Parlay Bets: What Are They? How-To, Examples, and FAQ

Ever dreamed of turning a small bet into a big win? That, my friends, is the allure of a parlay bet. Below we’ll break down exactly what a parlay is, how to make them, and why parlays are one of the most popular ways to bet on sports in 2025.

What is a parlay bet?

Simply put, a parlay bet is a wager that merges several bet selections in to one ticket. You need a minimum of two bets on a ticket for it to be considered a parlay wager, but you can add more… many more. A parlay ticket with three bets would be called a 3-Bet parlay, while a parlay ticket with twelve bets would be a 12-Bet parlay, etc.

The odds of the wager will adjust accordingly as each leg is added to a parlay ticket. The more legs you add, the longer the odds, and the bigger the potential payday becomes. However, parlays are NOT a forgiving bet type… you must hit every individual bet in order to cash a parlay ticket. Parlays are all or nothing.

The popularity of parlays

Parlays are one of the most popular ways to engage with online sportsbooks like Hard Rock Bet for a variety of reasons. Let’s take a look at the appeal of the parlay wager.

Bet a little, win a lot

Quite simply, parlays offer the chance to turn a small bet into a lot of cash. By their very nature parlay bets are high-risk and high-reward, which appeals to many sports bettors. Over the years we’ve borne witness to our fair share of massive hits… check out some of the biggest parlay wins from 2024.

A 5-Bet parlay turns $1 into $40,392

Simplicity

Parlays aren’t difficult to build or understand. You add bets to your bet slip, choose the amount you want to wager, and you’re ready to go. All that’s left is sweating the result. The ticket will clearly state the bets, the odds, and the payday awaiting a successful runout. If you nail all of the legs, you’ve got a winning ticket.

Excitement

Parlays are exciting. The prospect of cashing a parlay ticket is thrilling, and can add an extra something to a sports viewing experience.

Placing a parlay bet on Hard Rock Bet

Now that we’ve covered what parlay wagers are, let’s go over how you can place one on Hard Rock Bet.

Choose your bets

First up, choose your bets. After making a selection within the sportsbook it will automatically populate on your bet slip as a stand alone wager. However, if you select a second bet, Hard Rock Bet will add it alongside the first wager, creating a parlay. Each successive bet that you select will join the others on the ticket until you’re done building the parlay.

In this example in order to win the parlay bet the following would have to happen:

• The Steelers win outright against the Ravens (+400)
• The Rams win outright against the Vikings (+105)
• The Buccaneers need to win by at least 4 points (-115) against the Commanders (a 3 point win would push this leg)
• The Chargers and Texans must score at least 43 points (42 would result in a push)

Assessing options

Notably, if you decide you’d like to bet each item individually instead of as a parlay, you can select the ‘Singles’ tab at the top of the bet slip and Hard Rock Bet will split the bets apart and allow you to place individual wagers. Bettors will also see the ‘Flex’ option along the top of the slip for those interested in building a Flex Parlay – and you will see options to turn your parlay into a Teaser or Round Robin at the bottom of the bet slip… but on this page we’re going to keep the focus on standard parlays.

Enter your stake

Once you’ve built the ticket, it’s time to decide how much to bet. The ‘Wager’ field allows you to type in the amount of money that you want to put on the parlay. Once you’ve typed in the amount of the bet the ‘Payout’ field will automatically update based on the calculated odds of the parlay and the amount you’ve chosen to bet.

Place your parlay bet

All that’s left to finish creating a parlay is to submit the wager. At the bottom of your bet slip there will be a large ‘Place bet’ button. Once you push it, the bet is locked in… now go enjoy the sweat.

Parlay all sorts of bet types

Parlays are a collection of bets housed on a single ticket, but importantly they don’t have to be the same type of bet. Hard Rock Bet players can include moneyline wagers, spread bets, over/under bets, props, futures, etc. All wagers you can find within the sportsbook are fair game for a parlay.

Reading parlay odds

Parlay odds are listed with a number that is preceded by a (+) symbol, or in some rarer circumstances, a minus (-). For example, +3000, +700, -150, etc.

If the number is positive, like +300, it means a $100 wager would return that amount in profit. For example, a $100 bet at +300 would return $400 total ($100 stake + $300 profit).

If the number is negative, like -300, it means that a wager matching that number will be required to earn $100 in profit. A $300 bet at -300 would pay $400 total if it wins ($300 stake + $100 profit).

Generally speaking it’s more common for parlays to have positive odds. By nature when you begin adding multiple bets to a ticket the odds will increase as it becomes less likely that all of them will succeed. With that said, it is possible to link together heavy favorites and end up with a parlay that comes with negative odds.

Choose your parlay odds format

Parlay odds on Hard Rock Bet will be listed in the American Odds (-300) format. Players can switch to Decimal Odds (4.00) or Fractional Odds (3/1) within their account settings if they choose, but it will default to American so that’s what we’ve focused on here.

Parlay outcomes

When you make a parlay bet there are only a few ways that it can go…

Winning parlays

If every leg of your parlay is successful then the bet results in a win. Your Hard Rock Bet account will be credited with the designated parlay payout amount.

Losing parlays

If just one leg of your parlay fails, the parlay is graded as a loss. In the event of a losing parlay the chosen stake is lost.

Early cash out for parlays

In some circumstances Hard Rock Bet will offer the opportunity for you to take an ‘early cash out’ on your parlay. The offer will be visible on the bet slip, with the amount on offer clearly displayed. For example, if the first 3 legs on a 5-Bet parlay hit, a cash out offer may arrive. You can then decide whether to take the money on offer, or let it ride. Depending on results the offer may go up, or disappear entirely.

What happens if a parlay leg pushes?

If one of the legs of your parlay results in a push, it is simply removed from your ticket and the odds are recalculated as if it wasn’t there. For example, let’s say you include an NFL bet on a team to cover a -7 point spread on your parlay ticket, and they win by exactly that margin resulting in a push. Your parlay is still alive, but the odds and potential payout will be recalculated as if the pushed leg was not on the wager.

Different types of parlays

Hard Rock Bet offers multiple types of parlays including Same Game Parlays (SGPs) and Flex Parlays.

A Same Game Parlay is a type of parlay where all bets are from the same game or contest. For example, you could bet a quarterback to exceed his passing yards prop, a running back to exceed his rushing prop, and a wide receiver to score an anytime TD during the same game. Markets available for an SGP are marked accordingly with a shiny purple SGP logo within the betting app.

Flex Parlays, on the other hand, offer players a great alternative to the all-or-nothing nature of a standard parlay. With a Flex Parlay you can get things wrong and still see a return. Plus, using the revolutionary payout slider you can actually dial in the exact amount you stand to receive for each outcome.

Hard Rock Bet parlay promotions

Hard Rock Bet is regularly offering bettors parlay-associated perks and promotions. Check both the ‘Boosts’ and ‘Promotions’ tabs within the sportsbook to stay up to date on what’s available to you right now. Profit Boosts and Odds Boosts are great ways to enhance the payout on your parlay.

If you don’t have an account yet, new Hard Rock Bet players are welcomed through the doors with a one-time bonus offer. No Hard Rock Bet promo code is required to claim it, either.

Trending Now

Not sure what to bet? When you log-in to the Hard Rock Bet app some of the most popular parlays of the day will be prominently displayed within the ‘Trending Now’ section. Simply select the sport you want to bet and you’ll see what the Hard Rock Bet community is getting into. Click ‘Bet now’ and the parlay will automatically populate on your bet slip.

Parlay bet FAQs

Still curious about parlays? Check out some of our most frequently asked questions.