parlays

Parlays, also called accumulators in the United Kingdom and some other markets, are a type of bet in which multiple selections are linked into a single wager. For a parlay to pay out, every chosen event must win (or be successful) according to the bet. If any leg loses, the entire wager is lost. The appeal lies in the potential for a high payout from a relatively small stake because the payoff grows with each added leg as the odds are multiplied.

Calculating a parlay payout uses the decimal odds of each leg. The total return equals the stake multiplied by the product of the decimal odds of all legs. For example, a $10 parlay with odds 1.80 and 2.10 would return 10 × 1.80 × 2.10 = 37.80 if all selections win. In most setups, the payout includes the original stake, so profit equals return minus stake.

Risk and strategy: The more legs added, the higher the potential payout but the greater the risk, because one wrong pick forfeits the entire bet. Parlays have a lower probability of success than any individual leg, and the expected value is typically lower than placing single bets with similar combined odds. Bookmakers may adjust odds slightly when constructing parlays and may include built-in house commissions or vig.

Variations and related concepts: Round robin parlays combine multiple parlays from a set of selections. Teasers modify point spreads or totals to adjust risk, often with reduced payouts. A parlay card is a ready-made multi-leg offer at sportsbooks; some operators offer parlay insurance or refunds if one leg loses. Parlays are common in American sportsbook betting, while “accumulator” remains the usual term in the UK and other markets.