Parlays are the ultimate big-win chaser’s dream. The combined bets provide massive potential payouts on nominal wagers, and nearly every online sportsbook offers them. Though the odds are low for a given parlay to hit, the possible winnings are huge, and a handful of lucky bettors have cashed in some gargantuan parlay jackpots at legal sportsbooks worldwide.

An MGM Resorts sports book bettor won big on an NFL weekend slate in 2017, hitting on five legs of an $8,500 parlay. The bettor hit on the first four legs of the parlay on Sunday, as the Ravens, Patriots, Chiefs, and Raiders all covered as favorites. A brutal outcome for Texas State was a big win for our parlay hero. Arkansas State's upset victory over Kansas State was part an MGM bettor's successful 11-team parlay over the weekend. Last month, Patz hit a $1,800, 15-leg parlay for $237,000. This weekend, he hit a $7,000 13-leg parlay and won $326,000 when the New England Patriots beat the Philadelphia Eagles. When Patz turned 18 he says he opened an account offshore and bet $90 on Floyd Mayweather to beat Manny Pacquiao. This parlay, as all 15-team parlays must, took a whole lot of luck to hit. The Giants and Steelers came back from big deficits to cover late in the game. The Texans were outplayed by the Colts.

But before jumping into some of the craziest parlay wins on record, it helps to better understand the betting method, its upsides, and the inherent risk.

How Parlays Work

In simple terms, parlays are “all or nothing” bets. Parlays combine two or more individual bets into a single wager. This ramps up the odds so that a parlay pays much higher than any of the individual bets.

For example, I combined four bets with odds of -110, -110, +150, and +115 today on PointsBet, and the parlay payout came in at +1859. A $20 bet would pay more than $390.

Of course, there’s a catch. For a parlay to win, each individual bet must win. If you combine four bets into a parlay and one of them loses, you lose your bet even if the other three bets won. For that reason, parlays are risky bets, and most experts encourage you to steer clear.

On the other hand, casual bettors might enjoy making a weekly parlay every NFL Sunday or while any other league is in the thick of its season. There’s nothing wrong with making the occasional parlay bet as long as you acknowledge that your odds to win are low, similar to playing a slot machine.

Five Crazy Parlay Wins

Some bettors have beat the odds and been lucky enough to nab astronomical parlay wins in the past. Here’s a round-up of five amazing parlay wins.

The Three Sport Combo

Last year brought a huge windfall to one FanDuel sportsbook bettor who won on a $200 parlay combining 15 NBA, NFL, and NHL bets. The bet hit in November 2019 when all of the bettor’s moneyline wagers won for a payout of $229,276.

The moneyline bets boosted this wager over the edge for a massive win, because moneylines tend to offer longer odds if you pick the underdog. Whether it was sheer luck or educated guessing, this bettor came out on top.

The Charcuterie Parlay

In March 2019, sportsbooks were starting to take off in Mississippi on the heels of an August 2018 launch. March brought one noteworthy parlay win that featured a little bit of everything.

Rather than sticking to one type of bet, this bettor wagered $25 on a 20-leg parlay. The parlay was a veritable smorgasbord of bets and sports, including point spreads, moneylines, and totals. The wager covered a slate of Friday-night games across the NBA and NCAA basketball.

According to ESPN, the customer at BetAmerica sportsbook in Vicksburg, Mississippi’s Riverwalk Casino wagered on 14 favorites, three underdogs, and three “over” totals bets.

After a few close calls, the 20-leg bet won, netting the bettor a $104,412 win.

The Homecoming Special

In September 2020, a BetMGM customer raked in a $152,341 win on a $10 parlay.

The 11-leg bet featured five moneyline bets, five totals, and a single point spread wager (Duke +20.5). The majority of the bets predicted college football match-ups, but a few additional professional games sent the bet over the edge. The Rockets-Lakers under and the Yankees moneyline contributed to the win, resulting in a huge payday for the lucky bettor.

The 15-Leg NFL Slate

Amateur sports bettor Tayla Polia’s parlay success story is featured on countless lists just like this one, and for good reason. In 2015, Polia placed a $5, 15-leg parlay that included 14 point spread bets and one totals wager for the Steelers-Broncos matchup.

