The purpose of this article is to provide information about parlay betting if you register with a sportsbook from Canada. So, we look at the parlay betting meaning and examine the best sites in Canada for these bets and how they work in various sports, including hockey, football and soccer. So, please read on for one of the best online guides to parlay betting.
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The Best Parlay Betting Sites List 2023
As online sports betting opens up and expands in Canada, it is useful to have a list of the parlay betting sites that offer the best service in terms of the variety of a parlay bets and odds. Hence, we have carried out extensive research on Canada-facing operations and the result is the following list:
- Lucky Block – Overall Best Choice for Parlay Betting in Canada
- Powbet – Excellent Odds for Parlay Bets
- STS – Offers a Wide Variety of Betting Markets
- Bodog – Excellent Range of Sports for Canadian Players
- BetVictor – Accepts All Canadian Provinces
- Sports Interaction – Sport-Specific Bonuses for Existing Customers.
- Leon Bets – Very Competitive Odds on NBA Matches
- N1bet – Excellent Interface and Live Chat Customer Support.
- Betstorm – Huge Selection of In-Play Markets
- Tebwin – Easy To Use For New Players
- Cazimbo – Huge Selection of Sports Leagues, Including NFL
Parlay sports betting enjoys outstanding coverage with existing and new Canadian sportsbooks . So, we suggest you continue reading this guide so that you can have all the key aspects and tips for parlay betting explained.
What Does Parlay Mean in Betting?
Parlay in betting refers to a type of bet that includes two selections or more. It is a single line bet, also known as an accumulator. So, the odds combine to calculate the return, which means a parlay could produce a big win for a small stake.
However, each selection on your bet slip must be successful for a win with parlay betting. So, in a three-team parlay, all three teams must win. This type of bet is not found on casino bonus sites.
When you place an individual bet, you must avoid correlated outcomes. For example, the first scorer in a hockey game has a direct impact on the moneyline odds. This is because the team that scores the first goal at any stage of a game will be leading.
Bookmakers will update the moneyline to reflect the score so there is a link between these two markets or a correlation. However, some sportsbooks now feature Bet Builder for same-game parlays but adjust the odds accordingly.
You can place parlay bets on North American sports moneyline markets in which there are two options: Home Team or Away Team. So, the moneyline bet does not include overtime. Therefore, in this case, if the game is tied, there is a ‘push’ so the number of parlay selections is reduced by one, but the bet has not lost.
However, you can bet on money line markets that include the tie, including NFL games.
How Parlay Betting Works
A parlay is a combination bet that brings together two or more teams, players, or horses in a single bet. Hence, the return from the winning first selection automatically goes on to the next selection at accumulated odds. However, if the first event produces a losing selection, the bet is lost.
Then the result of the other legs is irrelevant as the bet stops at a loser. Also, the minimum number of legs is two in parlay sports betting. This includes the point spread in parlay betting in football and Canadian bettors like this type of spread bet. You can also place parlay bets on WWE events.
When you look at parlay betting meaning, there are advantages for the bookmaker and bettor. A bookie will accept parlays with pleasure because they have more than one opportunity for the bet to lose.
Conversely, speculative players enjoy the challenge of getting multiple predictions correct. However, and probably more importantly, odds quickly accumulate to create the potential for a significant return. Some sports do not work with parlays, such as Formula 1 sportsbooks.
Predicting the correct outcome of one football or hockey match is not easy. Team selection news about injuries and suspensions will affect the relative ability of each team. Also, motivation, home-field advantage, and current form are factors when assessing a single fixture and team totals.
The variables ‘accumulate’ as you had more games, but the odds for a winning bet are more financially rewarding. The best NHL sportsbooks offers parlay hockey betting.
Parlay Betting Odds
Parlay sports betting odds appear like odds in any other bet type. Canadian operators, whether betting at Quebec sportsbooks or elsewhere, display American odds, but decimal or fractional odds make calculating the return from an all-correct parlay easier. This is illustrated in the detailed example later in the guide.
So, for an easy example, +200 appears as 2/1 in fractional odds and 3.00 in decimal odds. In addition, there are Asian odds formats, but we will keep this guide easy to follow without discussing more odds formats.
Betting odds are compiled by odds makers and published before a game. However, these odds are not fixed and can change before the game. This is because they react to market forces: betting on an option will make the odds shorten, and other options will lengthen.
