NFL Wager Data Shows Parlays Rising to 72.51 Percent of Bets by 2023

A study of 547 million NFL wagers placed with one major U.S. sportsbook between 2018 and 2023 documents a sharp reversal in betting behavior. Single-leg bets comprised roughly two-thirds of volume at the start of the period. By 2023, parlays accounted for 72.51 percent of wagers while single-leg bets fell to 27.49 percent, according to reporting by Gambling Insider.

The increase was not driven solely by customer acquisition. Existing bettors materially altered their mix as well. Traditional parlays rose from 33.59 percent to 40.46 percent of wagers. Same-game parlays, which stood at 0 percent in 2018, reached 32.05 percent by the end of the window.

Bettor Behavior Shifted Beyond Influx of New Accounts

Richard Borghesi, lead author and professor of finance at the University of South Florida, examined whether the overall portfolio change reflected only new entrants. “What stood out was how much existing bettors changed their behavior,” Borghesi told Gambling Insider. “New customers were part of the story, but they could not fully explain the growth.”

A companion analysis in the Journal of Gambling Studies tied higher parlay usage to promotional windows. Bonuses first appeared in the data in 2021, free bets in 2022, and profit boosts in 2023. Parlay share stood 19 percentage points higher in 2023 than during the 2018–2020 baseline. After removal of all promotional tickets, the gap remained 17 percentage points.

The data cannot isolate causation. Borghesi noted that researchers observe what bettors placed but not the underlying decision process. App features that simplified parlay construction, including ready-made combinations and single-game player-prop linkages, appeared during the same years and likely contributed to accessibility.

Hold Differential Creates Operator Incentive to Accelerate the Trend

Sportsbooks capture mid-single-digit hold on straight bets versus 20 percent to 30 percent on same-game parlays. This margin gap supplies a structural reason for operators to surface parlay options more prominently through placement, insurance, and targeted boosts. Once bet history identifies a parlay user, algorithms can prioritize those markets on the interface.

The studies establish correlation with promotions, product changes, and growing customer familiarity but stop short of proving any single driver. Bettors appear to migrate gradually from single-leg selections toward the higher-variance, higher-payout format once they gain comfort with the mechanics.

What to watch is whether the sustained rise in parlay volume alters aggregate customer risk metrics or merely redistributes existing wagering activity toward higher-hold products. Operators that track these patterns at the account level will hold the clearest view of the next inflection in product preference.

Reporting: Gambling Insider

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