What is a Parlay?
A parlay is a type of sports bet that combines two or more individual bets into a single wager. To win a parlay, all of the individual bets (also known as “legs”) included in the parlay must be correct. If any one of the bets loses, the entire parlay loses. If one or more of the bets end in a tie or “push,” the parlay is typically reduced to a smaller number of bets, excluding the tied bets, and the odds are adjusted accordingly.
The appeal of parlays lies in the potential for higher payouts, as the odds for each bet are multiplied together. However, this also means that the risk is increased, as the probability of correctly predicting the outcome of multiple bets is lower than that of a single bet.
For example, consider a two-team parlay where you bet on Team A and Team B. Both teams must win their respective games for your parlay bet to win. The odds of this parlay would be the product of the individual odds for each team’s victory. If the odds of Team A winning are 1.5 and the odds of Team B winning are 2.0, the combined parlay odds would be 1.5 * 2.0 = 3.0. If you risk $10 on this parlay and both teams win, you would win $30 ($10 * 3.0), minus your initial $10 stake, for a profit of $20.
Want to play around with the numbers on our parlay calculator? See below. Our calculator only includes implied odds from the parlay and does not take into account individual line odds.