What Is a Parlay Bet? How Parlays Work, Odds & Payouts

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A parlay is a bet that links multiple wagers together. This can include several spreads, totals, or props on one ticket. The main aspect of a parlay is that every leg must win for the parlay to cash. If any leg loses, the entire bet loses.

Compared with a single bet, parlays increase payout potential because you’re stacking outcomes, but they also increase risk since one misstep sinks the entire ticket. With every leg you add to a parlay, the odds are then multiplied. They’re especially popular in the NFL, NBA, MLB, and other mainstream markets. 

What are Parlays in Sports Betting?

A parlay is a single wager that combines two or more selections (“legs”)—such as spreads, moneylines, totals, or (where allowed) props—into one ticket. As mentioned above, all legs must win for the parlay to cash. If any leg loses, the entire bet results in a loss. Parlays offer higher potential payouts than betting legs individually because the odds multiply together, but the risk also rises for the same reason.

Let’s dive into an example. Suppose you parlay two standard prices, both at -110. This means your two-leg parlay is +264, and that a $100 bet would return a $264 profit (or $364 total return). We’ll get into how these odds are converted later on.

What can go in a parlay? Most sportsbooks allow spreads, moneylines, and totals, and many now allow for the addition of player props. However, books typically block correlated bets that are too closely linked to the same outcome (e.g., a team to win and its spread on the same ticket), unless specifically allowed under their same-game parlay rules. Always check house rules on what combinations are eligible.

Parlay Odds & Payout Charts: How to Calculate Parlay Payouts

Let’s use the example above, a two-leg parlay with each side being priced at -110. The first step is to convert both of these to decimal format, which for negative odds uses the formula: 100/(American odds +1)— so in this case, 100/(110 +1). That comes out to 1.909. You then multiply both of the prices together (1.909 x 1.909) which comes out to 3.64. Next, convert these odds back to the American format. The formula for this is (Decimal odds – 1) x 100, so (3.64 – 1 ) x 100 which equals +264. 

If you have positive odds, the process is the same, with the only difference being the formula for conversion (Decimal odds = 1 + (American odds/100). If your second leg was +150 (instead of -110), it would be 1 + (150/100) which is 2.5. So then you would multiply 2.5 by 1.909 (the decimal form of -110) which gives you 4.77. Again, convert back to American odds by subtracting the value by 1 and multiplying by 100 (100 x (4.77-1) = +377). Below is a parlay odds table showing potential payouts for 2–8 legs using standard -110 odds.

Types of Parlay Bets

Below we’ll go into the major types of parlays you can place, analyzing how they work along with the risks and benefits associated with each.

Two-Leg Parlay

A two-leg parlay links just two wagers on one ticket— both must win or the entire bet loses. It pays more than either single bet because the odds multiply, but it’s still riskier than betting each leg separately. Let’s say you want to bet on the Chiefs moneyline at -110, and the Pacers spread at +150. Using the formulas we explained above, the odds for this parlay comes out to approximately +377. So a $100 wager would return a profit of $377 (total return of $477).  

With only two legs, the payout boost is modest compared to bigger parlays, but the risk is higher than singles since one miss sinks the ticket.

Three-Leg (or More) Parlay

Adding legs multiplies both the payout and the difficulty. Let’s take a look at a three-leg parlay now. Say the 49ers are -160 to win, the Jaguars are +7 at -110, and the Over for Falcons-Saints is 47.5 at -110. Earlier we saw that a two leg parlay which side at -110 would yield odds of +264. But when you add the third leg at -160, those odds jump to +492. The method for calculating this stays the same, with the only difference being three decimal odds you multiply now, instead of two. If you were to add a fourth leg, then you would convert all four American odds values and multiply the four numbers. Again, the payout increases substantially, but so do your chances of losing. 

Same-Game Parlays (SGPs)

A same-game parlay (SGP) is a parlay where all legs of the bet come from the same game. Imagine for Cowboys-Eagles, betting the moneyline, Over/Under point total and Over/Under Dak Prescott passing yards in that single game. Correlated same game parlays (SGPs) combine bets where outcomes are linked, like betting a quarterback recording over 300 yards passing and his wide receiver going over 90 receiving yards. Both outcomes are linked, or correlated. Sportsbooks at times might limit payouts or block these bets since correlated legs reduce their edge. Uncorrelated SGPs combine bets within a single game where the outcomes don’t directly affect each other. For example, if you bet on the Lakers-Clippers game to go over 220.5 points, and also parlay it with LeBron James to score the first basket, then this would be an uncorrelated SGP as the two wagers are not dependent on each other. Because of this, you’ll likely see better odds that are more similar to a standard parlay. Same-game parlays are most popular during big events like the Super Bowl and NBA Finals.

Combo Bets & Cross-Sport Parlays

Combo bets mix different bet types (e.g., a moneyline with an Over/Under) and can also span different sports in one parlay. You’re combining outcomes into a single ticket, resulting in a bigger potential payout. But again, all the legs must hit for a win. An example is shown below:

Let’s say the Knicks are -4 (-110) against the Heat, and the Dodgers are -135 to beat the Padres. Making a two-leg parlay with these two wagers would result in +232 odds, meaning a $100 stake would return roughly $332 total ($232 profit) if both legs hit. 

