NHL parlays allow hockey fans to roll a number of selections together into one bet in order to gain higher cumulative odds. It is a great tool for anyone that wants to turn a pretty small stake into a large potential payout. There are examples of sports fans laying down $5 and walking off with a six-figure return after correctly predicting the outcome of a large number of games.
An NHL parlay is also helpful for anyone that has picked a few favorites to secure victory and wants to gain greater value from their wager. We have compiled this handy NHL parlay guide as part of our how to bet on NHL focus, so you can join in the excitement.
What is an NHL parlay?
An NHL parlay presents bettors with the opportunity to combine multiple selections into a single bet in order to rack up a much greater potential profit. You might think the Washington Capitals can beat the New York Rangers, the Pittsburgh Penguins can beat the Dallas Stars, the New Jersey Devils can beat the Vancouver Canucks and the Boston Bruins can beat the Toronto Maple Leafs.
If you have a $20 bankroll to play with, you could divide it into four and bet $5 on each of those predictions. Yet you have another intriguing option: roll all four into a $20 parlay and you will secure a much higher payout if you are correct.
You can add all manner of different selections into a single parlay. You could go for the Caps to beat the Rangers, the Penguins to cover the puckline against the Stars, over on total goals in the Devils versus Canucks game and the Bruins to beat the Maple Leafs 4-3 as a correct score option, all rolled into one bet.
How do NFL Parlays Work?
NHL parlays offer bettors the exciting opportunity to rack up large odds by adding multiple selections into one big wager. However, there is a catch: if just one result goes against you, your bet will crash and burn. There is a higher reward if successful, but a greater risk of failure.
If you bet $5 on the Washington Capitals at -200, $5 on the Pittsburgh Penguins at +100, $5 on the New Jersey Devils at -133 and $5 on the Boston Bruins at +110, you would make a profit of $16.67 if all four of your predictions prove to be correct. However, if you combined them all into a successful $20 parlay, you would walk off with a far greater profit of $200.60.
The more legs you add to a parlay, the greater the potential payout you stand to make. However, it only takes one team letting you down for your bet to lose, so it can be tricky to compile a winning parlay.
How is an NHL Parlay Bet Calculated?
Good sportsbooks will tell you the potential return you stand to make on your betslip when you compile a parlay. However, you can work it out for yourself if you so desire.
The first thing you should do is convert the odds on each of your selections into decimal format. Most sportsbooks provide this option, while there are many tools online that do it for you, or you can do it yourself. Just remember that +100 is 2.00, +133 is 2.33, +150 is 2.50, +200 is 3.00, +267 is 3.67 and so on, while -125 is 1.80, -150 is 1.67, -200 is 1.50, -300 is 1.33 and so on.
Sticking with the example used above, let’s say you want to go for these selections:
- Washington Capitals to beat the New York Rangers at -200 (1.50 in decimal)
- Pittsburgh Penguins to beat the Dallas Stars at +100 (2.00)
- New Jersey Devils to beat the Vancouver Canucks -133 (1.75)
- Boston Bruins to beat the Toronto Maple Leafs at +110 (2.10)
You would then multiply 1.5 x 2 x 1.75 x 2.1, which equals 11.03. That tells you that for every $1 you bet, you will gain a return of $11.03. Therefore a $20 parlay would return you $220.60, including a $200.60 profit and the return of your $20 stake.
How Can You Create a Winning Parlay?
Parlays can be great fun for NHL fans and they offer the opportunity to earn life-changing payouts despite laying down relatively small sums of money. . Here are some tips to help you succeed when putting together a hockey parlay:
- Try to avoid the temptation to lump all the favorites on a particular evening together as a parlay. One team generally has a bad day and lets you down. Work out which favorites really deserve that status and which ones look vulnerable.
- Check out NHL picks from the experts before compiling a parlay, as it is good to get as much help as possible before making your plays.
- Do your research. Check out how strong each team is at home or on the road, weigh up their relative defensive and offensive attributes, factor in injuries, fatigue, motivation levels, morale, head-to-head records and more before adding a selection to your parlay. Make sure you watch hockey on a regular basis rather than blindly betting on teams you have never seen in action.
- Leave huge underdogs out of your NHL parlays. If you think that team will defy the odds, just go for a single moneyline wager on it, rather than risk busting your entire parlay on a dog.
- Do not simply stick to moneyline selections when compiling a parlay. Look at total goals markets, puckline and prop bets in order to find more value and to protect yourself better. The expert NHL predictions on offer will regularly feature alternative options to simple moneyline bets and you should consider them for your parlay too.
- Look out for reduced juice sportsbooks for parlays and factor in free play bonuses in order to stack the odds further in your favor.