Betting parlays refer to a type of sports wager where multiple individual bets are combined into a single bet. In a parlay, all selected bets must be successful for the overall wager to win. If any of the individual bets within the parlay loses, the entire parlay bet is considered a loss.

Parlays can include different types of bets, such as moneyline bets, point spread bets, over/under bets, or even proposition bets. Each selection within the parlay is independent, but their outcomes are combined to determine the final result.

The primary advantage of parlays is the potential for higher payouts compared to individual bets. As each selection is added to the parlay, the odds multiply, resulting in a larger potential return. The more selections included in the parlay, the higher the potential payout becomes. However, it’s important to note that parlays also come with increased risk, as the bettor needs to win all the individual bets to win the overall parlay.

Here’s an example to illustrate how a parlay works:

Let’s say you want to place a parlay bet on three NFL games:

• Game 1: New England Patriots to win on the moneyline (-150 odds)
• Game 2: Green Bay Packers to cover the point spread (-3.5, -110 odds)
• Game 3: Kansas City Chiefs vs. Denver Broncos to go over 48.5 total points (-120 odds)

If you place individual bets on each of these selections, you would receive separate payouts if each bet wins. However, if you combine them into a parlay, the odds for each selection are multiplied together, resulting in a higher potential payout. If all three selections win, you would receive the combined payout based on the parlay odds.

It’s important to consider that parlays come with increased risk due to the requirement of all selections winning. While they offer the potential for larger payouts, the probability of winning decreases as more selections are added to the parlay. Therefore, it is crucial to exercise caution and carefully assess the likelihood of each individual bet within the parlay before deciding to place a parlay wager.