Wagering on the NFL has become a rapidly developing industry, and more and more punters get glued to the games that take place every week. The number of viewers that track every game is heavily on the rise, which is only natural considering the betting action each game attracts.
While making their first steps in betting on the NFL, punters will come across many straightforward and more complex bet types, with parlay bets being among the most widely touted wagers. When placing parlay bets, punters might see their winnings go through the roof, which entices more and more NFL bettors into giving this wager type a try. In addition to this, parlay bets are exceptionally common among NFL bettors mainly because of the scheduling system of the league.
How to Place an NFL Parlay BetEven though parlay bets attract such a great deal of attention, many seasoned punters believe that these multi-game bets are sucker ones, and advise against adding them to your betting portfolio. Placing winning parlay bets is more about doing your homework and having a good understanding of the details of each and every scenario in an NFL game.
How to Place an NFL Parlay Bet
Parlay bets are also known as multis or accumulator bets, and in simple terms, they consist of two smaller bets at the least. Depending on the sports betting site punters have picked, they might be allowed to combine moneylines, point spreads, and totals, for example. Some bookmakers allow their users to add player props as well.
In order for gambling enthusiasts to place a parlay bet, they will be required to make two or three bets and tie them together into a single ticket. The number of selections a parlay bet can contain will depend on the sportsbook punters have become members of.
The underlying reason why parlay bets are so looked for is that when all picks they contain are correct, the returns can be extremely eye-catching. The offered payouts will grow bigger with each new selection punters add to their parlay bet, which is the reason why punters are tempted to add more games to their bets. Naturally, the more selections they link together, the harder it becomes to win. Thus, the extremely lucrative payouts punters will be offered come at the expense of the higher risk they need to take.
The biggest downside of placing an NFL parlay bet is that even if just one leg is incorrect, the entire bet loses. Because of this, placing winning parlay bets will be extremely challenging, especially if they are made up of too many legs. In spite of this, placing a parlay bet, which contains just two legs can bring gambling aficionados heftier wins when compared to wagering on these outcomes individually.
An Example of an NFL Parlay Bet
Let’s say that punters want to place a three-game parlay bet on games between the Los Angeles Rams and the Cincinnati Bengals, the Indianapolis Colts and the Jacksonville Jaguars, and the New Orleans Saints and the Atlanta Falcons.
- Los Angeles Rams to win – 1.53
- Jacksonville Jaguars to win – 1.98
- Atlanta Falcons to win – 1.33
In order for punters to place a multi-game bet, they will be required to add these three selections to their betslip and usually, the parlay option will automatically become available. When they decide what amount they want to put at a stake, they will get to see their potential returns based on the combined odds of the events and the bet amount. In this case, the overall odds for the wager are 4.029, meaning that if punters stake $100, their potential returns will be $402.91.
As you can see, the payouts parlay bets offer are indeed handsome but let’s take a look at the payouts winning straight bets will bring. For the sake of simplicity, we will assume that punters want to make a two-leg parlay bet with the Philadelphia Eagles (1.62) and the Tennessee Titans (1.22). This time, the overall odds for the parlay wager will be 1.976. Staking $20 on this multi-game bet can bring punters $39.52.
Yet, if NFL bettors think that making a parlay bet is too risky, they might be more comfortable with the idea of placing two straight-up bets. Thus, if we suppose that they stake $10 on the Philadelphia Eagles and win, the payout will be $16.2. Staking the same amount on the Tennessee Titans might result in a payout of $12.2. Thus, if both bets become winning ones, the total payout will be $28.4.
The Impact of Canceled Games
Something NFL bettors should look into is what happens on the occasions when one of the legs they have added to their parlay bet pushes. This will be the case when gambling aficionados have added an over/under or point spread bet, and the score hits the number oddsmakers have set. If this happens, the selection, which pushes will be removed from the parlay bet, and punters will get their funds back. Yet, in order for the parlay bet to win, the remaining selections still need to be correct ones.
So what happens if one of the games punters have added to their parlay bet is canceled and rescheduled? When punters have placed a bet on a game, which is canceled, the scenario will be the same as with games that tie. The selection will merely come off the multi-game wager, and if punters have placed a three-leg parlay bet, for example, it will become a two-leg one. Before they make a parlay bet, gambling enthusiasts should take some time to consult the rules of the sportsbook they are placing their wagers at in order to figure out how such bets are handled.
