How easy is it to bet a parlay at the DraftKings full site and DraftKings app?
We covered extensively the DraftKings Sportsbook site in a previous post, including signing up for an account, how to make a DraftKings deposit and how the DraftKings desktop site and DraftKings app work. In this article, we’re going to break down how to place a parlay bet on the DraftKings betting site.
What is a Parlay Bet?
Before we can get into how to place a parlay bet on the DraftKings betting site, it’s important to understand exactly what a parlay bet is and how it differs from a single-game bet. Quite simply, a parlay bet is a single wager that involves two or more teams or game totals winning. In order to win a parlay bet, every wager within the bet must win.
As an example, if you were betting on NFL DraftKings offerings, you could choose a parlay bet that combined the Tennessee Titans -10 versus the Washington Redskins AND the Los Angeles Chargers -4.5 versus the Baltimore Ravens in Week 16. In order for your parlay bet to be successful, both the Redskins and the Chargers would need to cover the spread.
Parlay wagers must include at least two different bets, but they can include more than two if you’d like as well. The more teams you choose on a parlay bet, the larger the return on a winning bet, as we’ll soon see.
How Does DraftKings Payout a Parlay Bet?
The question you might ask yourself is, “If you need to win all bets on a parlay wager, what is the advantage of doing so?” The answer is that DraftKings will pay you better odds for winning a parlay bet than if you made the two bets as single-game wagers.
Let’s analyze the above example further and assume you’re going to bet $20 total on the two games. On the NFL DraftKings page, you can place a $10 bet on the Titans -10 and the Chargers -4.5.
The DraftKings betting site charges you a vig (or a percentage of your bet) of -110for each of these single-game NFL bets, which means the site will take 10% of your bet for itself. In this scenario, your two separate $10 wagers would return you $38.20 if you won both bets. If, instead, you placed both of those bets as a $20 parlay bet, the DraftKings betting site will pay you $72.96.
So, to sum up, the difference in your return for the same $20 in total bets is$34.76 more if you placed a parlay bet and won both games than if you placed two separate single-game bets on the same games.
The odds become even greater the more games you choose in a parlay. By adding a third game to the parlay wager on the NFL DraftKings site, your odds increase to +608 from the +265 odds for your two-team parlay bet. Of course, winning a parlay bet becomes harder the more teams you add.
How Do You Bet a Parlay with DraftKings Sportsbook?
Placing a parlay bet at DraftKings Sportsbook is simple, though not quite as straightforward as one might like. First thing you should do is navigate to the page for the sport you want to bet on once you enter your DraftKings login information. For the purposes of this article, we’re going to be placing a bet on two games in the NHL.
Once you have navigated to the NHL betting page on the DraftKings betting site, you will see the list of games and wagers you can choose. We’ll be making two bets here:
• Over 6 total goals in the Anaheim Ducks versus Pittsburgh Penguins game
• Over 6 goals in the Boston Bruins versus Montreal Canadiens game
To place your bet, select the two boxes for those wagers. When you do, the two boxes will become highlighted, and the wagers will appear under your Bet Slip to the right side of the screen. Notice that if you plug in a $10 bet for both as single-game wagers, which is the default of the site, your potential payout will be $39.90. That’s because the Bruins/Canadiens game has a vig of +102, while the Ducks/Penguins game has a vig of -104.
Make A Parlay Wager
To make this a parlay wager, click the Parlay tab at the top of your Bet Slip. Once you do, Parlay will be underlined in green, and your wager will become a parlay. You’ll enter your total wager for the parlay below the games, and, as you can see, your potential payout for the same $20 bet now becomes $79.59 if both games win, since combined, they return odds of +298.
When you’re ready to finalize your wager, simply click the big green Place Bet button under the Bet Slip, and DraftKings will accept your wager.
Placing a parlay bet is a fun and exciting way to enjoy your sportsbook wagering experience on the DraftKings Sportsbook. It’s also a way that you can increase the return on your investment over just placing multiple single-game wagers.Keep in mind, though, that in order to win a parlay wager, you must win all of the games on the Bet Slip. If even one of your games loses on a 10-team parlay, for example, the entire bet loses. So, there is some additional risk you’re accepting by placing a parlay bet.
On both the DraftKings full site and DraftKings app, placing a parlay bet isn’t as straightforward as it maybe could be, but once you’ve done it the first time, it’ll be easy to repeat the process for future tries.