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The Definitive Guide to Parlay Betting – Best Betting Sites to Parlay Bet

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For bettors with an appetite for risk, parlay betting can be an exciting way to have some skin in the game. A parlay bet involves multiple outcomes and can be a powerful tool for players that don’t want to risk a lot of money but still want the chance at a sizable return. It is a high-risk, high-reward type of wager that can result in significant profits when all of the selections on a bet slip are correct. 

Check out our list of the top parlay betting sites in Canada and sign up to receive free cash, parlay bonuses, free bets, and more. 

The best sports betting sites in Canada incentivize members to make parlay bets by offering accumulator bonuses, free bets, parlay insurance, and more. These types of bonuses and promotions can help bettors reduce risk, maximize their return, and get more out of their sports betting experience. 

To learn more about parlay betting and how to make a parlay bet, check out our comprehensive parlay betting guide below. 

What Is Parlay Betting?

Parlay betting is one of the best ways for sports fans to win big while betting on sports without taking on too much financial risk. 

A parlay bet combines multiple outcomes into one bet to generate a bigger payout. Parlay betting offers a chance for sports fans to boost their odds and increase their profits without putting more of their own money at stake.

Check out our definition of a parlay bet below. 

Parlay Bet Meaning

A parlay bet combines two or more selections into a single bet to generate a bigger payout. When making a parlay bet, the odds for each selection are multiplied together, increasing the odds and total return of a single wager. 

To win a parlay bet, all of the selections on the bet slip must be settled as a winner. If any selection in the parlay loses, the entire bet is settled as a loss. 

The Parlay Betting Club At Betway

Different Types Of Parlay Bets

At the best sportsbooks and online casinos in Canada, sports fans can expect to find several different types of parlay betting options. Every time a new pick is added to the bet slip, the number of possible bets that can be created from the list of selections increases.

Sports fans can use round-robin bets to bet on all of the possible betting combinations involving their picks. A round-robin bet covers all of the potential betting options by creating a series of smaller parlays using only their list of selections.

When making a round-robin bet, bettors are placing wagers of equal value on a specified number of different bets. Every round-robin bet has a nickname that depends on the number and type of selections involved.

Below, we’ll cover the different types of parlay bets and round-robin betting options.

Types of Parlay Bets

Double

The easiest way to make a parlay, a double combines two selections into one bet for a two-team parlay. Also called an “if bet”, a double bet automatically takes the return from one winning bet and places that amount on the second selection. To win a double bet, both of the selections on the bet slip must be correct.

Each-Way

Often used in horse racing and futures betting, an each-way bet creates two bets of equal value. It makes one bet with the selection to win and another with the selection to come within a certain number of places at a fraction of the odds. An each-way bet gives bettors a chance to minimize their risk by offering a chance for payout even if their selection does not win.

Treble

Similar to a double, a treble is another name for a three-game parlay. It involves a single parlay ticket with three legs where the total return from each selection is placed on the subsequent game. In order for a treble bet to be settled as a winner, all three of the selections on the bet slip must be correct.

Trixie

In addition to standard parlay bets, bettors can combine selections in unique ways that help increase their chances of generating a return. Like a treble bet, a trixie bet involves three unique outcomes. But instead of combining them into just one bet, a Trixie bet creates all of the possible two-game and three-game parlay bets using the three selections. It creates three doubles bets and one treble bet for a total of four different wagers. 

Patent

Like a Trixie bet and treble bet, a patent bet also has three unique selections but covers more than just the parlay betting options using those selections. Popular in horse racing, a patent bet helps increase the chances of generating a return by adding singles bets into the equation. Like a Trixie bet, it creates one treble bet and three doubles bets, but it also adds a singles bet on all three selections for a grand total of seven different wagers.

Yankee

A Yankee bet involves four unique selections and covers all of the possible parlay combinations between those outcomes. It creates a four-game parlay, six double bets, and four treble bets for a total of 11 separate wagers. 

Lucky 15

Similar to a Yankee, a Lucky 15 involves four unique outcomes but adds single-game bets into the picture. It covers all of the possible betting combinations for a total of 15 different wagers, including one four-team parlay, four treble bets, six double bets, and four single bets. 

Super Yankee

Moving up the ladder, a super Yankee bet forms 26 bets on all of the possible parlay combinations for five unique selections. Also known as a Canadian, a Super Yankee makes 10 double bets, 10 treble bets, five four-game parlays, and one five-team parlay.

Lucky 31

Like a Lucky 15, a lucky 31 adds single bets into the picture to cover all of the possible betting combinations. It consists of 31 different wagers, including five single bets, 10 two-team parlay bets, 10 three-team parlays, five four-team parlays, and one five-team parlay.

Heinz

When making six picks, a Heinz bet helps add some sauce by making 57 bets of equal value to cover all of the potential parlay betting combinations. A Heinz bet creates 15 two-team parlays, 20 three-team parlays, 15 four-team parlays, six five-game parlays, and one six-game parlay for a total of 57 wagers.

