Nothing feels more exciting than a parlay bet that’s one leg away from hitting. The chance to turn a small stake into a big payout is hard to resist. But while they look tempting, parlays are tricky to win because the sportsbook’s edge adds up with every pick, and all selections must win for the bet to pay out. In this article, we’ll explain what a parlay bet is, show why placing an opposing bet of a parlay can be challenging, and walk you through a practical example of how to profit from a sportsbook parlay offer using matched betting.

What is a Parlay Bet?

A parlay (also called an accumulator or acca) is a single bet that combines two or more individual wagers. The odds of each selection are multiplied together to create a higher potential payout.

For example, imagine a three-leg parlay:

• Selection 1: +180 odds → 2.80 decimal
• Selection 2: +200 odds → 3.00 decimal
• Selection 3: +150 odds → 2.50 decimal

Parlay Decimal Odds: 2.80 × 3.00 × 2.50 = 21.00

Converted Back to American Odds: +2000

This means if you win a $100 parlay bet, it would return $2,100 total. $2,000 profit plus your original $100 stake.

Important: if even one leg loses, the entire parlay is lost.

Sportsbooks love parlay bets because of this risk/reward imbalance. They make more from parlays than almost any other type of bet.

Where Can You Place Parlay Bets?

Placing a parlay bet is easy and accessible, especially in the United States. All major American sportsbooks offer parlay betting options as part of their standard markets. Whether you’re using DraftKings, FanDuel, BetMGM, Caesars, or PointsBet, you can combine multiple selections into a parlay with just a few taps on the app or clicks on the website. 

Many sportsbooks also highlight the most commonly placed bets at the moment. This makes it easy to choose popular combinations or get inspiration for your own multi-leg bet. This simplicity is one reason parlays are so popular, bookmakers make it quick and attractive to build and place.

The Math Behind Sportsbook Margins in Parlays

The parlay bet is tempting because a small stake can lead to a huge payout, but most players end up losing money in the long run. Each individual bet carries a built-in profit margin for the sportsbook. When you combine multiple selections into a parlay, these margins accumulate, further reducing your expected value.

Example: Consider a three-leg parlay where the “fair” 0% margin odds (true probability) for each game would be:

• Game 1: +180 (implied probability 35.7%)
• Game 2: +200 (implied probability 33.3%)
• Game 3: +150 (implied probability 40%)

Now, applying a 5% sportsbook margin to each leg, the adjusted odds are:

• Game 1: +167
• Game 2: +186
• Game 3: +138

Even though each individual game only loses a few percentage points of expected value, when combined into a three-leg parlay, the margin compounds: 1.05 × 1.05 × 1.05 ≈ 1.16, giving the sportsbook an effective 16% edge across the parlay. This makes winning the full parlay significantly less likely, even though the potential payout looks appealing.

Now imagine how the calculation changes if the sportsbook margin on each leg is 10% or 20%, the edge grows, and the probability of winning drops even further.

If you are looking for an alternative approach, matched betting allows you to establish a strategy that takes advantage of bookmaker promotions in a structured and calculated manner.

Why Hedging a Parlay is Challenging

While it’s easy to back a parlay with a bookmaker, hedging one is far trickier. You can’t usually hedge an entire parlay directly in a single bet. Instead, you must place opposing bets for each selection leg, which introduces additional challenges.

This requires:

• Careful calculation of opposing bet stakes.
• Adjusting for odds changes.
• Managing liability across multiple markets.

You also need to consider the timing of each game. The matches in your parlay cannot all happen simultaneously, and delays, for example in tennis, can affect when you can place your opposing bets.

Using specialized tools makes hedging parlays easier, yet you still need to plan ahead and manage your bets as events unfold.

Making Money with Matched Betting on Parlays

It’s Saturday morning, and you receive a notification from DraftKings: if you place $25 on a 3-leg parlay on the next round of the Spanish La Liga, you’ll get a $25 free bet. You decide to take the offer.