Therefore, it is an ongoing process that continues until the game begins when in-play betting is introduced.
Bookmakers manage risk and try to control liabilities. So, if they have taken a 3-team parlay and the first two teams win, they will cut the odds on the third team. However, that means bigger odds for the other team which should attract bets.
The aim is to minimize the damage from a multiple odds parlay but sometimes bookies are powerless.
Example of a Parlay Bet
On September 28, 1996, world-famous jockey Frankie Dettori had seven rides from seven races at Ascot Racecourse in the UK. Dettori didn’t have the most appealing rides on paper but the day became a nightmare for bookmakers.
Despite not being that fancied, Dettori went through the card and landed seven winners. Because many players will back their favorite players, teams, or jockeys in a parlay, it costs the industry a lot of money.
As the races passed with the same winning jockey, the increasing parlay odds were $3.00, $39.00, $166.87, $1350.96, $3715.07, $8539.07, and, finally, $27077.20.
With a huge number of bettors placing small bets on this occurrence, it cost the British operators a huge amount of money. It is a rare but worthy example of how parlay betting can create huge returns.
Parlay Betting Strategy
Canadian players enjoy parlay betting on soccer, hockey, and football. Some make random selections, while others adopt a strategy that they believe gives them a better chance of winning when parlay betting. This strategy can also be applied to Esports betting sportsbooks.
One such strategy is the inclusion of bankers. These are the selections that you cannot see losing. They are often the first port of call for some players when they are devising a parlay.
Bankers will often be favorites with all the conditions in their favor and looking unbeatable.
However, there are no certainties in sport but a winning banker at -400 will boost the potential payout by 25% in your parlay game bet.
A parlay is one bet, and the stake unit is the same as the total stake. However, you can include permutations in each leg, but the total stake increases accordingly. An accumulator costs $1 if it includes one horse in each race.
You could have included two horses in races 3,5 and 7 to increase the chances of winning. It is a sensible strategy, but the total stake increases, depending on the number of permutations. So, the stake in this example is calculated as follows:
Parlay Calculation
1 x 1 x 2 x 1 x 2 x 1 x 2 multiplied by $1 = $8.
To illustrate how the total stake escalates as you add more selections, let’s assume you have two runners in a seven-horse parlay. So, here is the calculation:
2 x 2 x 2 x 2 x 2 x 2 x 2 multiplied by $1 = $128.
As the return compounds with each additional selection, the total stake goes up with extra permutations. Indeed, you could have numerous permutations in any race, combining bankers and multiple selections.
The unit stake and the number of selections determine the total stake. Hence, three horses in seven races create a parlay that costs $2187.
Best Parlay Sportsbooks Reviewed
Here are reviews of the top five Canada sportsbooks that allow players to place a parlay bet:
1. Lucky Block – Overall Best Choice for Parlay Betting in Canada with 200% Bonus
Licensed in Curacao and under the regulation of the Curacao Gaming Control Board, Lucky Block is the perfect spot for parlay sports betting in Canada.
Easily one of the most stylized and well-rounded sportsbooks featured on this list, Lucky Block is simple to use, has some great features, and the mobile website works perfectly for those betting on the move. Parlay betting is as simple as it gets (see the image above). Just select multiple winners and add to your bet slip, and then check ‘combo‘ to see the odds for your parlay wager. Single-game parlays are also available on select markets.
The sportsbook covers 30+ sports, with a huge selection of wagering options available and deep in-play betting markets for all of the world’s most popular leagues, including the NFL, NBA, EPL, and MLB. Unlike other sportsbooks, Lucky Block incorporates the use of on-site analytics. Click on an upcoming NHL game, for example, to view all the potentially decisive info before placing your parlay, including recent results, player stats, and historical results between the two teams.
LuckyBlock has one of the best welcome bonuses around with new players automatically qualifying for a 200% welcome bonus and 50 free spins on Wanted Dead or a Wild.
The bonus is paid in 10 installments with a maximum of 10,000 EUR available to those who deposit 5,000 EUR (or crypto/fiat equivalent). The offer is valid only on the first deposit made in the casino, with the minimum deposit required 20 EUR.