Lucky 63

A Lucky 63 takes a Heinz bet and adds six single-game bets into the bet slip for a grand total of 63 equal wagers. It creates all of the possible betting combinations for six selections.  A Lucky 63 consists of six single-game bets, 15 two-game parlays, 20 three-game parlays, 15 four-game parlays, six five-team parlays, and one six-team parlay.

Super Heinz

A super Heinz bet creates 120 different bets from seven unique selections. It covers all of the possible parlay combinations for when betting on seven separate events. A super Heinz creates 21 two-team parlay bets, 35 three-team parlays, 35 four-team parlays, 21 five-team parlays, seven six-game parlays, and one seven-team parlay.

Lucky 127

A Lucky 127 consists of 127 different wagers and adds singles bets into the equation to cover all of the possible betting combinations for seven events. A Lucky 127 creates seven single-game bets, 21 two-team parlay, 35 three-team parlays, 35 four-team parlays, 21 five-team parlays, seven six-team parlays, and one seven-team parlay bet.

Goliath

A Goliath bet creates all of the potential parlay betting combinations when picking eight unique events. It combines 28 two-team parlays, 56 three-team parlays, 70 four-team parlays, 56 five-team parlays, 28 six-team parlays, eight seven-team parlays, and one eight-team parlay into one bet slip for a grand total of 247 different wagers.

Block

When making more than eight selections, a block bet is used to bet on all of the parlay combinations. A Block bet may involve nine events or more. When betting on nine events, it generates 502 bets and that number increases every time a new selection is added to the bet slip. 

To learn more about the different types of parlay bets, check out a chart for a complete breakdown below. 

Comparing The Different Types Of Parlay Betting Options

Parlay Bet Name

Number of Selections Number of Bets Created
Double 2

1

Each-Way

2 2
Treble 3

1

Trixie

3 4
Patent 3

7

Yankee

4 11
Lucky 15 4

15

Super Yankee

5 26
Lucky 31 5

31

Heinz

6 57
Lucky 63 6

63

Super Heinz

7 120
Lucky 127 7

127

Goliath

8 247
Block 9+

502+

 

Parlay Payout 

When bettors make their sports betting picks, the best betting apps will automatically calculate the parlay odds and total return for their bets. 

To check the total odds for a parlay bet, click on the odds for each selection and open the bet slip. To view the parlay payout, enter the bet amount and the total return or profits will appear instantly at the bottom of the bet slip.

While that’s the quickest and most convenient way to calculate the payout of a parlay bet, there are times when sports fans will want to calculate the odds for a parlay bet manually. Calculating the total odds for a parlay is simple but the process can seem complicated for bettors that prefer to use American odds. 

To make things easier, members can change the way that odds are shown by switching the odds display to a decimal format in their sportsbook settings or simply convert American odds into decimal odds using the formulas below.

For underdogs:

(American odds / 100) + 1 = decimal odds

For favorites:

(100 / American odds) + 1 = decimal odds

After converting the odds into a decimal format, calculating the total odds and total return of a parlay bet is easy. 

Simply multiply the odds from each selection together to find the total odds for the parlay bet. Then, multiply the total odds by the bet amount to calculate the total return.

How To Convert American Odds To Decimal Odds

Bet Type

How To Calculate Decimal Odds

🐶 Underdogs (+)

(American odds / 100) + 1 = decimal odds
🏆 Favourites (-)

(100 / American odds) + 1 = decimal odds

 

How Does Parlay Betting Work?

Betting on point spreads and totals is a common parlay betting strategy.

To better illustrate how parlay betting works, we’ll use an example from the NBA below. 

Parlay Betting Example:

Parlay Betting Example At Bet365 Showing A 3 Team Parlay

The bet slip above from Bet365 shows a three-game parlay or treble bet on three NBA basketball games. The bettor above selected the Houston Rockets to cover +10.5, Boston Celtics to cover +4.5, and Miami Heat to cover -3.5 to generate an exciting +595 or 6.95 odds. 

Parlay Betting Example Bet365 Showing Single Game Payouts

If all three selections are settled as winners, a $100 bet on these three single games would generate just 272.20 in profits while risking a total of $300. On the other hand, a $100 wager on a three-team parlay bet would generate $655.37 in profits, a staggering difference in profits of over 140 percent.

Parlay Odds Calculator

One of the most common ways that sports fans create parlays is by combining point spread and totals bets. When making points spread bets and totals bets, sports fans can often expect to find the same odds for both sides of a contest. Normally set at -110 or 1.90, point spreads and totals can often generate fixed odds when adding selections to the bet slip. 

Check out the chart below to view the approximate parlay odds when adding selections priced at -110 or 1.90 to a parlay bet. 

