Parlay betting is a type of sports betting where a bettor combines two or more individual bets into one single wager, with the goal of increasing the potential payout. In a parlay bet, all of the individual bets must win in order for the overall bet to be successful. If even one of the individual bets loses, the entire parlay bet is lost.
The potential payout for a parlay bet is determined by multiplying the odds of each individual bet together. For example, if a bettor places a parlay bet on three different NFL games with odds of -110, -120, and -130 respectively, the payout for a successful parlay bet would be calculated as follows:
(-110) x (-120) x (-130) = 1.728
The bettor would then multiply the original amount of their wager by the payout odds to determine their potential winnings. So if the bettor placed a $100 parlay bet on the three games, their potential winnings would be:
$100 x 1.728 = $172.80
As you can see, parlay betting offers the potential for a much larger payout than individual bets, but the risk is also greater since all of the individual bets must be correct in order to win the parlay bet. It’s important for bettors to carefully consider their selections and the potential risks and rewards before placing a parlay bet.