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March Madness Parlay Bets

Malcolm Darnley

Updated: Mar 20, 2024


Numerous events take over the sports world as they happen.

And if the sports world is captivated by such an event, we also know that the sports betting space is not far behind.

The NFL and its Super Bowl are probably the world’s most popular single-day sporting event.

However, as big as the Super Bowl is each year, the March Madness tournament can be just as captivating, and with 68 teams competing, the tournament lasts a lot longer than the 200 minutes a Super Bowl takes to play out.

With ample games stuffed into a small time frame daily, sports bettors are flying high, and betting tickets are printed at a rapid pace.

Many of those tickets are parlay bets.

Parlays are a terrific way to wager a small sum of money and chase a much larger payout.

The March Madness tournament provides tremendous opportunity for bettors of all skill levels and experience. For many of us, the Madness is a chance to build multi-leg parlays, adding even more excitement to an already exciting couple of weeks.

Below, we dive into the March Madness tournament with a specific focus on March Madness parlay betting.

Let’s go!

What Is A Parlay Bet?

If you are not familiar with a parlay bet, I will simplify it for you. A parlay bet combines multiple bet selections into a single betting ticket.

In some regions, a parlay bet will also be referred to as an accumulator bet or a multi-bet.

Each bet selection in your parlay is called a leg.

Therefore, a parlay with two bet selections is called a 2-leg parlay, whereas a parlay with seven bet selections is called a 7-leg parlay.

Parlays can be profitable, but they are not easy to cash.

If you lose even one leg in your parlay, the entire bet will be graded as a loss.

March Madness Same Game Parlay

Same-game parlays (SGP) are bets that feature all bet selections from a single contest.

You can build an SGP at most of the top sportsbooks during March Madness.

For example, if you think BYU will defeat Duquesne in the first round and it will be a high-scoring affair, then you can build a parlay like this:

  • BYU -9.5 (-110) To Cover
  • BYU versus Duquesne OVER 142.5 (-110)

Parlay Odds: +265

To hit this parlay, BYU must cover the 9.5-point spread, and the game’s total score must finish above 142 points.

College Basketball Player Parlay

Even during the March Madness tournament, you can build player prop parlays.

Player prop parlays are bets that feature all player props.

These bets focus on player statistical outcomes rather than the game’s final score.

Here is an example of a player prop parlay you can build for the Big Dance:

  • Ryan Kalkbrenner – OVER 17.5 Points (-114)
  • Armando Bacot – OVER 9.5 Rebounds (-136)
  • Terrence Shannon Ellis – OVER 23.5 Points (-118)

Parlay Odds: +505

If all of the above legs are successful, you can win $50.50 with a $10 stake on this 3-leg parlay.

Moneyline Parlay

A moneyline parlay is one of the most common parlay builds you will find. The teams you select must win their games outright to cash your ticket. If even one loses, your entire ticket will be graded as a loss.

Moneyline parlays can be challenging to hit during March Madness due to all the upsets.

Here is an example of a moneyline parlay:

  • Michigan State (-113)
  • Dayton (+100)
  • McNeese State (+220)
  • NC State (+155)

Parlay Odds: +2968

If all the teams we picked above win their games, a 4-leg parlay will pay $296.80 for a $10 wager.

Points Spread Parlay

A point spread parlay is very similar to a moneyline parlay, except we now need to pick teams to cover the point spread instead of picking teams to win the game.

Here is an example of a point spread parlay during March Madness:

  • South Carolina -1.5 (-105)
  • Colorado State +2.5 (-105)
  • Oakland +13.5 (-104)

Parlay Odds: +645

If all of the above teams cover their spreads, this 3-leg parlay would payout $64.50 on a $10 bet.

Over/Under Parlay

An over/under parlay is a multi-leg ticket constructed from betting different game totals. (also referred to as Over/Unders)

To win an over/under parlay, all the games you select must go over or under the predetermined point total, depending on the side you picked.

These are some of the most common parlay builds you will see during March Madness.

Here is an example of one:

  • Duquesne versus BYU – UNDER 142.5 (-110)
  • Akron versus Creighton – OVER 140.5 (-115)
  • Long Beach State versus Arizona UNDER 163.5 (-110)

Parlay Odds: +582

If our 3-leg O/U parlay ticket above is cashed, a $10 bettor would earn $58.20 in profit.

March Madness Parlay Builder

Some sportsbooks might offer a parlay builder to simplify the March Madness parlay-building process.

A parlay builder is a tool that organizes all of your bet selections into specific categories, so you don’t need to search from game to game to construct your parlay.

