Parlay betting combines multiple wagers into a single bet slip, requiring all outcomes to be correct for a payout. While parlays offer higher odds than individual bets, the risk increases with each added leg.
How Parlay Odds Work
Parlay odds are calculated by multiplying the odds of each individual wager. For example, three point spread picks at -110 odds yield a combined payout of approximately +586 (6.86 decimal odds). Sportsbooks may adjust odds for same-game parlays (SGPs) and other variations.
Types of Parlays
Traditional parlays combine bets from different games. Same-game parlays (SGPs) combine multiple outcomes from a single contest, such as a point spread and total. SGP+ or SGPx bets combine same-game parlay legs from different games. Teasers allow bettors to shift point spreads or totals in their favor at reduced odds. Round Robin parlays create multiple smaller parlays from a set of picks, requiring at least three selections.
Restrictions and Availability
Sportsbooks may prohibit combining certain correlated bets, such as a point spread and money line on the same favorite. In events with a single winner like golf or Formula 1, parlaying multiple winners is not allowed, but markets like "top 10 finish" can be combined if they don't conflict.
Parlay Odds and Probability
A table comparing true implied probability and sportsbook paid odds shows the growing discrepancy as legs increase. For a 10-leg parlay at -110 each, true odds are +102300 while paid odds are +64208. The article suggests keeping parlays to four legs or fewer.
Tips and Considerations
Parlay betting is generally not recommended as a long-term profitable strategy due to lower win probability and reduced payouts relative to true probability. Bettors should consider fewer legs, smaller wager amounts, and shop across sportsbooks for the best odds. If a leg pushes, sportsbooks typically adjust the parlay odds and pay out on remaining legs, but policies vary.