How to Calculate NFL Parlay Payouts
From the bettors’ perspective, the most enticing part about parlay bets is the generous reward they will stand the chance to collect if their multi-game wager wins. In order for punters to work out their potential returns, they will be required to multiply the odds for all events they have added to their multi-game bet together. Naturally, the easiest way to make these calculations is to use the decimal odds format.
Once NFL bettors have multiplied the decimal odds together, they will need to multiply the value they have got by the staked amount because in this way, they will work out their potential returns. In order to calculate their profit, punters need to subtract their original stake. It is important to note that this way of calculating the odds can be used when the prices for the selections differ.
Now, let’s take a look at parlay bets in action and assume that punters want to place a three-leg parlay bet. They want to place bets that the Atlanta Falcons, the Chicago Bears, and the Minnesota Vikings will win. In order to calculate the overall odds for the parlay bet, gambling enthusiasts need to multiply the odds for each selection.
| Atlanta Falcons | 1.64 |
| Chicago Bears | 1.34 |
| Minnesota Vikings | 2.05 |
1.64 x 1.34 x 2.05 = 4.505
Thus, if we assume that punters have decided to stake $50, their parlay bet can repay $225.25. This is $175.25 in winnings and $50 the original stake.
4.505 x $50 = $225.25
Punters should bear in mind that sometimes, bookmakers might determine the paying odds based on the number of selections they want to add to their parlay bet. Yet, this structure can only be applied to parlay bets that contain totals or point spread bets with odds of 1.91 or -110. NFL bettors should bear in mind that in most cases, parlay bets that have two legs offer payouts of 2.6 to 1, while parlays that consist of three selections pay at the rate of 6 to 1. The exact payouts only depend on punters’ NFL site of choice, but these are the most widely used ones.
| Number of selections | Odds |
|---|---|
| 2 | 3.60 |
| 3 | 7.00 |
| 4 | 11.00 |
| 5 | 21.00 |
| 6 | 41.00 |
| 7 | 76.00 |
| 8 | 151.00 |
| 9 | 301.00 |
| 10 | 701.00 |
How Progressive NFL Parlay Bets Work
Progressive parlay bets are considered a lower-risk version of the standard parlay bets simply because punters do not lose the staked amount if just one selection loses. Depending on the total number of legs NFL bettors have tied into a parlay bet, the maximum number of wrong picks they might be allowed to make might be up to three, but this is sportsbook-specific.
Of course, there is a tradeoff, and when punters make a progressive parlay bet, the returns they will be offered will be significantly reduced when compared to the payouts standard parlay bets offer. In addition to this, the offered payout will be further decreased for each wrong pick gambling enthusiasts have made.
| Number of legs | Payout if all selections win | Payout if one selection loses | Payout if two selections lose | Payout if three selections lose |
|---|---|---|---|---|
| 4 | 5 to 1 | 1 to 1 | N/A | N/A |
| 5 | 11 to 1 | 2 to 1 | N/A | N/A |
| 6 | 20 to 1 | 9 to 2 | N/A | N/A |
| 7 | 40 to 1 | 4 to 1 | 1 to 2 | N/A |
If punters add ten selections to their parlay bet, and none of them loses, they will be in for a payout of 250 to 1. Yet, if they have made a ten-leg bet, and one of the selections loses, the payout will be reduced to 25 to 1. If two of the legs lose, the payout NFL bettors should expect to get will be 3 to 1. If their ten-game parlay contains three losing selections, the payout will be 1 to 1.
What Is a Parlay Insurance
As we explained already, multi-game bets are exceptionally risky, and because of this, many punters prefer to avoid them. As a result, some bookmakers started looking for a way to grab the attention of punters and focus it on parlay bets.
Seeing NFL bettors who have placed a parlay bet and miss a payday because one of their selections loses cannot be ruled out, but some sports betting platforms have introduced an insurance offer that will make up for the losses to a certain degree. Thanks to this insurance, punters will get a partial refund in the event that just one of the selections in their parlay bet is incorrect.
In most cases, the ceiling on the parlay return is $25, but this might not be necessarily the case with all NFL betting sites. In spite of the fact that the insurance does not offer a whopping amount, it might be easier for punters to get familiar with this bet type and become more comfortable placing them.