To use the parlay builder, you only have to click on the parlay builder or bet builder tab.

Not all sportsbooks offer this feature, but if your sportsbook of choice does, check it out and see if it helps organize your selections.

How To Pick The Best March Madness Parlay Betting Sites

Picking the best parlay betting site is a matter of personal preference, but here are some criteria to consider when determining which one to go with.

Betting Odds

Getting the best odds for your March Madness parlay means getting the largest possible payout.

Betting Boosts

Winning a parlay bet is great. Winning extra on an odds- or profit-boosted parlay is even better. Many apps will have special promotions during the NCAA tournament.

March Madness Parlay Betting Strategy

Betting on straight wagers is hard enough, so clearly, parlay bets are that much more challenging to hit.

Always remember that March Madness parlay betting is fun (play safe!) and that upsets happen regularly in this chaotic event.

Below, I will list some of my favorite parlay betting strategies in the hopes that they can help during the next March Madness tournament.

Shop For Bonuses and Odds Boosts

Most of the top sportsbooks will offer parlay boosts and odds boosts.

There are even “people’s parlays” built by the public, usually via social media.

However, not all sportsbooks are created equal. In the quest to earn our business, lucrative welcome bonuses and odds boosts are offered, especially during big events like the NCAA March Madness tournament.

Having multiple accounts will allow bettors to take advantage of multiple welcome bonuses and shop for the best Odds Boosts.

Bettors should take the time to compare parlay odds from multiple sportsbooks.

You might find that DraftKings offers +690 odds for a parlay, and that same bet might be paying out at +800 somewhere else.

A chance to grab a bet at +800 instead of +690 is a big deal, and in the long term, that kind of odds shopping dramatically impacts our ROI.

Most books will also have parlay insurance, especially during an event like March Madness.


There are points and times that you should hedge your bets. One of the most popular times to employ the hedging strategy is with parlays.

Let’s say you build a 5-leg parlay, and the first four legs have already won.

In this scenario, a bettor has an opportunity to now bet the opposite side of their remaining leg and guarantee profit.

This way, you will guarantee yourself a profit no matter how the final leg of your parlay plays out.

Not everyone believes in hedging, and hedging bets comes down to a personal preference.

Some believe that hedging takes away from your profit opportunities, and they prefer not to do it.

There are also those who play multi-leg parlays regularly, hoping to put themselves in a position to hedge and guarantee profit.

The decision to hedge or not to hedge is personal and always up to the individual.

Money Management Systems

Just because you can go crazy and build an 18-leg parlay with (+20504) odds doesn’t mean you should be doing it regularly.

Or, at least, it doesn’t mean you should be expecting to cash a parlay like that with any type of regularity.

Parlay betting allows us to shoot for the stars and chase some large payouts by building some big tickets.

Go ahead and have fun chasing that pot of gold, but make sure you are responsible while doing it.

One of the attractions of March Madness parlay betting is that it allows us to chase large payouts without risking a lot of money.

Cashing parlay tickets is difficult.

The more legs you add to the ticket, the more difficult the bet becomes to cash.

Make sure you are betting responsibly, and understand that parlays cash at a significantly lower rate than a single-leg bet.

Adjust your wager amount accordingly.

To cash more March Madness parlay tickets, limit your selections to around 2-4 legs.

The more modest your parlay build is, the better your chance of cashing the ticket.

How To Place A Parlay Bet During March Madness

If you want to place a March Madness parlay, the process is easy.

It’s just like placing any other straight wager or parlay bet.

Below, I will list the process in steps:

  • Visit the sportsbook of your choice and activate the bonus offer.
  • Next, click on the drop-down menu and then click on the March Madness tab. Since this is such a huge event, March Madness tabs will be everywhere.
  • Find the game you want to bet on and select at least two options.
  • Once your bet selections appear in your bet slip, enter the amount you want to stake, and be sure to click on the parlay betting option.
  • Finally, check over the bet slip and make sure it is the way you want it, and click the “Submit Bet” button to complete the process.

Where NCAAB Parlay Bets Online Are Legal

Betting on college sports parlays is legal in every state online sports betting is legal.

Here’s a list of states where you can bet on parlays when betting on college basketball:

Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Louisiana, Michigan, Nevada, New Hampshire, Tennessee, Virginia, Washington, D.C., West Virginia, New York, New Jersey, Pennsylvania, and Wyoming.

Besides betting parlays, try March Madness props betting.

Every tournament, sportsbooks create a variety of unique and creative prop bets specific to March Madness.

These props can add even more enjoyment and excitement to what is already a very fun event.

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