Parlay is a term used in sports betting to describe a single bet that links together two or more individual wagers. It is a type of accumulator or combo bet where all the selections must win for the parlay to be successful. Parlays offer the potential for high payouts but come with increased risk compared to single bets.

  1. Combining Bets: In a parlay, multiple bets are combined into one. This could include a variety of bet types, such as point spreads, moneylines, and totals (over/under). The more bets included in a parlay, the higher the potential payout, but the likelihood of winning decreases with each added bet.
  2. All-or-Nothing Nature: The key characteristic of a parlay is that all the individual bets within it must win for the parlay to pay out. If even one bet loses, the entire parlay is lost. This all-or-nothing nature makes parlays a high-risk, high-reward type of betting.
  3. Payouts: The potential payouts for parlays are higher than placing each bet individually because the odds of each bet are multiplied together. However, this also means that the probability of winning decreases, as each individual bet must be correct.
  4. Popularity: Parlays are popular among sports bettors because they offer the chance for a significant payout from a relatively small wager. They are particularly appealing for betting on events with short odds, as the combined odds provide a higher return.
  5. Types of Parlays: There are various types of parlays, including standard parlays (combining two or more picks), teasers (where bettors can adjust the point spreads for a lower payout), and round robins (where multiple parlays are created from a set of selections).
  6. Strategy and Considerations: Successful parlay betting requires careful consideration and research. Bettors often look for combinations where they feel confident about each selection. However, the inherent unpredictability of sports events makes winning parlays challenging.
  7. Use in Online Betting: Online sportsbooks often promote parlay betting, offering easy tools to combine bets and calculate potential payouts. Some bookmakers also offer parlay-specific promotions or bonuses.
  8. Risk Management: Due to their risky nature, parlays should be approached with caution. Wise bettors often use them sparingly as part of a broader betting strategy and avoid risking a significant portion of their bankroll on these bets.