How to Win Your First NFL Parlay Bet

How to win your first NFL parlay bet.

Key Points 

– Understanding how a parlay works is the first step to winning your first NFL parlay bet.

– The question for most bettors regarding parlays is if they are worth the risk.

How to Win Your First NFL Parlay Bet

Like every other sports bettor, you have likely been intrigued by parlay bets. Some will offer almost ridiculous odds and those odds are enticing.

The NFL parlay bet is very common at online sportsbooks and is one of the many NFL betting options available. 

The key to winning an NFL parlay bet comes by first understanding the bet. From there, bettors can develop some strategy to help win more often.

What is a Parlay?

Put simply, a parlay bet is a single bet built from a combination of other bets. The combination of bets could be as few as two and most sportsbooks will go up to 15 separate wagers. 

In putting together an NFL parlay bet, a wager on two or more teams is necessary. The number of bets that you include in a parlay will determine how much you can win.

If you simply bet on the Steelers to cover the spread in their game with the Ravens, you might get odds of -110. However, if you combine your Steelers bet with another, say the Rams to cover against the Cardinals, you might get odds of +115. 

That is the beauty of the parlay bet. Because they are harder to win, the odds and resulting payout are higher. There are some drawbacks though.

When one of the legs of a parlay loses, the entire bet is a loser. If you combine three point spread bets into an NFL parlay bet and one team fails to cover, the parlay is a loss.

Still, the parlay has some value. 


Why the NFL Parlay Bet is so Popular

The NFL parlay is very well-liked for a number of reasons. They are fun and make watching games more exciting. They are also pretty easy to grasp. Find at least two bets you like, combine them into one, and collect a higher payout than if you wagered on each individually.

With the advent of sports betting apps, it’s pretty easy for bettors to place an NFL parlay bet. With a couple taps of their smartphone screens, the bet is placed. 

It’s even more fun when your parlay hits. The $15 parlay that turns into $44,000 or the $1 parlay that results in a $49,000 victory is not the norm, but it’s awesome when they win. 

How to Bet the Parlay

When you look through a bunch of Sunday games, you see three that you like. You feel confident betting each game. You can combine your three bets into one parlay wager rather than wagering on each game separately.

The actual process of placing the parlay is pretty easy given today’s technology. Most sportsbooks have an “add bet to parlay” function that is available when you place any bet. You start with your first wager and then add the other two wagers via the “add bet to parlay” feature. 

NFL Parlay Bet Payouts

According to the generally accepted NFL parlay pay table, you would receive a 13-to-5 payout for winning a two-team parlay. That means you would receive $260 back on a $100 wager.

Compare that to what would have been made if you simply bet $50 on each game. At normal odds of -110, you would receive $45 for each win for a total of $90. Which would you rather receive, the $260 or the $90? 

That is the appeal of NFL parlays. The bigger question is how can you win more of these bets than you lose.

NFL Parlay Strategy: The Basics

Every Sunday during the NFL season, you have the opportunity to put together parlay bets at your best offshore sportsbook. You can enjoy parlays without continually giving your money to the bookmaker if you adhere to a few easy tips.

Parlay no more than three bets at once and you might want to keep it at two in most cases. Once you add a fourth leg to your parlay, your chances of winning skyrocket compared to the payout. The sportsbooks make out when you add a fourth leg (or more) to a parlay.

The question you always have to ask in relation to betting a parlay is related to the number of legs. Is it worth adding another leg to increase the chance of a bigger payout? Is the increased risk justified? 

Go back to our example. Where you have two games that payout at -110. Is it worth the risk to potentially win $260 on a $100 bet or are you better off wagering $50 on each game?

Final Note

NFL parlays are enjoyable, simple to place, and may be profitable. Bettors that have good bankroll management skills, a ton of game knowledge, and don’t mind taking a little risk can succeed at betting parlays but doing so intelligently. 

People often make mistakes with parlays when they wager outside of their league, don’t understand all the games on their ticket, or attempt to create a parlay that is too complex for their skill level.

If you simply stick to the advice given here, you can enjoy mixing bets and winning that next NFL parlay bet.