How To Make Parlay Bets in Ontario: A Guide to Parlay Betting

By Adam Warner

Fact Checked by Matthew Asher

Parlay bets are wagers consisting of at least two separate “legs” or multiple wagers. Each leg is an independent bet. In order to win a parlay bet, each leg must win. The odds are steep to cash a parlay, but the payouts are large. The more legs, the larger the potential payout and the less chance of winning..

Ontario's Best Parlay Betting Sites

1 BetMGM Sportsbook
BetMGM Sportsbook
Edit Your Bet Options, One Wallet For All Products & Easy Deposits, Parlay Insurance Available
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Offers Live Sports Streaming On Select Markets
  • Edit Your Bet Options With Time
  • Offers One Game Parlays & Parlay Generator
  • Live Score Notifications & Game Alerts
Sports Offered 26
Mobile Live Streaming Yes
Minimum Deposit 10
Cashout Offered Yes
A king in the sports betting world with an extensive live betting option. BetMGM Ontario is perfect for all of your sports betting needs.
2 theScore Sportsbook
theScore Sportsbook
Award Winning Mobile Betting Platform, Exclusive Bet Mode Betting Function, Superb In-Play Betting Markets
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Award Winning Mobile Betting Platform
  • Exclusive Bet Mode Betting Function
  • Superb In-Play Betting Markets
  • Play+ Payout Option
Sports Offered 13
Mobile Live Streaming No
Minimum Deposit 10
Cashout Offered Yes
Legal sports gambling is spreading, and Ontario is one of the latest jurisdictions to regulate the activity. Visit the website or download the app to find opportunities to place bets on NHL, NBA, MLB and other sports with one of the most popular brands.
3 Caesars Sportsbook
Caesars Sportsbook
Flexible On Parlays, Wide Array Of Futures, High Limits
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Same Game Parlays
  • Flexible On Multibets
  • Telephone Customer Support
  • Wide Array Of Futures & Prop Bets
Sports Offered 19
Mobile Live Streaming No
Minimum Deposit 20
Cashout Offered Yes
Legal sports gambling is spreading across North America, and Ontario is one of the latest jurisdictions to regulate the activity. Visit the website or download the app to find plenty of opportunities to wager on NHL, NBA, MLB and other sports.
4 DraftKings Sportsbook
DraftKings Sportsbook
Competitive Odds On Major Leagues, Shows Parlay Payout Combinations, Sportsbook & Casino Integrated In One App
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Frequent Odds Boosts On Major Leagues
  • Easy To Navigate Odds Updates
  • Shows Parlay Payout Combinations
  • Sportsbook & Casino Integrated In One App
Sports Offered 19
Mobile Live Streaming Yes
Minimum Deposit 5
Cashout Offered Yes
With legal sports betting having been recently legalized across Ontario, the online sportsbooks are coming your way. It's a bettor's market, with DraftKings among countless options all vying to be your favourite. In this DraftKings Ontario sportsbook review, we'll break down all the ins and outs of the betting experience, including what you can comfortably expect from their platform.
5 BetRivers CA Sportsbook
BetRivers CA Sportsbook
Offers International Sports Markets, Low Wagering Requirements, Allows For Displaying Odds in Different Formats
Combined Shape Copy 19+. Ontario Only. Please play responsibly. If you have questions or concerns about your gambling or someone close to you, please contact ConnexOntario at 1-866-531-2600