So for example, a player who deposits 100 EUR will immediately receive free spins and 200 EUR in the bonus bank. And for every €600 you play for (win or loose), you get €20 paid out to your account from the bonus bank, until you have cleared the entire €200.
Pros:
- 200% welcome bonus
- Live betting is available
- Excellent parlay odds
- On-site stats and analytics
Cons:
- Some markets not available for single-game parlays
2. Powbet – Overall Best Choice for Parlay Betting in Canada
Powbet offers new customers a welcome offer for up to $150 in the form of a 100% match deposit bonus. However, the Powbet promo code is required to activate this bonus and it is entered during the registration process.
Also, the welcome bonus is complemented by a range of ongoing promotions for existing customers. In addition, new casino players can claim up to $750 and 200 free spins.
The operation is licensed and regulated by the Government of Curacao and is owned by Rabidi N.V., who provide online gaming solutions in regulated countries.
However, there is no dedicated mobile app but there is a mobile website, as long as the browser is correctly optimised. Hence, customers in Canada can bet on about 30 sports on both platforms.
Powbet allows customers to place a parlay bet on soccer, hockey, football and several other sports. You can also combine two teams or more across sports and there are no minimum odds for these bets.
Then you can follow your teams on the live betting interface, though not on live streams. However, each live game features a visual display of the action and live match data.
Sports betting is the core product of Powbet. However, the operator has one of the best mobile casinos in Canada.
Pros:
- Transparent welcome bonus
- Betting on about 30 sports
- Live interface with updated odds
- Payment options include Interac
Cons:
- No downloadable app for iOS and Android
3. STS Bet – Offers a Wide Variety of Betting Markets
STS provides good odds for team parlay bets, but there are no minimum odds for any selection. The operator has a sign up offer which is a 100% match deposit bonus for a maximum of $300.
You can use the STS promo code to activate this bonus during the registration process. Also, there are loyalty promos for current players, which can be sport and event-specific.
The sportsbook trades legally under licences from the Malta Gaming Authority and the UK Gambling Commission. These regulatory bodies are trusted and established, and STS must comply with stringent standards, especially with free bets and bonuses.
Customers in Canada can bet on more than 20 sports, in pre-match, in-play and ante post (Futures) outright winner markets.
There are effective measures in place for 24/7 customer support, banking and responsible gambling. This has been the case since STS first accepted players from Canada in 2019.
Also, there is an app for download and a mobile website which both replicate the desktop product. So, overall STS is one of the best online sites in Canada.
Pros:
- Regulated and licensed in Malta and UK
- Parlay multiple bets for several sports
- Live betting platform with live match data
- Downloadable apps for iOS and Android
Cons:
- No live streaming
4. Bodog – Excellent Range of Sports for Canadian Players
The review of Bodog reveals excellent parlay betting odds when you combine two selections or more in a multiple. The competitive odds complement the Bodog promo code signup offer, which is a 100% match deposit bonus up to $400 and 50 free spins.
The operator has served the Canadian online sports betting market for over 10 years (as of May 2022), excluding Quebec.
The bookmaker is owned by Il Nido Limited and licensed in Antigua and Barbuda. The sports menu features 30 categories and numerous events, pre-game and in-play. In addition, the registration and login processes can be completed with little delay.
Also, there is a good range of options for banking and customer support. For example, you can use the Live Chat facility 24/7 and 365 days a year.
Unfortunately, Bodog is another sportsbook for residents of most provinces in Canada that has not introduced a dedicated app that can be downloaded to iOS and Android hardware. However, an app could be under development, so you should monitor the site for any news.
The missing feature is offset by an excellent mobile website that replicates the desktop with good parlay card odds.
Pros:
- Fully functional mobile website
- Excellent welcome bonus up to $400
- Live betting interface with eSports streaming
- 24/7 Live Chat
Cons:
- Downloadable app not been launched
5. BetVictor – Trusted Global Brand in Online Sports Betting
BetVictor is the branded name for Victor Chandler, who was the first UK bookmaker to relocate an online operation to Gibraltar in 1999. However, it has to be said that the range of sports offers is limited but does include over/under goals in soccer.
In fact, when we completed this review, there was only a new customer BetVictor promo code offer. The benefit comes in the form of a 100% match deposit bonus up to $300.
