A parlay, also known as an accumulator, combo bet, or multi, is a type of bet that links together two or more individual wagers, usually seen in sports betting. The key features of a parlay are:
- Combination of bets: A parlay combines two or more individual bets into one wager.
- Higher payout: The benefit of a parlay is that there are much higher pay-offs than individual bets.
- All bets must win: Winning the parlay is dependent on all of the individual bets winning together. If any of the bets in the parlay lose, then the entire parlay loses.
Parlays can be made in many ways, and any online or in-person sportsbook allows this kind of bet and will calculate the odds of winning. Casinos use a popular option called a parlay card to choose teams and totals. The card is provided to the ticket writer in the sportsbook, along with the wagered money. Mobile betting platforms like BetMGM, FanDuel, and DraftKings also have parlay formats.
While parlays offer higher payouts, they are also riskier than individual bets. The odds of winning a parlay decrease as the number of bets increases, and if any of the bets in the parlay lose, then the entire parlay loses. Therefore, it is important to analyze if parlays are profitable in the long term by calculating the expected value.
