Quick Answer
A parlay (also called an accumulator or multi) is a single bet that combines two or more individual wagers. All selections must win for the parlay to pay out. The potential payout is higher than betting each selection separately, but the risk is also greater.
How Parlays Work
When you make a parlay, you are linking multiple bets together. Each individual bet is called a "leg." The odds of each leg are multiplied together, creating a larger potential payout.
The catch? Every single leg must win. If even one leg loses, the entire parlay loses. A push (tie) on one leg typically reduces the parlay to the remaining legs.
Example: 3-Leg Parlay
A $100 bet wins $456 profit if all three legs hit. If any one loses, you lose the $100.
How to Calculate Parlay Odds
Parlay odds are calculated by multiplying the decimal odds of each leg together:
Parlay Odds = Leg 1 x Leg 2 x Leg 3 x ...
(Using decimal odds format)
Use our parlay calculator to instantly calculate parlay odds and payouts.
Parlay Payout Chart
Here are typical parlay payouts assuming each leg is at -110 odds:
| Legs | True Odds | $100 Payout | Win Probability |
|---|---|---|---|
| 2-leg | +264 | $364 | 27.5% |
| 3-leg | +596 | $696 | 14.4% |
| 4-leg | +1,228 | $1,328 | 7.5% |
| 5-leg | +2,435 | $2,535 | 3.9% |
| 6-leg | +4,741 | $4,841 | 2.0% |
| 10-leg | +64,349 | $64,449 | 0.15% |
Types of Parlay Bets
Standard Parlay
The basic parlay where all legs must win. One loss and the bet is over.
Same Game Parlay (SGP)
Multiple bets from the same game combined into one parlay. Popular for combining player props with game outcomes.
Teaser
A parlay where you get favorable point adjustments on spreads/totals in exchange for lower odds. Common in NFL and NBA betting.
Round Robin
Multiple parlays created from a group of selections. Allows some legs to lose while still winning some parlays.
Parlay Pros and Cons
- ✓ Bigger payouts from small stakes
- ✓ More exciting to sweat multiple games
- ✓ Can correlate bets (SGPs)
- ✓ Limited downside (only lose initial stake)
- ✗ Much harder to win
- ✗ Higher house edge than straight bets
- ✗ One bad leg ruins everything
- ✗ Sportsbooks love parlay bettors (bad sign)
Why Parlays Favor the Sportsbook
Most professional bettors avoid parlays. Here is why:
The Compounding Vig Problem
When you parlay bets, the sportsbook's edge (vig) compounds with each leg. On a single -110 bet, the house edge is about 4.5%. But on a 5-leg parlay of -110 bets:
- True fair odds: +2,512
- Typical parlay payout: +2,435
- House edge: ~20%
The more legs you add, the larger the house advantage becomes.
When Parlays Can Make Sense
Despite the math, there are scenarios where parlays are reasonable:
When outcomes are linked (e.g., team winning AND covering), the parlay can offer value. Same game parlays sometimes allow this.
Parlaying multiple heavy favorites can make sense if you believe they are all very likely to hit. The parlay makes the odds worthwhile.
If you are betting for fun and want to sweat multiple games with a small stake, parlays provide excitement.
Sportsbooks often offer parlay boosts or insurance. These promotions can reduce or eliminate the house edge.
Parlay Betting Tips
1. Keep Legs to a Minimum
2-3 leg parlays are far more realistic than 10-leg lottery tickets. The house edge grows with each leg.
2. Do not Parlay Correlated Risk
Avoid parlaying bets that are correlated in the wrong direction. If one leg losing makes other legs more likely to lose, you are amplifying risk.
3. Consider Hedging Winners
If you are on the last leg of a big parlay, consider hedging (betting the other side) to lock in profit regardless of outcome.
4. Use Parlays Sparingly
Treat parlays as occasional lottery tickets, not your primary betting strategy. Most of your action should be straight bets.
Key Takeaways
- ✓Parlays combine multiple bets - all legs must win
- ✓Higher payouts come with significantly lower win probability
- ✓The house edge compounds with each additional leg
- ✓Keep parlays small (2-3 legs) for better expected value
- ✓Use our parlay calculator to check odds and payouts