What is a parlay?
- Updated: October 19, 2016
A parlay, or combo bet, is a selection of 2-12 bets linked together. Winning the parlay requires all of the individual bets winning- even one losing bet can deem the parlay a loss. Of course, more risk, more payoff, so when you add more bets to your parlay, you increase your potential payout.
Suppose the New York Giants (-3) are playing the Philadelphia Eagles. At the same time, the New England Patriots (-8) are playing the Miami Dolphins. You believe both the Giants and the Patriots will cover their respective spreads. So instead of placing two straight bets, you can place a parlay. You win if you’re right about both games. However, you lose if one of the teams fails to cover.
How to Place a Parlay Bet
1. After logging in, click Sports to open the Bovada Sportsbook.
2. Select the desired sport from the left navigation panel.
3. By default, the page will only show open events or those that have lines available for betting (either game lines or live betting).
4. Select your desired lines by clicking the appropriate boxes (up to a maximum of 12). Your selections will be added to the Bet Slip on the right of the page. Note that you can add point spreads, moneylines, totals, props and futures to the same parlay, but there may be restrictions when parlaying lines from the same event or when lines are “singles only” (see Color Indicators help page).
5. Your selections will show in the Bet Slip on the right side of the page. Select ‘Parlay‘. Then, add any “point buys” you might require (when available).
6. Enter a risk amount in the box provided. Once you enter a risk amount, your total win amount is automatically calculated for you.
7. If you want to remove a line entirely from the Bet Slip before proceeding, click the ‘X‘ icon beside the selection.
8. Click ‘Review Bets‘.
9. Confirm the details of your parlay. If you want to proceed, click ‘Place Bets‘. If not, click ‘Edit‘ to change the wager details.
10. Once your parlay bet is placed, you will reach a confirmation window showing you your final bet details, including your wager reference number.
11. Click ‘Continue Betting‘ to return to the lines page.
All of our parlay payouts are calculated based on “true odds”, which depends on how many teams are selected and the odds on those teams. If each pick of your parlay is a standard line (i.e., -110, where you must wager $110 to win $100), then the chart below will give you an approximate estimate of your payout:
Note: Actual payout may be slightly more or less due to rounding.
To calculate your winnings, simply multiply the odds by your bet amount. For example, suppose you bet $10 on a two-team parlay where the odds of both picks are -110. You stand to win $26.45 ($10 x 2.645/1). Your total payout would be $36.45 (the $26.45 you won plus the $10 you wagered).
For parlays involving moneylines or picks at off-standard prices (i.e., -105 or -115 etc.), you need to first find the multiplier for each pick in the parlay and then multiply your bet amount by the product of the multipliers. For example, suppose you bet $10 on a two-team parlay where the odds of the two picks are -140 and +120:
Your total payout, which is your winnings plus your original wager, is calculated as follows: 10 x 1.71 x 2.20 = $37.62.
The maximum wager payout for the Bovada Sportsbook is $100,000. No wager payout will exceed this amount under any circumstances.
The following rules apply when you place a parlay.
1. You must select a minimum of two lines and a maximum of 12 to place a parlay.
2. A push reduces the number of selections in the parlay. For example, a four-team parlay with two ties reduces to a two-team parlay, and the payout is re-calculated based on the reduced number of teams. A two-team parlay with one push reduces to a straight bet. If a parlay reduces to zero teams, the bet will be graded “Push” and your risk amount will be refunded.
3. With the exception of pushes, all wagers must win for the parlay to be considered a win. If one wager loses, the entire parlay loses. There are no partial payouts.
4. If any leg of your parlay has been graded “No Action”, the parlay will reduce to the next number of teams in the wager. For example, a three-team parlay with one leg graded “No Action” will reduce to a two-team parlay, or a two-team parlay with one leg graded “No Action” will become a single wager on the remaining team. The payout amount will reduce to reflect the remaining teams in the parlay. Essentially, a “No Action” wager has the same effect as a “Push” in a parlay.
5. You can’t include triangled lines, quarter lines (1Q, 2Q, 3Q, and 4Q), and fifth inning lines (5inn.) in parlays.
6. You can’t include same game props in a parlay.
7. You can’t combine point spreads and/or moneylines for the same team from the same game, even if the lines are from different segments of the game.
8. You can’t combine 1H and full game lines of the same line segment for the same event as those lines are correlated. Nevertheless, you can combine point spreads and/or moneylines for the full game with 1H totals of the same event and vice versa.
9. You can’t include both sides of the same bet type (point spread, moneyline, or total) from the same segment of the game. Using the example above, the following parlay would be invalid:
· Over (1H) with Under (1H)