How to Make Money with Parlay Bets: Profitable Systems & Strategies

Alex here, the cofounder of OddsJam. In this betting strategy article, I am going to explain how to make money when betting on parlays. If you’re curious why you should believe me, then look at the bottom of this article – you’ll see my third-party verified parlay results.

Anyways, let’s get into it…

I tend to keep these articles filled with examples of profitable bets that I’m on, and this article will be no different. I think that examples are the best way to learn about profitable betting strategy.

I’m not a writer, so I apologize for any typos. If anything is confusing, then feel free to email us at [email protected] – we offer free sports betting tutorials!

How Do Parlays Work?

A common misconception is that parlays cannot be profitable. That is completely false…

Parlay odds are simply based on the odds of each individual leg. There’s no complicated formula that sportsbooks are using to make parlays unprofitable.

The thing is: most people can’t make money betting on sports. Thus, most people also can’t make money betting on parlays… It is completely possible, though. If all picks in your parlay are Positive EV (e.g. mathematically profitable), then your parlay will also be profitable. Let’s get into an example.

A 4 Leg Parlay on Betway Sportsbook

I just locked in a four leg parlay on Betway sportsbook, and all of my picks are straight from the OddsJam Positive EV Tool.

Yep, I’m just following the data… It really is that simple to make money sports betting.

OddsJam shows the highest profit margin bets first by default. Thus, in the screenshot above, Hawks vs. Hornets o234.5 Points @ -120 odds on Betway sportsbook is the most profitable play currently available in my location.

OddsJam is updating 1,000,000+ odds every second to find the rare, few betting opportunities that have an “edge” over the sportsbook.

My parlay comes out to +1110 odds on Betway sportsbook, just like the OddsJam parlay calculator shows. My betslip is below. I hit this parlay bet for $200. I’m staking $200 to win $2,421.44.

As seen in the screenshot above, my four parlay picks are:

1. Saints 1st Quarter Moneyline
2. Over 7.5 1st Quarter Points in Bengals @ Buccaneers
3. Over 235.5 Points in Hawks @ Hornets
4. James Harden Under 38.5 Points + Rebounds + Assists (e.g. PRAs)

These plays may seem “random,” but they’re not. They’re just profitable. If there was value on a different game or in a different market, then I’d have different wagers in my parlay. If the value was on another sportsbook, then my betslip would be from that bookmaker. I’m just following the value and looking for plays with an “edge” – that’s it…

People are always skeptical about math & data working in sports betting. I’m not sure why. People love to overcomplicate sports betting. The truth is:

• Sportsbooks don’t set “traps.”
• There’s no such thing as a “lock” – big underdogs win all the time…
• Math & data run every industry, and sports betting is no different.

The profit margin (e.g. “edge” or EV) of this parlay is roughly 4%. I’m staking $200, so my bet has $8 in profit margin ($200 x 4%). It’s just sports betting math!

A Two Leg Parlay

I already placed one four leg parlay, so should I call it quits for the day? No…

I say this all the time: more is merrier in sports betting. When you have an edge, it’s a volume game. You want to place as many Positive EV bets and parlays as you can on a daily basis. You’re literally forming your own portfolio of mathematically profitable bets. Some bets will win, some will lose, but you’re guaranteed to make money in the long run since you have the edge, not the sportsbook.

It’s the same reason why a casino doesn’t care if a person wins $10,000 playing roulette. The casino knows this person will lose money long-term; it’s impossible to make money playing roulette over the course of the long run. Unlike sports betting, roulette is not a form of gambling where you can find an “edge.” It’s impossible. Poker, fantasy sports & sports betting are basically the only three forms of gambling where you can have an edge and win long-term.

Anyways, there’s another parlay that I locked in on Betway, so let’s get into it!

My first parlay pick is the Philadelphia 76ers -9.5 at +135 odds. Again, this is straight from the OddsJam EV Tool (bet in bold with a circle around it). If you are confused about how to use the Positive EV Tool, then I recommend reading this tutorial article.