Gambling enthusiasts should bear in mind that most of the time, there will be a bare minimum of selections they will be asked to add to their parlay bet in order to qualify for the insurance. Besides, the odds at which each individual selection is placed should also be considered because, normally, there is a bare minimum for the prices. Another thing punters should check is whether live bets are eligible for the insurance because most bookmakers tend to rule them out of the offer.
What Is the Difference Between NFL Teaser and Parlay Bets
As it turns out, teaser bets are often confused for parlays, but NFL bettors need to know that although on the surface, these bet types might seem the very same, this is not the case. When making a teaser bet, punters can adjust the point spread to favor them and winning the bet will be a lot easier. In exchange for the better chances of winning, gambling enthusiasts will be offered a lowered return. Once again, it will be up to punters to decide whether they want to adjust the point spread of two or more games. Like parlay bets, teasers win only if all selections it contains are correct.
In most cases, gambling enthusiasts will be allowed to adjust four points while wagering on basketball and six points while betting on football, but this only depends on the bookie. As for the way payouts are calculated, the process is not the same as with parlay bets. The price NFL bettors will be offered will depend on the sports betting site they have picked, but normally, several factors are taken into account. These might be the sport punters are betting on, the number of legs they have added to their teaser bet, as well as the number of points they want to get.
Whether NFL bettors should use teaser bets or not only depends on their preferences, but what they should take into account is the compounding risk as their chances of winning will decrease with each new selection they add.
Should Punters Make Parlay Bets
Total novices at NFL betting and punters who have a limited bankroll are normally wary of parlay bets because they are high-risk wagers. As we explained already, they are also high-reward bets which is where their biggest appeal is rooted. The opinions about parlay bets are opposing, and while some punters consider that the payouts such bets offer are worthwhile, others advise against them because of the higher risk.
It is up to punters to determine whether they should make parlay bets or not, and the most important thing they should consider is what goals they have set for their betting session. If they are looking to make money, then, it might be best if they avoid placing such bets. It is easy to see why as although parlay bets promise to bring punters juicer payouts when compared to single-game bets, winning them will be more challenging than winning individual bets.
As we explained already, the more selections punters add to their parlay bet, they will become less likely to win, which is to say that they will limit their success. Of course, this is not to say that NFL bettors should never place parlay bets. What they should simply consider is that they might see a big win with a parlay bet, but this will happen on extremely rare occasions. Just remember that losing just one selection will make their entire parlay bet a losing one.
Tips for Placing Parlay Bets
As you may have figured out from the examples we gave, placing a parlay bet is rather straightforward, and all this takes is picking the selections you want to add and deciding what amount you are willing to risk. If they want to get the most out of their parlay bets, punters should take into account several tips.
Keeping the staked amount at the lower end of the spectrum is indeed one of the things NFL bettors should consider. As we mentioned already, parlay bets offer handsome payouts, but the chances of winning decrease as punters add new selections. Because of the juicy payouts, punters are often tempted to put larger amounts at a stake, which will make them more likely to break the bank after making just a few bets.
Keeping your parlay bets small when it comes to the staked amount and the number of legs you will add is advisable.
While considering what selections to add to their parlay bets, NFL bettors should always pay close attention to moneylines. Wagering on the underdog on the moneyline might be a smart choice as punters will stand the chance to find good value. What gambling enthusiasts should also consider is that sometimes, favorites might not offer value, but adding such selections to their parlay bet will help them increase the overall odds.
While thinking about which markets to add to their parlay bet, punters should also check whether the bookmaker allows them to add point spread and totals on the same game to their parlay bets. In spite of the fact that, on most occasions, punters will prefer to focus on just one of these markets, checking if they can add both of them to their multi-game bet is must as thus, they will stand the chance to increase the value without taking the risk of focusing on other games.
Lastly, if the schedule allows this, it will be best if the games punters decide to tie into their parlay bet do not start at the same time. By doing so, gambling enthusiasts will be less likely to start chasing their losses and end up with empty bankrolls, which is often the case with up-and-coming bettors. Not to mention that by using this approach, NFL bettors will stay glued to the games for longer, which adds to the excitement of watching these games.