Parlay betting combines multiple individual wagers into a single bet slip, requiring all selected outcomes to be correct for the bet to pay out. While the potential payout is higher than placing each bet separately, the risk increases because a single incorrect outcome results in a loss of the entire wager.
How Parlay Odds Are Calculated
Sportsbooks multiply the odds of each leg to determine the overall parlay odds. For example, a three-leg parlay with each leg at -110 odds yields a combined payout of approximately +586 (including stake). The true implied probability decreases with each added leg, while sportsbooks typically offer paid odds that are lower than the true odds, increasing the house edge.
Types of Parlays
Traditional parlays combine bets from different games. Same-game parlays (SGPs) allow multiple outcomes from a single contest, such as a point spread and a total. SGP+ or SGPx bets combine same-game parlay legs from different games. Teasers let bettors adjust point spreads or totals in their favor at reduced odds. Round robin parlays create multiple smaller parlays from a set of picks, offering some payout even if not all selections win.
Sports and Restrictions
Parlays are not available for events where only one competitor can win, such as golf tournaments or Formula 1 races, unless using non-conflicting markets like top-10 finishes. Some sportsbooks restrict combining certain bets, such as a point spread and money line on the same favorite, within a single parlay.
Parlay Odds Comparison
A comparison of true odds versus sportsbook paid odds for parlays of -110 legs shows the growing disparity: a two-leg parlay has true odds of +300 but paid odds of +264.5; a five-leg parlay has true odds of +3100 but paid odds of +2435.9. The gap widens with more legs, making parlays with four or fewer legs generally more favorable.
Tips for Parlay Betting
Experts advise treating parlays as entertainment rather than a long-term profit strategy. Keeping the number of legs low, reducing wager amounts, and shopping for the best odds across sportsbooks can mitigate risk. Most sportsbooks offer promotions like profit boosts on same-game parlays for major events.
Frequently Asked Questions
What does parlay mean? A parlay is any wager with two or more bets. What happens if a leg pushes? Sportsbooks typically remove the pushed leg and adjust the parlay odds accordingly, paying out on the remaining legs if they win. Policies vary by platform.