Parlay Payout Chart At 1.90 Odds

Number of Selections Approximate Parlay Odds 

(@ -110 or 1.90)

Total Return
(on a $100 wager)

Total Profit
(on a $100 wager)

2 Team Parlay

3.64  $364  $264 
3 Team Parlay 6.96 $696

$596

4 Team Parlay

13.28 $1,328 $1,228
5 Team Parlay 25.35 $2,535

$2,435

6 Team Parlay

48.41 $4,841 $4,741
7 Team Parlay 92.42 $9,242

$9,142

8  Team Parlay

176.44 $17,644 $17,544
9  Team Parlay 336.85 $33,685

$33,585

10  Team Parlay

643 $64,300 $64,200
11  Team Parlay 1,227.70 $122,770

$122,670

12  Team Parlay

2,343.79 $234,379 $234,279
13  Team Parlay 4,474.51 $447,451

$447,351

14  Team Parlay

8,542.25 $854,225 $854,125
15  Team Parlay 16,307.94 $163,0794

$1,630,694

 

Parlay Betting Bonuses

The best online gambling sites in Canada incentivize sports fans to make parlay bets by offering special promotions, including accumulator bonuses, parlay insurance, and free bets. These types of bonuses and promotions can help bettors reduce risk, increase profits, and have more fun while betting online. 

Below, we’ll break down some of the most common parlay betting bonuses and promotions available at the top online sportsbooks.  

Parlay Betting Canada Bet365 Bonus

Accumulator Bonus

An accumulator bonus boosts the payout of a parlay by adding on a percentage of the profits to the total return. Also called a parlay bonus, an accumulator bonus increases with every selection added to the parlay bet. Depending on the number of selections, bettors can earn up to an additional 70 percent in profits for winning parlay bets with the Bet365 parlay bonus. Doubles bets can add on up to five percent in profits to the total return while a 14-team parlay may bring in up to 70 percent in additional profits on a winning bet.

Free Bet

Giving away free bets is another way that online sportsbooks try to encourage members to make parlay bets. When placing a free bet, the original stake is subtracted from the total return, leaving bettors with only the profits when they win. Some sportsbooks reward parlay bettors with free bets every week. To qualify for this type of promotion, members may have to place a parlay bet with a certain amount of events or for a certain amount of money. 

Parlay Insurance

When it comes to parlay betting, nothing is worse than coming one selection away from winning a big bet. To help sports fans, some sportsbooks offer parlay insurance, which gives bettors their money back if only one selection on their bet slip loses. An attractive offer for regular parlay bettors, parlay insurance gives members a chance to break even on bets, reduce their overall risk, and increase their return on investment over time.

Contests

The best online sportsbooks also offer season-long contests where sports fans can compete against one another for cash prizes. Contests can be free-to-play or paid entry and the payout structure may vary as a result. Many contests have five and six-figure payouts, making them attractive for sports bettors of all experience levels. 

Comparing The Best Parlay Betting Bonuses

Type Of Parlay Betting Bonus Description

Why Claim It?

Accumulator Bonus

Earn up to 70 percent more on parlay bets at participating sportsbooks

💰 Maximize profits when you win

📈 Bonus increases with every game added to a bet slip

💵 Extra cash in your account balance 

Bonus Cash

Receive bonus cash for placing qualifying parlay bets

💰 Receive bonus cash for placing parlay bets

📈 More chances to win bets

💵 Free cash to play with in your account 

Free  Bet

Receive a free bet voucher for placing a parlay bet

When placing free bets, the original stake is removed from the total return

💰 Earn a free bet for placing a parlay bet

📈 More chances to win 

📊 Test new strategies and bet on new markets

Parlay Insurance

Get the value of a parlay bet refunded if only one of the selections on the bet slip is settled as a loss

💸 Get your money back if only one selection loses

📈 Helps increase profits over time 

🎲 Reduces overall risk

 

Single Game Parlay Bets (Same-Game Multi/BetBuilder)

Single-game parlays are one the best new ways to bet on the game. Unlike most parlay bets that mix and match selections from different events, a single-game parlay combines multiple outcomes from the same event into one bet. 

Using single-game parlay bets, bettors can combine game lines and props bets to increase their profits by making picks correlated with the same contest. At most online sportsbooks, single-game multi-bets and bet builder options can be found for matches in nearly every major sports league, allowing sports fans to get creative with their wagers. 

When placing a same-game parlay, every selection on the bet slip must be correct in order for the bet to be settled as a winner. 

Betbuilder Parlay Betting In Canada

Example: 

Single-game parlays can be a profitable investment for parlay bettors that have an edge on a particular contest.

For this example, we’ll use a same-game parlay from another NBA game. 

BetBuilder Parlay At Bet365

The bettor above selected Bam Adebayo to record a double-double (1.95), Jimmy Butler over 0.5 3-pointers made (2.25), and PJ Tucker over 0.5 steals (1.62). 

