Parlay Bets: $166.94 Billion Wagered
Americans legally wagered $166.94 billion on sports last year, with parlay betting offering higher odds for combining multiple wagers into a single bet, now available on various sports including NFL, NBA, and college football
A parlay bet is a type of sports bet where multiple wagers are combined into a single bet, requiring all outcomes to be correct to win. This means that the user is counting on multiple outcomes being correct to cash the bet, as opposed to betting on each outcome individually.
Parlay odds are calculated by multiplying the odds of each individual wager. For example, if you're parlaying three point spread picks at -110 odds, the total comes out to 6.86. That would be +586 when removing the stake. Sportsbooks have their own algorithms for calculating parlay odds, but typically you can multiply the odds of each leg in parlay to get the payout.
Sportsbooks offer same-game parlays (SGPs), which involve betting on multiple outcomes of the same game. You can combine many types of individual bets into a single parlay, including point spreads, totals, and money lines. Additionally, sportsbooks will often allow users to combine parlays across sports.
Parlay betting is available on various sports, including NFL, NBA, and college football. DraftKings Sportsbook offers parlay betting, including same-game parlays. Parlay betting strategies include understanding parlay odds, managing bankroll, and line shopping.
## What's driving parlay betting? More than half of Gen Z respondents (52%) took money they had planned to invest and bet it on sports instead. In fact, 26% of Gen Z investors prefer sports betting as their primary plan for building wealth. This trend is contributing to the growing popularity of parlay betting, with Americans legally wagering $166.94 billion on sports last year, and sportsbooks keeping $16.96 billion as revenue.
## Why it matters Parlay betting offers higher odds for combining multiple wagers into a single bet, making it an attractive option for sports bettors. However, it's essential to understand the risks involved, as even one incorrect outcome can cause the entire bet to lose. As the sports betting industry continues to grow, it's crucial for bettors to develop effective strategies for managing their bankrolls and making informed decisions.
