NFL parlay betting is a guilty pleasure for football fans each Sunday, with bettors trying to win a lot by risking a little.
Parlay betting requires multiple bets to be strung together under one wager with the promise of a sizable payout. The challenge is that each of those parlay picks must be correct for the parlay to be a winner, and just one wrong selection will blow up your parlay bet.
Parlay betting NFL odds is riskier than single wagers, but while some consider them sucker bets, there is some NFL parlay betting strategy and tips to follow to help cash in those accumulators.
How does football parlay betting work?
A football parlay bet requires two or more picks and allows the bettor to place a single wager on those selections.
For the overall parlay bet to win, all the picks involved must win – and that’s where the risk lies. The more selections added to your NFL parlay, the greater the potential payout and the greater the risk.
A single bet on the spread or total typically carries odds of -110 (win $1 for every $1.10 wagered) with an implied probability of 52.38 percent.
In contrast, a standard two-pick parlay involving an NFL point spread or Over/Under pays out at +260 odds (win $2.60 for every $1 wagered). A two-pick parlay has an implied probability of just 27.78 percent because it needs both picks to be correct to win.
As the parlay grows in size, the payout and risk grow hand-in-hand. A three-team NFL parlay bet has odds of +600 ($6 for every $1 wagered) with a probability of only 14.29 percent. A four-team football parlay pays out at +1,100 ($11 for every $1 wagered) but has an 8.33 percent chance of winning.
It’s this promise of big winnings on small bets that makes betting NFL parlays one of the most popular options among casual football bettors. But that high risk is also why parlays are the most profitable markets for sportsbooks.
