A parlay bet is a type of sports betting where two or more bets are combined into one wager, with the condition that all outcomes within the parlay must be selected correctly for the bet to win. The odds for each pick are multiplied by one another to determine the odds for the parlay.
Parlay bets can be made on various types of bets, including point spreads, moneylines, over/unders, and player props.
Parlay bets are riskier than single-game bets since they comprise many individual chances, but they give a bigger payout if all individual wagers win. The more bets added to the parlay, the greater the risk and the bigger the payout
Parlay odds can be calculated by dividing the total return amount (win + wager) by the wager amount to get a decimal multiplier for each bet involved in the parlay. Then, those multipliers are multiplied by each other to get the parlay odds.
Parlay bets can be made at any online or in-person sportsbook, and casinos use a popular option called a parlay card to choose teams and totals. The odds of hitting a parlay depend on the number of bets involved, and the more bets added to the parlay, the slimmer the odds of hitting the parlay
Below are examples of the odds of winning a parlay:
Two-team parlay – 2.6/1
Three-team parlay – 6/1
Four-team parlay – 11/1
Five-team parlay – 22/1
Six-team parlay – 44/1
Seven-team parlay – 88/1
Eight-team parlay – 175/1
Nine-team parlay – 350/1
Ten-team parlay – 700/1
Eleven-team parlay – 1,300/1
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