Parlay
What does "parlay" mean in sports betting?
A parlay combines two or more bets into one ticket. Every leg has to win, and the payout is the odds of each leg multiplied together.
Parlays pay more than straight bets because they're harder to hit. The catch is that the book's margin multiplies too, so a parlay built from fairly priced legs pays less than the true odds of hitting it.
If a leg pushes, most books drop that leg and pay the ticket at the reduced number, but house rules vary. A parlay is only as good as its legs: if each leg has a real edge the parlay compounds it, and if the legs are fairly priced or worse it compounds the vig.
Example
Two legs at -110. Each pays 1.909 in decimal odds, so the parlay pays 1.909 × 1.909 = 3.645, or about +264. A $10 ticket returns $36.45. If each leg were a true 50/50, the fair price would be +300, so you're giving up value for the bigger payout.
Related terms
Vig (juice)
The vig, also called juice or the hold, is the commission a sportsbook builds into its prices so it profits no matter which side wins.
Same-game parlay
A same-game parlay (SGP) is a parlay where every leg comes from the same game, such as a team winning plus its quarterback throwing for a lot of yards.
Decimal odds
Decimal odds show the total amount returned per $1 staked, including your stake. They're common in Europe and on some exchanges.
Teaser
A teaser is a parlay where you move the spread or total in your favor on every leg in exchange for a smaller payout.
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