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Guides

What is Parlay Betting? Meaning & Examples Explained

Parlays are an interesting way that bettors are able to multiply potential payouts on sports bets. But what exactly is parlay betting? A parlay definition simply is placing one bet that consists of many individual bets. All bets in a parlay, or a "leg," must be won for the entire bet to be a winner. This is an awesome means of maximizing probable winnings beyond single bets. The negative is that there's a greater risk because a bad choice can cause the entire parlay to lose

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January 22, 2026
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A parlay is simply a wager wherein a number of wagers are wrapped up into one single individual wager. All of these wagers must win on their own for the parlay to reward.

The greatest appeal of parlay betting is its potential for higher payoffs than single or straight bets. This higher payoff, however, comes with higher risk since each component must be correct.

To understand exactly what is a parlay bet means understanding how odds compound. Suppose you have three bets, each of which is +100 odds. If each win individually, investing $10 per bet individually would result in $30 profit.

Although, wagering the same $10 on a parlay of all three can pay much more, typically around $70, depending on the bookmaker's odds.

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How Does Point Spread Work?

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Understanding how point spreads work is crucial for anyone looking to navigate sports betting. Simply put, the point spread is a way bookmakers level the playing field between two teams, making it equally attractive to bet on either side regardless of the inherent strengths or weaknesses of the competitors.