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parlay betting NY

NY Best Sportsbooks for Parlay Online Bets

Parlay betting is a popular feature at all New York sportsbooks. It is a great way to increase your overall odds by combining multiple outcomes in one bet. Bet your parlays and cover multiple legs in one simple wager. The more legs that win, the bigger your parlay payout. You can even claim a parlay bonus or parlay insurance every time you bet. Here is your New York parlay betting guide: types of bets, offers and best sportsbooks.

Top Online Sportsbooks for Your Parlay Bets

Sportsbook Welcome OffersParlay Bet BoostsBet Parlay Insurance
PointsBet2x Risk-Free Bets up to $2,000Booster Tokens, NFL specialsNo
FanDuel$1,000 Risk-Free BetParlay odds boostersYes
BetRivers$250 Bonus MatchOdds boosts, MLB parlay betting promotionsYes
WynnBETBet $50, Win $200Daily parlay boosts, basketball parlay bonusYes
BetMGMRisk-Free Bet up to $1,000Parlay Boost TokensYes

Placing Parlay Bets at BetMGM

BetMGM offers a mix of odds boosts and parlay boosts to customers. Odds boosts tokens can be used on single bets or parlays of your choice. Parlay Boosts at BetMGM tend to sport-specific, and there are even Parlay Boosts on selected games. Boosts can be around 10% on winning parlays. 

Parlay Betting with WynnBET

WynnBET is one of the newer New York online sportsbooks. It offers parlay boosts for players, plus a special parlay bonus on basketball. Whether your parlay wins, loses or ties, you’ll receive a $10 free bet. 

NY online betting websites offer a range of promotions to help customers who love betting on parlays. You can claim a boost on winning parlays or claim a free bet if your parlay loses. 

What is Parlay Betting?

A parlay is a sports bet made up of multiple legs. For the parlay to win, each leg must come in. The odds for each parlay leg are multiplied together, so the total payout can be very big in some cases. Some of the top NY sportsbooks also offer a parlay boost for big winning bets. 

Sportsbook Parlay Example

You decide to bet a 4-leg parlay involving the following moneyline wagers:

  • Boston Red Sox @ Los Angeles Angels -105
  • Chicago Cubs @ Chicago White Sox +125
  • Milwaukee Brewers @ Cincinnati Reds -295
  • Colorado Rockies @ Washington Nationals -145

Your selections are added to the betslip which will automatically calculate your total odds. The total odds are +893, meaning you’ll win $893 for a $100 parlay bet. 

parlay betting slip at New York sportsbooks
3-leg parlay bet

To calculate parlay odds, you just multiply each price together. For instance, a parlay containing 3 bets at +150, -110 and -110 would create a 3-leg parlay worth +811. With a bet of $100, you’d receive a profit of $811.

The beauty of a parlay is that you can combine lots of odds-on bets to create a bigger potential payout. In addition, some NY sportsbooks offer parlay boosts which enhance your payouts. For example, you might get a 4% boost on winning 3-leg parlays, or up to 40% for 14-leg parlays. 

Same-Game Parlays

All New York sports books allow you to bet parlays on multiple games. However, you can also make same-game parlays on events from a single game. For example, you can bet on the moneyline, spread and a team prop all in one combined bet. 

Parlay Boosts & Parlay Insurance

Some sportsbooks in New York also offer parlay insurance. This is a promotion that protects you if one of your legs falls. For example, if you made a 4-leg parlay and one leg lost, you’d be refunded your original stake. In most cases, you’ll get your stake back in the form of a free bet. 

Also look out for enhanced odds on selected parlays. These are special odds boosts on parlays that have been pre-made by the sportsbook. You’ll see them displayed in the sportsbook lobby and oftentimes contain at least one risky bet. 

A parlay bet booster is a bonus paid on winning bets. The more winning legs your parlay contains, the bigger your payout. For example, you might get a 4% bonus on 4-leg parlays, right up to 40% on winning 14-leg parlays. 