Features & Perks

  • Historical Matchup Statistics
  • Offers More International Sports Markets Than Most
  • Allows For Displaying Odds In Different Formats
  • Live Game Streaming
Sports Offered 40
Mobile Live Streaming Yes
Minimum Deposit 10
Cashout Offered Yes
With a very in-depth single market for bettors, you can dip your toes into the sports betting world with a practice platform that can guide you as your start.
6 PointsBet Sportsbook
PointsBet Sportsbook
Unique Betting Options, Fast & Effective Customer Support Methods, Flawless app functionality
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Personal Good Karma Refunds
  • Unique PointsBetting Spread Betting
  • Name Your Bet Creates Unique Bets Of Your Choice
  • Fast & Effective Customer Support
Sports Offered 20
Mobile Live Streaming Yes
Minimum Deposit 5
Cashout Offered Yes
7 888 Sportsbook
888 Sportsbook
Early Cash-Out on Most Bets, Competitive Sports Betting Odds, Award Winning Sportsbook
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Competitive Sports Betting Odds
  • 13 Different Deposit and Withdrawal Methods
  • Early Cash-Out on Most Bets
  • Award Winning Sportsbook
Sports Offered 26
Mobile Live Streaming Yes
Minimum Deposit 10
Cashout Offered Yes
Download the app or visit the website of a season sports betting operator. Bet on all major sports leagues, such as NHL, NBA, MLB and more.
8 Unibet US Sportsbook
Unibet US Sportsbook
Free Live Sports Streaming On Some Markets, Bet Cashout Features, Facial/ Fingerprint Logins
Combined Shape Copy Must be 19+ to participate. T&Cs apply. Play Responsibly

Features & Perks

  • Free Live Sports Streaming On Some Markets
  • Build Your Own Bet Tool
  • Early Bet Cashout Features
  • Facial/Fingerprint Logins
Sports Offered 19
Mobile Live Streaming No
Minimum Deposit 10
Cashout Offered Yes
As one of the premier names in online betting, you can take advantage of a world-class app and some outstanding features. Visit the website or app to learn more about what opportunities to wager on.
9 Bet365 Sportsbook
Bet365 Sportsbook
Great Lines Due To Seasoned Linemakers, Quick Cash Out Options, Bet Editing Options
Combined Shape Copy Must be 19+. Gambling can be addictive, please play responsibly. This Referral code is used for marketing/tracking purposes only.

Features & Perks

  • Offers Live Sports Streaming On Select Markets
  • Great Lines Due To Seasoned Linemakers
  • Bet Editing Options
  • Quick Cash Out Options
Sports Offered 32
Mobile Live Streaming Yes
Minimum Deposit 5
Cashout Offered Yes
Bet365 operates pursuant to an agreement with iGaming Ontario. One of the first online wagering platforms had a jumpstart in a favorite in Ontario. It features every sport you can think of and has the best mobile interface of any app in the market.
10 Leo Vegas Sportsbook
Leo Vegas Sportsbook
Great Live-Betting Markets, Easy To Navigate Desktop & Mobile, 24/7 Customer Support
Combined Shape Copy Must be 19+ to participate. T&Cs Apply. Play Responsibly

Features & Perks

  • 2021 IGA Online Gaming Operator of the Year
  • Designed for mobile first
  • View Multiple Leagues on One Screen
  • Extensive live betting options
Sports Offered 34
Mobile Live Streaming No
Minimum Deposit 10
Cashout Offered Yes
As a leader in casino gaming, LeoVegas is looking to be your go-to sports betting site in Ontario. Offering some of the best sports betting odds on the market and a great selection of sports from around the world.

How Does a Parlay Work In Sports Betting?

You can create a parlay out of a series of two or more sports bets. The wagers can be straight bets, totals, moneylines, and prop bets. You can combine wagers from more than one sport into the same parlay.

So let’s say you want to parlay bet the New York Giants +7.5 vs the Dallas Cowboys, Under 48.5 on the Kansas City Chiefs vs. the Tampa Bay Buccaneers, the Boston Celtics Moneyline at +180 vs. the Milwaukee Bucks, and Jacob deGrom to strike out over 8 batters vs the Yankees. As complicated as that all sounds, it's a perfectly legal parlay.

