A parlay combines multiple bets into one wager where all selections must win for the bet to pay out. Parlays offer higher payouts than individual bets but lower expected value because you multiply the probability of losing. One wrong pick and the entire parlay loses. Sportsbooks love parlays because the compounded vig across multiple legs significantly increases their edge. While a single -110 bet has about a 4.5% vig, a three-leg parlay at -110 per leg can carry an effective vig of over 13%. This is why parlays are among the most profitable bet types for sportsbooks and why casual bettors are often drawn to their large potential payouts.
Example
You parlay Chiefs -3, Bills ML, and Over 48.5 on the Packers game. If all three win, a $100 bet might pay $600. But if Chiefs win, Bills win, and the Packers game goes under, you lose everything—there is no partial payout for getting two out of three correct. Compare this to placing three separate $100 straight bets: if two of three win at -110 odds, you would net roughly $82 in profit. The parlay\'s allure is the chance at a much larger payout from a smaller stake, but the math consistently favors straight bets over the long run for most bettors.
Common Questions
Are parlays a bad bet?
Are parlays a bad bet?
Generally yes for standard parlays at most sportsbooks. The compounded vig makes them -EV, and the all-or-nothing structure increases variance dramatically. However, there are exceptions. Correlated parlays (same-game parlays with logical connections between legs) can sometimes offer +EV because books may not fully account for the correlation. Parlays built from individually +EV legs can also be profitable. The key is understanding that the parlay itself doesn't create value—the individual legs must carry the edge.
How is parlay payout calculated?
How is parlay payout calculated?
Multiply the decimal odds of each leg together. Three -110 legs: 1.91 x 1.91 x 1.91 = 6.97. A $100 bet wins $597 in profit. For a two-leg parlay with one side at -150 (1.67 decimal) and one at +130 (2.30 decimal): 1.67 x 2.30 = 3.84, meaning $100 wins $284. Note that some sportsbooks use fixed parlay payout tables instead of true odds, which can either help or hurt you depending on the legs. Always compare the offered payout to the calculated true odds payout.
What happens if one leg of my parlay pushes?
What happens if one leg of my parlay pushes?
If one leg results in a push (tie), most sportsbooks remove that leg from the parlay and recalculate the payout with the remaining legs. A three-leg parlay with one push becomes a two-leg parlay. A two-leg parlay with one push becomes a straight bet. This is standard at most books, but always check the house rules because some sportsbooks may grade a push as a loss on certain parlay types, particularly teasers and some promotional parlays.
How many legs should a parlay have?
How many legs should a parlay have?
From a mathematical perspective, fewer legs are better because each additional leg compounds the vig and reduces your probability of winning. Two-leg parlays have the lowest built-in house edge among parlays. Professional bettors rarely go beyond two or three legs. The massive 10-leg parlay tickets you see on social media represent extreme longshots—entertaining, but not a winning long-term strategy. If you do parlay, keep it short and make sure each leg has standalone value.