Placing real-money parlay bets online in Texas is still illegal. However, you can legally place parlay bets at sweepstakes sportsbooks, which is something many Texans do every week.
We’re also excited about legal sports betting developments in the state. Many lawmakers and politicians, including Governor Abbott, have expressed support for the legalization of online sports betting.
So, with this in mind, this article explains everything you need to know about parlay betting. We reveal what parlay bets are and how to place them at online sportsbooks.
Then, we introduce you to the best parlay betting sites currently legal in the United States. We expect these sites to launch in Texas as soon as online sports betting becomes legal.
What is a Parlay Bet?
A parlay bet is a wager in which two or more bets are included in the same slip. Crucially, each selection must win for you to win your payout. The more teams you include on a parlay, the better the potential returns. That said, more teams in a parlay means more risk, as only one fixture needs to let you down for your parlay bet to lose.
You can include teams from multiple leagues in the same parlay. As it happens, the selections don’t even need to be from the same sport. For example, you could include MLB, NHL, and NFL teams in the same parlay bet. If the teams you select win, you will win your bet.
Here’s an example to show you how a wager at parlay betting sites works:
- Texas Longhorns, Houston Astros, and Dallas Cowboys to win at +450.
Assuming you place $100 on this parlay, you would win $450 if the Longhorns, Astros, and Cowboys win their respective fixtures. However, if the Astros and Cowboys win, only for the Longhorns to lose their NCAA match, you would lose the entire parlay bet.
Parlays are great because they increase your potential wins if all your selections come in. However, they’re riskier than placing individual wagers. So, you need to weigh up risk and reward when placing a parlay wager. You should also conduct sufficient research to ensure the teams you pick have a good chance of winning.
As with any real-money sports betting, you should always bet within your means and gamble responsibly. It’s easy to get carried away with parlay betting, particularly when you see your potential returns listed.
But bear this in mind – the breakeven percentage of a three-leg parlay is around 14%, so it’s not necessarily the best wager to base your entire betting strategy around[1].
How to Place a Parlay Bet at an Online Sportsbook
Placing a parlay bet is just like making any other sports wager. The devil is in the details, and it’s important not to get carried away. Helpfully, all the top parlay betting sites in the United States calculate your odds automatically when you add selections to your slip.
If a three-legged parlay suddenly jumps from +250 to +1,000, your fourth selection is likely wide of the mark, and though it offers an impressive return, it’s very unlikely to come in.
So, the first step is to do your research. Know the teams and sports you’re betting on, and treat a parlay bet like any other wager.
Put it like this: adding favorites to long shots might seem like a good play when building a parlay, as it improves your payouts, but it adds so much risk to your betting strategy. For instance, imagine if we placed a futures parlay on:
- The Dallas Stars to win the 2025/26 Stanley Cup at +600[2]
- The Houston Astros to win the 2025 World Series at +1,500[3]
- The Houston Texans to win the 2026 Super Bowl at +3,000[4]
Now, a $100 bet on the Stars to win the 2025/26 Stanley Cup would return $600. They’re the favorites for the Stanley Cup this season, so it’s a decent futures bet to consider.
But when we include the Astros at +1,500 to win the World Series and the unfancied Texans to win the 2026 Super Bowl at +3,000, the potential payout increases significantly. In fact, if all three legs of our futures parlay come in, we would receive a payout of $347,100[5].
You can see how appealing that sounds from a $100 wager, but it’s just so unlikely to happen. We’d be better off backing the Stars to win the Stanley Cup in a single moneyline wager and looking elsewhere for value in the World Series and Super Bowl markets.
Now that you’re aware of the nuances, here are the simple steps to follow if you want to get started at parlay betting sites this year:
- Choose a sportsbook: The first step is to choose one of the best parlay betting sites in the US market. We introduce your best options below, including BetMGM, FanDuel, and DraftKings.
- Check for offers: Before signing up, navigate to the promotions page to see if you can access a free bet or welcome bonus. All top-rated parlay betting sites offer welcome bonuses and ongoing promotions for parlay wagers.
- Make a deposit: Create an account at the sportsbook and visit the cashier to make a real money deposit via your chosen payment method.
- Make your selections: Conduct your research and make your selections. When you add teams to your betting slip, the sportsbook will calculate your potential returns automatically.
- Place your bet: If you’re happy with the odds and potential returns, place your parlay bet.
The Best Parlay Betting Sites in the US
Although parlay betting sites are not currently legal in Texas, we hope that new legislation will be passed this year or next to legalize sports wagering in the state.
If this happens, we expect all the major US-based sportsbooks to launch in the Lone Star State. Below is an overview of the best parlay betting sites right now, with details of what you can expect when you sign up to place this type of wager:
BetMGM
BetMGM is one of the top-rated sportsbooks and casinos in the US market. It’s widely available and offers access to great value markets and promotions.
As a new BetMGM Sportsbook customer, you can access up to $1,500 in cashback if your initial bets don’t win. Enter promo code BETMGMBONUS to trigger this reward as a new customer and get a second chance if your initial parlay wagers lose.
When you explore the odds and markets at BetMGM, you will find the sportsbook to be among the best and most varied in the US market. You can place parlay bets on all major leagues and sports, and regular promotions and rewards are available to all players.
FanDuel
Known and loved for its DFS offering, FanDuel is another awesome parlay betting site in the US. We like FanDuel because it offers recommendations for same game parlays for MLB, NBA, and NFL fixtures, among others.
The odds at FanDuel are excellent, and there are numerous promotions for added potential wins. For instance, FanDuel is currently running its 30% profit boost on selected same game parlays, increasing your win potential.
When you create an account at FanDuel to place a parlay, you can trigger up to $200 in bonus bets if you make a qualifying wager of $5 or more on selected markets.
DraftKings
Very similar to FanDuel, DraftKings is an online sportsbook in the US that made a name for itself in the DFS market. Today, it’s one of the best parlay betting sites, with numerous promotions and offers for sports betting fans.
For instance, we love the all-parlay CBB boost, which boosts your odds on all four-legged college basketball parlays.
DraftKings is currently running a promotion that gives you, as a new sports betting customer, up to $150 in free bets when you make a qualifying wager of $5 or more. These bonus bets are given as six $25 free wagers, a brilliant way to get started at one of our favorite sports betting websites.
Please note: None of these sites are currently available in Texas. However, if new legislation is passed in 2025 or 2026 to legalize sports betting in the Lone Star State, we expect each of these sportsbooks to launch in the newly established market.
The verdict: The best US Parlay Betting Sites
We rate BetMGM, FanDuel, and DraftKings as the best parlay betting sites in the United States. Each platform offers competitive odds and excellent promotions designed to give parlay bettors an odds boost.
While we’re still waiting for online sports betting to be legalized in Texas, these sites are widely available in other states. Therefore, we expect them to launch in Texas as soon as it becomes legal.
[1] https://unabated.com/articles/the-good-and-bad-of-parlays
[2] https://www.vegasinsider.com/nhl/odds/futures/
[3] https://www.foxsports.com/stories/mlb/2025-world-series-odds
[4] https://www.vegasinsider.com/nfl/odds/futures/
[5] https://www.vegasinsider.com/parlay-calculator/