Parlay Betting Explained
A parlay combines two or more individual bets into one wager. Every leg must win for the parlay to cash, but the combined odds multiply; turning small stakes into potentially huge payouts.
How a parlay works
Each leg's odds multiply together. A 3-leg parlay where each leg is +100 (decimal 2.00) pays out 2.00 × 2.00 × 2.00 = 8.00, or +700 in American odds. A $10 stake returns $80 if all three legs win. If even one leg loses, the entire parlay loses.
Traditional parlay vs. same-game parlay (SGP)
A traditional parlay combines legs from different games (Saints moneyline + Pelicans spread + Tigers total). A same-game parlay combines legs from the same game (Saints to win + Alvin Kamara 75+ rushing yards + over 47.5 total points). FanDuel pioneered the modern SGP builder; DraftKings, BetMGM, and Caesars all offer competitive versions.
Why parlays look attractive but win less often
Each added leg compounds the chance of failure. Three coin flips landing heads is 12.5%, not 50%. Sportsbooks love parlay action because the implied vig stacks; typical 3-leg parlays carry significantly higher house edge than single bets.
When parlays make sense
Parlays are best as small-stake long-shot tickets, not as a primary strategy. Most professional bettors avoid them. Used responsibly, a $5 parlay every NFL Sunday on three correlated bets you genuinely like adds entertainment without hurting your bankroll.
FAQ
What is a same-game parlay?
A same-game parlay (SGP) combines multiple bets from a single game; for example, Saints moneyline + Alvin Kamara anytime touchdown + over 47.5 total points. SGPs are priced with correlation adjustments.
What's the maximum parlay size?
Most Louisiana sportsbooks allow up to 12-15 legs per parlay, though some go higher. The longer the parlay, the lower the probability of cashing.
Can I cash out a parlay early?
Yes; Louisiana sportsbooks all offer cash out on live parlays at adjusted value based on remaining legs.