Recreational bettors chasing big payouts
Parlay
A parlay combines two or more individual bets (legs) into a single wager. All legs must hit for the parlay to pay; if any leg loses, the entire parlay loses. Parlay odds multiply, generating much larger payouts than the individual legs would alone.
Example
3-leg parlay at +600
A $100 three-leg parlay (e.g., Raiders -3, Lakers -5, Yankees ML) returns $700 ($600 profit + $100 stake) if all three win. Lose any leg → entire parlay loses.
Pros
- Massive payouts from small stakes
- Same-game parlays (SGPs) are widely available
- Fun, high-variance entertainment value
Cons
- House edge is significantly higher than single bets
- A single losing leg kills the entire ticket
- SGP correlation often built into pricing