What Is a Parlay? Parlay Bets Explained in Plain English

A parlay is a single bet made of two or more picks, called legs, and every leg has to win for the parlay to pay. In return, the odds of each leg are multiplied together, so the payout is far bigger than betting the same picks one at a time. One loss, though, and the whole parlay loses.

Parlays trade more risk for a bigger payout. Below is how they work, how the odds add up, what happens on a push, and how to place one for free on Paid2Bet.

How a parlay bet works

Say you like three NFL teams this Sunday. You could make three single bets, also called straight bets, and each one is graded on its own. Or you can put all three picks into one parlay. Now you're betting that all three win.

• All three win: the parlay wins and pays at the combined odds.
• Any one loses: the parlay loses, even if the other two won.
• One pushes: that leg drops out and the parlay carries on with the others (more on this below).

A parlay can mix bet types. A point spread on one game, a moneyline on another and a total on a third is a normal three-leg parlay. Most sportsbooks also let you mix sports, like an NBA total with an NFL spread.

How parlay odds and payouts are worked out

The odds on a parlay are the legs' odds multiplied together. It's easiest in decimal odds: turn each leg into decimal, multiply them, then multiply by your stake. A pick at -110 is 1.909 in decimal, so:

The amount paid back includes your stake. A favorite at -150 adds less (1.667) and an underdog at +150 adds more (2.50). We walk through the math step by step in how to calculate a parlay payout, and the 3-team parlay payout guide has a full table for the most common size.

What happens if a leg pushes or is cancelled

If a leg ends exactly on the number, like a team favored by 3 winning by 3, that leg is a push. It isn't a loss. The leg drops out and the parlay is worked out again without it, at lower odds. A three-leg parlay with one push pays like a two-leg parlay. If only one leg is left, it pays like a single bet, and if every leg pushes you get your stake back.

A postponed or suspended game is treated the same way at most sportsbooks, including ours: the leg comes off and the rest of the parlay stands.

Why parlays are so hard to win

Each leg is its own chance to lose. If you pick winners 55% of the time, which would make you a very good bettor, you'd still hit a two-leg parlay only about 30% of the time, a three-leg parlay about 17% of the time and a five-leg parlay about 5% of the time.

The sportsbook's edge also stacks up. On one bet at -110 it's about 4.5%. On a three-leg parlay of -110 legs it's about 13%. It's a big reason sportsbooks promote parlays so heavily.

Common types of parlays

• Standard parlay: picks from different games, the classic version.
• Same game parlay: several picks from one game, like a team to win and the game to go over. Books price these differently because the picks are linked.
• Teaser: a parlay of spreads and totals where every line moves a few points in your favor, in exchange for lower odds. More in what a teaser bet is.
• Round robin: a set of smaller parlays built from a list of picks, so one loss doesn't sink everything. See how round robin bets work.

When a parlay makes sense

Parlays work best as a small bet on the side: a few dollars for a shot at a much bigger return. They're a poor way to grow a bankroll, for the reasons above. A few simple habits help:

• Keep parlays to two or three legs. Each extra leg cuts your chances more than it adds to the fun.
• Only add legs you'd bet on their own. A parlay doesn't make a weak pick better.
• Stake less than you would on a single bet, since you'll lose more often.

New to reading the prices? Our guide to how betting odds work covers American odds, favorites and underdogs.

Try a parlay for free on Paid2Bet

You can try parlays here without risking anything. On Paid2Bet you get a Free Bet Balance to bet with, and parlays are open to everyone. On the Bet page, switch from Single Bet to Parlay, tap the lines you want, and the slip shows the combined odds and payout before you place it. One game can give you its side and its total in the same parlay. Full Access members can build bigger parlays with more legs.

You must be 21 or older to play. Gambling problem? Call 1-800-GAMBLER.