here. That page includes details about the bonus as well as more information about how to sign up and the deposit and withdrawal options. Once you’ve read our review, it should be clear why DraftKings made our best sportsbook for parlays page here.
What Is a Parlay Bet?
A parlay bet is a bet on two or more games. Most sportsbooks take parlay bets on anywhere from two to 10 games.
When you make a parlay bet you must win every game in the parlay to win. Many bettors prefer parlays to separate bets because the payouts are higher than on straight bets.
The payouts for parlay bets are listed in the next section.
A two team parlay pays 2.6 to 1 or 2.64 to 1 in most sportsbooks.
And a 10 team parlay pays 720 to 1.
The nice thing about parlay bets is you can make a small bet and have a chance to win a lot. But if you miss a single bet or pick, you lose the entire parlay. You have no room for errors.
Many gamblers love parlay bets. But most professional sports bettors don’t make parlay bets. It’s up to you to decide if making parlay bets is good or bad. You can learn more about the good and bad sides of parlays later on this page.
What Are Standard Parlay Odds?
Every sportsbook sets their parlay odds and what they pay. You can see what a parlay pays by placing bets using the parlay feature in online and mobile sportsbooks.
Here’s a standard parlay odds list based on how many games you bet. These numbers are based on making standard bets like point spread wagers.
- A two team parlay pays 2.6 to 1. If you bet $20 and win, you win$52 and collect $72. You collect the amount you win and the amount you bet.
- A three team parlay pays 6 to 1. If you bet $20 and win, you win $120 and collect $140.
- Four team parlays pay 11 to 1. If you bet $20 and win, you win $220 and collect $240.
- Five team parlays pay 22 to 1. If you bet $20 and win, you win $440 and collect $460.
- 10 team parlays pay 720 to 1. If you bet $20 and win, you win $14,400 and collect $14,420.
Here’s a more detailed image with the payouts as listed at the Wikipedia:
The formula for parlay odds and what they pay when you use moneylines or a mix of bet types is complicated. But most online sportsbooks offer mixed and moneyline parlay bets.
The easiest way to see what a mixed parlay or moneyline parlay pays is by adding the bets to the parlay box and looking at the potential payout. This guide also explains how to do that — read on.
How to Make Parlay Bets in Sportsbooks
Most online sportsbooks use the same system for making parlay bets. All three of the sportsbooks listed here work basically the same way.
You look for games you want to bet on based on the sport. When you find a game, you click on the line you want. Your bet is listed to the right on your bet slip.
Add as many more games as you want in your parlay, and your parlay odds are listed on your bet slip. Then enter the amount you want to bet on the parlay and lock in your bet.
You can add or delete games from your bet slip until you verify your bet. You can look at the parlay interface at any of the three sportsbooks listed below for free to learn more.
The most popular sports for parlays are listed below:
- Baseball
- Basketball
- Football
- Hockey
Why Parlays Are Good Bets
How many $20 bets can you make that pay $14,400 when you win?
That’s the best thing about parlay bets.
Even when you gamble in casinos, few (if any) bets pay out this much. And in a sportsbook, even the biggest underdogs don’t offer odds this good.
When you make parlay bets in online sportsbooks, you can bet $1 (or even) less on most parlays. So, you can take a shot at a big parlay payout for a few bucks if you want.
The best way to look at parlay bets is as a long shot. If you’re only betting small amounts, it’s great when you win, and it’s no big deal when you lose.
But you also need to keep the odds of winning in mind. The odds of winning a 4 game parlay on point spreads are 6.25%. Here’s what that number means in real life. You’re only going to win 625 four game parlays out of every 10,000 bets, or roughly six out of 100.
If you have $100 to bet on parlays, make 100 bets at $1 each, or 50 bets at $2 each.
Why Parlays Are Bad Bets
Here’s the problem with parlay bets:
You must win every game in your parlay to win. And if you bet on individual games and roll your profits over, you win more money than the parlay pays.
Here’s an example showing how this works:
You bet $22 to win $20 on a game. When you win, you collect $42. Then you bet $42 to win $38.18. You have a total of $80.18 when you win the second game.
If you bet the same $22 on a two team parlay and win, you collect $79.20 at 2.6 to 1. Some sportsbooks pay 2.64 to 1 on a two team parlay. Even with the slightly higher payout, you still only win $80.08.
It might not seem like an important difference, but every penny counts. Every. Penny.
The real problem becomes clear when you consider the odds of winning a straight bet and a parlay. The odds of winning a standard bet offered at 110/100 are 50/50 or 50%. The odds of winning a two team parlay are 25%.
Of course, the odds of winning two straight 110/100 standard bets are also 25%. But the lower payout for a parlay makes it a bad bet.