Parlay betting is where you combine multiple selections to make a single bet. Done correctly, they are one of the most lucrative bets you can place and can return huge sums of money for a relatively small outlay.

In this guide, we’re going to look at how parlay sports betting works. We will include guides on how to become more profitable with parlay bets, which markets to include, and of course, the best betting sites to ensure maximum returns.

Top 10 Sportsbooks for Parlay Betting in Canada

The list below includes the best sportsbooks for parlay betting in Canada:

1. Lucky Block – Best Parlay Betting Site with Strongest Betting Lines
2. Bodog – Best Site for Cash Out Options
3. BetOnline – Best for Same Game Parlay Betting
4. Sports Interaction – Best for Boosted Parlay Bets
5. PowBet – Best for Parlay Bet Builder and Offers
6. PowerPlay – Best for Parlay Boosts on North American Sports
7. CobraBet – Best for Claiming Free Bets
8. MyBookie – Best for Parlay Betting with North American Sports
9. Everygame – Get Parlay Odds Boost on Specific Sports and Markets
10. Stake.com – Best Site for Design and Usability

 

One of the key aspects of parlay betting is ensuring that you get the best odds as often as you can and with fast payouts. That’s why we recommend using a crypto betting site such as Lucky Block due to its exceptionally high odds and instant withdrawals. It also boasts no KYC verification, meaning you can sign up within 30 seconds without the need for proof of documentation.

Click below to find the best sportsbooks for crypto or traditional payment methods:

• Best sportsbook for cryptocurrency deposits
• Best sportsbook for debit & credit card deposits

Reviews of the Best Parlay Sportsbooks

In this section, we’re going to expand on our list of the best parlay betting sites with extensive reviews about how they work and what you can expect. Use this section to compare each of the sportsbooks and pick the one that best suits your needs.

1. Lucky Block – Best Canadian Sportsbook for Parlay Betting

Sportsbook facts:

• Payout time: Within minutes
• Established: 2022
• License: Curacao
• Headquarters: Curacao

Our Verdict: 4.9/5

Lucky Block is a crypto-based sportsbook that is based and licensed out of Curacao. The brand is a crypto-focused betting site, which means that you deposit using crypto or buy coins with a more traditional payment method to use on-site.

The sportsbook works great for parlay betting for two reasons. First, they have some of the strongest betting lines in the industry, and for parlay sports betting, that is imperative. The second is the sheer volume of sports and markets to bet on, allowing you to get creative with your bets.

Parlay Options at Lucky Block: 5/5

You get to pick from a staggering 40+ sports at Lucky Block. Some of the best sports for parlay betting include soccer, football, basketball, and ice hockey, with most games having over 100 markets to wager on. You can add pretty much any market to your parlay bet if markets are influenced by each other (generally bets from the same game, but different markets).

Lucky Bets highlights parlay bets as combo bets in its bet slip. When you add each selection, you will have a choice of flicking between “singles” or “combo” bets. The odds for your bet are automatically highlighted and you can change your stake to see what sort of returns you can expect if your bet wins.

Payment Options: 5/5

Payment options at Lucky Block are about as good as you’re going to find. They are crypto-based, but you can buy coins directly from the site using Visa, Mastercard, Wire Transfer, Google Pay, and Apple Pay. The minimum deposit is $1 and there are no fees charged for withdrawals. Processing times for withdrawing are instant and there are no limits on how often you can do this.

Customer Support: 4.7/5

Customer support can be accessed using the live chat function or the email address on site. The only downside here is that the online help center is lacking compared to other sites, such as BetOnline.

Bonuses and Promotions 4.3/5

Bonuses are relatively good, but currently there are none for sports. They also have a killer VIP section which allows you to earn points that you can trade in their online store. No deposit or reload bonuses are a notable absence.

Lucky Block Sports Bonuses & Promos:

2. Bodog – Best Site for Cash Out Options

Sportsbook facts:

• Payout time: Up to 24 hours
• Established: 1994
• License: Antigua
• Headquarters: Antigua

Our Verdict: 4.8/5

When we talk about OG sportsbooks, Bodog is right up there. Established back in 1994, they are one of the oldest betting brands in the world. The brand has won industry awards, caters to hundreds of thousands of users, and is one of the best when it comes to parlay sports betting.