To her surprise, Polia’s bet won and paid out 20,000-1 for a cool $105,000. She actually thought the bet had failed initially because the Giants lost their match-up. But Polia had bet on the team to cover, which they did, completing her parlay and netting her a huge win.

Root, Root, Root For The Home Team

In 2015, MLB fans worldwide witnessed history. For the first time since the league’s inception, all 15 home teams won their games on a single day.

One lucky bettor cemented his place in the story by predicting the event with a 15-leg parlay bet. The Ireland bettor had plenty of reason to celebrate proverbial Irish luck when his ~$78 bet, placed at William Hill’s sportsbook, won him $100,810.

Should I Place Parlay Bets?

You may see these wins and instantly open your sportsbook app to start placing a few parlays for yourself. Before you do, it’s important to note that these wins are the exception, not the rule. The sage advice from sports betting experts is to stay away from parlays.

However, it’s okay to place a parlay bet once in a while, especially if you feel confident about a select few match-ups. Parlays can be a fun way to get in on the action and invest yourself in the match-ups of the day. Just play responsibly and keep in mind that your chances of winning any parlay are slim.

Parlay Tips

If you’re planning to place parlay bets, there are a few tips to keep in mind.

Less Is More

Sure, a 15-leg parlay is enticing, especially if the payout has four, five, or even six digits. But the more bets you include, the less likely you are to win. IF you’re interested in placing parlays, keep them simple at first. Combine two or three bets and see how they perform. If you’re lucky, you might win a few hundred dollars.

Favoritism Can Be A Benefit

Underdogs offer better payouts, but that’s only because they are viewed as less likely to win their match-up. If you’re building a parlay of moneyline bets, pay close attention to the odds. If one team is heavily favored to win, that might be the wiser pick.

Carefully Consider Home Team Bets

Unless it’s the mid-90s and you’re placing Chicago Bulls bets every week, try to steer clear of home-team bets when you’re building a parlay. I’ve fallen victim to the trap many times–I place a 5-leg parlay bet that includes my Chicago Bears to win only to find a disappointing 4-1 parlay that loses me my initial bet thanks to a crushing Chicago loss.

If you want to bet on your home team, keep that wager out of your parlays or risk disappointment.

Point Spreads Even Out The Odds

Betting on point spreads gives you smaller individual payouts, but combining them into parlays can produce big potential wins. Point spreads even out the odds of a given match-up, giving the predicted underdog a chance to cover the spread even if they lose the match.

1. Don’t be afraid. Be ambitious.
2. Choose a parlay time span that suits you.
3. Avoid the points spread.
4. Expand your parlay horizons, Include multiple sports.
5. Look for a hedge opportunity
6. Use free bets
7. The home underdog
8. Combining two favourites
9. The ‘Double Dog’ parlay
10. Keep bet size under control
11. Use a system bet
12. The overnight parlay
13. Actively search out bookmakers promotions
14. Use multiple online accounts

1. Don’t Be Afraid. Be ambitious.

Parlays are a wonderful way to turn a small stake into a juicy bank boosting payout. Be ambitious, swing for the fence, this is not a time to be conservative. This is the time to link together some of those ‘gut feel’ wagers’ that you might otherwise not be eager to stake a full unit or even multiple units on.

The small stake multiplying through to large payout odds works in your favor here. Double figure odds are par for the course. This is how successful parlay bettors turn a 10 – 1 half unit parlay into a 5 unit betting bank booster.

Landing a big parlay not only kicks your account balance along but it gives you bragging rights over your buddies for weeks. Heck even the bad beats that go oh so close can be worn as a badge of honor.

Fortune favors the brave!

2. Choose a Parlay Time Span That Suits You.

A parlay by nature does not payout until all legs are settled. The time it takes for this to occur should really meet your needs as a gambler. If you are not comfortable with your stake being tied up for a long period of time then ensure your parlay legs all conclude at a similar time or at least on the same day.

The opportunity cost of having you stake locked into a multi day, week or even month long parlay can be expensive. This is magnified when several legs have already come through for you and your stake may have already triple or quadruple bagged but you can’t access that money till a final leg plays out. Even a hedge, while guaranteeing a result, will still cost you another portion of your capital.

