A moneyline parlay of Oral Roberts (+900), Oregon State (+333), and North Texas (+260) would have paid out quite well. Here’s an example of a winning parlay from the first round of the NCAA men’s basketball tournament, based on the closing odds at BetMGM.

Once the first half overcomes in, the final score over is more likely, so the sportsbook won’t want you to parlay that. Some sportsbooks label these as “same-game parlays.” For example, you can parlay the Philadelphia 76ers to cover a 6.5-point spread and the over, but you may not be able to parlay the first half over and the final score over. Those exceptions can be parlaying correlated bets. With some exceptions, you can pick whatever bets are offered and combine them into a parlay. If the odds are an accurate representation of the likelihood of the bet winning, that parlay would have a 1-in-27 chance of winning.īoth of those examples featured parlays where every leg had the same odds to keep things somewhat simpler. A $10 three-bet parlay with those odds would turn into $270. That means every winning leg would triple the money. Say instead of betting on three bets with -110 odds, the bets each had +200 odds. The winnings can get a bit crazy when adding in underdog bets. Finally, the $41.50 is also bet on the third leg with -110 odds. Then for the second leg, that $21 is bet on the second leg, also at -110. In this example, the first leg wins with -110 odds on an $11 bet. This multiplies because a parlay forces all winnings from the previous bets to roll over into the next one. Betting $11 on a three-bet parlay where each bet had -110 odds would turn into $79.23 if all three bets won. For example, if you want to place $11 on a bet, but winning $10 doesn’t excite you enough, you could put that $11 to use in a parlay. Parlays are a cheaper way to win bigger payouts potentially. However, parlays multiply the odds of your winnings, which is the risk-reward of parlays. Obviously, in that case, if you bet them individually, you’d have won two bets and only lost one. If you win only two of them, you get nothing. If you place a three-bet parlay, all three bets have to win for you to cash in.

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