Parlay
sports bettingA single bet that combines two or more individual wagers. All selections must win for the parlay to pay out.
Key Takeaways
- 1All legs must win for a parlay to pay out
- 2The house edge compounds with each additional leg
- 3Parlays are generally -EV bets
- 4Correlated parlays are the exception but are often restricted
What is a Parlay?
A parlay combines two or more individual bets into one wager. All selections must win for the parlay to pay out. The appeal is the amplified payout — but the math works against you.
Parlay Payouts
| Legs | True Odds | Typical Payout | House Edge |
|---|---|---|---|
| 2 | 3.6:1 | 2.6:1 | ~10% |
| 3 | 7.3:1 | 6:1 | ~12% |
| 4 | 14.8:1 | 10:1 | ~15% |
| 5 | 30.1:1 | 20:1 | ~20% |
| 10 | 1,024:1 | 500:1 | ~30% |
Why Parlays Are -EV
Each leg multiplies the house edge. A single -110 bet has a 4.76% vig. A 5-leg parlay compounds that to roughly 20%. The sportsbook loves parlays.
Correlated Parlays
The one exception: correlated parlays combine outcomes that are linked. Example: betting a team to win AND the game to go over. If the team wins big, both legs are more likely to hit. Some books restrict these.
The Bottom Line
Parlays are entertainment bets. If you enjoy them, keep them small and treat them as a fun lottery ticket. But if you're trying to build a bankroll, stick to straight bets.