Parlay is a type of sports betting bet where multiple individual bets are combined into a single wager with increased payout potential. Also known as accas, multis or combo bets, parlays require all the individual bets, or legs, to win in order for the bet to pay out. However, the more legs you add to a parlay the lower the likelihood that all bets will win.
Almost all standard bets can be parlayed, but there are some exceptions. For example, sportsbooks will usually not allow bets that are “correlated” – or have a strong relationship such as betting on an underdog team to win and a game to have a low-scoring final score. Sportsbooks typically remove these correlated bets from parlays as they are unlikely to pay off.
Odds for winning a parlay change drastically depending on the number of bets and types of bets. For example, a two-team moneyline parlay of heavy favorites will have much higher odds to hit than a four-team parlay with underdogs. This is why teasers are a great way to increase the chance of hitting a parlay.
Parlays can be a great way to manage your bankroll, as they can help you reach your desired amount of wins without risking too much of your stake. However, it’s important to remember that losing one of the individual bets will wipe out your entire balance. For this reason, you should always bet with a smaller percentage of your total bankroll than the amount that you’re willing to lose.