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What Is The Definition Of Parlay In Sports Betting?

1. A parlay is a series of bets tied together to generate greater risk for a greater reward. Every part of the parlay must be achieved in order for the parlay to be successful, or hit.

How Does A Parlay Work?

To place a parlay bet, a wager must be placed on a string of events with definite decisions. The wager is good for the entire parlay, unlike multiple single-game bets which each require a separate wager. 

If all parts, or legs, of the bet turn out in favor of the parlay, the bettor would then cash out a greater sum tied to the relative odds of each event. If one leg of the bet fails, the whole parlay fails.

In sports betting, parlays most often occur with a point spread bet across multiple games. For instance, on any given Saturday in the fall, a large number of college football games take place. One could take Georgia (-9), Michigan (-3) and UCLA (+1) in a three-team parlay. If any one of these teams did not cover the spread, the parlay would fail.

Do You Have To Win All Games In A Parlay?

Yes, all legs of a parlay must hit in order for the parlay to hit. If one leg fails, the parlay fails.

Are Parlays Hard To Win?

Due to the increased number of parts to the bet, it is less likely to succeed. 

Similar to how flipping a coin once gives a 50% chance of landing heads and flipping it twice gives a 25% chance to land two heads, the odds of two legs hitting are higher than just one.

Do Parlays Pay More?

Yes, payout for parlays are higher due to the higher odds. 

Parlay payouts are relative to the odds of each leg, dividing the winning amount plus the wagered amount by the wagered amount. This decimal is also referred to as European odds.

The European odds for each event are multiplied together and then 100 to determine the winnings.

See More Sports Betting Lingo

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