Parlays are one of the most exciting and profitable ways to place a sports bet. They combine multiple bets into a single wager and offer better odds that reflect the combined probability of all the individual bets.
Each of the individual bets, known as “legs,” must win for the parlay to pay out. Parlays can be placed on any number of teams or totals in a game.
Definition
A parlay is a group of two or more bets that are linked together in one single wager. Often referred to as an accumulator or a combo bet, parlays involve more risk but also offer higher payouts. Winning a parlay depends on all individual bets winning- if even one loses the entire bet is lost.
The more bets you add to a parlay, the greater the potential payout. However, the odds will multiply with each additional bet, making it harder to win each individual bet. Parlays can include a variety of bet types such as point spreads, totals, moneylines, and futures. A parlay can also contain correlated bets, which are based on the same event or game. Typically, sportsbooks will not allow these bets because they tend to increase the house edge.
Origins
In sports betting, parlay refers to a series of wagers that use cumulative winnings. It’s one of the first bets that new bettors learn, and it can lead to large payouts. But be careful – all of the individual bets in a parlay must win for the bet to win.
The origins of the word parlay are unclear. The earliest evidence of its use dates to the 1820s. It may be a variant of the earlier word paroli, or it may be related to the French word parler.
The English language only became standardized in recent centuries, and early Anglo-Saxon names often have spelling variations. The name Parlay was spelled Barley, Barely, Barelye, or Parley in early records. Many people with the surname Parlay immigrated to the New World on cramped disease-ridden ships. They were among the earliest settlers of Canada and the United States.
Variations
Adding multiple selections to one bet increases the odds and can lead to larger payouts. However, parlays are not easy to win and should be placed only after extensive research. Also, they should be kept to a minimum amount of betting units.
If any of the selections lose, the entire parlay will fail. Depending on the number of bets in the parlay, this can result in a large loss. It is also important to know how sportsbooks grade parlays. Often, they will not allow two events to be combined in a parlay if they are correlated. For example, a parlay that includes Washington and the under is considered correlated because they are likely to both win or lose.
Another variation of parlay is the teaser, which combines adjusted or alternate point spreads. This type of parlay can be difficult to work out without a calculator.
Rules
As the number of bets in a parlay increases, so does its potential payout. However, winning a parlay requires all bets to win or cover the spread. A losing bet will deem the entire parlay a loss.
The payouts on parlays are calculated based on the total number of teams in the bet and the odds of each team. Games that push will reduce a three-team parlay to two teams, and the payout will be recalculated accordingly. Correlated parlays are not allowed, and the same game cannot be included in multiple legs of a parlay. For example, run lines and totals in the same baseball game or puck lines and totals in the same hockey game are correlated. Therefore, sportsbooks don’t allow them to be included in parlays.
Payouts
Parlays are popular in sports betting because they can offer large payouts for a low investment. However, the risk/reward of a parlay is highly dependent on the odds and the number of bets in the wager. Adding moneyline bets or other types of bets in a parlay will increase the potential payout, but they will also add more risk to the overall bet.
In order for a Parlay bet to cash, all of the individual bets (called legs) must win. Even a single losing leg can result in the entire parlay being graded as a loss. Correlated parlays can have much higher payouts, but they must be carefully handicapped to ensure that they are +EV. A common way to handicap a parlay is by using a system that takes into account team and game trends, injuries, weather, home-field advantage, and more.