What Is A Parlay? A Simple Guide
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Last Updated: 4 August, 2025
A parlay is a single wager that links two or more individual bets.
All selections, or “legs,” must win for the parlay to pay out.
If any one leg loses, the entire bet loses.
Because of the risk, a parlay bet offers a much higher payout than betting each leg separately.
How does a parlay bet work?
A parlay bet combines two or more individual bets into one.
Each part of the bet is called a “leg,” and you must win every leg to win the full parlay.
If even one leg loses, the entire parlay loses; there are no partial payouts.
So, how does a parlay bet work in practice?
The more legs you add, the higher the potential payout, but also the lower the chance of winning.
That’s because the odds of winning all legs drop with each additional pick.
Parlay bet example in sports betting
Let’s say you pick three NFL teams to cover the spread, each at -110 odds:
Chiefs -3
Eagles -6.5
49ers +2
If you bet these separately at $10 each and all win, your total profit is about $27.30.
But if you parlay a bet with the same picks into one $10 wager, your payout jumps to around $59.
That’s the appeal: more risk, but a much bigger reward if you’re right.
How to bet a parlay
Placing a parlay is simple, so here are the steps:
Types of parlay bets
There are a few different types of parlays, each with its own rules.
Here's a quick comparison:
Standard Parlay
This is the most common form of parlay betting.
You combine two or more bets across games, and all must win for the parlay to cash.
The odds of each leg are multiplied to create the total payout.
It offers high rewards but also the highest risk.
Same-Game Parlay (SGP)
In a same game parlay, all legs come from a single event, like a quarterback’s passing yards, total points, and a win.
These bets are usually available on major games with player props.
Because the legs are often related, sportsbooks adjust the odds lower.
Still, many casual bettors enjoy the excitement of betting on one game in multiple ways.
Teaser Parlay
A teaser lets you adjust the point spread or total in your favor for each leg.
This improves your odds of winning, but the payout drops.
Teasers are popular in football and basketball.
They're useful if you want more margin for error on close matchups.
Round-Robin Parlay
A round-robin splits your picks into smaller parlay combinations.
For example, if you select three teams, the book will place every possible two- and three-leg parlay.
Even if one team loses, you can still win on the others.
This is a way to bet a parlay with slightly less risk.
Calculating parlay bets
To figure out a parlay payout, sports betting sites multiply the decimal odds of each leg together and then by your wager.
This shows the total return if all legs win.
While most bettors let the sportsbook handle it, using a parlay bet calculator can help you double-check the numbers.
Team A: -110 (1.91 in decimal)
Team B: -110 (1.91 in decimal)
Wager: $10
1.91 × 1.91 = 3.653.65 × $10 = $36.50 return
Profit: $26.50
Team A: -110 (1.91)
Team B: -110 (1.91)
Team C: +120 (2.20)
Wager: $10
1.91 × 1.91 × 2.20 = 8.028.02 × $10 = $80.20 return
Profit: $70.20
Pros and cons of parlay bets
Pros
- ✅ Bigger payouts - Small wagers can lead to large returns if every leg wins.
- ✅ More action per ticket - You stay engaged across multiple games with just one bet.
- ✅ Cleaner bet slip - Combining picks into one parlay keeps your betting organized.
Cons
- ❌ All picks must win - One losing leg means the entire parlay loses.
- ❌ Low chance of winning - Your odds drop fast as you add more legs.
- ❌ Worse long-term value - The house edge increases with each leg you add.
Parlay betting tips
Parlays can be fun, but they’re also high-risk.
Use these tips to bet smarter and avoid common mistakes.
1. Keep it short: Stick to two or three legs. Longer parlays rarely hit and add more risk.
2. Check the odds: Make sure each pick has fair odds. Avoid heavy favorites that lower your payout.
3. Avoid risky props: Props can be unpredictable. Stick to spreads, moneylines, or totals for more stability.
4. Use a parlay bet calculator: Double-check potential payouts so you know exactly what to expect.
5. Don’t chase losses with parlays: Parlays should be planned, not used to win back previous bets.
Extra parlay rules and options
Parlays can get tricky once you factor in early cash-outs, game pushes, and other bet types.
Here are a few extra rules and features to keep in mind before you place your next parlay.
Cashing out a parlay early
Some online sports betting apps let you cash out your parlay before all legs are finished.
This lets you lock in a profit or limit your losses based on how the early bets performed.
The cash-out amount depends on the remaining legs and their live odds.
What happens if a game is pushed or canceled?
If one leg of your parlay pushes, most sportsbooks remove that leg and adjust the payout.
A four-leg parlay would become a three-leg parlay, and the odds would be recalculated.
For canceled games, rules vary; some books void the whole parlay, so always check their policy.
Parlay vs Teaser: What’s the difference?
Teasers offer more flexibility by shifting the point spreads, but you get paid less.
Parlays don’t adjust lines, so they’re riskier but offer bigger payouts.
Frequently asked questions
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