Home Betting Guides What Is A Parlay Bet & How To Place It?

What Is A Parlay Bet & How To Place It?

A parlay bet is one of the most popular and entertaining ways to wager. They usually are low-risk, high-reward bets that can generate huge payouts when they hit. The main reason why they are so popular is that it is a great way to follow sporting events and have some additional interest in them without breaking the bank.

Top Betting Offer To Take Advantage Today

  • Register for a new BetMGM account & deposit

  • Place your first bet up to $1,000 risk-free!

  • Get a refund up to $1,000 if you lose

(New User Bonus. 21+; Valid Only NJ, IA & WY; T&Cs Apply.)

There are many different ways to place a parlay bet: you can go for a simple two-bet parlay or going for the big hit. In addition, you can mix different sports and markets on it as you can use moneyline odds, over-unders, spread bets, props and so on. 

NewJerseySafeBetting.com has a complete section with dedicated experts providing you with the best picks to help make the right decisions when placing parlay bets. Regardless of whether you are a gambling newcomer or a veteran, you will find parlay picks that suit your taste! 

What Is A Parlay Bet?

Parlay bets are several single bet wagers that are grouped together to generate bigger payouts. An essential thing to remember is that you have to win every selection in the parlay to be able to cash in. You can add many wagers you wish to a parlay bet as some sports betting sites in New Jersey allow up to 10-bet parlays, where you can mix different sports, if you want to. Building parlay bets with lots of wagers could be fun but remember that you have to get the entire parlay correct to win.

If one of those picks will result in a push, it is not a big problem, and you won’t lose your parlay bet. The only thing that will happen is that that specific pick is removed from the parlay, and the payout is reduced accordingly. So if you have a five-leg parlay and you get four picks correct, and one is a push, your parlay bet will be a winner as if you would have placed a four-bet parlay. 

What are the different types of parlays bets?

The most common type of parlay bet involves point spread bets. This is the number that is assigned by handicappers to even out the odds of a game. For instance, when the Kansas City Chiefs are a 7-point favourite over the Tennessee Titans, it means that the Chiefs would have to win the game by eight or more points to cover the spread. Adding more of those selections into a parlay bet can make the payout very attractive, even with a small stake. 

Parlay bets made of moneylines selections are also very common. Moneylines odds take the point spread out, which means you are picking a team to win the game without any handicap or advantage. Odds usually are well in the negative when choosing a favourite team, but combining more favourites into a parlay bet can make everything suddenly a lot more interesting. 

Similarly to those types of bets you will also find Over/Under bets on the total score of the game and teasers parlay bets, which we have analysed in a different betting guide article. 

What is the best strategy when placing a Parlay Bet?

NewJerseySafeBetting.com has some of the best expert handicappers that provide free tips and analysis to help you make the right wagering choices when it comes to place parlay bets. Below are some of the key steps to remember when placing a parlay bet: 

Compare the odds

Different sports betting sites have different odds. Therefore, when placing parlay bets it is crucial to compare the odds offered by the various NJ operators as the payouts could be significantly different in some cases. In our parlay bets sections, we provide advice on which is the sportsbook with the best lines at the moment of writing. Odds are always subject to change so double-check them before placing the parlay bet. 

Do some proper research

Although betting on gut instinct can be successful in the short period, research always helps in the long run. This is why our expert cappers spend hours every day analysing all angles of a game to find the best values in the market. 

Manage well your bankroll

Make a plan before you start placing parlays bets is very important. But, first, figure out how much you are willing to risk on parlay bets and set that aside in your overall bankroll management every week. 

Place your bet

Once you are happy about the selections, the odds and the potential payout, go ahead and place your parlay. As many selections are involved, it is always advised to double-check that all the games are correct before submitting. You surely won’t like to lose out on a big win only because you have wrongly entered some selections. Once your parlay bet is confirmed, just sit back and enjoy the games. 

Top Betting Sires & Offers In New Jersey

  • Register for a new BetMGM account & deposit

  • Place your first bet up to $1,000 risk-free!

  • Get a refund up to $1,000 if you lose

(New User Bonus. 21+; Valid Only NJ, IA & WY; T&Cs Apply.)

  • Register for a new Caesars account using promo code: SB4Y15 & deposit

  • Place your first bet!

  • Place a first-time wager of up to $1,500, get it back in the form of a Free Bet if you lose

(New User Bonus. 21+; Valid Only NJ & IA; T&Cs Apply.)

  • Register and create a new account using promot code: 250MATCH

  • Make your first deposit

  • Get a 100% matched bonus up to $250!

(New User Bonus. 21+; Valid Only NJ & IA; T&Cs Apply.)

  • Click on the ‘Claim Here’ button below

  • Make your first deposit

  • Get $250 Risk Free Bet

(New User Bonus. 21+; Valid Only NJ & IA; T&Cs Apply.)

  • Sign up, deposit $10 more to your bet365 account and place a qualifying bet of $1

  • Get $200 in Free Bets once your bet is settled with bet365

  • Free Bets added to Free Bet Credits balance up to $200!

New Customers only. Bet $1 and get $200 in Free Bets. Sign up, deposit (minimum $10) to your account and place a qualifying bet of $1 to get $200 in Free Bets once your bet is settled with bet365. Free Bets added to Free Bet Credits balance. Free Bet risk excluded from returns. T&Cs, time limits & exclusions apply. (New User Bonus. 21+; Valid Only NJ; T&Cs Apply)

Previous articleWhat is a Teaser Bet, And How To Place A Teaser Bet?
Next articleNFL Player Prop Betting Picks: Jalen Hurts In Monday’s Philadelphia Eagles @ Dallas Cowboys
John was born and raised in London, John has always been in love with American sports. He started to write football articles back in 2006 on his own blog and has also worked for several newspapers. John other passion was betting and has worked as a trader for several top sports book in the UK. As sports trader and has joined leading UK betting tipping site BettingTips4You in 2013 and he is now head of content. He has a great passion for US Sports so hasn't wasted the opportunity to write also for NewJerseySafeBetting, now that online sportsbetting has been legalized in the state.