The design of Bodog creates a great place for parlay sports betting. The menu section at the top means that you can pick and choose sports and then markets in a list format to see multiple games and potential bets. With a quick click your picks are added to a compact bet slip with a dedicated “Multiples” section.

Parlay Options at Bodog: 4.8/5

Bodog is one of the few that can compete with Lucky Block when it comes to sports coverage. With over 35 sports to bet on, the sportsbook is massive, and the majority have incredible market coverage. The only reason why we’ve marked it down compared to Lucky Block is that they aren’t as strong with their betting lines, with small differences making a big difference in the final price.

Payment Options: 4.7/5

Payment options include Visa, Mastercard, and American Express. Crypto options are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Tether. Deposits start from $20, and you can withdraw back to any of the crypto options, check by courier (one free per 30 days), direct bank transfer, and Interac e-Transfer.

Customer Support: 4.7/5

The help center at Bodog is one of the biggest and there are dozens of articles that are designed to not just get you up to speed with how the sportsbook works, but also to troubleshoot issues you may be having. If you need to get in touch, you can access live chat (wait times available online) or you can email them. It also includes an active forum where other members might be able to help.

Bonuses and Promotions 4.7/5

The main bonuses at Bodog are deposit matches. These can be claimed individually for the sportsbook, casino, or poker room. On top of that, you have the Bodog rewards scheme (essentially a VIP section), refer-a-friend rewards, and cash out, which can be used for parlay bets.

Bodog Sports Bonuses & Promos:

3. BetOnline – Best Site for Same Game Parlay Betting

Sportsbook facts:

• Payout time: Up to 24 hours
• Established: 2001
• License: Panama
• Headquarters: Antigua and Barbuda

Our Verdict: 4.8/5

Another massive brand in the sports betting sector is BetOnline. Launched in 2001, BetOnline has been at the top for several years now, not least for its prowess when it comes to setting incredibly competitive betting lines.

As a result, parlay betting at the site is incredibly popular. They are one of few sportsbooks that allow access to the same game parlays, and they do this via their Props Builder feature. When you enter “Build Mode” you can create parlays from different sports and markets within a section that has been designed just for this. The bet slip for these bets is different from the standard slip, highlighting the bets that you’ve included and the odds for that bets.

Parlay Options at BetOnline: 4.8/5

Sports coverage at BetOnline is huge with dozens to choose from. Their strong betting lines mean that you often get excellent value from your parlay bets. It’s worth noting that while the Props Builder is excellent for parlay betting, you don’t have to use this and can create them from the standard betting markets. But bear in mind that you cannot make the same game parlays using this process.

Payment Options: 4.5/5

Deposit methods are extensive, with more than a dozen crypto options to choose from. These include Bitcoin, Ape Coin, Avalanche, and Bitcoin Cash. Traditional deposit options include Visa Mastercard, American Express, and Bank wire. Deposits and withdrawals start from $20 with no fees attached for crypto. Person 2 Person, Money Order, Wire Transfer, and Check by Courier will incur fees based on the amount of the deposit and starting from $26.

Customer Support: 4.7/5

BetOnline has the best help center in the industry and most queries are answered here. You also get access to a live chat function that is online 24/7 and is one of the most responsive that we’ve tested. Social media presence is strong, with active Facebook, Instagram, Twitter, and YouTube accounts.

Bonuses and Promotions 4.8/5

Promotions are almost exclusively made up of deposit matches. They have welcome bonuses for sports, crypto payments, casinos, and poker. On top of this players will get access to unlimited reload bonuses creating huge value from the sportsbook.

BetOnline Sports Bonuses & Promos:

4. Sports Interaction – Best for Boosted Parlay Bets

Sportsbook facts:

• Payout time: Up to 24 hours
• Established: 1997
• License: Kahnawake
• Headquarters: Kahnawake

Our Verdict: 4.7/5

Another massive brand in our list of parlay betting sites is Sports Interaction. It’s been online since 1997 and in that time has created one of the more diverse sportsbooks. There are strong ties to Canadian betting, with sponsorship deals in place with the likes of the Hamilton Tiger Cats, Ottawa Redbacks, Winnipeg Blue Bombers, and Edmonton Elks.

The size of the sportsbook makes it an excellent choice for parlay betting. Top sports include football, hockey, soccer, and basketball. They also include an odds boost section, that you can use to create parlay bets to get even more value from your picks.

