how to bet a parlay on draftkings

How to Bet a Parlay on DraftKings

To place a parlay bet on DraftKings, start by selecting two or more individual wagers from different games or events. These can include moneylines, point spreads, over/unders, or even prop bets. Once you’ve made your selections, add them to your bet slip. On your bet slip, instead of placing each wager individually, choose the “Parlay” option. Enter your desired wager amount for the entire parlay, and you’ll see the potential payout displayed, reflecting the multiplied odds.

Understanding Parlays

Parlay betting is a popular form of wagering in the world of sports betting, offering the potential for significant payouts with a relatively small investment. Essentially, a parlay is a single bet that links together two or more individual wagers, known as “legs.” The key characteristic of a parlay is that all of your selected legs must win for the entire parlay bet to be successful. If even one leg loses, the entire parlay loses.

Here’s a breakdown of how parlays work⁚

Selection⁚ You choose two or more individual bets, each on a different game or event. These bets can be moneylines, point spreads, over/unders, or even prop bets.
Combination⁚ You combine these individual bets into a single parlay wager.
Increased Odds⁚ The odds for each leg in a parlay are multiplied together, resulting in significantly higher potential payouts compared to placing each bet individually.
All-or-Nothing⁚ To win a parlay, all of your selected legs must win. If even one leg loses, the entire parlay bet is lost;

For example, imagine you’re placing a three-leg parlay on NFL games⁚

Leg 1⁚ Kansas City Chiefs to win (-150)
Leg 2⁚ Tampa Bay Buccaneers +3.5 points (+110)
Leg 3⁚ Over 48.5 points in the Green Bay Packers game (-110)

If all three of these outcomes occur, you win the parlay. However, if even one of these outcomes doesn’t happen—say, the Buccaneers lose by 4 points—the entire parlay loses, even if the Chiefs and Packers legs win.

The appeal of parlays lies in the potential for substantial returns. Since the odds are multiplied, even a small wager can lead to a significant payout if all your selections are correct. However, this potential reward comes with increased risk, as the difficulty of winning a parlay increases with each additional leg added.

DraftKings Parlay Options

DraftKings Sportsbook elevates the parlay betting experience by offering a diverse range of parlay options, catering to both traditional bettors and those seeking more specialized wagering opportunities. This variety empowers you to tailor your parlays to specific sports, events, and betting strategies.

Here’s a closer look at the distinct parlay options available on DraftKings⁚

Traditional Parlays⁚ These are the most common type of parlays, allowing you to combine multiple wagers from various games and events into a single bet. You can mix and match different bet types, such as moneylines, point spreads, and over/unders, providing flexibility in crafting your parlay strategy.
Same Game Parlays (SGPs)⁚ SGPs bring the excitement of parlays to a single game, allowing you to combine multiple bets from the same event into one wager. For instance, you could combine bets on the game winner, total points scored, and a player prop within a single NFL game.
Progressive Parlays⁚ A unique offering from DraftKings, Progressive Parlays provide a safety net for bettors. With Progressive Parlays, you can still win even if not all of your selections are correct; The payout structure allows for a certain number of losing legs depending on the total number of selections in your parlay, providing a cushion for those seeking a balance between risk and reward.
Round Robin Parlays⁚ For bettors seeking to cover multiple parlay combinations, Round Robin Parlays are an excellent option. This format allows you to create multiple smaller parlays from a larger pool of selections, enhancing your chances of winning at least some of your bets. For example, a Round Robin with six selections can generate various two-team, three-team, or even four-team parlay combinations.

This diverse selection of parlay options empowers you to customize your wagers based on your risk tolerance, betting style, and the specific events you’re following, making DraftKings a premier destination for parlay enthusiasts.

