Gambling terms, explained straight

Not to be confused with parley, which means a discussion or conference. 3

Sports Betting

Parlay original meaning

A parlay is a single wager that ties together two or more separate bets, and it pays out only when every one of those bets wins.

Original coinage
The term comes from the French paroli, a sequence of bets that keep the stake and winnings riding.
Minimum legs
At least two; no fixed upper limit is defined. 2
Also called
Accumulator, acca, combo bet, multi. 1

Key points

  • If any leg loses, the whole bet loses. A push removes that leg, and the parlay recalculates at the remaining odds. 12
  • Payout is based on combined odds of the legs — higher return than a straight bet but lower than the true combined odds. 1

Where this term is used

Sports betting Parlay meaning basketball How parlays work when betting on basketball games and outcomes. Sports betting Parlay General page on parlays in sports betting. Sports betting 3 leg parlay meaning Specifics of a three-leg parlay bet. Sports betting Vig meaning Defines the vig (juice) that bookmakers charge on bets. Sports betting Parlay payout chart Table showing typical payouts for multi-leg parlays. Sports betting Point spread meaning football In football betting, a point spread is a number set by the bookmaker

Sources

  1. Parlay en.wikipedia.org Defines parlay and its key mechanics.
  2. Sports betting en.wikipedia.org Provides the minimum legs and details on pushes.
  3. Parley - Wikipedia en.wikipedia.org Clarifies the distinction between parlay and parley.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.

Written and maintained by Ellis Warrender, writer and maintainer.

Last updated 28 July 2026. Spotted an error? Tell me and it gets fixed and logged on the corrections page.