Most major books offer parlay builder tools (often with same-game and cross-game toggles) that let you mix markets, adjust lines, and see instant payout updates as you add or remove legs. This makes building combo bets faster and helps you check the price before you place it.

Teaser Parlays

A teaser bet is a type of wager where you can adjust, or “tease,” the point spread or total in your favor across multiple games. The trade-off is that because you’re making the odds easier for yourself, the payout is smaller than a standard parlay. 

A two-team, 6-point teaser lets you combine a spread and an Over/Under on the same ticket. Say the Ravens are listed at -7 against the Browns, and the total in a different game, Packers vs. Bears, is set at 46.5. With a 6-point teaser, you could move the Ravens line down to -1 and shift the total up to 52.5 if you like the under.

By teasing both numbers, you’ve made each leg easier to hit: the Ravens now only need to win by two or more, and the Packers–Bears game has extra cushion for an under. But because you’ve adjusted the lines in your favor, the sportsbook lowers the payout compared to a standard two-leg parlay.

What is a Round Robin Parlay

A round robin parlay splits a set of picks into multiple smaller parlays so you don’t need every leg to win to cash something. Instead of one all-or-nothing ticket, the book automatically creates combinations for you. Let’s look an example below:

Say you pick three teams: A, B, C. A round robin by 2’s creates three separate 2-leg parlays: A+B, A+C, B+C.

If A wins, B wins, and C loses, you still cash the A+B ticket. Bettors use these because  they’re less risky than one big parlay. Again, if one pick misses, you can still win on the remaining combos.

Pros

• Lower risk than a single multi-leg parlay.
• Can profit (or reduce losses) even if one selection loses.
• Flexible: build by 2’s, 3’s, etc., and mix spreads, totals, moneylines (per book rules).

Cons

• Higher total stake (you’re placing multiple parlays at once).
• Overall payout is usually smaller than hitting one big parlay with the same picks.
• Juice compounds across combos; you still need a solid hit rate to profit.

Risks of Parlay Sports Betting

All-or-nothing: parlays are unforgiving. Remember, if one leg loses, the entire ticket loses (house rules on pushes vary, but one miss sinks it).

The math works against you: each added leg multiplies difficulty as well as the odds. If you’re an advanced bettor who hits 55% on single bets, the chance of winning a two-leg parlay drops to 30.25%; a three-leg falls to 16.6%. The payout goes up, but the probability of winning drops drastically. 

Expected value often suffers: those big returns look great, but parlay payouts are built on book prices with juice, so the expected value is almost always worse than straight bets on the same picks.

Books love parlays: sportsbooks earn a higher profit margin on parlays than on singles, that’s why you see constant boosts and SGP promos. 

Entertainment vs. profitability: parlays are fun longshot plays, not a primary strategy. Keep stakes small, be disciplined, and use straight bets for most of your bankroll.

How to Place a Parlay Bet

Here’s a step-by-step guide on how to place a parlay:

• Select your first leg (e.g., point spread, moneyline, or total).
• Add additional legs until you have your desired parlay size.
• Check the combined odds and payout shown on the betslip.
• Enter your stake and confirm the bet

Keep in mind that many sportsbooks have a dedicated “same-game parlay” or “SGP+” builder. Here’s an example of a three-leg parlay you could place on an NFL Sunday:

• Leg 1, Moneyline: 49ers ML (-160); San Francisco to win outright
• Leg 2, Spread: Jaguars +3.5 (-110) vs. Titans;; Jacksonville to lose by three points or less, or win outright
• Leg 3, Total: Dolphins–Jets Over 47.5 (-110); both teams to combined for 48+ points

The combined odds of this parlay is +492, so a $100 wager results in a profit of $492 (total return of $592). And remember, all three legs have to be correct for you to win. If a single leg misses, then the entire bet is lost. If one of the legs pushes, most books will remove that leg and give you a reduced payout.

Best Sportsbooks for Betting Parlays

FanDuel and DraftKings lead the pack for parlay builders, boasting clean interfaces, deep menus, and instant pricing as you add or remove legs. Both make building parlays painless, whether you’re stacking spreads, totals, or player props. FanDuel’s Same Game Parlay+ feature lets you combine props from multiple games into one ticket, or layer multiple markets within the same matchup. The betslip updates payouts instantly and makes it easy to swap or add legs without losing your place.

The DraftKings SGPx offering provides similar power with a sleek layout and big prop depth. SGPx supports cross-game combinations and shows projected returns in real time as you adjust legs.

Most major apps now recalculate payouts instantly, so you can see exactly how one more leg—or a shift to an alternate line—changes your price before you lock it in. BetMGM also provides reliable parlay wagering with frequent parlay profit boosts and a smooth same-game builder. Caesars is another book that has a straightforward interface while offering competitive odds and regular boosts, especially around marquee games.

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