The Parlay insurance is a great way of protecting your wagers. You will receive your stake back if just one leg of your parlay loses. Normally, stakes are paid back in the form of a free bet. However, it’s a great comfort in case your parlay lets you down right at the wire. 

Most of the best NY bet apps offer a mix of parlay bonuses. Parlay boosts are automatically added to your account and you’ll have to activate them when you place your bets. Let’s compare three of the top sports betting sites for parlays. 

How does a parlay bet work?

A parlay bet enables you to combine two different bets on a single ticket, and enjoy the benefit of an enhanced payout if the parlay is a winner. Of course, it is important to remember that both the bet included in the parlay must win for the parlay to be considered a winner.

For example, let’s say the New York Yankees are playing the Boston Red Sox as -145 favorites, and the New York Mets are facing the Washington Nationals as -135. If you place separate $100 bets on the Yankees and Mets, and they both win, those two bets will produce total winnings of approximately $142. However, if you combine these two wagers into a parlay, the odds improve to +194. That means you only have to wager $100 to win $194, if both the Yankees and Mets win.

How does a parlay bet payout?

A parlay bet payout is determined by combining the odds of each of the wagers included in the parlay. Most major online sportsbooks offer a betting calculator that quickly and easily enable you to determine the enhanced odds available in parlay betting. However, sports bettors introduced in doing their own math can easily determine parlay odds by first converting American odds to decimal odds, and than multiplying them together.

Let’s use the previous example to illustrate:

New York Yankees’ -145 American odds converts to 1.69 decimal odds

New York Mets’ -135 American odds converts to 1.74 decimal odds

Then multiply as follows: 1.69 x 1.74 = 2.94

The 2.94 decimal odds = +194 American odds, which generate winnings of $194 on a $100 parlay bet.

What is a three-leg parlay?

Some sportsbooks enable you to include as many as 20 individual wagers into a parlay bet, providing you with the potential to cash in on a big payout. And each individual wager in the parlay is called a leg. That means that a parlay bet that includes three individual wagers is commonly known as a three-leg parlay.

Let’s say you are ready to place that parlay bet on the Yankees and Mets, but would also like to get in the Buffalo Bills as a big -250 favorite versus the archrival Miami Dolphins. With a simple moneyline bet, you’d have to wager $250 on Buffalo to win $100. But if you include the Bills in a three-leg parlay with the Yankees at -145 and the Mets at -135, your odds dramatically improve to +311. That means a $100 parlay bet produce winnings of $311, but only if each of the three teams win.

What parlay bets are best for, NFL, NHL and why?

There is no shortage of ways that you can get into parlay betting action across a wide variety of sports. In fact, you can include bets from different sports, like MLB and NFL, into a single parlay. But choosing which wagers to include in a parlay can be a challenge. 

One of the most popular ways that sports bettors get into parlay betting for the first time is by including strong favorites. Moneyline bets on heavy favorites typically require a large stake to generate small to moderate winnings. However, by creating a multi-leg parlay comprised of heavy favorites, payouts are greatly enhanced. Of course, it is always important to remember that every leg of a parlay must win for the parlay to pay out.

Another popular way to get the most out of parlay bets is by getting in on one-game parlays. With a one-game parlay, you can combine multiple wagers from the same game into a parlay bet with enhanced payout. Among the types of wagers you can include in a one-game parlay are moneyline, point spread, totals betting, as well as props that cover the individual performance of a team or individual player, such as yards gained, hits, or goals scored.

Are parlay bets legal in New York?

With the launch of legal regulated sports betting in January 2022, sports bettors in New York can now place parlay bets at any of the growing number of mobile sportsbooks now licenced to operate in the Empire State.

How to place a parlay bet?

It’s easy. You start by selecting outcomes of your choice. Every time you choose a betting outcome, it’s added to your bet slip. The odds are recalculated every time you add another bet. 

New York Parlay Sportsbook Apps Compared