What is a Parlay Bet and How Does it Work? Our 2026 Guide

If you're into sports betting, you'll keep coming across the term parlays, especially when you're going through the promotions at your favourite sportsbook. So, if you've been wondering what parlay betting is, we'll provide an answer in this guide.

A parlay is a type of bet that combines multiple bets to provide a better potential payout. Although this is an excellent description of parlays, there is much more to know about these bets. Sticking around to go through this guide will let you in on the types of parlays you can find and how to calculate your potential odds.

Find Top Betting Sites for Parlay Betting Online

Pros and Cons for Parlay Betting

Pros and cons

• Potential for high payouts
• A teaser option is available for more favourable odds
• Available on most of the top sports betting sites

• Most sportsbooks count a loss if you lose a leg

Sports betting with parlays

So you've made a beeline for the sports betting options at an online sportsbook, but you're hit with so many options that you don't understand. One of them might be the parlays, and the question “What is parlay betting?” keeps replaying in your head. Well, in this section, we'll break down everything you need to know about parlays for when you visit a betting app in Canada.

A parlay is a type of sports bet that lets you select several other bets to make one single wager. Typical parlays consist of two or more selections, and each selection is known as a leg of the parlay. To win the parlay bet, every leg must win. If you lose even a single leg, you lose the entire parlay and whatever amount you placed as a wager.

Bets you can add to a parlay

Every parlay you place at a sports betting site consists of several other types of bets. This is why you'll need a guide that answers the question "What is moneyline betting?" along with other options like props, totals, and point spreads. Knowing how each of these bets works will be crucial in setting up the right parlays for a potential payout on any sports betting site.

Cancellations in parlay bets

Parlays consist of several bets, so you'll often have instances when an event you bet on gets canceled. In some cases, it might be a delay or postponement of an event. If this happens on your parlay, the operator will void the bet and remove it from your parlay slip. However, there might be a grace period during which the bet will count if the event still ends up happening. For instance, this might be 24-72 hours after the initial cancellation.

Cancellations are also referred to as a push or a tie on some sports betting sites, so take note. Another thing to note is the rule regarding a push on specific sites. While the most common approach is to remove the bet from the parlay, some operators will count it as a loss. This means you lose the entire parlay even though it's beyond your control.

Types of parlay bets

Depending on the sports betting site you visit, you'll find various types of parlay bets. This sports betting guide explains the most common parlay bets you can find, such as:

Standard parlays

A standard parlay bet is a parlay in which the legs that make up the bet consist of selections from various sports markets or different events from the same sport. So, if you had to pick, three bets that include a bet from an NBA, NHL, and an NFL match would be a great pick.

Same-Game Parlay

If you don't want the standard parlay, then the Same-Game Parlay (SGP) is an alternative. With the SGP, you can place a parlay that consists of picks from the same match. So, if you're extremely confident in your analysis of a specific match, you can place a moneyline, total, prop, and points spread from the same match to create your SGP.

Teasers

Teasers are a unique type of parlay available on some sports betting sites. You usually have the option to place teasers when you place parlays that include point spreads or total bets.

When you decide to place a teaser bet, the sportsbook will give you the option to adjust the point spread or total for the individual bet. For instance, if a team has a point spread of +3.5, you can adjust it to +6.5. So now, instead of a team having to lose by less than 3 points, they can lose by less than 6 points for you to win the bet.

Although the option to adjust these values is a welcome addition, you must understand that it reduces your potential payout from the bet. Plus, teasers are not available on all sports, with basketball events being the ones that offer this bet type the most.

Same-Game Parlay+

The SGP+ is another unique parlay you can find. With this option, you can combine two different Same-Game Parlays into a single betslip.

Same-Game Parlay X

Another parlay option you can find on some sports betting sites is the Same-Game Parlay X (SGPx). With this option, you can combine several SGPs or add a separate individual bet to create the SGPx.

Calculating the total parlay odds

One advantage of using online sports betting sites is that everything is automated. This means you don't have to perform any calculation by hand, but one way to better understand the parlay bet is to learn how to calculate the odds for the bet.

The process is straightforward, and we'll cover everything in this section. So, assume you're focusing on NHL betting in Canada, and you pick the following matches as legs in your parlay:

• Calgary Flames to win with -150 odds (1.67)
• Montreal Canadiens to win with -120 odds (1.83)
• Toronto Maple Leafs to lose with +200 odds (3.00)
• Vancouver Canucks to win with +110 odds (2.10)

The calculation is done using the decimal odds, so you can switch the format on your sports betting app or use an online odds converter to get the decimal equivalent of the odds. For this example, we already made this available, so the next step is to multiply each of the decimal odds, giving you something like:

• 1.67 * 1.83 * 3.00 * 2.10 = 19.25

The amount above is the potential total payout per $1 bet, or you can deduct 1 for a potential win of 18.25 for every $1 wager. If you prefer to read your bets in American odds, you can use an online converter to get a +1825 parlay odds.

Conclusion: Increasing your potential payouts with parlays

Sports betting has options for individuals who want to get better odds when placing bets, and the parlay bet is one of these options. It's an excellent option for bettors who have done extensive research and are confident in the picks they make. Remember, for parlays to hit, all the individual selections in the bet must be correct. This makes it a highly risky bet for beginners and veterans alike. However, sportsbooks now offer several types of parlay bets, giving you the chance to pick an option that minimizes your risk, although with a lower potential payout.

The Canadian sports betting market features several operators offering great odds for parlay betting. However, you'll still need to shop around for the best odds and be smart about adding legs. You can check our banners for some of the top operators with high-quality parlay betting services and parlay boosts. Simply pick your favourite site, set up an account using the available links — which will make you eligible for bonuses from these operators — and enjoy your first parlay bets responsibly!

FAQs: What is a parlay