What Does Parlay Mean in Sports Betting? A Guide to Combined Wagers

Parlays are hugely popular because they multiply the odds of the individual bets, offering a much higher payout than you would get from betting each game separately. For example, combining three individual bets, each with standard -110 odds, might result in a single parlay with odds around +595. This means a $\$100$ bet wins a profit of $\$595$. However, this significant reward comes with substantially higher risk.

How Parlay Bets Work

Sportsbooks use a simple method to calculate parlay odds, though they adjust the final payout to ensure a house edge.

The Core Mechanics

1. Multiple Legs: A parlay must include a minimum of two legs. Most sportsbooks allow up to 10 or 15 legs in a single parlay.
2. Multiplied Odds: The odds for a parlay are determined by converting the individual odds of each leg into their decimal equivalent and then multiplying them together. The higher the number of legs, the higher the final payout odds.
3. Varying Bet Types: Parlays can mix different types of wagers, including point spreads, moneylines, Over/Under totals, and player propositions (props).

What Happens When a Leg Pushes

A “push” occurs when the result of a single leg is a tie (e.g., a team wins by exactly the 7-point spread).

• If a push happens, that leg is simply removed from the parlay.
• The overall parlay is then recalculated using the remaining legs, and the payout odds are reduced accordingly. The parlay does not lose.
• For example, if you place a four-leg parlay and one leg pushes, it becomes a three-leg parlay.

Common Types of Parlay Bets

The basic parlay concept has several variations popular among American bettors.

1. Standard Parlay

This is the most common type. It combines wagers from two or more separate games or events.

• Example: Bet 1 (NFL Moneyline) + Bet 2 (NBA Spread) + Bet 3 (MLB Over/Under Total).

2. Same-Game Parlay (SGP)

The SGP combines multiple bets from the same single event. This has become extremely popular since its widespread introduction by online sportsbooks in the late 2010s.

• Example: In an NFL game, you bet the Chiefs to win, the total score to go Over 48.5 points, and Travis Kelce to score a touchdown.

Sportsbooks generally restrict betting on events where one outcome directly influences the other (highly correlated bets). For example, you cannot parlay a quarterback to throw for Over 300 yards with his team’s moneyline win. SGPs handle these correlations by lowering the final odds.

3. Teaser Parlay

A teaser allows the bettor to adjust the point spread or Over/Under total in their favor for multiple games in exchange for lower payout odds.

• Example: You bet a 6-point NFL teaser. A team originally favored at -7 becomes -1, and another team originally an underdog at +3 becomes +9. Both new spreads must win for the teaser parlay to pay out.

4. Round Robin

A round robin is a betting structure that creates multiple smaller parlays from a larger list of selections. It serves as a form of insurance.

• Example: If you pick four teams (A, B, C, D) and select a “Round Robin by 3s,” the book creates four separate three-team parlays (ABC, ABD, ACD, BCD). If one of your four teams loses, you still have a chance to win on the three parlays that included the winning teams.

Pros and Cons of Parlay Betting

Parlays are fun and exciting, but they are not the best tool for long-term profit. Data shows that parlays, especially those with many legs, significantly increase the house’s profit margin.

Tips for Betting Parlays

• Limit the Legs: Keep your parlays small, ideally two to four legs, to maintain a realistic chance of winning.
• Bet Small Stakes: Treat parlays as low-cost entertainment. Risk only a small amount of money that you are comfortable losing.
• Shop the Odds: Always check odds across two or three different sportsbooks. A small difference in odds (e.g., +260 vs. +280) on a two-leg parlay can significantly impact your potential return.

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