Unlocking the Best FanDuel Parlay Betting Strategy

12 min read
Oct 7, 2024, 12:26 PM
Author
Nick Ashbourne
Nick Ashbourne
Senior Writer
Last Updated: Oct 7, 2024, 12:26 PM

What is a Parlay?

A parlay is a sports betting wager where you combine multiple individual bets into a single wager.

To win using this bet type, you must correctly predict the outcomes of two or more bets, or "legs," that make up the parlay. 

The potential payout for a parlay is significantly higher than a traditional single-game bet, but the difficulty of correctly predicting all the legs also increases.

FanDuel offers a wide variety of parlay betting markets, from standard point-spread parlays to more specialized offerings like same-game parlay bets. 

Understanding the different parlay types and how to build an effective parlay strategy is crucial for sports bettors looking to maximize their potential returns.

Here's a basic summary of how those returns are affected by increasing the legs in a parlay:

Bet TypePotential PayoutRisk Level
Two-Leg Parlay+300Moderate
Three-Leg Parlay+600High
Four-Leg Parlay+1000Very High

Understanding FanDuel Parlay Options

FanDuel provides several parlay options for bettors to choose from, each with its own unique characteristics and potential advantages. 

The most common parlay types available on the FanDuel Sportsbook include:

  • Standard Parlays: These are the traditional multi-game parlays where you combine two or more individual bets, such as point spreads, moneylines, or over/unders, into a single wager.
  • Same-Game Parlays: This feature allows you to combine multiple bets within a single game, such as player props, point spreads, and game totals, into a single wager found on the same-game parlay tab.
  • Point-Spread Parlay Teasers: Teasers are a special type of parlay where you can adjust the point spreads of the individual legs in your favor, but at the cost of a lower potential payout.

Understanding the nuances of each parlay type and how they fit into your overall betting strategy is crucial for success.

FanDuel Same-Game Parlay

The FanDuel same-game parlay allows bettors to combine multiple bets within a single event into one wager. This can include a variety of bet types, such as:

  • Point spreads
  • Moneylines
  • Game totals (over/unders)
  • Player props (e.g., player scoring, rebounding, or assist totals)

The flexibility of the same-game parlay allows bettors to get creative and potentially exploit specific matchups or player/team trends. 

One popular same-game parlay example could be combining the Philadelphia Eagles to cover the spread, Saquon Barkley to score a touchdown, and the game total to go over the point total. 

If all three of these outcomes occur, the parlay would pay out at much higher odds than placing each bet individually.

FanDuel Point-Spread Parlay Teasers

FanDuel also offers point-spread parlay teasers, which allow bettors to adjust the point spreads of the individual legs in their favor. 

This comes at the cost of a lower potential payout, as the sportsbook is essentially giving you a head start on the spreads.

Teasers are a popular option for bettors who want to increase their chances of winning a parlay, but are willing to sacrifice some of the potential upside. 

For example, a standard 3-team point-spread parlay might pay out 6-to-1, but a 3-team teaser where you can adjust the spreads by 6 points might only pay out 2-to-1.

The key to effectively using teasers is to find the right balance between adjusting the spreads to improve your chances of winning and maintaining a high enough payout to justify the risk.

Building a Winning Parlay Strategy

Developing a successful parlay betting strategy requires a combination of research, discipline, and risk management. 

Here are some things to keep in mind:

Key Principles

  1. Understand Your Odds: Carefully analyze the individual odds of each leg in your parlay to ensure the overall payout justifies the risk.
  2. Manage Your Bankroll: Avoid the temptation to "chase" big payouts by risking too much of your bankroll on a single parlay.
  3. Diversify Your Bets: Consider spreading your bets across multiple parlays rather than concentrating all your wagers on a single high-risk parlay.
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Remember to set a realistic budget for your parlay bets and stick to it. Avoid the temptation to chase losses or increase your wagers beyond your means.

FanDuel Parlay Features

FanDuel offers several features to help bettors manage their parlay bets, including:

  1. Parlay Builder Tool: This interactive tool allows you to easily create and customize your parlay bets, displaying the potential payout and risk.
  2. Parlay Insurance: FanDuel may offer "parlay insurance" promotions, which provide a refund if one leg of your parlay bet loses.
  3. Bet Slip Management: The FanDuel betting slip makes it easy to track and manage your active parlay bets.
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Utilizing these features can help you make more informed decisions and better manage the inherent risks associated with parlay betting.

Advanced Parlay Strategies

While building a winning parlay strategy requires discipline and sound bankroll management, there are also some more advanced techniques that experienced bettors may employ:

Hedging and Parlay Insurance

Hedging involves placing an additional bet that offsets some of the risk of your original parlay. This can be used to lock in profits or limit losses if one or more legs of your parlay are in jeopardy.

