What is a Parlay in Betting?

Parlay betting allows bettors to combine multiple selections from different sports into one wager, increasing potential payouts while also raising the level of risk.

Parlays are especially popular on NHL betting sites and soccer betting sites, where punters like to stack multiple games into a single bet for higher returns. 

The same concept applies to major North American sports like basketball, baseball, and football, where bettors combine picks from the NBA, MLB and NFL.

The appeal of parlay betting is simple: by adding multiple bets to one ticket, the odds multiply, creating a potentially big payout from a smaller stake. 

While the risk increases with each added selection, the reward can be significant if all legs of the parlay win.

Not all betting sites offer the same value for parlays, and some new betting sites provide exclusive parlay boosts and insurance promotions to increase returns or protect losing bets.

Why Bet on Parlays?

• Bigger Wins – A successful parlay returns far more profit than a single bet, as each winning selection multiplies the payout. For example, a three-leg NHL parlay with odds of +100 (2.00), +150 (2.50), and -125 (1.80) could result in a much larger win than betting on each game separately.
• Smaller Stakes, Higher Potential Payouts – Instead of betting $50 per game, you could combine selections into a $10 parlay and still have a chance at a large return.
• Strategic Betting – Parlay bettors often analyze stats, trends, and odds across betting apps to find the best value and improve their chances of winning.
• Promotions & Bonuses – Many parlay betting sites offer parlay boosts (which increase winnings on successful parlays) or parlay insurance (where you get money back if one selection loses).

How to Place a Parlay Bet

Placing a parlay bet is simple and follows the same steps across most betting sites and betting apps:

1. Open a sportsbook or betting app.
2. Select a sport to bet on.
3. Pick multiple bets from different games (across different sports if you want).
4. Add them to your bet slip.
5. Enter your stake and confirm the wager.

Some sportsbooks may have requirements for parlay promotions, such as minimum odds or a specific number of selections. Always check the terms and conditions before placing your bet.

Types of Parlay Bets

There are different types of parlay bets available on Canadian betting sites:

• Standard Parlay – A single wager that includes multiple selections. All legs must win for the bet to be successful.
• Same-Game Parlay – A parlay where all selections come from the same game, such as betting on Toronto Maple Leafs to win, Auston Matthews to score, and over 5.5 total goals in an NHL game.
• Round Robin – A series of smaller parlay bets from a larger selection of picks. For example, a four-team selection could create smaller parlays of two or three teams each.
• Teaser Bet – A type of parlay mainly used in NFL and NBA betting, where the bettor adjusts point spreads in their favor in exchange for lower odds.

Choosing the Best Parlay Betting Site

Not all bookies offer the same value when it comes to parlay betting. The best parlay betting sites should provide:

• A Wide Range of Sports – The top sportsbooks allow parlay betting across NHL, soccer, basketball, NFL and more.
• Competitive Odds – The best bookies offer great parlay odds, maximizing potential payouts.
• Bonuses & Promotions – Look for sportsbooks with parlay boosts and insurance that refund bets if one leg loses.
• User-Friendly Betting Apps – Parlay bettors need fast and easy access to markets, so a good betting app is a must.