Parlay betting is the most fun, thrilling and popular form of betting. It is also, however, the most difficult form of betting and an easy way to lose money. In a parlay bet, you are selecting that two or more bets win.

Each bet in a parlay is called a ‘leg’ and in order for you to win a parlay bet, all the ‘legs’ must win. If just one leg misses, then the entire parlay is considered a missed bet. Because of the degree of difficulty, payouts are typically lucrative.

How does Parlay Betting Work and How To Bet a Parlay?

As mentioned, a parlay works when a bettor combines two or more bets for one payout. Parlays can consist of as many legs as a bettor wishes, but the more legs added the more difficult it is to win. 

If a bettor thinks that both the Steelers and the Raiders will win their NFL games on Sunday, then the bettor can parlay the Steelers and Raiders into one bet. If both the Steelers and Raiders win, then the bettor wins the parlay. If either team fails to win, then the entire parlay is over. 

The more bets added to a parlay, the greater the payout will be if the bettor wins. Again, it becomes more difficult to win a parlay with added bets which is why the payout increases with more legs added. 

Calculating Parlay Odds and Payouts

Calculating a parlay moneyline is very difficult to do. In fact, many websites offer parlay calculators you can use to determine the exact outcome of your desired parlay. Simply add each leg’s moneyline into the parlay calculator, and it will automatically calculate the odds for you.

Most sportsbooks will already feature this calculator when you select desired bets for your parlay. Sometimes games within a parlay will be postponed or suspended, and if that’s the case be sure to check with your sportsbook for house rules. 

Most sportsbooks will simply deduct the moneyline from the postponed or suspended from the final parlay calculated odds. Other sportsbooks will mark the parlay a ‘push’ or a ‘tie’ and give the bettor the wager back – as if it never happened.

For individual sports, such as tennis, the rule can be much more tricky. If a tennis player gets injured during a match, the time at which the player was hurt dictates the ruling on a tennis wager within a parlay.

Pros of Parlay Betting

As mentioned, parlay betting is by far the most exciting and thrilling form of sports betting. The winnings are juicy and the engagement between games makes for an eventful day.

Bet small, win big

The more legs added to a parlay sees a bigger payout for the bettor. It’s very eye-catching for a bettor to see that it would only cost $1 to potentially win $50 or more if multiple bets hit. The risk is low and the reward is very high if a bettor can win a parlay bet.

More exciting than straight bets

With multiple bets on the board, the engagement of games becomes amplified. Many bettors wager on more than one game a day, so the parlay betting allows for bettors to put all their daily bets into one wager to pay attention to. 

Cons of Parlay betting

Despite the excitement and large rewards for parlay bettors, there are more cons to it than there are pros.

Difficult to win

As mentioned above, it’s very difficult to win a parlay bet. It’s difficult to win a single bet as it is, let alone multiple bets. Some of the best handicappers max out around 50% with single bets, so anyone thinking about a parlay bet should understand entering that you will lose more times than not. 

Not for long-term expected value

Because of the degree of difficulty it is to win a parlay, bettors should never enter this form of betting if gambling long-term. Successful betting comes over time and not in short forms, as it is more a marathon than it is a sprint. 

In fact, sportsbooks payout winning tickets with parlay money lost in wagering. It’s also called ‘Fool’s Gold’ in the industry, so consider it a tricky way for books to slowly suck money from you. Sure, you can get lucky and win but the odds of that happening aren’t very good. Also consider the fact bettors will lose their parlay winnings with other wages over time. 

Whatever your betting style is, RYP has you covered! Our pools are fun and easy to connect with friends, co-workers and family members. Start hosting yours today!

General FAQs

How to make a sports pool?

Starting a sports pool is easy with RunYourPool! We have fully customizable settings, dedicated customer support, and we make it easy to invite friends so you can compete against them.

What is a sports pool?

Sports pools are games to play with family and friends. With RunYourPool, all you need to do is pick your sport, pick one of our game types, set up your pool, and compete!

How do I invite people to my pool?

Inviting friends to your pool is easy with RYP! We provide you with a custom link that you can send out to anyone you would like. We also have a connections feature to allow you to easily invite members to join your pool.

Who can play in a sports pool?

Anyone can play in a pool on RunYourPool! With our array of game types throughout multiple sports, there's an option for everyone.

How much does RunYourPool cost?

Our pricing tiers are determined by how many members you have in your pool. We have three tiers; Amateur, Pro, and Front Office. Our pricing page provides a breakdown of all three options!

Is RunYourPool legal?

RunYourPool is 100% legal. We do not allow any illegal entry fees or gambling on our website.


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