Step 1: Place the qualifying parlay

You select the following games:

You place this $25 parlay bet at DraftKings.

Step 2: Place opposing bets at FanDuel

Using the Parlaytor, you calculate the opposing bets. For each leg, you need to place the opposing outcome (in this example using the Double Chance market):

Barcelona vs Villarreal: Place a bet at FanDuel on the X2 market (Draw or Villarreal to win).

👉 Barcelona wins this game so the parlay bet is live. You adjust your calculations for the next leg.

Celta vs Betis: Place a bet at FanDuel on the 12 market (Celta to win or Betis to win).

👉 Celta wins this game, so the parlay ends. No action is needed for the third game.

At this point you have completed the qualifying bet and your qualifying loss is $4.

Step 3: Use the $25 free bet

The $25 free bet is credited to your account. You place it on another La Liga game using the freebet on DraftKings and placing an opposing bet at FanDuel. Using the Dutcher, you find the best market and lock in a $17 profit.

Step 4: Check your final balance

• Qualifying loss: –$4
• Free bet profit: +$17
• Net profit: $17 – $4 = $13

By approaching the parlay with strategy and making the most of the free bet, you walk away from the DraftKings promo with an extra $13 in your pocket.

Most Common Mistakes

1. Chasing Parlays Without a Plan

Many people make parlay bets based on big payouts or favorite teams without considering bookmaker margins or risk. This often leads to predictable losses.

2. Thinking the Math is Too Hard

Many people assume that hedging a parlay is too complicated or even impossible. In reality, with the right tools it becomes a smooth step-by-step process. The Parlaytor helps you plan and adjust opposing bets as games unfold, turning a seemingly complex task into something manageable.

3. Ignoring Timing Between Games

Hedging a parlay requires that you have enough time between matches to place opposing bets. Not checking schedules can result in missed opportunities or unmanageable positions.

4. Misusing Free Bets

Free bets are valuable, but using them on the wrong markets or without a proper strategy can reduce potential profit. Planning is essential to capture the full value.

5. Missing Profitable Opportunities

It’s easy to overlook good parlay or other sportsbook offers. Following our Telegram channel and subscribing to our Premium plan ensures you get clear, timely notifications whenever a profitable offer is available, so you can act quickly and confidently.

FAQ

Q: Can I hedge a parlay on any US sportsbook?

A: You can back parlays on most major US sportsbooks like DraftKings, FanDuel, BetMGM, Caesars, or PointsBet. However, hedging parlays directly isn’t available. You need a more complex strategy to cover the opposing outcomes of a parlay bet. Use the Dutcher to find the best markets and the Parlaytor to calculate the overall profitability of your parlay. 

Q: How much time do I need between games to hedge a parlay effectively?

A: Ideally, at least 2–3 hours between games. This gives you enough time to react, place opposing bets, and adjust for any odds movements.

Q: Can I use matched betting for multiple parlay offers at the same time?

A: Yes, but only if you carefully manage timing and bets. Be aware that overlapping games can create conflicts and increase complexity.

Q: Are there risks involved?

A: Matched betting greatly reduces risk compared to traditional parlay betting, but mistakes in calculation, timing, or execution can still result in losses. Make sure you follow our tutorials carefully. And in case you have an open question, get in touch with our support team to help you out.

Q: How can I stay updated on profitable parlay offers?

A: To help you spot the best opportunities, we post profitable offers when they become available. Follow our Telegram channel and become a Premium member to make sure you never miss a valuable opportunity.

To Wrap It Up

A parlay bet doesn’t have to be a game of pure luck. By understanding the math behind sportsbook margins, carefully managing your bets, and using tools like the Parlaytor and Dutcher, you can turn promotional offers into your favor while keeping the exposure under control. To make things even easier, we publish profitable sportsbook offers as soon as they’re available. If you haven’t tried matched betting yet, simply click the link below and start your FREE trial today.