How Parlays Work in Sports Betting

What Is a Parlay

A parlay bet combines multiple wagers into a single bet. All selections in the parlay must win for the ticket to pay out. Because of the increased difficulty, parlays offer significantly higher payouts compared to single bets.

Example

A bettor combines three selections:

Team A to win
Team B to cover the spread
Game total over 45 points

If all three bets win, the parlay pays out at higher combined odds.

However, if even one selection loses, the entire parlay loses.

Risk and Reward

Parlays are attractive because they offer large potential payouts from smaller wagers. At the same time, they carry higher risk because every selection must win.

Many sportsbooks allow parlays with anywhere from two selections to ten or more events depending on the betting market.