While a $100 wager on three single-game bets would have netted $282 in profits from these selections, a $100 single-game parlay would have generated 7.50 in parlay odds and +$650 in profits if all of the selections were correct. Again, this creates a substantial difference in profits of 140 percent.

Ranking The Best Parlay Betting Sites In Canada

Want to cash in on the best parlay betting bonuses and start winning real money online?

Scroll down below for a quick summary of the top 10 parlay betting sites in Canada and what they have to offer.

  • Bet365 – The Best Bonuses for Parlay Betting in Canada
  • Shangri La Live – Parlay Bonus, Odds Boosts, and Weekly Cash Back Offers
  • Betway – Get Free Bets Every Week For Placing Parlay Bets
  • Bodog – Daily Parlay Betting Specials, PropsBuilder, and Custom Props Bets
  • Casumo – Casumo Specials, Custom Bet Builder, and the Best Sportsbook Welcome Bonus
  • 10Bet – Free Bets for Betting Parlays and In-Play Bets
  • Sports Interaction – NFL Parlay Betting Contests
  • BetVictor – Free Bets for Betting on Tennis, Basketball, Hockey, and Football
  • PowBet – Parlay Bonuses, Weekly Cash Back, and a Sports Betting Jackpot
  • FezBet – Parlay Boosts, Reload Offers, Weekly Cash Back, Free Bets, and More

The Best Betting Sites In Canada For Placing Parlay Bets

When it comes to parlay betting, there are certain features and promotions that help make some sportsbooks better than others. The best sports betting sites in Canada make it more profitable to make parlay bets with features like BetBuilder, parlay bonuses, free bets, and more. Parlay bettors can also boost their profits and get the most of their sports betting experience by cashing in on welcome bonus offers that can instantly double their bankroll. 

Below, we’ll uncover the top three sports betting sites in Canada for parlay betting and review what they have to offer.

Bet365 – The Best Bonuses For Parlay Betting In Canada

A world-class online sportsbook, Bet365 gives members access to competitive odds, essential features, and excellent betting promotions. It also happens to be one of the best sportsbooks for parlay betting. Bet365 has essential features for parlay betting like BetBuilder, accumulator bonuses, and an early cash-out offer that settles bets as a winner before the match is over. 

New members can sign up to Bet365 to earn up to $200 in free bet credits on their first deposit. Winning parlays can pay off at Bet365 too. Sports fans can earn up to 70 percent in additional profits for winning parlay bets with additional selections.

Bet365 Parlay Betting NBA

Bet365 Review –
The Best Bonuses For Parlay Betting In Canada

Pros

Cons

✅ Great odds for game lines, props, and futures markets ❌ Welcome bonus lags behind top competitors
✅ Industry-leading sportsbook and online casino
✅ Live streaming events, including MLB games
✅ Excellent customer support
✅ Accumulator bonuses, BetBuilder, and free bets

Welcome Bonus Offer:

Bet365 is giving away up to $200 in bet credits to new members.

To sign up for Bet365 and claim your free bonus cash, click below.

Shangri La Live – Parlay Bonus, Odds Boosts, and Weekly Cash Back Offers

Great for sports bettors of all skill levels, Shangri La Live has all of the features and bonuses that sports fans are accustomed to when betting online. Shangri La offers competitive sports betting odds, a wide selection of betting markets, and some of the best promotions of any online sportsbook.

New members at Shangri La Live can sign up to receive a 100 percent sports welcome bonus of up to $500. Sports bettors can also cash in on parlay bonuses, odds boosts, weekly cashback offers, and free daily prizes.  

Parlay Betting At Shangri La Live Sportsbook In Canada

Shangri La Live Sportsbook Review –
Parlay Bonus, Odds Boosts, and Weekly Cash Back Offers

Pros

Cons

✅  Great odds and an impressive catalog of sporting events to bet on  ❌ Website and user experience not as well-designed as other top sportsbooks
✅ Welcome bonus offer of up to $500 ❌ Doesn’t offer as many player props and futures bets as other top sportsbooks
✅ Live streaming events, including MLB games  ❌ High rollover requirement for welcome bonus offer
✅ Simple, safe payment options, including e-transfer and cryptocurrency
✅ Parlay boosts, odds boosts, and weekly cash back offers

 

Welcome Bonus Offer:

New members can sign up to Shangri La for a 100 percent deposit bonus of up to $500.

To sign up and claim one of the best sports betting bonuses in Canada, click below.

Betway – Get Free Bets Every Week For Placing Parlay Bets

With exclusive bonuses and must-have features, Betway is one the best sportsbooks in Canada for parlay betting. At Betway, the Parlay Club gives sports fans a free bet every week that they make a parlay bet. Betway also offers Betway boosts, pre-built bets, bet builder options and special promotions for Canadian sports teams.

New members can sign up to Betway for a 100 percent deposit bonus of up to $200. It features competitive odds, a wide variety of sports betting markets, and a daily prize wheel that gives members a chance to win free prizes every day. 