Parlay Options at Sports Interaction: 4.7/5

The first thing to note is that there are no same-game parlays accepted; however, if you head over to the odds boost section, they do create pre-made same-game parlay bets. These come with boosted odds, so again, providing great value. The bet slip is simple enough to use and you can flick between singles and multiples as you like.

Payment Options: 4.5/5

Payment options are very much in the “traditional” category and the lack of crypto options is notable. You will be able to access Visa, Mastercard, iDebit, Wire Transfer, MuchBetter, Instadebit, and Paysafecard. Deposits start from $20 and withdrawals from just $10. There are no fees attached to any transaction.

Customer Support: 4.7/5

The help section includes hundreds of articles on how the sportsbook is run and covers most issues. In terms of contacting Sports Interaction, you can either email, phone or use the online live chat. We highly recommend the latter given their almost instant 24/7 response time.

Bonuses and Promotions 4.6/5

The promotions at Sports Interaction are a good mix of deposit matches, bonuses, and free-to-play competitions. They also run parlay promotions where they will boost a certain bet or they will reward bets placed on these markets with a risk-free option.

Sports Interaction Sports Bonuses & Promos:

5. PowBet – Best for Parlay Bet Builder and Offers

Sportsbook facts:

• Payout time: 1 – 3 days
• Established: 2021
• License: Curacao
• Headquarters: Curacao

Our Verdict: 4.7/5

PowBet has only been online since 2021 but has made huge strides in a relatively short period of time making it onto our list of the best parlay betting sites. The sportsbook is one of the better ones that we’ve tested and comes packed with international coverage.

For parlay sports betting, the bet slip is very easy to use and you’re able to jump between multiple and single bets as you need. You can add or remove the stake to see potential payouts and it will notify you if any bets are conflicting and not eligible for a parlay.

Parlay Options at PowBet: 4.8/5

The best thing about PowBet is that it includes a bet builder which means you can place same game parlays. It’s one of the best bet builders that we’ve tested and includes a ton of markets to bet on for single-game options. Soccer betting is the strongest sport for this, with markets that include the 1×2, double chance, handicaps, totals, both teams to score, player to score, cards, and then team bets.

Payment Options: 4.7/5

Payment options are extensive and include a great balance of both traditional methods and crypto. Deposits start from $20 and include Visa, Mastercard, Neo Surf, MuchBetter, Neteller, Bitcoin, Litecoin, Ethereum, and USDC. Withdrawals start from $10 and take up to 3 days to process. There are no fees to pay on any PowBet transactions.

Customer Support: 4.5/5

PowBet includes a decent FAQ/help section, but you’re likely going to want to jump into the live chat section for more pressing matters. You can access them 24/7 and they will raise a ticket via email for any issues that they cannot resolve.

Bonuses and Promotions 4.4/5

Promotions are a little limited and it’s one of the very few negatives with the site. The welcome bonus is a strong deposit match, but it’s more the lack of any other offers that lose it a few marks.

Powbet Sports Bonuses & Promos:

6. PowerPlay – Best for Parlay Boosts on North American Sports

Sportsbook facts:

• Payout time: 0 – 4 hours
• Established: 2018
• License: Curacao
• Headquarters: Curacao

Our Verdict: 4.6/5

PowerPlay is a sportsbook that caters to a wide player base. The site’s drive to offer a huge range of sports and markets make it an ideal candidate for one of the best parlay betting sites.

The bet slip is easy to use and allows editing and removing picks with a single click. A welcome feature on the site is the ability to place parlay bets within different markets. For example, you can place Trixie, Patent, Yankee, and Lucky 15 bets.

Parlay Options at PowerPlay: 4.6/5

Parlay betting options are extensive, but you cannot make same-game bets. They do include some pre-made bets that you can include, such as win, points, and player to score over 20 points in the NBA for example. Betting lines are competitive, although not as consistent as the likes of Lucky Block and BetOnline.

Payment Options: 4.7/5

Payment options are, overall, very good. You can use Visa, Mastercard, Neteller, and Skrill to deposit, with min deposits starting from $10. Crypto options include Bitcoin, Litecoin, Ethereum, and Tether. Withdrawals are processed within 4 hours, which is impressive, and start from $10. You can request a withdrawal every 24 hours and there are no fees attached.