On the flipside you may be a gambler who loves to milk maximum entertainment from your parlay, and in this case, you may like to string it out across an entire weekend or even season. Futures markets are your friend. Having your stake spoken for over a long period let’s you soak up the anticipation and affords you the chance to enjoy the prospect of a potential big win, perhaps dreaming of how you will spend it or reinvest it!

Each to their own, but be sure to build a parlay that fits your time frame.

3. Avoid the Point Spread

The cardinal sin for all recreational punters is the parlay that groups together points spread (handicap) wagers. At first glance this seems like a wonderful way to land yourself some juicy odds, after all, three bets ATS (against the spread) multiply to just shy of 7-1. Surely a great bet? Wrong!

The true odds for this 3 leg parlay are actually 8-1 given that each individual leg is a 50/50 chance of landing. No wonder sportsbooks actively promote the points spread parlay!

The only caveat to the poor value of the point spread parlay is if the bettor firmly believes they have found games where the sportsbooks have the handicap wrong. This is possible but beware you are taking on the pros. It is better in this case to bet on each outcome outright as opposed to the parlay.

For a comprehensive look into the points spread parlay click here.

4. Expand Your Parlay Horizons, Include Multiple Sports.

The best value bets often don’t congregate in the one sport. Bookmakers encourage betters to keep their picks to one sport as finding value across multiple matches in the one league is a difficult task. With a wider variety of options available to the better, value will be easier to find. A key ingredient in to successful parlay strategy.

Expand your parlay horizons in the following way:

• Broaden your search to multiple sports,
• Create a short list of possible value picks
• Decide on the length of your parlay
• Narrow down short list to suit
• Load up!

5. Look for a Hedge Opportunity

One of the wonderful opportunities afforded by a well placed parlay is the chance to hedge against the last leg should the earlier legs have already landed. A hedge will give you guaranteed winnings or at the very least safeguard your stake. One of the best ways to ensure you don’t blow your account up is to play defense.

Hedging is not negative play and it does not demonstrate a lack of confidence in your original bet. It is simply playing the numbers and buying some insurance. All experienced bettors know that fate can, and often will intervene at inopportune times. An injury to a key player here, a horrible call from a referee there and your parlay can come crashing down.

Lock some profit in, kick back, and watch the game, or better still start researching your next parlay!

6. Use Free Bets

Many online sports books reward clients for loyalty, making deposits, regular betting or for wagering on promotional markets in the form of bonus or free bets. The issue with these is that as the bettor, you only receive the profit from your free bet and not the original stake. For example in the case of a $10 free bet, if you were to wager on a -110 moneyline favourite and they win, you will only receive $9.20 as a payout. The $10 free bet acting as your original stake is not returned. Doesn’t seem very exciting.

The solution; use your free bets on parlays. This way you can take a shot at a combination of wagers that deliver you final odds much more enticing than an uninspiring favourite.

For example a $10 bet on a parlay offering odds of 9 – 1 will see your eventual payout being $80. That is the usual payout of $90 less the free bet stake of $10, leaving you with $80.

7. The Home Underdog

Home field advantage is an amazing thing in the world of sports. Teams seem to grow an extra leg when they run out in front of their families and legion of faithful fans. Unique weather conditions, stadium layouts, home cooking and the chance to sleep in their own bed without question motivates athletes. That overconfident star studded visiting team may just find themselves in an ambush.

It is for these reasons that home underdogs (pick and choose carefully) are always worth consideration in a parlay. The underdog status carries with it a powerful odds multiplying effect. Just the thing every well played parlay needs. You could expect a home underdog to be paying well above 2 – 1 odds, essentially at the very least doubling the parlay total odds.

8. Combining Two Favorites

Loading up on a big favorite is always a temptation for the online sports bettor. A quick in and out to bank some profit to boost your account. The issue here is normally the gambler has to wager quite a large stake to see any significant return. Not always the best idea for long term success. One run of losses and your account balance cops a beat down.

This is where the favourites parlay double comes in handy. Find two carefully chosen favorites, bundle them together into a parlay and let your stake and profit from the first win ride into the second leg. The end result is a much smaller stake at risk but still an excellent return.