At the time of writing BetVictor had applied for a gaming licence from the Alcohol and Gambling Commission of Ontario. This licence would supplement similar licenses in the UK, Ireland, and Gibraltar.
That means BetVictor is associated with trusted gaming regulatory bodies and adding Ontario to that group would enhance their reputation in Canada.
Residents of the country can bet on about 30 sports and numerous markets, including game parlays at decent odds. The in-play lobby offers live events in the most popular sports, including soccer, tennis and basketball. In fact, it features on our list of the top basketball betting sites in Canada.
Also, this operator offers Live Chat and phone and email contact methods. There is a dedicated mobile app and mobile website.
Pros:
- Generous easy to achieve welcome bonus
- Betting on about 30 sports
- Experienced online operator
- Cash out betting
Cons:
- Slightly dated website
6. Sports Interaction – Sport-Specific Bonuses for Existing Customers
You can expect generous parlay payouts when you register with Sports Interaction. New account holders in Canada are eligible for the welcome bonus when they use the Sports Interaction promo code.
The sign up offer is a 100% match bonus up to $500 which is paid in Bet Credits. Also, players can earn a $250 bonus when they ‘Refer a Friend’.
The operator offers pre-game and live betting in about 20 sports. In addition to the regular sports, residents of Canada can place wagers on Politics, Awards and TV and Entertainment Specials. Also, the live games feature a Match Tracker, which provides a graphical representation of the progress of play and live updated scores.
The Sports Interaction site is currently operating (May 2022) with an application with iGaming Ontario pending. The site owners are licensed and regulated by the Jersey Gambling Commission.
Despite the lack of a dedicated app, mobile users can access Sports Interaction on a mobile website that replicates the desktop product.
Pros:
- Welcome bonus up to $500
- Live betting with Match Tracker
- Excellent mobile website
- Refer a Friend bonus scheme
Cons:
- Not yet licensed in Ontario but liniment
Explore Our Other Provincial Betting Guides
BC Sports BettingInterested in finding the best sports betting offers in British Columbia, then this is this guide for you. Discover the top betting sites, offers, and more.BC Sports Betting
Quebec Sports BettingLearn more about the sport betting opportunities that are currently available in Quebec. Explore the top betting sites, betting offers & much more.Quebec Sports Betting
Alberta Sports BettingCovering everything you need to know about sports betting in Alberta. Including laws, payment methods, and how to wager a bet online, and more.Alberta Sports Betting
Ontario Sports BettingJoin us as we explore the world of sports betting in Ontario. Providing you with everything you need to know, from the best betting sites, legalities, and more.Ontario Sports BettingHow to Place a Parlay Bet
Here is a step-by-step guide to placing parlay bets. We have used Powbet as an example to show you what to do.
Step 1 – Sign Up
Click the ‘play now’ button in the top right of your screen, select which welcome bonus you’d like to receive and then fill out your information.
Step 2 – Verify
Once registered, you must, by law, prove your age and identity in order to place a bet.
Step 3 – Deposit
Choose from the wide variety of payment options to make your first deposit.
Step 4 – Place a Bet
Finally, you can choose your selections and place your first parlay bet.
Parlay Betting Tips
Please refer to our five top tips for placing parlay bets:
• Check bookmaker parlay payout limits.
• Compare the odds.
• Include bankers.
• Consider permutations.
• Use a parlay calculator.Conclusion
Parlay bets are not to everybody’s taste as they involve predicting the outcome of two or more events. The variables in any bet increase as you add more legs. Also underdogs do win games so if you only include favorites in parlay bets, you will come unstuck.
Sportsbooks in Canada have parlay promotions, so it is useful to have parlay betting explained. For example, parlay insurance returns the stake in the form of a free bet when one selection lets you down. Boosted odds on a winning parlay increase as you add selections to the bet slips.
Powbet offers current players a parlay promo. Players residing in Canada must place a parlay with three legs or more at odds of 1.80 or bigger. Customers who have winning bet can claim a 10% bonus that is added to the returns at the normal odds.
FAQs
We will now provide the answers to some common questions about parlay betting:
How does a parlay bet work?
Do parlays have better odds?
Is it better to straight bet or parlay?
How often do parlays hit?
Is parlay betting worth it?
Where is the best place to do parlay bets?
Rick Elliot
Rick Elliot