Customer Support: 4.6/5

PowerPlay includes a range of support options. The help center is excellent, and we highly recommend that you search here first. Failing that, live chat is accessible 24/7, although wait times are longer during peak hours. Social access is good, with an active Facebook account, as well as a dedicated phone number, ideal for any banking or account issues.

Bonuses and Promotions 4.8/5

There are tons of new and existing player promotions at PowerPlay. The welcome offer is a deposit match, but they also have a refer-a-friend bonus, free bets, and specials. Also, you can access parlay bonuses, which give you increased payouts for bets of 5 or more picks on selected sports.

PowerPlay Sports Bonuses & Promos:

7. CobraBet – Best Site for Claiming Free Bets

Sportsbook facts:

• Payout time: Up to 24 hours
• Established: 2020
• License: Curacao
• Headquarters: Curacao

Our Verdict: 4.6/5

CobraBet was launched in 2020 with one of the biggest sports betting sections in the industry. With over 35 sports to bet on, the possibilities for bet types such as parlays are huge.

One of the areas that the site has gone in heavy with is that of eSports betting. This is not necessarily something that you associate with parlay betting, but on CobraBet it’s possible to use both to create a unique opportunity for this bet type.

Parlay Options at CobraBet: 4.6/5

The bet slip is one of the better ones that we’ve tested. It allows you to add and remove selections easily and you can flick between the “Combo” and “Singles” sections depending on which picks you want to include for your parlay. Betting odds are solid, but there are better options here, such as Lucky Block and Bovada.

Payment Options: 4.6/5

CobraBet has one of the larger ranges of payment options that we’ve tested. These include Visa, Mastercard, Neteller, Skrill, EcoPayz, and Paysafecard. They have recently added some crypto options, such as Bitcoin, Ethereum, and Litecoin, but for a wider range, you’d be better off with BetOnline. Deposits and withdrawals both start from $10 and there are no fees for any transaction on the site.

Customer Support: 4.4/5

Support options are that of the 24/7 live chat or you can use the online contact form. Response time is OK, but we have noticed at peak times that you can be left waiting for an operator to pick up on the live chat.

Bonuses and Promotions 4.6/5

Overall, bonuses and promotions are excellent. They are almost all made up of deposit match offers but provide good value and very fair wagering requirements. It’s worth noting that you can claim a birthday bonus +/- 1 day before or after your bonus, which is a nice touch.

CobraBet Sports Bonuses & Promos:

8. MyBookie – Best for Parlay Betting with North American Sports

Sportsbook facts:

• Payout time: Up to 24 hours
• Established: 2014
• License: Curacao
• Headquarters: Costa Rica

Our Verdict: 4.5/5

MyBookie is one of the best Canadian betting sites and it’s very accessible for parlay bets as a result. They include a huge range of sports, but what makes it one of the best is the range of markets attached to most of the games on site. As an example, NHL games would easily have over 100 bets to choose from, which is up there with the likes of Lucky block and BetOnline.

They have excellent betting lines across the board and scored highly in our “value” rating. As stated, even small increases have a huge effect on odds, which means things like the MyBookie odds boost section are superb.

Parlay Options at MyBookie: 4.8/5

You get access to a parlay builder, which is inside the “Props Builder” section. This means you can easily move between a huge range of sports and then markets to create your parlay. It also allows you to place same-game parlay bets, which is a superb addition.

Payment Options: 4.3/5

Visa and Mastercard deposits start from $45 with Bitcoin, Ethereum, Litecoin, and Bitcoin cash starting from $20. You can also use Person 2 Person to deposit, but min is $100. Payout options are limited to bank wire and Bitcoin. No fees are charged for Bitcoin, but you will have to pay $15 for Bank Wire up to $500 and $35 for anything over that amount.

Customer Support: 4.4/5

Live chat is a support option, but you need to have a registered account to access this. Alternatively, you can use the contact form on-site or any of the massive range of articles within the help section.

Bonuses and Promotions 4.6/5

Promotions are strong at MyBookie, with the welcome offer being a very competitive deposit match. You can also claim a sports reload bonus and a referral offer. Finally, you can access a rebate on all horse racing losses throughout your time on the site.