For example the NBA parlay below sees two strong home favourites combine together to make a solid bet at decimal odds of 1.82. Nice return.

9. The Double Dog Parlay

An underrated but powerful parlay is the underdog double. By carefully scanning available markets and choosing two value underdogs and sneaking them into a double you will be staring down odds of +400 (Decimal odds 5.00) or better without too much trouble.

Many a gambler has a story of a 4 or 5 leg parlay of strong favorites offering combined odds of about 3 to 1. The first four legs roll on and win easily and sure enough the last one has ‘one of those days’ and gets beaten by a heavy underdog. You in turn do your dough and are left asking the question, if only I had wagered on that dog.

In many ways the double underdog parlay represents considerably more value that bundle of favourites. Major League Baseball and the NBA throw up double underdog winners seemingly on a daily basis.

10. Keep Bet Size Under Control

Juicy odds can sometimes blind a gambler. Even before the parlay has been placed the blinded bettor is already doing the math and dreaming of a tsunami of cash. Self talk can creep in and soon the bettor has convinced themself that an increase in bet size is the clever move here. More often than not the simple answer is it isn’t.

Just like the golfer, who wants to hit the ball further, maintains the same swing but changes the club to not upset their rhythm,so it is with the successful parlay bettor. If it is big payout they are chasing, the stake remains the same, but the parlay becomes more elaborate. That way if the parlay loses (which happens regularly) the bettor has not be taken to the cleaners but blowing an oversized stake.

11. Use a Parlay System Bet

A parlay system bet builds into the bet some insurance in case one leg fails. It actually gives you multiple winning combinations and there is plenty to like about that!

There are many systems available to choose from and they are based around the amount of legs within your parlay and are typically available on parlays of between 2 and 8 legs. A great example is a ‘yankee’ which called into action on a 4 option parlay. When placing ‘yankee’ instead of one bet you in actual fact are placing 11 separate bets across which your stake is divided evenly.

Instead of one four leg parlay the yankee looks like this:

• 1 four-fold
• 4 trebles
• 6 doubles

Depending on the odds of each individual leg you may be able to cover your original stake with just two legs landing.

For more a more comprehensive breakdown of all the system bets available click here.

12. The Overnight Parlay

The overnight parlay is a rarely spoken about use of the humble combination wager. It is essentially where a bettor loads up a parlay that will result while they are sleeping. It is often used as an attempt to build a bank for the next days local action. More often than not it is placed on sports played abroad, where the time zone differences are used to the bettor’s advantage.

Time zones in Asia, Australia and Europe are suited to the US sports bettor. These markets also have established sports betting communities and as a result thousands of markets are on offer. A small amount of knowledge on some overseas sports can have you earning while snoozing. What a great combination!

13. Actively Search Out Bookmaker Promotions.

Sportsbooks constantly offer excellent promotions on parlay betting. They know that a poorly placed parlay is loaded in their favor and do their best to encourage more action on these types of bets. This presents a rich vein of opportunity for the bettor and you need to go after it!

Some classic promotions to look out for:

• Free Bet matching the stake if the parlay loses by one option. (usually capped at a certain figure eg $25)
• A daily odds boost on your first parlay (invariably about 5% boost).
• A promotional odds boost on parlays that meet certain conditions (eg. 50% extra on 4+ legs NBA parlay)
• Percentage of your stake returned on losing parlays (eg 20%) if certain conditions are met. (eg 4+ legs all on Major League Baseball)

14. Use Multiple Online Accounts

Multiple online accounts is a sophisticated way to take advantage of the sportsbooks parlay promotional markets. While the obvious disadvantage of owning more than one account is that it makes it much more difficult to keep track of your betting history (clearly this can be dangerous), its upside is that you can lock in on any promotional parlay in the marketplace.

How To Win Parlay Bets

Often the books are running concurrent parlay promotions but on differing sports. For example in the month of April one book’s promotion may be targeting major league baseball while others may be focused on the NBA playoffs. Owning accounts at both books means you can hit both promotions. Consistently winning is difficult so any way to improve your chances should be jumped at!