Parlays Explained
Combine multiple bets into one ticket. All selections must win — higher risk, much higher reward.
What is a parlay bet?
A parlay is a single bet that combines two or more individual wagers into one ticket. To win the parlay, every leg must win — if any one leg loses, the entire parlay loses. The payoff is much larger than placing each bet separately because the odds multiply.
How parlay payouts work
A parlay is a single bet that combines two or more individual wagers (“legs”). To win the parlay, every leg must win. Lose one leg and the entire parlay loses. The trade-off is much bigger payouts when all legs cash.
How parlay payouts work
Each leg’s odds are multiplied together. Three legs at −110 each:
- 1 × 1.91 (decimal of −110) × 1.91 × 1.91 = +595 (roughly)
- $10 wager → ~$59.50 profit if all three win
Four legs at −110 each pays roughly +1140. Five legs at −110 each pays roughly +2280.
Each added leg roughly doubles the potential payout — but also halves the chance of winning.
Same-game parlays (SGPs)
A same-game parlay combines multiple wagers from a single contest. Example: Chiefs to win + Mahomes Over 275 passing yards + Travis Kelce anytime touchdown.
SGPs are popular because they tell a story — but be aware:
- Sportsbooks adjust the price to account for correlation between legs.
- A “true” parlay would pay much more than what SGP builders advertise.
- DraftKings and FanDuel have the most refined SGP products in Missouri.
Round-robin parlays
A round-robin breaks one large parlay into all possible smaller parlays. With four selections, a round-robin generates six 2-leg parlays automatically. You can lose one leg and still win some of the smaller parlays — at the cost of placing more individual bets.
Why most parlays lose
Casual bettors love parlays because of the big-payout dream. Sportsbooks love them because the edge compounds with every leg:
- A −110 bet has a built-in 4.5% house edge.
- A 4-leg parlay compounds that to roughly 20%.
That’s why books promote parlay-of-the-day specials — they’re more profitable than straight bets.
Three rules for smarter parlay betting
- Limit yourself to 2–4 legs. Beyond that, the math turns against you sharply.
- Avoid stacking heavy favorites. −300 + −250 + −200 produces a small payout for compounded risk.
- Use parlay insurance promos. Many Missouri sportsbooks refund parlays that lose by one leg — claim those promotions when available.