MyBookie Sports Bonuses & Promos:

9. Everygame – Get Parlay Odds Boost on Specific Sports and Markets

Sportsbook facts:

• Payout time: Up to 48 hours
• Established: 1996
• License: Kahnawake
• Headquarters: Antigua

Our Verdict: 4.4/5

Everygame has been about since 1996 and is one of the oldest online sportsbooks in the world. They provide a decent enough parlay betting experience, although they lack severely when it comes to the number of sports that you can access, especially when compared with Lucky Block.

However, Everygame still has a lot to offer, especially with North American sports. They include several Bet Boosters that change daily, which you can add to parlay bets to create huge value.

Parlay Options at MyBookie: 4.5/5

The best place to start for Parlay bets at Everygame is the US Sports Coupon. This section condenses the sportsbook and lists only upcoming games for US sports such as American Football, basketball, Ice hockey, and baseball. It highlights the spread, totals, and money line bets and allows users to breeze through and add to bet slip.

Payment Options: 4.5/5

Banking options are good, with payment methods that include Visa, Mastercard, Discover, EcoPayz, Paysafecard, and Bank Transfer. Crypto options are limited but do include Bitcoin, Bitcoin Cash, and Litecoin. Deposits and withdrawals both start from $25 and will incur no fee at any stage.

Customer Support: 4.7/5

Support is accessible 24/7. What’s good about Everygame is that they have a support team set up for each section of the site, such as sports, poker, casino, and then payment enquires. Live chat is accessible, and you don’t need an account to speak to someone, unlike MyBookie.

Bonuses and Promotions 4.8/5

The bonuses and promotions on offer are one of the main reasons why we would recommend using Everygame as part of your betting arsenal. They have a range of welcome offers that include deposit bonuses, but they also have parlay bonuses that are applied to selected sports/markets based on the odds of your bet. For example, you can get up to $1,000 free for winning parlays of +4900.

Everygame Sports Bonuses & Promos:

10. Stake.com – Best Site for Design and Usability

Sportsbook facts:

• Payout time: Within 30 minutes
• Established: 2017
• License: Curacao
• Headquarters: Curacao

Our Verdict: 4.6/5

Stake.com is one of the more exciting online sportsbooks. It’s well established now and has already created sponsorship deals with the likes of Everton Football Club, Watford Football Club, and the official betting partner of the UFC. Plus, they have a range of individual deals that includes the likes of Drake, Sergio Aguero, Alexa Grasso, and Israel Adesanya.

The size of the sportsbook means that it’s an ideal place for parlay betting. They can go toe to toe in terms of coverage with both BetOnline and Bovada, allowing users to access over 35 sports across the site.

Parlay Options at MyBookie: 4.5/5

Coverage is excellent, with well over 100 markets to bet on with most games in the top leagues. It lacks in terms of a bet builder which means that there are no same-game bets allowed. However, betting lines are competitive and offer good value in comparison with the rest.

Payment Options: 4.6/5

Stake.com runs as a crypto-based sportsbook. This means that all transactions are converted into crypto to use on the site. You are still able to deposit with the likes of Visa, Mastercard, Apple Pay, and Google Pay, but this would be to buy coins rather than use CAD.

The plus side to this is that there are no fees, no limits and you can withdraw funds within a matter of minutes, not days.

Customer Support: 4.7/5

The support team is excellent, and you’ve live chat as your main port of call for this. They are on hand 24/7 or alternatively, you can use the dedicated help center with dozens of articles to get your going. They have active social channels on Facebook and Twitter where you can also contact them for help regarding your account.

Bonuses and Promotions 4.8/5

There’s a huge range of promotions that you can access on Stake.com. The welcome offers are deposit match, but it’s the range of daily races and giveaways that was most impressive. They also run enhanced odds and early payout across the sportsbook, with a lot targeted at teams/sports that they sponsor, such as Everton and Watford.

Stake.com Sports Bonuses & Promos:

FAQs about Parlay Betting

What is parlay betting?

The parlay definition is where you create a single bet using multiple selections. You need all of the picks to win and the odds are created by multiplying the price for each pick together.

Are parlays a good bet?

Yes, parlay bets can offer huge value. You’re able to win vast sums of money for a relatively small outlay. They also allow you to be creative with the picks that make, making them totally unique.

How does a parlay bet work?

You need to add 2 or more bets to a single slip. The more you add the more the odds will go up. To win, you need all the picks to win. For example, if you bet on the Packers, Dolphins, and Patriots to win, you need all three for your parlay to pay out.

