Sports betting parlays can increase your excitement level, challenge, and potential payouts. Whether you are looking for extra game-day thrills or using strategy and research to twist the odds in your favor, parlays are worth a look.

 

What Is Parlay Betting?

Parlay bets involve choosing two or more outcomes (which experienced bettors call "legs"). To win, you need to pick each leg correctly.

Yes, this is more difficult than a straight bet, where you win or lose by choosing a single outcome. But the greater challenge brings the potential of a better reward. If you get all the legs right, the payout will be much higher than a single straight bet.

The following parlay betting guide will show you the ins and outs of this exciting sports gambling option. We'll also show you how to place parlay bets as a first timer at the Gold Strike Sportsbook powered by DraftKings.

 

How to Place Your First Parlay Bet

Parlay betting is straightforward. Here are the steps:

● Look at the odds sheet. It contains the odds for each contest or prop. The sportsbook assigns each team or competitor a unique number.

● Choose the numbers that you want to include in your parlay.

● Decide on the total amount you'd like to wager.

● Go to one of the self-serve kiosks in the casino or visit the sportsbook counter and tell the numbers and stake amount to one of the ticket writers there.

● Get your ticket. You'll need to hold on to this slip of paper to cash out. Your bet ticket will have the odds and potential payout info, but you can also calculate these yourself.

 

 

How to Calculate Parlay Odds

The formula for standard parlays is:

Payout = stake × total odds

Calculate the total odds by multiplying the odds for each leg together. This is easy to do on your phone's calculator with decimal odds.

If you have moneyline odds, you need to add one more step.

 

● For positive (+) moneyline odds, divide the odds by 100 and add 1. So +200 becomes 200/100 + 1 = 3.0.

 

● For negative (-) odds, divide 100 by the odds, then add 1. So -400 becomes 100/400 + 1 = 1.25.

Do this for each leg and then multiply the legs together. Progressive parlays are a bit different. These bets pay out even if some of your legs lose. For instance, if you pick 3 of 4 legs correctly, you may make a modest profit.

 

Cashing Out

For standard parlays, you can take a winning ticket to the betting window or select the cashout option on the app to receive your winnings.

You can also consider cashing out early.

Why would you do this? It can let you lock in your profits on the successful legs without risking your whole stake in the outcomes of the remaining games.

The sportsbook will offer a payout based on the odds of the completed legs and the remaining legs. You can choose to accept or decline their proposed amount.

Alternatively, you can let it ride, holding out for the full payout if all legs of your parlay hit. By choosing this route, you’re opting for the chance to win big, rather than settling for a partial cash-out. Letting it ride can be especially exciting if you feel confident in the remaining matchups or have placed a high-odds parlay. For some bettors, the thrill of riding each leg to the end—and potentially hitting a large payout—makes this option worth the gamble.

 

Combining Bets Across Different Teams and Sports

You can spread the challenge across different sports. For instance, choose football, basketball, and hockey games on the same weekend.

This flexibility is great for two reasons. First, it lets you combine all the games you want to watch and bet on one ticket. Second, it gives you more chances to choose contests where you think the odds are in your favor.

You can choose major sports like football, soccer, baseball, basketball, and hockey. Or you can add more niche sports to your parlay, like Australian rules football, rugby, or Olympic sports.

Examples of Parlay Bets

Here are some scenarios to help you understand how to bet a parlay:

● It's wild card weekend in the NFL, and you want to bet four games. You choose straight money line bets for the Chiefs (1.50 decimal odds), Lions (2.25), Packers (1.90), and Steelers (2.0). You can win 12.8 times your stake if these four teams win.

 

● It's a busy sports weekend. You like how the Chicago Bulls and Blackhawks have been playing, so you choose them for a parlay at 1.95 and 2.1, respectively. You add the New York Jets (1.6) because their stellar defense is playing a second-string quarterback. Your total potential payout is 6.5 times your stake.

 

Consider the second scenario. The Bulls and 'Hawks have won. But the Jets starting QB has the flu and won't play. You originally bet $100, but you aren't sure if the Jets will win to give you $650. You decide to cash out. The sportsbook will let you cash out for $325, giving you a nice profit and cutting your risk of losing your entire bet if the Jets lose.

 

Why Bet Parlays?

Parlay bets have a few distinct advantages:

● Payouts are much higher since the odds are multiplied.

● There's more excitement. You'll have more games to follow, and your ticket depends on the outcome of each one.

● Test your skills across sports. Parlays let you select different sports, so you can use your knowledge across multiple leagues. Parlays bring excitement, but they can also be daunting for beginners.

 

Parlay Tips for Beginners

These steps can help you get started without feeling intimidated:

● Start small. Only risk a few dollars on your first parlays. You'll become comfortable with the mechanics of creating parlays, placing bets, and cashing out with less stress.

● Choose sports you know. Parlays involve choosing which favorites will meet expectations and which underdogs can pull off the upset. Starting with sports you know can help you understand this dynamic.

● Place bets in person. Hopefully, our beginner's guide to parlay betting has helped you understand multi-leg betting. But ticket writers and sportsbook staff can help you with anything you don't understand.

The Gold Strike Sportsbook is an excellent option for new Parlay bettors.

 

 

Why Bet Parlays at Gold Strike?

Gold Strike Casino Resort is in Tunica, Mississippi. The sportsbook is powered by DraftKings, one of the most respected brands in the industry. You can place bets in person in the sportsbook on the casino floor or use the kiosks throughout the casino.

Once you've got your ticket in hand, you can head to Drafts Bar and Grill to watch your games on the multiple big screens.

If you're new to betting, you'll want a place that provides excellent customer service. Gold Strike won Best Overall Service on the Casino Player Best Dining and Nightlife rankings for 2023. A stop here will give you the experience and comfort level to truly enjoy your sports betting experience.