BetWay Parlay Betting Welcome Bonus

BetWay Sportsbook Review –
Get Free Bets Every Week For Placing Parlay Bets

Pros

Cons

✅ Great odds and a long list of sports betting markets ❌ In-play betting experience is not as friendly as other top sportsbooks
✅ Reputable sportsbook and online casino ❌High rollover requirement for its sportsbook welcome bonus
✅ Top-notch promotional offers
✅ Excellent customer support
✅ The Parlay Club gives free bets to parlay bettors

 

Welcome Bonus Offer:

BetWay is giving away a 100 percent matched free bet of up to $200 to new members on their first bet.

To claim this limited-time welcome bonus offer, click below.

4. Bodog – Daily Parlay Betting Specials, PropsBuilder, and Custom Props Bets

The best place to parlay props bets, Bodog has more props and futures betting options than any other online sportsbook.  At Bodog, members can cash in on daily parlay betting specials, build their own parlays, or request odds for custom bets with #NameYourPlay. Bodog also offers competitive sports betting odds, generous promotions, and essential features, like cash out and PropsBuidler options.

One of the leading parlay betting sites in Canada, Bodog has been serving Canadian customers for over 25 years. New members can sign up to Bodog to receive a 100 percent deposit bonus of up to $400, plus 50 free spins. Members can also tell their friends to sign up to receive a 200% Refer-A-Friend bonus, making it a great place to bet with friends. 

Bodog Sportsbook Review – 

Daily Parlay Betting Specials, PropsBuilder, and Custom Props Bets 

Pros

Cons

✅ Competitive odds for game lines, props, and futures markets in all sports  ❌ In-play betting experience is not as smooth as top competitors
✅ Offers the most props and futures betting options  ❌ No mobile app 
✅ Trusted brand with great features and modern design
✅ Welcome bonus of up to $400 plus 50 free spins
✅ Make custom bets with #NameYourPlay and Props Builder options

Welcome Bonus Offer:

Bodog offers new sports bettors a 100 percent deposit bonus of up to $400, plus 50 free spins.

To sign up to Bodog and claim your bonus offer, click below.

5. Casumo – Casumo Specials, Custom Bet Builder, and the Best Sports Betting Welcome Bonus

Casumo offers one of the best sports betting welcome bonuses in Canada, making it a great place for parlay bettors to get started. Sports fans can benefit from excellent sports betting odds, a wide variety of markets, and essential features, like Casumo specials, odds boosts and a custom bet builder. 

New members can sign up to Casumo Sports to cash in on a welcome bonus offer that matches 100 percent of their first deposit, up to $500. With a 10 percent profit boost on all in-play bets, Casumo is one of the best sportsbooks for placing in-play parlay bets.

Casumo Review –  
Casumo Specials, Custom Bet Builder, and the Best Sports Betting Welcome Bonus 

Pros

Cons

✅ Great odds and a wide variety of sporting events to bet on  High rollover requirement for welcome bonus at its sportsbook
✅ Fast, easy-to-use interface with clean design ❌  Not as many payment options as other top sportsbooks
✅  Welcome bonus offer of up to $500 ❌  Fewer props and futures markets for North American sports
✅ Casumo specials and custom bet builder options
✅ 24/7 support and fast payment options

Welcome Bonus Offer:

Casumo Sports offers new Canadian members a welcome bonus of up to $500 on their first deposit.

Sign up to Casumo today to claim this limited-time bonus offer.

How To Place A Parlay Bet

At the best online sportsbooks, it’s easy to place a parlay bet. Building a bet with multiple selections is simple and sports bettors can make a parlay bet within a few clicks. Once signed up, members can simply make the selections, enter the bet amount, and place their bets.

Below, we’ll walk sports fans through how to make a parlay bet in just a few simple steps.  For this example, we’ll be using Shangri La, a sportsbook with parlay bonuses, odds boosts, and weekly cashback offers.

Step 1: Browse Through The Betting Markets

After members have logged into their preferred sportsbook, they will need to browse through the sports betting markets. Members can simply search through the different sports to find the matches and events that they want to bet on.

How To Make A Parlay Betting Picks At Shangri La

Step 2: Make Two or More Selections

In order to place a parlay bet, members must make at least two or more selections. To make a pick, click on the odds for the selection and it will be added to the bet slip.

At most sportsbooks, adding multiple selections to the bet slip will automatically generate a list of all of the possible parlay betting options.

How To Make A Parlay Bet At Shangri La Live

Step 3: Open The Bet Slip

Once members have added all of the selections to their bet slip, they are ready to place their first parlay bet. After multiple selections have been added, most online sportsbooks will bring bettors right to the parlay section of their bet. 

In some cases, members will have to select “parlay” or “multi” on their bet slip to bring up a list of parlay betting options.

