As a way of encouraging bettors who come close to winning on parlays to try again, sportsbooks offer parlay insurance. The way parlay insurance works is that if all legs of your parlay hit except for one, you get a refund. There are two types of parlay insurance, cash-back insurance, or free bet insurance.
How does a parlay operate and what is it?
How does a parlay wager function? – In sports betting, a parlay occurs when a bettor combines numerous wagers (at least two) into a single stake. If one of the wagers in a parlay loses, the entire parlay is forfeited. However, if every wager wins, the bettor receives a larger payoff.
A parlay wager is when many single wagers are combined into a group. This will enhance the odds and your winnings if your gamble is successful. Remember that in order for a parlay wager to be successful, all of your individual wagers must win.
What are the parlay rules?
A parlay, also known as a combination wager, is a combination of two to sixteen separate wagers. To win the parlay, each of your individual wagers must win. If any wager in a parlay loses, the entire stake is considered a loss. If it strikes, though, the payout may exceed six figures (depending on what you risk).
When more wagers are added to a parlay, the potential payoff increases. View our video on NFL parlay betting for more details. Consider an example from the NBA: Consider that you choose the Charlotte Hornets (+7.5) to maintain the Boston Celtics score inside 8 points. You also favor the Bulls against the Heat and the Mavericks to beat the Knicks by seven points or more.
Instead of putting three separate wagers, you might boost your payout by placing a three-team parlay. If all games go your way, you will win more with a single wager than if you gambled on each game separately. This brief video instruction demonstrates how to effectively place a parlay wager.
- Additionally, you can refer to the thorough step-by-step instructions provided below.
- How to Make a Parlay Wager Sign in to your Bovada account and then select SPORTS at the top of the page.
- Choose your sport from the menu options.
- If your sport is not listed, click “All Sports” to view more.
- By default, the website will only display open events and events with accessible betting odds.3.
Make your choices by checking the appropriate boxes (up to a maximum of 16). Your choices have been added to the Bet Slip. On your mobile device, you may access the Bet Slip by tapping the symbol at the bottom of your window. It is positioned to the right of the betting lines on Desktop devices.
- NOTE: You may combine point spreads, moneylines, totals, props, and futures in a single parlay, but there may be limitations when combining odds from the same event.4.To put a Parlay wager, click the ‘Multiples’ tab atop the Bet Slip.
- Your total odds for your Parlay will be shown above your selections.5.On the Bet Slip, put your risk amount in the box located beneath the Parlay field.
Click the “Place Bets” button at the bottom of the Bet Slip after reviewing your wager(s). You will then be provided the specifics of your final wager along with your reference number. Click “Continue Betting” to cancel your wager and proceed. Parlay Rules To place a parlay wager, you must select a minimum of two lines and a maximum of sixteen. Two ties lower a four-team parlay to a two-team parlay. The compensation is recalculated in light of the decreased number of teams. With one push, a two-team parlay becomes a straight bet. If a parlay is reduced to zero teams, the wager will be deemed a “push” and your stake will be returned.
- If any leg of your parlay has been rated “NO ACTION,” the parlay will be reduced to the next available number of teams.
- For instance: A three-team parlay reduced to a two-team parlay by a “No Action” wager.
- A two-team parlay in which one leg is deemed “No Action” will be converted into a single wager on the remaining team.
The compensation is recalculated in light of the decreased number of teams. Except for pushes, all wagers must win for the parlay to be deemed successful. If a single bet loses, the entire parlay is forfeited. No partial rewards exist. You cannot include baseball five inning lines (5inn) in parlays for the same game.6.
It is not possible to incorporate identical game props in a parlay. You cannot mix point spreads and/or moneylines for the same team in separate portions of the same game. Because 1H/2H and full game odds of the same line segment for the same event are connected, you cannot mix them. You may mix point spreads and/or moneylines for the complete game with the 1H totals of the same event and vice versa.
You cannot include both sides of the same wager type (point spread, moneyline, or total) from the same game segment. In the same game, you cannot mix alternative lines with any other market type. Payments for Parlays Our parlay payouts are based on “actual odds,” which rely on the number of teams selected and the odds on those teams.
| Parlay Size | Payouts |
| 2-Team | 2.645/1 |
| 3-Team | 5.958/1 |
| 4-Team | 12.28/1 |
| 5-Team | 24.36/1 |
| 6-Team | 47.41/1 |
| 7-Team | 91.42/1 |
| 8-Team | 175.4/1 |
| 9-Team | 335.9/1 |
| 10-Team | 642.1/1 |
| 11-Team | 1227/1 |
| 12-Team | 2343/1 |
| 13-Team | 4447/1 |
| 14-Team | 8451/1 |
| 15-Team | 16307/1 |
| 16-Team | 31132/1 |
IMPORTANT: Due to rounding, the actual payout may be somewhat higher or lower. To determine your wins, multiply the odds by the amount of your wager. For instance, suppose you placed a $10 wager on a two-team parlay with odds of -110. The potential payout is $26.45 ($10 x 2.645-0/1) Your total payoff would amount to $36.45 ($26.45 in winnings + $10 in wagers).
| Moneyline | Multiplier |
| -140 | 1.71 |
| +120 | 2.20 |
Your total payment, which includes your earnings and stake, is calculated as follows: 10 x 1.71 x 2.20 = $37.62. The highest payoff for a single wager at the Bovada Sportsbook is $250,000. No wager payoff, including parlays, will exceed this amount under any circumstances.