NFL Parlay Betting
NFL Parlay Betting
Imagine approaching a bookie before the Big Game, wanting to place two Super Bowl bets. The bookie takes your bets and asks if you’d like to combine them, meaning they need to both win for you to win. The payout is more than double what you’d earn placing them individually. That’s a parlay in action.
What are NFL Parlays?
A parlay is a combination of bets that must all come through in order to earn the payout. Betting on NFL parlays is popular because you win more from a parlay than what you’d get from making all the same single bets. That’s the beauty of compound winnings.
How do NFL Parlays Work?
At Bodog Sportsbook, you can group 2 to 12 NFL lines into a single parlay. The more lines that are included in the parlay, the bigger the potential payout. But the risk also goes up, since all the bets must come through for the parlay to win. If you’re new to parlay betting, starting with a two or three-team parlay is a good way to go. Keep in mind, just because the term for the multiple lines in a parlay is a “team”, doesn’t mean that you can only include football teams. For example, a common two-team parlay is betting the point spread and the total. We’ll use that as our first example.
Houston Texans +5.5 (—110) O 42.5 (—110)
Seattle Seahawks —5.5 (—110) U 42.5 (—110)
The Houston Texans are 5.5-point underdogs on the spread, as indicated by the positive (+) symbol. The Seattle Seahawks are 5.5-point favourites, as indicated by the negative (—) symbol. The total is set at 42.5 points. All bets in this example are offered at —110 standard odds. If you want to start small with a two-team parlay, you can include two of these lines. There are four ways to create a two-team parlay from this example:
1) Houston +5.5 O 42.5
2) Houston +5.5 U 42.5
3) Seattle —5.5 O 42.5
4) Seattle —5.5 U 42.5
After adding the lines onto your bet slip, the option to "Parlay" your two picks will appear. Put the amount of money you want to risk in the 'RISK' box, and the 'WI'N box will show you how much you’ll get if your bets come through.
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What Can You Parlay?
Even though the “spread and total” combination is the most popular parlay bet, there are plenty of other NFL betting types that allow you to combine bets. Moneyline odds, Super Bowl odds, and some props are eligible to be parlayed. Futures and prop bets will prolong the bet because it won’t be settled until the wagers are completed.
How are Parlays Calculated?
We’ve mentioned that the payouts awarded to parlays are bigger than those earned by single bets, but by how much? A two-team parlay pays 2.6446X your wager, and a three-team parlay pays 5.9579X your wager—these ratios are based on standard —110 lines. Let’s calculate a parlay based on standard odds to give you an idea of what to expect. With the Houston-Seattle example, we’ll go with option No. 2; however, since all the lines are —110, the payout would be the same regardless of which option you pick.
Houston +6.5 (—110)
U 42.5 (—110)
In this case, staking $100 on each line individually nets you $90.91 (total of $181.82 for both bets). However, if you parlay them together, staking a total of $200, the payout is calculated by multiplying the bet by 2.6446.
$200 X 2.6446 = $528.92.
Let’s see what happens if we add a third line to the parlay.
Houston +6.5 (—110)
U 42.5 (—110)
New England Patriots —7 (—110)
Keeping our stake at $200, the addition of the New England Patriots spread changes the payout multiplier to 5.9579.
$200 X 5.9579 = $1,191.58.
This is all assuming that the bets win. Every so often, your parlay is going to encounter a push in one or more of the lines. This is when a bet results in a tie. When this happens, your parlay gets reduced by the number of pushed lines. For example, if your four-team parlay has one push, it becomes a three-team parlay. If a two-team parlay has one push, it turns into a single bet. Most of the time, your parlay won’t undergo these reductions, and you’ll be free to enjoy the power of parlayed payouts.
NFL Parlays: Pros and Cons
The pros and cons of NFL parlays betting, and parlay betting in any sport for that matter, are clear to see. Sure, combining bets makes your chances of a payout less likely, but when they do win, the amounts are much juicier. Smart parlay bettors will often double down on their beliefs heading into a particular NFL game. For instance, if you feel that the Giants are likely to cover the spread, there is every chance they will do so by scoring a healthy number of points. Combining the two will increase your odds and enhance your potential payouts. In terms of cons, the only obvious one is staring you right in the face. The more legs you add to a parlay, the higher the risk of one leg letting you down and ruining the whole thing. Do your research, take your time, and see if you can impress your buddies with your NFL parlay knowledge.
For additional infomation, you can check our guide about NFL betting.
FAQs
Does Every Game In A Parlay Have To Win?
Yes. There are no points or payouts for coming close. It’s impressive to land seven out of eight in a parlay, but all must win for you to be paid out.
Can You Cash Out An NFL Parlay?
Yes, but you have to do so before the last leg of your parlay finishes.
How Many Legs Can You Parlay?
In theory, you can parlay as many NFL legs as you like, but to do more than 10 or 12, you’ll want to contact our customer support team.
What Are The Odds Of Landing A 10-Game NFL Parlay?
The answer to that depends on the games you choose in your parlay and which team you opt for. If you back all of the favourites, your odds will be considerably shorter than if you opt for a few underdogs.
Is It Worth Placing A Three-Team Parlay?
Most definitely. If you think three teams are likely to win or beat the spread, and their odds are generous, then you’re best bet is placing a parlay.
Does Crypto Betting Work For Parlays?
Crypto betting is the best way to bet at Bodog Sportsbook, no matter the type of bet. You receive better bonuses as well as quicker payouts and more secure transactions.