How To Place A Parlay Bet At Shangri La

Step 4: Enter The Bet Amount

Next, members are ready to enter the amount of their wager. Enter the bet amount in the box for the appropriate parlay betting option.

Members can enter different bet amounts to find the total return or total profits generated automatically at the bottom of their bet slip. 

When entering the bet amount, members should be mindful of the number of wagers involved in making different types of parlays. For reference, be sure to check out the different types of parlay bets in this article. 

NFL Parlay Betting Example From Shangri La Live

Step 5: Place The Bet

After members are comfortable with the amount of their bet, they are ready to submit their wager. To complete the process, click “Place Bets” at the bottom of the bet slip. 

Once the wager is submitted, members can find their bet slip, payout, and cash-out options under the “Open Bets” or “My Bets” section of their account. 

Parlay Betting Place Bet Button At Shangri La

Parlay Betting Strategies

When placing parlay bets, every selection on the bet slip must be correct for the wager to be settled as a winner. This makes parlay bets more difficult to win than single-game bets. Despite a lower win rate, parlay betting is still an attractive option for sports fans that want to earn bigger payouts.

Winning a big parlay bet can often make the risk well worth the reward. Sharp bettors use many different parlay betting techniques to increase their winning percentage and overall profits. 

For sports bettors that want to learn how to win parlay bets, trying out new strategies is a good place to start. 

Below, we’ll go over some common parlay betting strategies that sports bettors use to earn a profit. 

Bodog NameYourPlay Parlay Betting

Point Spread Parlay

Point spread parlays are one of the most common types of parlay bets made by sports fans. 

Point spread parlays can help increase profits for bettors that get all of their selections correct. Since point spread betting usually results in relatively even odds for both sides of a match. bettors often combine two or more selections into a parlay for an all-or-nothing approach. 

Totals Parlay 

Instead of betting on the final result, many bettors prefer to bet on whether a game will be a high or low-scoring affair. When making totals bets, a single-game wager won’t offer odds that yield a large payout. Totals parlays allow sports bettors to combine totals selections from multiple matches to boost the odds and total return of their bet. 

Money Line Parlay 

When placing money line bets, sports fans don’t have to worry about winning the match by a certain margin of victory. This can make money line parlays an attractive parlay betting strategy. Mixing and matching favourites with underdogs on the same bet slip allows sports fans to boost their return and get more creative with their selections.  

Heavy Favorites Parlay

One parlay betting strategy involves adding multiple heavy favorites to the same bet slip. This type of parlay bet boosts profits and allows sports fans to take on less perceived risk by backing better teams and more probable outcomes. Combining selections with a higher implied probability help bettors increase their winning percentage and total profits.

Teaser Parlays

A teaser bet involves moving the point spread or total in the bettor’s favour. While teasers give sports fans a little bit of added insurance for their bet, it comes at a premium price tag. To “tease” the line, sports bettors can buy points on the original game by accepting lower odds. Common in point spread betting sports like football and basketball, teaser parlays can allow bettors to increase their winning percentage and profits over time.

Underdog Parlay

For fans that are looking for big parlay payouts, adding multiple underdogs to the same bet slip might be a good option. 

By combining underdogs to win on the money line, sports bettors can create parlay bets that generate substantial returns. Since the odds of each selection are multiplied together in a parlay bet, backing teams that are priced at more than 2.00 or +100 can help sports fans increase their parlay payouts by an exponential amount. 

One of the most profitable parlay betting strategies, an underdog parlay can push the implied odds of a bet closer to the true odds, which can increase parlay betting profits over time. 

Remember, teams and events that are priced at plus money are technically less likely to win, which means that the overall success rate of underdog parlays is generally very low. 

Same-Game Parlay

One of the most popular new ways to have some skin in the game, single-game parlays give bettors a chance to boost their profits by making picks that are correlated with the same contest. Bettors often have an edge on only a few events. By combining game lines and props bets, bettors can focus on the games where they have an edge, allowing them to increase their winning percentage and profits over time.

Multi-Sport Parlay

When parlay betting, sports fans don’t have to stick to just one sport. Bettors can also combine matches from different sports to create unique parlay bets. Selecting teams from more than one sport can allow bettors to stick to the games that they have an edge on and test successful betting strategies across different betting markets. 

Futures Parlay

Sports fans that prefer to make long-term investments can make speculative wagers on the futures market. Futures bets often run over the course of a full season. Already priced at attractive odds, futures parlays can generate even bigger profits. Sports fans can combine division winners, pick the outright winner in different sports, or add season props and awards winners together to increase their profits.

How To Parlay Bet And Remain Profitable

It’s not easy to become a profitable sports bettor. When sportsbooks release their opening game lines, there are already profits worked into the odds for both sides. 

The cut or profit margin that a sportsbook collects for taking the bet is often called the “juice” or “vig”. Similar to a trading fee from a stockbroker, the juice is generally considered the cost of doing business with the sportsbook.