 

Highest Ranked Ontario Parlay Betting Sites

⭐️ BetMGM OntarioExpected Launch: April 2022
⭐️ DraftKings OntarioExpected Launch: April 2022
⭐️ FanDuel OntarioExpected Launch: April 2022
⭐️ Caesars OntarioExpected Launch: April 2022
⭐️ PointsBet OntarioExpected Launch: April 2022
⭐️ Sports Interaction OntarioExpected Launch: April 2022

The Ins and Outs of Winning A Parlay

In order to win a parlay bet, every individual wager in the parlay must win. In the example above, that’s four legs. Three of the legs in the parlay are even money and the Celtics money line is a little greater than even money, so your odds of winning that parlay are only about 4%.

On the flip side, the payout would be quite large if you do actually hit on a 4-leg parlay. If even one bet within your parlay loses, however, the entire bet loses.

Understanding Parlay Odds

The final payout on a parlay bet depends on the number of legs in the parlay and the odds on each individual bet. Books price parlays in line with the single bets.

So, for example, books price straight bets at -110, which means you need to win the bet 52.3% of the time (110/(100+110)) in order to profit.

For a two-legged parlay where each individual sports bet is -110, most books payout +264, which implies you have a 27.5% chance of winning (.523 x .523).

Add more legs or use legs that are not -110 individual bets and the parlay odds change, but the concept will remain the same. The book will price is based on the individual bets in the parlay.

How Parlay Payouts Work

Parlay bets are risky in that the attraction of big payouts belies the fact that the odds are quite long on hitting. The more legs in a parlay, the greater the payout, and thus the greater the attraction. Throw in some moneyline underdogs and you will really get a nice windfall when it cashes.

The flip side is that it's quite difficult to win on every leg, and the more legs in the parlay, the more advantage goes to the bookmaker. That is because the payout on the parlay compounds the juice from each individual bet. It is a thrill to turn a small stake into a big parlay payout, but it is very difficult to pull off so it's always wise not to play parlays too aggressively.

Ontario-based sports betting sites, like BetMGM Ontario offer a variety of markets available for parlay bets.

Types of Parlays

There are many types of parlay combinations. Here are some of the most common types.

 

Round Robin 

Round Robin parlays are actually a series of smaller parlays carved out of a larger parlay. Take the parlay above where we went with the New York Giants +7.5, Under 48.5 on the Kansas City Chiefs game, the Boston Celtics Money line, and the Jacob DeGrom prop.

A round-robin parlay would subdivide it into 4 separate three-team parlays, 6 separate two-team parlays, or a combination of all the 3-leg and 2-leg parlays on top of the initial 4-leg parlay bet. 

The plus side is that the multiple parlays give you many more chances to have more bets win. And you will get a nice potential payout if at least three of the legs do cash. The downside is that you need to put money down for each separate parlay, so in the example above that’s 11 separate bets

Teasers

A teaser is generally a combo of between 2 and 5 bets where you are allowed to move the lines in your favor on each leg. In order to win the teaser, you must hit every leg.

A typical two-team parlay teaser lets you move a football spread 6 points on each game and a basketball teaser 4 points each game.

You can also tease Totals with similar point moves. A larger teaser lets you move spreads/totals more, but that requires more sides to hit so there’s no real advantage to expanding beyond two legs.

Teasers ideally price at -110, meaning you need to risk $110 in order to win $100. It's called a “teaser” for a reason as moving the spreads tilts each individual leg in your favor, but it's still quite difficult to win every leg even with the spread advantage. 

Same-Game Parlays

A same-game parlay involves multiple bets from a single game or match. The first bet is typically on who will win the game, either spread or moneyline. The next bet often includes various player props, team props, over/under totals, or others.

For example, if the Toronto Raptors were playing, a bettor could parlay multiple individual wagers, such as the Raptors moneyline, Fred VanVleet to score at least 22.5 points, and Pascal Siakam to record more than 9.5 rebounds. If all three of the bets hit, you win big. If only two bets of the three selections win, the parlay loses.

