Parlay Bets
A parlay combines two or more individual wagers (legs) into a single bet. The payout is the multiplied odds of all legs combined, which grows quickly. The trade-off: every leg must win — if even one loses, the whole parlay loses.
Example: 3-team NFL parlay
Bet $10 on a 3-team parlay: Colts -3, Pacers ML, Notre Dame -7. Each leg is roughly -110 (47.6% implied win rate). Cumulative probability is ~10.8% if independent. The parlay pays approximately +600 (6:1), so $10 wins $60. The "fair" payout would be about +830 — the gap is the sportsbook's parlay edge.
When to Use Parlay Bets
Use parlays when you have multiple strong opinions on independent games and you want a higher payout. Parlays are entertainment-positive but rarely EV-positive long-term — treat them as fun rather than as an income strategy.
Pros
- Multiplied payouts — small stakes can win large amounts
- Excitement and engagement
- Frequent profit-boost promos on parlays
Cons
- Built-in sportsbook edge compounds with each leg
- One losing leg loses the entire ticket
- Long-term EV is almost always negative
Common Mistakes
- Adding "safe" heavy favorites to long parlays: each -300 favorite still has a 25% loss rate, and stacking three of them adds up fast
- Correlated parlays without sportsbook approval — the book usually voids correlated legs
- Believing big parlays are "high EV" — sportsbook parlay margins compound at every leg
FAQ
What is the maximum number of legs on a parlay?
Most Indiana sportsbooks allow up to 15–20 legs on a single parlay. Beyond about 6–8 legs, the EV is essentially lottery-ticket territory.