When betting on point spreads, totals, or an event with two evenly-matched teams, sports fans might expect to see even odds (+100 or 2.00) for both sides. This would allow sports bettors to double their money by making a correct selection. 

Even at the new betting sites in Canada, this is simply not the case. Most of the time, sportsbooks will set the odds at -110 or 1.90 in decimal odds. At -110 or 1.90 odds, it will take a $110 wager to earn $100 in profits. At the same time, a $100 bet will bring in only $90 in profit. In this case, the extra $10 collected by the sportsbook is considered the vig.

To become profitable, a sports bettor must win at a rate that also accounts for the juice paid on their wagers. To do so, a single-game point spread bettor must win around 53 percent of the time. For reference, professional sports bettors and advantage gamblers rarely sustain a winning percentage of higher than 55 percent on single-game bets. 

With that being said, most sports fans gamble for entertainment purposes and sweating out sporting events for minimal profits simply does not appeal to the recreational bettor.

Despite the long-shot odds, parlay bets can win with a little bit of luck. Parlay betting gives recreational sports fans a chance to profit from their sports knowledge by winning just one parlay bet. Claiming welcome bonuses and parlay betting bonuses can also help sports bettors remain profitable. Sharp bettors can sign up to multiple sportsbooks to capitalize on the best sports betting odds and bonuses. With more chances to win and access to the best odds, parlay bettors that have more than one sports betting account have an edge over the competition.

Parlay Betting Welcome Bonus Offer At Shangri La

How To Parlay Bet And Remain Profitable 

💸 Account for the juice

🎰Sign up for accounts with multiple sportsbooks

💲 Cash in on welcome bonus offers

💰 Claim parlay bonuses

🏆 Have a run of good luck

💵 Cash in with big payouts

Advantages Of Parlay Betting

While single-game bets are often a safer investment, they usually lead to smaller, incremental returns. On the other hand, parlay betting can generate exciting odds and big payouts, making it more fun to follow the games on your bet slip.

Making parlay bets gives sports fans the opportunity to take on less financial risk while still having the chance of earning a big payout. They offer more entertainment value than most single-game betting options and allow sports fans a chance to cash in big when they win. 

For a quick summary of the advantage of parlay betting, check out the chart below. 

The Advantages Of Parlay Betting 

💰 Bigger payouts
💸 Less perceived risk
💲 More entertainment value
💵 Cash in when you win

 

Disadvantages of Parlay Betting

Parlay bets can generate enticing odds and substantial profits but they can also be much harder to win than straight wagers. Parlays expose bettors to increased variance and risk and offer almost no advantage in terms of their projected return over time. 

Most professionals would advise sports bettors not to make parlay bets, as they can eat into your bankroll and take away from your profits in the long run. 

Since parlay bets do not offer true odds, parlay bettors are actually incurring more juice than single-game bettors. In fact, every selection added to a parlay bet technically gives a bigger edge to the oddsmakers. 

According to the Nevada Gaming Control Board Gaming Revenue Reports, sportsbooks have traditionally held a 30 percent profit margin on parlay bets. 

For a quick summary of the disadvantages of parlay betting, check out the chart below. 

The Disadvantages Of Parlay Betting 

❌ Difficult to win
👎 Hard to remain profitable
🎲 Exposes bettors to increased variance and risk
📉 Can eat into profits over time

 

Do Professional Bettors Use Parlay Bets?

With enticing odds and big payouts, parlay bets are one the guiltiest pleasures in sports betting. While professional sports bettors do not make parlay bets often, there are times where they might place bets on multiple selections.

For example, if events start during the same time slot and bettors need to conserve their bankroll, it might make more sense for them to take an all-or-nothing approach by placing a parlay bet.

Bettors that are making parlays with longshot odds on a regular basis need to be mindful of the implied probability and projected winning percentage of their bets. When making parlay bets, sports fans should only risk what they can afford to lose, as wagers with multiple selections are more likely to be settled as a loss. 

To learn more about the implied probability and fair odds for parlay bets, check out the section below. 

Parlay Odds vs. True Odds

The value of parlay betting boils down to pure math. While parlay payouts may entice bettors, the odds offered actually give the oddsmakers an even bigger edge. In fact, parlay betting offers poor value for sports bettors and exposes them to increased variance in comparison to single-game bets. 

The following table demonstrates how the probability of winning a parlay bet differs in comparison to the odds offered by most sportsbooks. In the chart below, we’ll assume that each bet comes with the standard -110 or 1.90 odds and that each outcome has an equal 50 percent chance of winning. 

