How NFL Parlay Betting Works
NFL parlay betting is among the most popular ways to bet on the NFL. This is due in large part to the larger payout that can be earned when a wager comes through. The premise of parlay betting is simple: several bets can be combined for one big payout if all of them come through. Instead of just winning a few dollars by hitting on one prediction, you can win more than that on two or three straight-up predictions. It’s easy to see why this type of betting appeals to gamblers. But not everyone has mastered the strategy and there are some pitfalls.
Since you’re here, you are obviously curious about how NFL parlay betting works.
This article will help you understand what parlay betting is, how NFL parlay betting works, how to read parlay betting odds, the pros and cons of parlay betting, and some strategies you can use in parlay betting.
What is parlay betting in NFL?
Parlays are the most popular form of sports betting. A parlay is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of parlaying bets is that there are much higher payouts than placing each individual bet separately since the difficulty of hitting it is much higher.
Parley bets are great for bettors who are confident in their selections. The odds on parlay bets can be huge, but considering that you need all of the individual wagers to win in order to collect on a parlay, they are often seen as low percentage bets. A sports bettor who hits 60% of his or her picks during a season would be lucky to hit even a 2-team parlay more than 50% of the time over the course of a season.
Because each individual wager on a parlay has to win for the overall bet to win, low percentages naturally become even lower when multiple picks are involved. For example, if a bettor hits 60% of their picks during a sports season, he or she would be lucky to hit even a 2-team parlay more than 50% of the time over the course of an entire season.
When handicapping and placing future bets, some sportsbooks will allow you to place NFL futures bets into parlays. This is commonly done with teams that were expected to make the playoffs at the beginning of the year but quickly fall out of contention. While it is important to recognize the risk involved in doing so, this can still sometimes be a useful tactic as it can result in paying out.
How do parlay odds work?
Legal bookmakers allow bettors to combine any available bets into a parlay and play it. A parlay wager is any ticket that combines two or more wagers into a single ticket.
Moneyline odds are used to compute the chances on a parlay bet, and most legal sports in the United States utilize the American odds notation to display Moneyline odds. A “+” or “-” at the front of the odds figure denotes American odds.
Systems for generating parlay odds vary from sportsbook to sportsbook but the average odds at most sportsbooks for parlays are +260 for two teams and +600 for three teams. To understand parlay payouts better, check the examples below.
You choose a 2-team parlay on NFL games at +260 odds. Your potential winnings are $2.60 for every $1.00 you risk.
You choose a 3-team parlay on NFL games at +600 odds. Your potential winnings are $6.00 for every $1.00 you risk.
You choose a 4-team parlay on NFL games at +1200 odds. Your potential winnings are $12 for every $1.00 you risk.
You choose a 5-team parlay on NFL games at +2600 odds. Your potential winnings are $26 for every $1.00 you risk.
You choose a 6-team parlay on NFL games at +5200 odds. Your potential winnings are $52 for every $1.00 you risk.
Parlay bets are often seen as sucker bets by seasoned veterans. However, there is some merit to utilizing parlays as part of a sound sports betting strategy. This is because parlay bets can be used as a hedging tool. For example, if you have multiple strong leans on the same day, you can combine these games into a single parlay and cash out your profit early.
During live betting, you can use a similar strategy by combining different Moneyline options on the same game together into a parlay and locking in profits. Multiple options are available at most online sportsbooks for this kind of wagering.
How do you compute positive Moneyline odds payout?
To compute “+” American odds, divide the odds number by 100, then multiply the result by the stake size.
For example, a $50 wager at +150 odds is computed as 150/100 (1.5), multiplied by $50 (1.5*$50=$75). A successful $50 bet at +150 odds would net the bettor $125 ($75 profit plus the original $50 wager).
How do you compute negative Moneyline odds payout?
To compute “-” American odds, divide 100 by the odds number, then multiply the result by the amount of the bet.
For example, a $50 wager at -110 odds is computed as 100/110 (0.909), multiplied by $50 (0.909*$50=$45.45). a successful $50 bet at -110 odds would earn the bettor $95.45 ($45.45 profit plus the original $50 wager).
What do you mean by favourites and underdogs in NFL parlay betting?
In a game, the team with the higher predicted probability of winning is the favourite. When adopting American odds, favourites are designated by “−” odds. In general, favourites win more often than underdogs, but they pay out less on a win.
Underdogs are marked by “+” odds and they have a lower implied likelihood of winning. Combining many underdogs in a parlay bet can result in potentially large rewards, but the implied winning chance of such a ticket is low.
How do you compute implied probability in NFL parlay betting?
To calculate implied probability, see the example below:
Let’s say the Eagles are at +150 Moneyline odds. To find the implied probability for these odds, divide 100 by the sum of +150 and 100, then multiply by 100, or 100/(150+100)*100 to get the percentage. This results in 40 %. This means a bet with +150 odds will have the implied probability of 40%.
