NYC sports betting: Whats a parlay? How do they work? – SILive.com

STATEN ISLAND, N.Y. -- Looking to win some big money now that New York has legalized sports betting?

One of the best ways to turn smaller bets into larger winnings is to bet on parlays, but be warned, theyre much less likely to hit than a straight bet.

Want to bet on the Super Bowl?

Check out these betting sites

But what exactly is a parlay? And how do they work?

A parlay is when a bettor ties together multiple wagers on one bet in order to increase the potential payout. However, all parts of the parlay, sometimes referred to as legs, must hit for the bet to payout. If even one leg of the parlay loses, the entire parlay loses.

Lets look at a hypothetical example.

Say you place a $100 bet on a three-team NBA parlay consisting of the Nets (-125), Knicks (+250) and Lakers (-175).

If all three teams win, this $100 parlay would payout $890 in winnings. However, if even one of the three teams loses, the bettor wins nothing.

Many sports betting sites also offer same-game parlays, which allow bettors to wager on multiple things to happen within one game. Often times these types of parlays include player prop bets, in addition to choosing the winner of the game.

Heres another hypothetical example.

If youre confident that not only will the Knicks win, but RJ Barrett will have a big night, you can bet the Knicks to win (+250), Barrett to score 20+ points (-170) and Barrett to record 6+ rebounds (-110).

A $100 wager on that parlay would payout $961 if the Knicks win the game and Barrett records at least 20 points and 6 rebounds. If even one of those three things dont hit, the better wins nothing.

The more legs you add to your parlay, the higher the payout will be.

Here are places you can sign up to bet on the game:

Draft Kings, FanDuel and BetRivers

But just remember, the bigger the parlay, the less likely it is to hit.

So while it can be tempting to put together 10-leg parlays with massive payouts, dont expect to hit on them all that often.

Note: Online/mobile sports betting is now legal in New York state, but wagers on in-state college teams, such as St. Johns and Wagner College, are still prohibited for both home and road games even if played in another state.

If you or a loved one has questions or needs to talk to a professional about gambling, call 1-800-GAMBLER or visit 1800gambler.net for more information.

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NYC sports betting: Whats a parlay? How do they work? - SILive.com