What does a $100 parlay bet pay?

It depends on the odds for the bet. The more selections you include the higher the odds will be. Returns will be based on the overall odds for the bet. A +500 parlay with a $100 stake will return $500.

Can I place a parlay across multiple sports?

Yes, there are no restrictions on the sports that you can include. Most sportsbooks will restrict you from including multiple markets from the same game, however.

Can I use different types of bets for parlay betting?

Yes, there are no restrictions on the markets or types of bets you can include. For example, you can have a single parlay bet that includes a spread bet, totals bets, and a money line bet, as long as they are from different games.

What happens to a parlay if a game is cancelled?

If a game is canceled, then that selection is deemed void and will be removed from your parlay. Your bet will still run assuming there are still two or more picks in the parlay, but it will be adjusted as the canceled game is removed.

Can you do a parlay bet on the game?

Some sites will allow you to do the same game parlays which are usually part of a feature like a bet builder. This adjusts the price accordingly, but if this feature is not available then it’s rare for a sportsbook to allow players to make a parlay using multiple markets from the same game.

Comparing the Best Parlay Betting Sites

We’ve taken the time to review the best parlay betting sites above. The table below gives an overview of our top 10 picks and highlights the bonus, promo code, parlay accessibility, same game parlay accessibility, and if they include live streaming.

What is a Parlay in Betting?

A parlay bet is a single bet made up of multiple selections. You need two or more picks to make the bet, but the number that you can include is not capped.

Bets can include a range of sports and markets, but you (generally) cannot include multiple markets from the same game. This is called a correlated bet and is in place because the result from one market will affect the odds from the other.

For a parlay bet to win, you need all the selections to individually win. If just one selection loses, then the whole bet will lose.

How Parlay Betting Works

Parlay betting in Canada works by first making two or picks into your bet. You can add as many as you like and as you do so the odds will continue to increase. Odds are worked out by multiplying each selection by itself, which we expand more on in the next section.

You can work through the sportsbook across a range of sports and markets to formulate your bet. Most sportsbooks will highlight the odds within the bet slip and you can alter the stake to see how much will be returned from your bet.

Parlay Odds

The overall odds for parlay betting are taken from each individual price and then multiplied by itself. It sounds confusing, but it’s very simple to work out. We highly recommend that you switch to decimal odds in your sportsbook as this will make it much easier to work with.

For example, let’s say you have a 5-team parlay on the money line. It might look like this:

• Team A – 2.30
• Team B – 1.80
• Team C – 1.95
• Team D – 3.10
• Team E – 1.65

The formula for the odds will be as follows: 2.30 * 1.80 * 1.95 * 3.10 * 1.65. This would give you odds of 41.29. A $10 bet would return $412.90, assuming the bet wins.

Parlay Payouts

Parlay payouts are based on the final odds for the bet. As stated above, to get the final price you need to multiply each selection by itself using the decimal odds layout.

Payouts are then the same as if you were betting on any other market. The amount you stake will reflect how much you are set to win. For example, if you bet $100 on a parlay at odds of 7.00 and it won, then you would get a parlay payout of $700.

Parlay Bet Examples

The number of selections that you include in your parlay is key. You need to find a balance between a bet that offers value and one that’s got too many uncertain selections.

Below we’ve included some real-world sports bets of 2, 3, and 4 leg parlay bets each taken from our top-ranked parlay betting Canada site, Lucky Block, before highlighting how the bet is won and returned based on a $100 stake with each.

2-Leg Parlay Bet

Two-leg parlay bets will include 2 selections. Here is a parlay bet example taken from some upcoming NFL playoff games.

As you can see, the total odds for this bet are 3.61. This means if there were over 42.5 points in the Seahawks v 49ers game and the Vikings won the money line bet, then a $100 stake would return $361.

3-Leg Parlay Bet

A 3-leg parlay bet is where you have three selections in total. Again, you need all three picks to win for your parlay to pay out. The parlay bet example below is from the MLB, but it’s worth noting that these are all futures bets, highlighting the flexibility of the parlay.

The total odds for this bet come out at 7.55. It’s worth noting how by adding just a single selection over the 2-way parlay above, more than doubles the odds, even though prices are roughly the same when you average them out for both bets. A $100 wager returns $755.