Another example for the “-” odds this time: Let’s say the Browns are at -110 0dds. to find the implied probability for these odds, you divide these numbers by the sum of these same numbers and 100, then multiply by 100, or 110/(110+100)*100. The result is 52.38. This means a bet with -110 odds will have the implied probability of 52.38%.
What are the pros and cons of parlay betting?
Two words: Better odds. Combining two or more bets can lead to big payouts. This is if you’re sure and confident about your choices.
Because the NFL season is just 17 weeks long, betting on a parlay to maximize your earnings is even more enticing.
This isn’t like the 162-game season, when you may gradually develop your bankroll by placing straight bets. This concept makes parlay bets a perfect fit for the NFL—it’s a race, not a marathon.
Additionally, a parlay bet is so much easier to hedge. Let’s say you parlay three teams together. To hedge this parlay bet, you could bet on those three teams individually. In this example, should three teams win, you can cash out. You’ve also added more to your earnings since your individual bets also won. Should one of the teams lose, however, the other individual bets you did will soften the blow.
But with the benefits come the risks.
In NFL parlay betting, the more teams you combine the more you can possibly win. This is really enticing and can therefore lead bettors to risk more than they should. But remember that all of your chosen teams must win. One loss and the parlay bet loses too.
How do you place an NFL parlay bet?
Just like in other sports betting, it is a great idea to check a lot of online betting sites to make sure you get the best odds on your wager. As little as a 0.5 difference in odds is a big deal in an NFL parlay bet.
For example, the Chargers may be at -7.5 on Site A but only -7 on Site B. If the team wins by more than 7 points, there’s a significant likelihood they’re winning by 10 or more. This is also true for point spreads of -3.5 and -10.5. If the team leads by more than 3 points, there’s a chance it won’t be 4. Keep an eye on the distinctions between each sportsbook.
Looking around will also leave you with more options in terms of payout! Take a look at the example below:
Let’s say Sportsbook A has the following odds for a three-team parlay—Eagles at -150, Bears at -400, and Browns at +110. Betting $100 on these teams will have the potential payout of $337.50.
Now look at Sportsbook B which has the following odds for the same teams—Eagles at -160, Bears at -375, and Browns at +115. Betting $100 on these teams will earn you the potential payout of $342.54. That’s still around $5 of difference. If you choose a four-team parlay, or five- if you are feeling lucky, that difference is going to go up.
The best way to parlay bet is online as it is convenient. You can cash in through your phone and watch how the odds unfold, then immediately cash out when you win bet parlays. We use and recommend BetUS, where you can get a 125% sign up bonus with our code JOIN125.
You may create parlays by selecting numerous bet kinds on an online sportsbook’s odds board. After you’ve completed your bet ticket, select the parlay option, examine your parlay betting odds, and input the amount you want to stake.
What are some strategies for NFL parlay bet?
As previously stated, there are only 17 weeks for you to build your bankroll. In such a short time, it is best to figure out how to offset losses, by utilizing what we call hedging in sports betting. See the example below:
Hedging with NFL parlay betting is as simple as risking half of your potential gains on the opposite side. For example, a $100 four-team parlay with +1,100 odds has one game left, with a potential win of $1,100. The underdog is +3.5 in our final parlay choice (-110).
You may bet $550 (half of your possible parlay winnings) on the -3.5 underdog (-110) to win $500. Even if the parlay loses, you’ll still make a profit of $400 ($500 minus $100 original parlay stake). If the parlay is successful, you will profit $550 ($1,100 – $550 hedge wager).
It is also smart to keep your NFL parlay bets small. Instead of going for an eight-team parlay, maybe you can start with a two-team parlay. It is hard enough to win a four- or even a three-team parlay. A two-team parlay is your safest bet to secure a parlay payout. An eight-team parlay holds staggering payout potential but in exchange for that is a 0.55 per cent of success.
What happens to my parlay bet if the game is cancelled?
While rare, games can get cancelled for many reasons. Weather conditions are most often the culprit as playing in bad weather conditions can be impossible, not just in NFL but pretty much in every outdoor game there is. Take Formula 1 for example, when organizers had to cancel the 2021 Belgian Grand Prix due to heavy rain.
What happens to your parlay bet when this unfortunate event occurs?
Well, the answer varies. Generally, your parlay will still be active in most cases, but that individual pick will be removed from the wager. How does that work?
Let’s say you bet parlays on six selections however, due to inevitable circumstances, one of these selections has to be cancelled. As a result, your six-selection parlay will turn into a five-selection parlay. The potential parlay winnings will also decrease accordingly.
If by chance your selection is reduced to just one, it will become one bet or a single bet. If all games are cancelled, your wager will be void and your money will be refunded.
How NFL parlay betting works – Conclusion
This article has given a brief overview of parlay betting and how it works. It’s easy to see why this type of betting is so popular: it offers the potential for a large payout if all of your predictions come through. But it’s important to be aware of the risks involved and to have a solid strategy in place.
If you’re looking to start betting on the NFL, parlay betting is a great way to get started!