The second pick in my parlay is Myles Turner Over 14.5 Points at +100 odds. This play was also from the Positive EV Tool. The profit margin is lower (1.37% vs. 6.34%), but “edge is edge.” Some bets are more profitable than others – that’s just how it is.

The “edge” or EV of this parlay is roughly 8% (6.34% + 1.37%), so my two leg parlay has roughly $16 in profit margin (8% x $200 stake = $16). This is why I get confused when people say they don’t have “time” bet on sports… Placing this parlay took me 30 seconds, and the parlay has $16 in profit margin.

This OddsJam user above made $20,000 profit in four months on a $3,000 bankroll. Again, making money sports betting is not that complicated and you do not need to be wealthy or a superstar at math. It’s all about:

• Hustle – this isn’t passive income. You need to put in the time.
• An understanding of variance. There’s ups and downs. If you’re looking for a risk-free million dollars, then you’re in the wrong place… But let me know if you find a risk-free $1,000,000 🙂

Anyways, my two leg parlay comes out to +370 odds, and my betslip from Betway sportsbook is below. I’m staking $200 to win $940. Again, the two picks are:

1. Philadelphia 76ers -9.5 Point Spread
2. Myles Turner Over 14.5 Points

Five Picks on Underdog Fantasy

Next, I have a five leg parlay on Underdog Fantasy. I’m staking $100 to win $2,000.

As a note, you need multiple sportsbooks to maximize profits with OddsJam. Sometimes, the value is on Betway sportsbook. Other times, the value is on Underdog Fantasy. Long story short, because sportsbooks have different odds from one another, it’s beneficial to have as many as possible. More sportsbook accounts = more profitable bets = more money in your pocket. Most sportsbooks have sign-up bonuses, too, so why not register for more accounts?

My first three picks are from the OddsJam Positive EV Tool. As seen in the screenshot above, you can filter for a specific sportsbook if you just want to see plays on one book.

I know it’s hard to read looking at the screenshot, but the three Positive EV bets that I’m on are:

• Mason Plumlee u10.5 Rebounds
• Joel Embiid u10.5 Rebounds
• Tyreek Hill u6.5 Receptions

My next play is from the OddsJam NHL Screen. I’m on Mathew Barzal over 2.0 Shots on Goal. As seen in the screenshot above, every sportsbook have Barzal’s over/under set at 2.5 Shots on Goal. Thus, there’s value on the o2 for Barzal.

Again, the OddsJam Odds Screen is really useful for comparing lines set at different levels (e.g. 2.0 vs. 2.5 Shots on Goal). The Positive EV Tool is only useful for comparing lines set at the same level (e.g. 2.5 vs. 2.5 Shots on Goal).

My final play on Underdog Fantasy is another NHL player prop. I’m on Ryan O’Reilly u2 Shots on Goal on Underdog Fantasy. As seen in the screenshot above, all of the sportsbooks have his over/under set at 1.5 Shots on Goal.

My five picks on Underdog Fantasy are:

• Joel Embiid Under 10.5 Rebounds
• Mason Plumlee Under 10.5 Rebounds
• Ryan O’Reilly Under 2.0 Shots on Goal
• Tyreek Hill Under 6.5 Receptions
• Mathew Barzal Over 2.0 Shots on Goal

Again, it’s the same strategy I’ve discussed in countless other video tutorials and articles. I’m just hunting for value and “edge” with two tools:

1. The Positive EV Tool
2. The OddsJam Screen

Making money sports betting really is that easy once you internalize the core concepts.

Parlay Results: My 2021 & 2022 Bet Tracker

I track all of my wagers on a third party, verified bet tracker. My 2021 results are better than 2022…

In 2021, I profited $59,179.37 on parlay bets (168-529-65). In 2022, I’ve profited $21,825.85 with a 163-870-12 record. There’s some differences from year to year, but that’s expected.