Parlay Bets: Explanation, Pros and Cros

Parlay betting can be a thrilling way to chase big payouts — but with high rewards come high risks. One wrong pick and your entire bet goes down the drain.

What is a Parlay Bet?

A parlay bet (also known as an accumulator, multi, or combo bet) combines two or more individual bets into a single wager.

• To win, all selections (legs) must be correct.
• Even if one leg loses, the entire bet is lost.

You need at least two independent bets to create a parlay. Anything less is just a regular single bet.

Most bookmakers set a limit on how many legs you can include:

• For example, BetMGM allows up to 10 legs in same-game parlays and 16 legs in traditional parlays.
• Limits may vary by sport, event, or market.

Important: You can’t include correlated bets — that is, selections that influence each other. For instance, you can’t parlay “Team A to win” and “Team A to score under 2.5 goals” in the same match unless it’s a same-game parlay specifically designed for that.

How to Place a Parlay Bet

Placing a parlay is straightforward:

1. Choose your events — Pick two or more games or outcomes.
2. Add selections — Add them to your bet slip.
3. Select “Parlay” or “Accumulator” — Bookmakers often group them automatically.
4. Enter your stake — Decide how much to wager.
5. Place your bet — Confirm and place the parlay.

If all legs win, you’re paid out at combined odds — significantly higher than a single bet.

Calculating Parlay Payouts

Let’s say you wagered a $100 bet on this 3-event parlay, the total odds of the bet would be:

1.90 x 1.80 x 3.50 = 11.97

If all three events win, your potential payout would be $1,197 ($100 x 11.97). However, if even one event loses, your entire bet loses.

Cashing Out of a Parlay

If some of your parlay legs have already won, your sportsbook might offer a cash out option. This gives you a chance to lock in a profit or cut losses before all events are settled.

The offer depends on:

• How many legs are still pending
• The current odds of those remaining legs
• Your original stake

Cash out can be a smart move in risky situations — or a regret if the last legs win big.

Pros and Cons of Parlay Bets

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