4-Leg Parlay Bet

The 4-leg parlay will include a total of four picks. Note in the example below, taken from a round of Premier League soccer matches, how adding just a single extra pick around the same odds increases the potential payout.

With just four picks all around even money, our parlay has allowed us to create a bet that pays out at odds of 15.40. All these bets are relatively strong favorites, with a $100 stake returning $1,540.

Types of Parlay Bets

Parlay bets are essentially a single bet where you need all results to win for the bet to win. If just one loses, the whole bet loses. There are a couple of alternatives to the traditional parlay which removes the all-or-nothing nature of this bet and allows you to create multiple combinations from your picks.

Round Robins

A round robin is a bet that splits up the parlay into a series of smaller bets. They make combinations, just like you would find in a round-robin tournament, where each of the selections are paired with the other to make a single bet.

For example, if you had four selections in your parlay, your bet would include 6 possible combinations. Assuming we call them Bet 1, Bet 2, Bet 3, and Bet 4 for this example. The combinations would be as follows.

• Bet 1 and Bet 2
• Bet 1 and Bet 3
• Bet 1 and Bet 4
• Bet 2 and Bet 3
• Bet 2 and Bet 4
• Bet 3 and Bet 4

Your bet is split per combination. So, if you wanted to bet $10 on each, that would be $60 in total. The odds are formulated in the same way but multiplied together and the payout is based on your stake.

Teasers

Teaser bets have been designed to allow the punter to exchange points for volume. You’re able to move lines in your favor in return for adding additional selections to your bet.

Most sportsbooks work off teasers consisting of two picks, but this can be pushed up to 10. NFL and NBA are the two most common leagues for these types of bets because of the volume, with the NFL adding 6 points to a team and the NBA adding 4.

This all works based on markets such as the spread and the total. For example, if an NFL team were at -3 on the spread, then you could add them to a teaser and add in 6 points, changing the line to +3. The process of these bets winning is the same as a parlay in that, you need both picks to land for the bet to pay.

How to Place a Parlay Bet

The guide below outlines the process of placing a parlay bet. For this example, we’ve used our top-rated parlay betting site, Lucky Block, but the concept could be applied to most sportsbooks.

1. Create an Account

The first step is to create an account with Lucky Block. This process should take no more than about 30 seconds as all you need is a username and password. There is no KYC and you can deposit using any of the crypto or traditional payment methods to buy coins.

2. Find Your Picks

You now need to head to the sportsbook once your deposit has been processed. Here you can search through the range of sports and markets. Simply click on the odds and this will add them to your bet slip.

3. Navigate the Bet Slip

If your bet slip has not done so automatically, click on the “Combo” button at the top. You will see the list of bets for your parlay and at the bottom, you can see a box where you enter the amount you want to wager (stake). It will give you a live overview of the bet and potential returns based on the stake.

4. Place the Bet

To place the bet first confirm your selections and the amount you want to stake. Then click on the “Place Bet” button. Once live, you can track your bet within the bet slip or you head to your account section and “My Bets”.

Our Top Tips for Parlay Betting

We’ve outlined several times that parlay betting in Canada can be one of the most lucrative forms of sports betting. But there are things you need to consider to increase your returns. We’ve included some tips that you can apply to your strategy not only to maximize winnings but also to limit losses.

1. Correlated Parlays

Correlated parlays are bets that include two outcomes where if one comes in, the other is almost certainly. For example, could take a team like Dallas Mavericks in the NBA who are heavily reliant on their superstar Forward-Guard, Luke Doncic.

If Doncic plays well, then the chances of the team winning are increased massively. So theoretically, if you took the over on Doncic points per game spread and then for the Mavericks, this would make for a great correlated parlay.

But there is a catch.

It’s hard to find sportsbooks that accept these types of bets. Few allow for the same game parlays to be placed at all, but you use bet builders or prop builders as a workaround to target these markets. BetOnline is a great example of a sportsbook to target with these sorts of bets.

2. Reduced Juice

Sportsbooks love people playing parlay bets and the main reason is that the juice claimed on these bets is astronomically high. This is because you are paying juice on each selection that you make, the more picks, the more juice it’s costing you.

The workaround is targeting sportsbooks that offer reduced juice. Again, BetOnline is one of the best for this, which means that you will be getting significantly better value for money over sites that are not.

3. Price Shopping

There are no bets where it’s more important to line shop than with parlay bets. A small adjustment from sportsbook to sportsbook can be huge when it comes to returns and the more selections included, the more this is compounded.

