Parlays are one of the most exciting—and riskiest—bets in sports betting. The promise of turning a small stake into a massive payout by combining multiple wagers into one is irresistible to many bettors. But that allure comes with a catch: every single leg must win, or you lose everything. This complete guide explains exactly how parlays work, when they make sense, and how to approach them strategically.
What Is a Parlay Bet?
A parlay (also called an “accumulator” or “combo bet”) is a single wager that links two or more individual bets together. All selections must win for the parlay to pay out. If even one leg loses, the entire parlay loses.
The appeal is simple: combined odds create much larger payouts than betting each selection separately. A $10 bet on three -110 favorites pays about $60 as a parlay—compared to roughly $27 if you bet them individually. That multiplier effect is what makes parlays so popular. To see exactly how much your next combo could pay, use our Parlay Calculator.
The trade-off is equally simple: risk compounds with every leg you add. While hitting one -110 favorite has about a 52% chance, hitting three in a row drops to around 14%. The bigger the potential payout, the less likely you are to collect.
How Do Parlays Work?
Here’s the basic mechanics of parlay betting:
Step-by-Step: How to Place a Parlay Bet
- Choose Your Selections. Pick two or more individual wagers you want to combine. These can include moneylines, point spreads, or totals.
- Add to Bet Slip. Once you select multiple games, your sportsbook will usually offer a “Parlay” option on your betting slip.
- Verify the Odds. The sportsbook multiplies the odds of each selection. You can verify these payouts using our Odds Converter for decimal precision.
- Enter Stake and Confirm. Enter the amount you wish to wager. Remember, all legs must win for you to receive a payout.
Parlay Odds and Payouts Explained
Understanding how parlay odds are calculated helps you evaluate whether a bet offers good value. The easiest way to calculate parlay payouts is using decimal odds. For complex tickets, our Parlay Calculator does the heavy lifting for you.
- Positive American odds (+150): (150 ÷ 100) + 1 = 2.50
- Negative American odds (-110): (100 ÷ 110) + 1 = 1.91
Example: Three-leg parlay at -110 each
Combined odds: 1.91 × 1.91 × 1.91 = 6.97. A $10 bet pays $69.70 ($59.70 profit).
| Legs | True Odds | Typical Payout | $100 Bet Wins |
|---|---|---|---|
| 2 | 3.64:1 | 2.64:1 | $264 |
| 3 | 6.96:1 | 6.00:1 | $600 |
| 4 | 13.31:1 | 10.00:1 | $1,000 |
| 5 | 25.45:1 | 20.00:1 | $2,000 |
Types of Parlay Bets
Traditional Parlay
The standard parlay: combine multiple selections, all must win. Simple and straightforward.
Same-Game Parlay (SGP)
Combine multiple bets from a single game. SGPs are hugely popular but come with correlated odds adjustments—the book knows these outcomes are linked.
Teasers and Pleasers
Teasers allow you to adjust point spreads in your favor for a lower payout. Pleasers do the opposite—giving points away for much higher returns.
Round Robins
A Round Robin creates multiple smaller parlays from your selections. This provides a safety net: you can still win some bets even if one selection fails. Check out our Round Robin Calculator to see all possible combinations.
The Math Behind Parlays: House Edge
Compounding Vig
Parlays carry a higher house edge than straight bets. On a standard -110 bet, the house edge is about 4.55%. When you parlay them, the effective vig compounds, reaching over 20% on a 6-leg parlay. Use our Vig Calculator to see how the house takes its cut on every leg.
Parlay Betting Tips for Success
- Keep it short: 2-3 leg parlays have much more reasonable win rates than massive “lottery ticket” parlays.
- Shop for lines: Small odds differences multiply across legs. Always use multiple sportsbooks to find the best price.
- Find +EV Opportunities: Only combine bets that have positive expected value. Use our Expected Value Calculator to identify these spots.
- Manage Your Bankroll: Never bet more than you can afford to lose. Professional bettors use the Kelly Criterion to determine optimal stake sizes.
Conclusion: Are Parlays Worth It?
Parlays are a high-octane way to bet on sports, offering life-changing payouts for small investments. However, they are mathematically geared in favor of the house. Treat them as entertainment rather than a primary bankroll-building strategy. When you do play them, stick to 2-3 legs and look for correlated opportunities to maximize your edge.
FAQs
A parlay bet combines multiple individual wagers into one single bet. All selections (legs) must win for the parlay to pay out. If even one leg loses, the entire wager is lost.
In most cases, a push removes that specific leg from the parlay. For example, a 3-leg parlay would become a 2-leg parlay with adjusted odds. Your bet remains active.
Yes, most sportsbooks allow ‘multi-sport’ parlays. You can combine an NFL point spread, an NBA moneyline, and an MLB total all on the same betting slip.
Sportsbooks adjust for correlation. Since outcomes in the same game are often linked (e.g., a QB throwing for 300 yards and his team winning), the book reduces the payout to account for that shared probability.
Mathematically, straight bets are better for long-term bankroll growth because they have a lower house edge. Parlays are higher variance and carry a steeper ‘tax’ from the sportsbook.
Parlay insurance is a promotion where the sportsbook refunds your stake (usually as a free bet) if exactly one leg of your parlay fails. It is one of the best ways to improve parlay value.
