A parlay is a bet that combines multiple wagers into one, requiring all selections to win for the bet to cash.
March Madness parlays
are popular because they offer the chance for higher payouts—but they also come with greater risk since one wrong pick means the entire bet loses.
How March Madness Parlays Work
A parlay consists of at least two selections, known as “legs,” but you can add as many as you want. The more legs included, the higher the potential payout—but also the lower the likelihood of winning.
Example of a three-leg parlay:
- Duke -4.5 vs. Michigan
(Duke must win by 5+)
- Gonzaga moneyline vs. Arizona
(Gonzaga must win outright)
- Over 142.5 in Kansas vs. Purdue
(The game must have 143+ total points)
If all three picks win, the payout is significantly larger than betting them individually. If even one pick loses, the entire bet is graded as a loss.
Same-Game Parlays (SGPs)
A same-game parlay (SGP) allows you to combine multiple bets from the same game into a single parlay. Unlike traditional parlays, where you bet on different matchups, an SGP lets you focus on one game’s spread, player props, and totals.
Example of an SGP for Duke vs. Michigan:
- Duke -4.5 (spread)
- Over 142.5 total points
- Kyle Filipowski 15+ points (player prop)
Same-game parlays are appealing because they let you customize a high-reward bet around one matchup. However, because the bets are correlated (e.g., if a team covers the spread, their top scorer likely performs well), sportsbooks often adjust the odds accordingly.
Why Do Bettors Like Parlays?
- Bigger Payouts:
Because every leg must win, sportsbooks offer higher odds on parlays.
- More Excitement:
Watching multiple games at once with a single bet on the line makes for a thrilling experience.
- Low-Risk, High-Reward:
Even a small bet can result in a large payout if all legs hit.
Common March Madness Parlay Types
- Standard Parlay:
Multiple spread, moneyline, or total bets combined into one.
- Same-Game Parlay (SGP):
A parlay where all legs come from the same game (e.g., team to win + player to score 20+ points).
- Teaser Parlay:
A parlay where you adjust the point spreads in your favor, but in return, receive lower payouts.
Parlays can be a fun but risky way to
bet on March Madness. If you’re looking to maximize payouts while managing risk, consider strategies like hedging or focusing on two- or three-leg parlays instead of longer ones.
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