Placing a Parlay Bet on DraftKings

Placing a parlay bet on DraftKings is a straightforward process, designed with user-friendliness in mind. Whether you’re on the website or using the mobile app, the steps are intuitive and easy to follow. Here’s a breakdown of how to place your parlay wager⁚

Log In or Sign Up⁚ Begin by logging into your existing DraftKings Sportsbook account. If you’re new to DraftKings, you’ll need to create an account, providing some basic personal information and setting up your preferred payment method.
Navigate to Your Sport or Event⁚ Once logged in, browse the available sports or events and select the ones you’re interested in. DraftKings offers a wide array of sports, leagues, and betting markets to choose from.
Make Your Selections⁚ Click on the odds of the bets you want to include in your parlay. Each selection will be added to your bet slip, usually located on the right side or bottom of the screen. Remember, for a parlay, you need to select at least two different wagers.
Choose “Parlay” on Your Bet Slip⁚ After adding your selections, go to your bet slip. Here, you’ll see various betting options, including single bets and parlays. Select the “Parlay” option to combine your chosen wagers into a single parlay bet.
Enter Your Wager Amount⁚ Input your desired stake for the parlay. The bet slip will automatically calculate and display the potential payout based on the combined odds of your selections and your wager amount.
Review and Confirm⁚ Before finalizing your bet, double-check all the selections in your parlay, the wager amount, and the potential payout. Once you’re satisfied everything is correct, click “Place Bet” to submit your parlay wager.

With these simple steps, you can confidently place your parlay bets on DraftKings and immerse yourself in the excitement of multi-leg wagering. Remember to gamble responsibly and set limits to ensure an enjoyable betting experience.

Maximizing Your Parlay Winnings

While parlays offer enticing potential payouts, they also come with increased risk. To tilt the odds in your favor and maximize your chances of winning, consider these strategic tips⁚

Focus on Value Over Odds⁚ Don’t be blinded by the allure of massive odds. Instead of chasing improbable outcomes, focus on finding value bets where the odds offered seem slightly higher than you believe they should be. These small edges can add up significantly over multiple legs in a parlay.
Specialize and Research⁚ Instead of spreading your bets across various sports and leagues, consider specializing in one or two areas where you have more knowledge and expertise. Thorough research and understanding of team dynamics, player stats, and recent form can significantly improve your prediction accuracy.
Shop for the Best Lines⁚ Don’t settle for the first odds you see. DraftKings, like other sportsbooks, adjusts its lines based on market action and betting patterns. Take the time to compare odds across different platforms to find the most favorable lines for your parlay selections. Even slight differences in odds can impact your potential payout.
Manage Your Bankroll Wisely⁚ Parlays can be tempting, but it’s crucial to wager responsibly and within your means. Set a strict budget for your parlay bets and avoid chasing losses. A good rule of thumb is to wager only a small percentage of your overall bankroll on any given parlay.
Consider Correlation⁚ Be mindful of how the outcomes of different legs in your parlay might influence each other. For instance, betting on a team to win and its star player to score over a certain number of points might be highly correlated, increasing your risk if one leg doesn’t pan out.

By incorporating these strategies into your parlay betting approach, you can make more informed decisions, mitigate risks, and increase your chances of hitting those lucrative multi-leg wins on DraftKings.

Managing Risks in Parlay Betting

Parlay betting inherently involves higher risk due to the all-or-nothing nature of these wagers. However, savvy bettors can employ several strategies to mitigate those risks and bet more responsibly⁚

Limit the Number of Legs⁚ The more legs you add to a parlay, the harder it becomes to win, even if the individual odds seem favorable. Stick to parlays with a smaller number of legs, ideally between 2-4, to increase your chances of hitting all selections.
Explore Partial Payouts⁚ Some sportsbooks, including DraftKings, offer “Progressive Parlays” or similar features that provide partial payouts even if not all legs win. While the overall payout will be lower, this option can cushion the blow of a near miss and potentially return some of your stake.
Understand Hedging Options⁚ As your parlay progresses, you might consider hedging your bets by placing wagers on opposing outcomes, especially if several legs have already won. This strategy can lock in some profit or minimize potential losses, depending on the odds and your risk tolerance.
Don’t Chase Losses⁚ It’s easy to fall into the trap of chasing losses with larger parlays after a losing streak. Avoid this temptation! Stick to your predetermined budget and avoid letting emotions dictate your betting decisions. Remember, responsible bankroll management is crucial for long-term success in sports betting.
Take Advantage of Promotions⁚ Keep an eye out for parlay-specific promotions offered by DraftKings, such as boosted odds, parlay insurance, or free bet offers. These promotions can enhance your potential profits or provide a safety net if one leg of your parlay doesn’t come through.

By understanding and implementing these risk management strategies, you can enjoy the excitement of parlay betting on DraftKings while minimizing potential downsides and making more calculated wagering decisions.

how to bet a parlay on draftkings