While we cannot completely understand all characteristics of the parlay bet from such a short definition, it's still a pretty good basic overview. But if you keep your stakes low and consistent, you’ll have a better chance at a profit.( Parlay definition - a single wager that combines two or more individual bets and is completely dependent on all of the individual wagers winning.)

Manage your bankroll. Being disciplined with your bankroll is key long term, as not all parlays will win, particularly in the NFL.

Not quite the big win you wanted, but at least you have another shot at winning with your site credits.

Parlay Insurance gives you your stake back up to $25 in site credit if your 5+ leg parlay misses by one selection. This is where parlay insurance at FanDuel can ease the blow. Nothing is worse than hitting four out of five winning picks, only for the last one to bring your parlay down.

One of the best examples of this is FanDuel Sportsbook’s various parlay insurances. Promotions are also a great way to try to gain an edge when betting parlays. For example – if you wager a 3-team parlay with each selection at odds of -105 instead of -120, your payout would be $74.42 instead of $61.62 for a $10 stake, so $12.80 more in profit just for shopping the odds. While there is often only a marginal difference between sportsbooks, in a parlay those margins quickly add up.

Shop around for the best odds and promotions. Sportsbooks’ odds are a competitive market, and not all online sportsbooks offer the same odds and often try to outdo one another.

Those bigger 10-team parlays can be great fun, but keep those stakes to a minimum and have smaller parlays as your main types. Stick to 2, 3, 4, or 5-team parlays most of the time. As mentioned above, each selection you add increases the difficulty so over time it is more likely to be profitable when keeping to the smaller-selection parlays.

Sports betting parlay definition