How Does Parlay Sports Betting Work? Guide for Colorado Sports Bettors

So What Are Parlays?

A parlay is a single bet that links together two or more individual wagers for a high payout. The catch? All the selected bets, or "legs," must win for the parlay to pay out. Parlays are popular due to the great odds pairing together single bets provides. 

Examples of Parlays Using Colorado Sports Teams

Here is an example of a parlay you could put together utilizing four individual futures bets:

Legs	Odds
Denver Broncos to win Super Bowl:	+3500
Colorado Avalance to win Stanley Cup:	+800
Colorado Rockies to win World Series:	+5000
Denver Nuggets to win NBA Finals:	+650

You could place four individual bets on the options above but the payout would be significantly less. On the contrary, placing a parlay on all four of the events to happen is extremely risky; the winnings could be life changing but what are the chances of all four bets hitting?

Remember, all legs of your parlay must win for the parlay to pay out. Some Colorado betting apps have promotions available where if one leg of your parlay loses the bet would be a “push”, or not count as a win or loss, but these promos are rare.

How Parlays Work in Sports Betting

Parlays are popular because of their potential for big rewards. However, the risk is equally high since just one wrong leg can cause the entire bet to lose. The more legs you add to a parlay, the greater the payout, but the odds of winning decrease correspondingly.

Not all parlays work with CO sportsbook promos either. To be eligible for any deposit matches or bet/get offers, some require single bets on a moneyline or over/under, for example, for the bet to be valid.

How to Read Parlay Odds

When you look at a parlay, you'll see the odds for each leg combined to form the total odds for the parlay. For example, combining three bets each with even odds (1:1) might give you total odds of 7:1, meaning a $100 bet could return $700 if all three bets win whereas if you bet on each leg individually it would only pay out $300. This is a +$400 return just by creating a parlay.

Again, the more you add to the parlay the riskier the bet becomes.

Sportsbooks in Colorado Offering Parlays

You’ll have a tough time finding a sportsbook in 2024 that doesn’t offer parlays. Maybe some of the smaller niche operators have limitations on parlays and how many legs you can add to a bet slip but these are rare. 

Below are some of the popular sportsbooks in Colorado that offer parlay betting.

Fanatics 

Fanatics Sportsbook Colorado stands out with its intuitive platform, making it straightforward for bettors to combine multiple bets across various sports, including local favorites like the Denver Broncos or the Colorado Avalanche, into a single parlay wager. Their offerings are especially appealing to those looking to blend bets across different leagues and sports, providing a comprehensive betting experience.

bet365 

Bet365 CO sportsbook, a giant in the global sports betting industry, offers Colorado residents a vast array of betting options. Their parlay betting feature allows for a mix of bets from the professional to the collegiate level, including the University of Colorado and Colorado State University. 

Bet365's user-friendly interface and detailed stats help bettors make informed decisions, enhancing the parlay betting experience with in-depth analysis and live betting options.

BetMGM

BetMGM Sportsbook caters to the Colorado market with a wide selection of parlay betting options. Bettors can enjoy creating parlays that include bets on Denver Nuggets' basketball games to Colorado Rockies baseball. 

BetMGM stands out with its Parlay Plus feature, offering the chance to increase winnings on qualifying parlays, making it a lucrative option for those who skillfully combine their sports knowledge into multi-leg bets.

Tips for Betting on Parlays

• Start Small: If you're new to parlays, consider starting with a smaller number of legs to get a feel for how these bets work.
• Research: Knowledge of the teams and players involved can significantly impact your chances of success. Pay special attention to Colorado teams, or any sports teams you’re a fan of and like to bet on.
• Consider the Odds: While it's tempting to add more legs for a bigger overall payout, remember that each added leg ultimately increases the difficulty of winning the bet.
• Bet Responsibly: Parlays can be exciting, but you need to bet within your budget and keep the experience enjoyable. Sports betting is supposed to be fun, not stressful.

Final Word on Parlay Betting

Parlays offer a really fun betting option for Colorado sports fans. Whether you're supporting the Colorado Buffaloes, the Colorado State Rams, or any professional team, combining your bets into a parlay can add an extra layer of excitement once the game starts. 

Remember, the key to successful parlay betting lies in informed decision-making and responsible betting practices. Enjoy the thrill of the game, and may your parlays prove profitable!