Sportsbook 101: What Are Parlays and Teasers?

Parlays and teasers add more excitement to your online sports betting experience. Teaser betting may be slightly more difficult than point spread or moneyline betting to grasp because you are adding or subtracting points to and from lines, but that’s about it.

What Are Parlays and Teasers?

A Parlay (or Parlay Betting) is when you combine multiple bets and make one bet.

Although it sounds daunting, a parlay bet is a selection of two to twelve wagers that are linked together. In order to win the parlay bet, however, all of your wagers have to win. If one of your wagers loses, your entire parlay bet is a loss. Adding more wagers, or teams, to your parlay increases your potential payout. If you combine the most basic types of bets in sports betting – spread bets and moneyline bets, for example – along with other bet types, you stand to win an even bigger payout at Top Bet Sportsbook.

In the above example, this parlay bet is a combination of bets – moneylines, spreads and totals, among others. The condition is simple: win all of those bets and you win big. The more teams you include in your parlay bet, the bigger your payout.

To learn more parlay betting, check out Top Bet’s top-notch bet ticket.

After selecting the teams you want to pick (spread bets for Minnesota, New England and Indianapolis, for example); you then have the option to choose if you want it to be a straight bet or a parlay bet.

To make a parlay bet, click the Parlay Options button in the bet ticket. Afterwards you’ll be prompted with a choice on where to bet. In this case, the choices are either the 3-Team Parlays or 2-Team Parlays.

Clicking the 3-Team Parlays link will show you this:

The potential win for this parlay bet is $600 (at +600 odds for the 3-team parlay bet) with $100 at risk.

Here’s an example for a 2-team parlay with a bet of $100.

The potential win and wager risked (bet) in the 2-Team Parlays bet are different from the 3-Team Parlays. Clicking the 2-Team Parlays link will show you this:

To win in a 2-team parlay bet you need to pick correctly on 2 out of 3 bets. The total wager risked in this example is $300 — $100 each for each 2-team parlay:

Correct picks on the 1st (Minnesota) and 2nd (New England) betting lines will net your $100 wager a $281.81 payout (Odds at +282).

Correct picks on the 1st (Minnesota) and 3rd (Indianapolis) betting lines net your $100 wager a $250.00 payout. (Odds at +250)

Correct picks on the 2nd (New England) and 3rd (Indianapolis)  betting lines net your $100 wager a $266.66 payout (Odds at +267)

Unique to Top Bet are Parlay Challenges: Parlay challenges give players a chance to earn up to 20% more than they normally would on regular parlay bets. Top Bet builds your parlay card for you to save you time and get you betting faster.

Difference in Payouts: Parlay Betting vs. Single Bets

Let’s assume that all the teams you selected covered their respective spreads. Here’s your bet ticket and the potential payout:

To show you the difference in payouts in betting individually on those same games, here’s a table comparing the payouts between a straight bet and parlay bets:

SPREAD BETTING (SINGLE BETS)

PARLAY BETTING

(3-TEAM PARLAYS)

PARLAY BETTING

(2-TEAM PARLAYS)

WAGER RISKED

$300

$100

$300

Minnesota Vikings (-6.5)

$90.90

–

–

New England Patriots (-7)

$100.00

–

–

Indianapolis Colts  (+3.5)

$83.33

–

–

TOTAL PAYOUT

$274.23

$600

$798.47

Single bets on Minnesota (-6.5), New England (-7), Indianapolis (+3.5) worth $300 at risk netted a win of $274.23 but a 3-Team Parlays bet worth $100 on the same teams earned $600 and the 2-Team Parlays bet worth $300 had a $798.47 payout.

Here’s the standard payout for Top Bet’s parlay betting:

Number of Teams

Payout

2

+260

3

+600

4

+1000

5

+2000

6

+4000

7

+7500

8

+15000

9

+30000

10

+70000

11

+100000

12

+180000

Ready to put your betting skills to the test?  Start with 2-Team Parlays and work your way up to Parlay Challenges – only at Top Bet Sportsbook.

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