A parlay is a single bet that combines two or more selections. All picks must win for the parlay to pay out. Miss one, lose it all.
How Parlays Work
When you parlay multiple bets together, the odds multiply. This creates bigger potential payouts than betting each game individually. The catch? Every single leg must win. One loss kills the entire parlay.
Think of it like a chain — it's only as strong as its weakest link. Three heavy favorites at -300 each suddenly becomes a losing bet if just one of them fails.
If all three hit, a $20 bet returns over $100. But if the Chiefs win by only 3 (not covering -3.5), the entire parlay loses — even if the other two legs win.
Why Parlays Are Popular
Parlays are fun. There's no denying it. Turning a small bet into a big payday is exciting. You get action on multiple games with a single wager. And watching that last leg come in? Nothing quite like it.
Sportsbooks love parlays too — because they make a lot of money on them. The house edge on parlays is significantly higher than on straight bets. That's the tradeoff for the bigger potential payouts.
- Big payouts from small stakes
- More exciting — multiple games in one bet
- Lower bankroll needed for big returns
- Fun for casual entertainment
- Much harder to win
- Higher house edge than straight bets
- One bad leg kills everything
- Negative expected value long-term
The Math Behind Parlays
Here's the hard truth: parlays are -EV (negative expected value) bets. The more legs you add, the worse the math gets for you.
A 2-team parlay of -110 bets pays about +264. But if each game is truly 50/50, you'd expect to hit a 2-teamer 25% of the time. Fair odds would be +300. The sportsbook keeps the difference.
On a 2-team parlay, the house edge is around 10%. On a 10-team parlay, it can exceed 30%. The bigger the parlay, the more you're paying for the privilege of that potential jackpot.
Types of Parlays
Should You Bet Parlays?
If you're betting for entertainment and understand that parlays are a fun way to possibly win big while probably losing, go for it. Keep your parlay stakes small — think of it as the cost of entertainment.
If you're trying to grow a bankroll over time, straight bets are mathematically better. Professional bettors rarely touch parlays except in specific situations (like correlated parlays where the legs are connected).
If you're going to parlay, keep it to 2-3 legs max. Stick to your best plays only. And never parlay for more than you'd bet on a single game. Treat it as a bonus bet, not your main strategy.
Parlay Tips
Keep it small. 2-3 legs is the sweet spot. Every additional leg makes winning exponentially harder.
Don't parlay just to parlay. Only combine bets you'd make individually. Adding a random game to "boost the odds" just adds risk.
Consider correlations. Same-game parlays can be smart when legs are connected. If you think a game will be high-scoring, parlay the Over with passing props.
Shop for the best odds. Different sportsbooks offer different parlay payouts. DraftKings often has the best same-game parlay builder.
Use bonus bets on parlays. Since bonus bet winnings don't return the stake, using them on a parlay maximizes the potential profit.
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