Parlay Odds vs. True Odds Chart

Number of Selections

Approximate Parlay Odds 

(@ -110 or 1.90)

Implied Probability Percentage True Probability
Percentage
Fair Odds
2 Team Parlay 3.64  27.40% 25%

4.00

3 Team Parlay

6.96 14.35% 12.50% 8.00
4 Team Parlay 13.28 7.53% 6.25%

16.00

5 Team Parlay

25.35 3.94% 3.13% 32.00
6 Team Parlay 48.41 2.07% 1.56%

64.00

7 Team Parlay

92.42 1.08% 0.78% 128.00
8  Team Parlay 176.44 0.57% 0.39%

256.00

9  Team Parlay

336.85 0.30% 0.20% 512.00
10 Team Parlay 643 0.16% 0.10%

1,024

11 Team Parlay

1,227.70 0.08% 0.05%

2,048

12 Team Parlay

2,343.79 0.04% 0.025%

4,096

13 Team Parlay

4,474.51 0.02% 0.0125%

8,192

14 Team Parlay

8,542.25 0.01% 0.00625%

16,384

15 Team Parlay

16,307.94 0.006% 0.003125%

32,768

 

Is Parlay Betting Legal In Canada?

Single-game betting is still new in Canada, but parlay betting has been legal since 1985. While all Canadians can place parlay bets through locally authorized retailers, provinces like British Columbia, Ontario, and Quebec, have been quick to institute online sports betting options since the Safe and Regulated Sports Betting Act came into effect. 

Canadians can place parlay bets through Pro-Line+, PlayNow, Mise-O-Jeu, and other provincial gambling sites or sign up to the best online sportsbooks for better odds, features, and bonuses. 

New sportsbooks are also expected to join Canada’s iGaming market in the near future as well. With Ontario leading the charge for an open and regulated market, the biggest sports betting brands, including DraftKings and Caesars, are expected to come to Canada before the end of 2021. 

The Largest Parlay Betting Wins

There have been some big parlay betting wins in 2021. At FanDuel, a sports bettor in Illinois went 12-for-12 while betting on the Ryder Cup, a PGA golf tournament, turning an innocent $8 bet into $996,290.

The parlay, shown below, predicted 10 head-to-head winners and two ties to net nearly 125,000x their wager. 

Check out the big win below.

Ryder Cup Parlay Win

Event Odds

Win/Loss

Daniel Berger over Matthew Fitzpatrick

-173
Patrick Cantlay over Shane Lowry  -120

Bryson DeChambeau over Sergio Garcia

-105
Dustin Johnson over Paul Casey -159

Brooks Koepka over Bernd Wiesberger

-154
Rory McIlroy over Xander Schauffele +180

Ian Poulter over Tony Finau

+200
Scottie Scheffler over Jon Rahm +230

Justin Thomas over Tyrrell Hatton

-159
Lee Westwood over Harris English +190

Collin Morikawa vs. Viktor Hovland Tie 

+550
Jordan Spieth vs. Tommy Fleetwood Tie  +650

Bet Amount:
$8 

To Return: $996,290

Despite winning nearly $1 million, the Ryder Cup parlay isn’t even the biggest parlay win of the year. Another sports bettor in the UK won $1.36 million on Betfair with a 90,396:1 parlay win.

The parlay ticket, which combined Euro 2020 games with four outright winners in weekend golf tournaments, turned one sports fan into an instant millionaire with a slim $15.50 wager. 

Check out the parlay bet slip below.

Ryder Cup Parlay Win

Event Odds

Win/Loss

Croatia to defeat Scotland

+140

England to defeat Czech Republic

-182

Steve Stricker to win the Bridgestone Senior Players Championship

+500

Nelly Korda to win the KPMG Women’s PGA Championship

+1400

Viktor Hovland to win the BMW International Open

+650

Harry English to win the Travelers Championship

+3,500

Bet Amount:
$15.50

To Return: $1,368,000

 

What Is The Best Parlay Betting Site?

At the end of the day, the best site for parlay betting in Canada comes down to personal preference. 

Parlays are not always bad bets but sports fans are often paying a premium from the oddsmakers, which gives the house a bigger edge. However, parlays also offer greater entertainment value and allow bettors to cash in on larger payouts when all of their selections are correct. 

When looking for a place to place parlay bets online, Bet365 is the best place to start. With accumulator bonuses, free bets, and BetBuidler options, signing up for an account at Bet365 is a safe bet for parlay bettors.

New members can register for an account at Bet365 to receive a 100 percent deposit bonus worth up to $200 in free bet credits.

To sign up for Bet365 and cash in on the best parlay betting bonuses and features, click below.

FAQ

What is a parlay bet?

How much do parlay bets pay?

What does a $100 bet on a 3 team parlay pay?

What does a $100 bet on a 4 team parlay pay?

Are parlay bets legal in Canada?

Where can I place parlay bets in Canada?

 

Shortly after graduating with an Honors in Business Administration, Nick turned his attention from traditional stocks and bonds to investing in the performance of sports teams. He uses a combination of advanced stats and historical data to create sports investment models to identify value and generate consistent profits. Nick has also contributed to Pistons Powered, SafeBettingSites, Winners And Whiners, and more.