What is Parlay Betting? Parlay Betting Explained.

Last Updated on October 12, 2023

Parlay Betting is a form of sports wagering where a bettor combines multiple individual bets (often referred to as “legs” or “selections”) into one bet or “parlay.” For the parlay to result in a win, all of the individual selections within the parlay must be correct. If any of the choices lose, the entire parlay is lost. However, if all selections win, the bettor enjoys a higher payout than if each bet was placed separately due to the compounded odds.


Why might bettors opt for Parlay Betting over placing individual bets?

Parlay Betting can lead to larger payouts due to the multiplied odds of each selection. This makes it attractive for bettors looking to achieve a substantial return from a smaller stake, especially when they feel confident about multiple outcomes.

How do sportsbooks calculate the potential payout of a parlay?

The potential payout of a parlay is determined by multiplying the odds of each selection within the parlay. As more selections are added, the potential payout grows exponentially, reflecting the increased difficulty of multiple correct predictions.

Can different sports or bet types be combined in Parlay Betting?

Yes, many sportsbooks allow bettors to mix different sports and bet types (like point spreads, moneylines, and totals) within a single parlay. This flexibility lets bettors leverage their expertise across various events and markets.

What happens to my parlay if one of the events is canceled or if it’s a tie?

If an event within a parlay is canceled or results in a tie (often referred to as a “push”), that leg is typically removed from the parlay. The parlay then recalculates based on the remaining selections. For instance, a 5-team parlay with one push would become a 4-team parlay.

Are there any specific strategies recommended for Parlay Betting?

While Parlay Betting is inherently riskier due to the need for multiple correct predictions, some strategies can be employed. These might include:

  • Keeping parlays small to increase the chance of success.
  • Mixing favorites with underdogs to optimize potential returns.
  • Hedging a long parlay with a final leg remaining to ensure some return.


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