Parlay Cards 

A parlay card was originally just a parlay that’s already crafted for you. It was literally a card on a table at a betting site with a pre-chosen parlay already on it.

You could just take the card and your money to the window and you could play the parlay. Parlay cards typically have 3 legs on them with all the individual legs even odds, and they pay out +550. It's important to remember that “fair” odds on a 3-leg parlay like that would be +700.

Now that betting has moved online, your betting site might create some virtual parlay cards at the beginning of a day or football week. There’s a possible edge for you out there thanks to varying odds. The lines on the parlay card are stale. Say that after the parlay card on a football game is posted, a QB gets injured, One of the individual bets on the card might be mispriced and the card as a whole might have some value.

What Bets Can Go In Parlays?

Virtually any type of single-game bet can go into a parlay. That includes straight bets, totals, money lines, and props. There are some limitations on correlated parlays.

If two or more bets in the parlay have some correlation to each other, the betting sites might not allow the parlay. Or alternatively, they will price the parlay with a lower payout. There is an edge when you find correlated bets and can parlay them at standard payouts, so always be on the hunt for plays like that. 

Pros And Cons of Parlays

The big pro to parlay betting is definitely the potential payout. The con is you have to always remember that if one leg loses, the entire parlay bet loses. The potential payout looks very large because your chances of hitting a multi-leg parlay are quite small. 

 

Should I Bet on Parlays in Ontario?

Parlay betting is certainly fun for casual bettors. So if you play small and don’t expect miracles, why not try?  The odds of a winning parlay stack against you more so than on typical straight bets,An occasional parlay bet with a relatively low stake won’t cause much pain, but try to avoid playing these too frequently.

Key Takeaways of Parlay Betting Tips

One way to help make your parlay a good bet is to look for correlated parlays. For example, late in the NFL season, the results of an early game can impact the playoff standing of a team playing in a later game.

If you get a situation where the Dallas Cowboys losing early clinches home-field advantage in the playoffs for the Tampa Bay Buccaneers before they even take the field, a parlay combining bets against these two teams has a hidden correlation.

Further, teaser bets in the NFL can have a positive expected value if you can “tease” two-point spreads through two key numbers. In the NFL, those key numbers are 3 and 7. So a 2.5 point underdog teased up 6 points gives you +8.5 on the point spread.

Conversely, an 8.5 point favorite teased down 6 points gives you a favorite -2.5 points. Look to tease NFL games like those and bookmakers that price teasers at -110.

Nevertheless, whether you make parlay bets or any other type of bet, be sure to do it with an Ontario mobile betting app that meets all of your sports betting needs.

Ontario Parlay Betting FAQ

A parlay is a combination of two or more bets or “legs”. In order to win, each leg of the parlay must hit, otherwise, the entire parlay bet loses.

A “+” money line is expressed as the amount you would win per $100 risk. So thus +200 money line means you would win $200 on a $100 bet.

A parlay bet pays out if every leg of the parlay hits. For example, a 2-leg parlay priced at +264 pays out $264 on a $100 bet if both individual bets in the parlay win.

This can depend on the betting site and specific terms of the parlay. But generally, the parlay reduces. That means that the leg of the parlay that pushed gets taken out and the rest of the parlay payout is priced as if the tie bet was never in the spread. A 4-leg parlay becomes a lower payout 3-leg parlay, a 2-leg parlay becomes a single bet, et al.

A 3 leg parlay or three-team parlay is a series of 3 individual bets. The parlay wins if all three legs win, otherwise, the entire parlay loses.

Contributors

Adam Warner @agwarner

Contributor since March 2022

Adam Warner is an expert reviewer for OntarioBets.com. Warner, the author of "Options Volatility Trading: Strategies for Profiting from Market Swings" former financial writer for Schaeffers Research, and a freelance writer for Minyanville.com and StreetInsight.com. Previously Adam was a Market Maker on the American Stock Exchange and a graduate of Johns Hopkins University.