Parlay insurance, as mentioned earlier, is a feature offered by FanDuel that provides a refund if one leg of your parlay bet loses. 

This can be a useful tool for managing risk, especially on larger, riskier parlay bets.

Same-Game Parlays: Tips and Tricks

When constructing same-game parlays, it's important to identify key matchups, player/team trends, and potential gameplay scenarios that you can exploit. 

Look for opportunities where multiple outcomes within a single game are correlated and can be combined for a higher payout.

For example, in an NFL game between the Los Angeles Chargers and Kansas City Chiefs, you might consider a same-game parlay that includes the Chargers covering the spread, J.K Dobbins to score a touchdown, and the game total to go over the point total. 

If you believe the Chargers will keep the game close and their top running back will find the end zone, this parlay could offer value.

Common Parlay Mistakes to Avoid

While parlays can be an exciting and potentially lucrative way to bet on sports, they also come with inherent risks. 

Some common mistakes to avoid include:

  • Chasing Big Payouts: Resist the temptation to risk too much of your bankroll on a single, high-risk parlay in pursuit of a large payout.
  • Lack of Research: Failing to thoroughly research and analyze the individual legs of your parlay can lead to poor decision-making and increased risk.
  • Emotional Betting: Letting your emotions, such as frustration or overconfidence, influence your parlay selections can result in costly mistakes.
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Remember that while parlays offer the potential for high payouts, they also carry a higher risk of losing your entire wager. Approach them with caution and discipline.

Parlay Betting Psychology

The thrill of potentially winning a large payout can be alluring, but it's important to approach parlay betting with discipline and a clear understanding of the risks involved. 

Bettors should be aware of the psychological biases that can lead to poor decision-making, such as the "gambler's fallacy" and the desire for immediate gratification.

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Be mindful of the emotional and psychological factors that can influence your parlay betting decisions, such as the desire for a big payout or the fear of missing out on a winning bet.

Maintaining a balanced perspective and managing your emotions, especially when faced with a losing streak, is crucial to long-term parlay betting success. 

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Regularly reviewing your betting history and seeking professional help if you suspect a gambling problem can also be valuable strategies.

FAQ

Minimum Legs

What is the minimum number of legs required for a parlay bet?

The minimum number of legs for a standard parlay bet is typically 2, but this may vary depending on the sportsbook.

Maximum Legs

What is the maximum number of legs allowed in a parlay bet?

The maximum number of legs can vary, but many sportsbooks, including FanDuel, typically cap the number of legs at 12 or 15.

Same-Game Parlays

Can I place a parlay bet on the same game?

Yes, FanDuel's same-game parlay feature allows you to combine multiple bets within a single game into a single parlay.

Payout Calculation

How do I calculate the potential payout for a parlay bet?

To calculate the potential payout, you multiply the odds of each individual leg together. For example, a 3-leg parlay with odds of 2.0, 3.0, and 4.0 would have a potential payout of 24.0 (2.0 x 3.0 x 4.0).

Cashing Out

Can I cash out a parlay bet early?

Yes, many sportsbooks, including FanDuel, offer a cash-out feature that allows you to settle your parlay bet before all the legs have been determined.

<p>Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.</p><p>Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022.&nbsp;</p><p>Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the RG team.</p>
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Paruyr Shahbazyan started his business career in 2000 as an entrepreneur. Over 13 years he learned business and leadership, so he laid the foundation for his career.

In 2013 Paruyr entered the sports and betting industry as the founder and president of Bookmaker Rating. This online media he led until 2020. The platform was focused on in-depth analysis and insights in sports betting and got a reputation for quality content.

In 2022 Paruyr co-founded Azuro, decentralized betting protocol. This shows his commitment to technology in the sports betting space. Through all these experiences Paruyr has been shaping and influencing the betting industry, setting new trends and standards.

Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports.

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Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

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With 20+ years of writing experience across sports, gambling, regulation, technology and startups Sol brings a broad understanding to his role as Editor-in-Chief at RG. His work is about providing clear factual information to help readers make informed decisions about gambling. Sol’s approach is about transparency and research so the content at RG is straightforward, evidence based and accessible.

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Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Nick Ashbourne
Nick Ashbourne
Senior Writer

Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.

Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022. 

Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the RG team.

Sergey Demidov
Sergey Demidov
Head of News Department

Sergey has been in sports journalism since 2007 as a reporter, editor, and manager. He has covered the Olympic Games, soccer World Cups, the World Cup of Hockey in 2016, the European championships, the Stanley Cup Finals, IOC events, and many others. Sergey interviewed the sport's greatest athletes, coaches, and executives. Since 2016, he has been an Independent Senior Editor of NHL.com/ru.

Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

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