Table of Contents
Definition Graphic
Definition Graphic
Do not index
Do not index
Review
Fact Checked
Term
Parlay
Quick Summary
A parlay is a single wager that combines multiple individual bets (called legs). To win, every leg must be correct—there are no partial payouts. This guide explains how parlays work, how the odds are calculated, and what happens when a leg pushes.
What Is a Parlay?
A parlay is a multi-leg bet where every selection must win for the ticket to cash. Bettors can build parlays using:
- Moneylines, spreads, and totals
- Different sports or leagues
- Same-game events (where allowed)
Parlay odds are calculated by multiplying the odds for each leg. This boosts the payout—but also the risk. One incorrect leg results in a full loss.
Parlay vs. Teaser
Feature | Parlay | Teaser |
Line Adjustment | No | Yes (moves spread in bettor’s favor) |
Risk Level | High | Moderate |
Payout | Higher | Lower |
All Legs Must Win? | Yes | Yes |
Benefits of Parlays
- Combine multiple picks into a single ticket
- Potential for large payouts on small stakes
- Simplified bet tracking
- Available across sports and bet types
Example: How to Place a Parlay
Step 1: Choose a Sportsbook
Select a book that offers parlay functionality.
Example shown: Pinnacle interface
Step 2: Select Your Legs
For example:
- Leyma Basquet Coruna moneyline at +424
- Over 180 total points at -141
Step 3: Add to Bet Slip
Your sportsbook will auto-group eligible legs into a parlay.
Step 4: Enter Stake
Wager your desired amount (e.g., €100).
Step 5: Confirm the Bet
Once placed, track the results of each leg. If all hit, you win the full payout.
Frequently Asked Questions
What happens if one leg pushes?
Most sportsbooks void the leg and recalculate the parlay based on remaining selections.
How are parlay odds calculated?
Decimal odds are multiplied. For example, 2.50 × 1.91 = 4.78 (or +378 in American odds).
Can I cash out a parlay early?
Some sportsbooks offer early cashout if the parlay is partially complete. Terms vary.
What’s the max number of legs?
Most sportsbooks cap parlays at 10–20 legs, depending on rules.
What is a correlated parlay?
A parlay with statistically linked outcomes (e.g., team to win and over on total points). Many books restrict or adjust pricing for these.
Can I include futures bets?
Some books allow it, but most limit parlays involving long-term markets.
What’s a round robin vs. parlay?
Round robins break multiple legs into smaller sets (e.g., all 2-leg combinations from 3 picks), offering partial win potential.
Is there vig in parlays?
Yes. Each leg includes vig, and the house edge compounds when odds are multiplied.
Are parlays a good bet?
They offer high potential payouts but carry low win probability. They are popular for entertainment, not consistent profit.
How do I know if my parlay hit?
Check your bet history. If every leg wins, the bet is graded as a winner. One loss voids the entire ticket.
Learn More
To understand how odds move in real time and how that affects parlay prices, visit The Advantage, your educational resource for betting fundamentals and market mechanics.