What Is a Parlay in Betting? How It Works, Risks, & Strategy Tips
A parlay is a single bet that links together two or more individual bets, also called “legs,” into one combined wager.
How Does a Parlay Work?
To win a parlay, every single leg must hit. If one loses, the entire bet is a loss.
Parlays offer high-risk, high-reward potential, which is why they're incredibly popular — especially with casual bettors.
🎯 Example:
You bet on:
Packers -3
Over 44.5
Travis Kelce to score a TD
If all 3 legs win, your parlay cashes. If just one loses, you lose the entire parlay.
Why Bettors Love Parlays
Parlays allow you to:
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Turn small bets into big wins
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Combine multiple picks into one ticket
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Root for multiple outcomes at once
A $10 parlay on three -110 picks can pay around $59, while three separate $10 bets would win only $27 total.
Parlays are exciting, but they come with significantly lower win probabilities.
How do Parlay Odds Work?
Parlay odds are calculated by multiplying the odds of each individual leg.
3-leg example:
-110 × -110 × -110
→ Payout is around +595
Types of Parlays
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1. Standard Parlay
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Just combine 2+ sides or totals from different games.
E.g.: -
Cowboys -3
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Over 46.5 in Ravens vs. Bengals
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Heat ML
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2. Same Game Parlay (SGP)
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Multiple legs from one game. Popularized by DraftKings & FanDuel.
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E.g.:
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Mahomes Over 275.5 passing
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Chiefs -6.5
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Kelce anytime TD
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These often have correlated outcomes (when one leg increases the chance of another), which books account for in the payout.
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3. Round Robin Parlay
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A series of smaller parlays using all possible combinations of selected legs.
You don’t need to win all legs to profit — just a majority. -
E.g. 3-team Round Robin =
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3 x 2-leg parlays
If 2 of 3 legs hit, you win at least one parlay.
Why Parlays Are Hard to Win
Even if each leg has a 55% chance of hitting (which is elite):
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2-leg: 30% chance
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3-leg: 16.5%
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4-leg: 9%
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5-leg: 5%
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The more legs you add, the lower your true odds of success.
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Sportsbooks make massive profits off parlays — because casual bettors chase big paydays without considering the math.
Parlay Strategy Tips
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1. Don’t Go Overboard on Legs
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Stick to 2-3 legs max if you want to be strategic. Anything more is a lottery ticket.
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2. Avoid Correlated Parlays Unless Intentional
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Books adjust payouts when legs are related — e.g., Over 300 passing yards + Over game total.
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Use correlations to your advantage in same game parlays, but avoid unknowingly hurting your payout.
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3. Shop Around for Odds
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Different sportsbooks offer:
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Boosted parlays
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Better pricing on individual legs
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No sweat SGP refunds
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Always compare before locking in.
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4. Use Round Robins as Insurance
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If you like multiple legs but don’t want an all-or-nothing outcome, build a Round Robin so partial wins still pay.
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5. Track Your Parlays Separately
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Don’t lump parlay performance in with your straight bets — they’re a different beast. Tracking helps manage expectations and bankroll.
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6. Consider Bankroll Management
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Betting 1-2% of your bankroll on straight bets is ideal.
Parlays? Keep it even smaller — they hit less often.
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Real Parlay Stories: Big Wins & Brutal Beats
Parlays create some of the most dramatic moments in sports betting — both good and bad. Here are a few legendary stories that show the highs and lows of chasing a big payout:
The $5 to $300,000 Miracle
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A bettor in New Jersey hit a 15-leg NFL parlay in 2021, turning $5 into over $300,000. The final leg? Ravens -7. They won by 8 after a last-minute pick-six. Dreams do come true — sometimes.
The 14-Leg Heartbreak
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One bettor went 13-for-14 on a massive college football parlay with a $10 stake to win $125,000. The final leg? A -200 favorite lost in overtime. That one stings for life.
Why This Matters
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These stories show the thrill of parlays — and the fine line between glory and heartbreak. Use them as entertainment, inspiration, or caution depending on your mindset. Just remember: for every viral win, there are thousands of losses no one tweets about.
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