Parlay betting is one of, if not the most popular bet placed on online sportsbooks. Learn what a parlay is and how to place one on the DraftKings Sportsbook App by watching our step-by-step tutorial.
What Is A Parlay Bet?
A parlay bet is a single wager on the outcome of two or more events. In a parlay, every bet on the ticket must win in order for the parlay to win.
Parlay bets offer the potential for higher payouts compared to single bets because the odds of each individual selection are multiplied together to determine the overall odds of the parlay. As a result, the more selections you include in your parlay, the higher the potential payout, but the greater the risk, as all selections must win for the bet to be successful.
For example, let’s say you want to bet on three football games:
- Team A to win
- Team B to win
- Team C to win
If you place three separate individual bets and each team wins, you would receive the payout for each individual bet. However, if you combine all three bets into a parlay and all three teams win, the potential payout would be higher than if you had placed each bet separately. On the other hand, if just one of the teams loses, the entire parlay bet is lost.
Parlay bets can be an exciting way to potentially win big with a smaller initial stake, but they come with higher risk due to the requirement of all selections being correct. As such, they are generally considered a more challenging and risky form of sports betting.
How To Place A Parlay On DraftKings
Now that we know how parlays work, let’s go over the steps on how to place a parlay bet at DraftKings Sportsbook:
Step 1: Find multiple events
Once you have the DraftKings Sportsbook App opened and are logged in, the first step is finding the events you want to build your parlay with. You can search for the events by scrolling the home screen or using the All Sports Menu.
In the video above, I am parlaying the over in the Celtics vs Heat game and the Golden State Warriors as a five-point favorite against the Mavericks.
Step 2: Enter your wager
After selecting the legs of your parlay, the second step is to enter your wager amount. To do so, tap on the bet slip and type in the amount you want to wager in the parlay section. You will find the parlay section at the bottom of the bet slip.
Step 3: Confirm your bet
The third and final step to placing a parlay is pressing the “place bet” button at the bottom of the screen.
Congratulations, you have successfully placed a parlay on the DraftKings Sportsbook App!
How To Place A Parlay Bet On DraftKings FAQ
Can you do parlays at DraftKings Sportsbook?
There can be restrictions on putting certain combinations of bets into a traditional parlay bet.
Does DraftKings Sportsbook have same-game parlay bets?
Clicking the “SGP” icon brings up all of the available bets that you can combine into a same-game parlay for that game. Keep in mind that certain correlated bets can’t be combined under DraftKings same-game parlay rules.
How much does a $100 three-team parlay pay?
When you place individual bets into a parlay, the DraftKings bet slip will display the payout odds for winning the parlay. Keep in mind that all three teams on a three-team parlay must win for the parlay odds to pay out. If even on bet on the ticket loses, the entire parlay loses.
Can I parlay moneyline bets at DraftKings Sportsbook?
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