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A parlay bet, also known as an accumulator or combo bet, is a type of sports bet that combines multiple individual bets into a single wager. The uniqueness of a parlay bet lies in the fact that all the individual bets must win for the parlay to be successful. If any of the individual bets within the parlay loses, the entire parlay bet is lost.

Selecting Multiple Bets

To place a parlay bet, you choose two or more individual bets from different games or events. These individual bets can be moneyline bets, point spread bets, over/under bets, or a combination of these.

Combining the Bets

The sportsbook combines all the selected bets into a single parlay ticket.

The odds for each individual bet within the parlay are multiplied to calculate the overall odds for the parlay.

Placing the Parlay Bet

After selecting your bets, you place your parlay wager.

Parlays typically require a lower initial stake compared to placing multiple individual bets separately.

Winning the Parlay

For your parlay bet to be successful, all the individual bets within the parlay must win.

If all the individual bets win, the parlay is a winner, and you receive a higher payout compared to if you had bet on each event separately.

However, if even one of the individual bets loses, the entire parlay bet is considered a loss, and you do not receive any payout.

Example

Let's say you want to place a parlay bet on three different NFL games:

Team X to win (Moneyline bet) at odds of -150.

Team Y to cover the spread (-3.5 points) at odds of +110.

The total score in the game between Team A and Team B to go over 45 points at odds of -120.

If you bet $50 on this parlay, and all three individual bets win, you would receive a payout based on the multiplied odds for all three bets. The sportsbook would calculate the payout as follows:

Payout = $50 × (-150) × (+110) × (-120) = $50 × 1.5 × 2.1 × 1.2 ≈ $189

So, if all three bets win, you would receive a payout of approximately $189 (plus your original $50 back).

Parlay bets offer the potential for substantial payouts, especially when combining multiple underdog bets. However, they also carry higher risk because all the individual bets must win for the parlay to be successful. Many bettors enjoy parlay bets for the thrill and the opportunity to win big with a relatively small stake, but it's essential to approach parlay betting with caution and consider the increased risk involved.