A parlay is one wager on two or more bets that are tied together for a larger payout. For the parlay to win, all bets otakparlay involved must win. The more bets added to the parlay, the greater the risk and the bigger the payout. If a single bet in the parlay loses, the entire parlay bet loses as well.
Parlays tie together multiple bets and because all the bets involved must win for the parlay to pay out, the risk is much higher than a single-game bet. However, that increased risk is reflected in the parlay odds.
3-team parlay
As an example, this is a three-team NFL parlay. The parlay involves three spread bets: the Dallas Cowboys -2.5, the Tampa Bay Buccaneers +4, and the Kansas City Chiefs -10.
In order for this three-team parlay to win, the Chiefs must win by at least 11 points, the Cowboys must win by at least three points, and the Buccaneers must win outright or lose by less than four points. Even if two of these three bets win and only one loses, the overall parlay loses.
Parlay odds
Parlay odds can be calculated by dividing the total return amount (win + wager) by the wager amount to get a decimal multiplier (also known as European odds) for each bet involved in the parlay. Then you times those multipliers by each other to get the parlay odds.
For example, a three-team moneyline parlay involves bets of -120, -130, and +115.
If you’re wagering $100 on the parlay, you should have multipliers of 1.83, 1.77, and 2.15 for those individual bets. Multiplying those odds gives you 6.96 and with a $100 wager on the parlay, the total return would be $696 (6.96 x $100) – a win of $596.
Round robin parlays
Round robin parlays allow multiple parlays to be placed across several games. Bettors can choose multiple bets and then create parlays of various sizes involving those games, with each parlay variation requiring an individual wager.
For example, a four-team round-robin parlay can include parlays of two, three, and four teams. Any possible combination of winning bets that fits those parlays will pay out, however, you must place individual wagers on the 11 different parlay combinations.
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