Shop around for the best possible prices. Alternatively, shop around for the best possible lines. Even getting lines that are priced into -104 instead of -110 will soon add up.

4. Don’t Fall in Love with Lots of Picks

One of the biggest mistakes that we see when it comes to parlay betting is players adding way too many picks. As they add them in, the odds rise, and people can’t help but take the gamble. Start small with two or three picks and take your time to make sure that each would be a standalone bet if you were betting singles.

Parlay Cards Explained

Parlay cards are pre-printed with a list of games and markets that you can bet on. The cards are fixed odds and the more picks that you make, the higher the odds will be. They can include games and markets from across different sports, although most of them are tailored to a single sport or league, such as the NFL or NBA.

The cards are generally set out in the sportsbook’s favor. This is because as they shorten when betting live, the cards can’t be changed, meaning that the sportsbook gets a better deal. However, there are times when you can pick bets that have lengthened, meaning you’re getting value from the card.

Popular Sports for Parlay Betting

Below we’ve covered some of the sports that are popular for parlay betting. For each, we’ve included the sportsbook that is best for parlay betting.

NFL

The NFL is one of the most popular sports for parlay betting. Here you can access a range of NFL betting markets to bet on, including a series of spreads and totals, over/under bets on passing, receiving, and rushing yards, as well as player doubles, touchdowns, and exotics. Our top pick for NFL parlay betting is BetOnline due to access to same-game parlays.

NBA

NBA is another great sport for parlay betting and you could argue that it trumps the NLF given there are literally hundreds of more games to bet over the course of the season. The most popular are the spread and the totals bets, but there are tons of prop bets, such as margin of victory, points races and team to be leading at the end of the quarter. There are numerous NBA betting sites available, but our top sportsbook for NBA parlays is Lucky Block.

MLB

The MLB’s long season is like that of the NBA and again, has huge popularity for parlay betting. Correlated parlay bets are easier to find in the MLB betting sections of the sportsbooks. We recommend that you use a sportsbook that allows same-game parlays or has some sort of bet builder included. As a result, we suggest using MyBookie.

NHL

The NHL is the easiest league to adjust to correlated parlay bets. Make use of the puck line and player goals bets to create huge value 2-way parlays. Other NHL betting markets include the money line, totals, alternative puck line, overtime, and game total odd/even. Most sportsbooks have great NHL coverage, but Lucky Block gets the nod as they have the biggest range of props to choose from.

Soccer

Soccer comes with massive parlay potential. Try and target European leagues such as the English Premier League, Spanish La Liga or Italian Serie A as these games have the most market coverage. Popular bets are the match result, Asian handicap, and over/under goals. Check out Bodog as they utilize cash-out betting which can be used as the parlay progresses.

UFC

UFC almost always has cards running for each of their fight nights. A popular bet is taking on the parlay card for each show meaning that you need to pick the result from all fights that night. Don’t get sucked in too much to this as it’s incredibly tough to do, so limit picks to those that you think have the best chance of winning. Check out Everygame for enhanced UFC betting parlay boosts.

Esports

Esports is flying right now and there are tons of games and markets to bet on. Get on social media to see which players are hot right now and follow them when betting on eSports. Use Lucky Block for access to eSports and live streaming to watch the games.

Golf

Golf doesn’t have a huge range of betting markets for parlays compared with those above, but you can access head-to-head games that run within a PGA Tour or DP World Tour event. These are one of the few markets in that you can create a parlay bet. Our top pick for golf betting is Lucky Block.

Parlay Apps & Mobile Betting

Parlay bets can be accessed on all mobile betting sites or apps. The sportsbooks that we’ve outlined on this page have mobile betting sites, which means that there is no need to download them. This allows you entry via iPhone and Android devices using your mobile browser.

The Best Parlay Betting Site in Canada

Lucky Block has been voted as the best parlay betting site in Canada. The sportsbook has a ton of sports and markets to choose from, which is essential for these types of bets. They also have access to some incredibly competitive betting lines, which creates huge value.

This crypto-based sportsbook allows you to register an account within 30 seconds and comes with no KYC verification. You can deposit and withdraw in seconds, and there are no limits on how often you can request your money. It ticks more boxes than any other parlay betting site, which is why it’s been voted as our number one.