Not to be confused with parley, which is a discussion or conference to end hostilities, not a wager.3
Sports Betting
Parlay
A parlay is a single bet that links several wagers together; it pays out only when every one of those wagers wins.
Key points
- A parlay links multiple selections into one ticket; all must win for the bet to cash.12
- If any single leg loses, the entire parlay loses — there is no partial payout.12
- Parlays can include as many legs as the bookmaker allows, starting from a minimum of two.2
- The payout is determined by the combined likelihood of all legs, which multiplies the odds.2
- The term is sometimes confused with 'parley', a negotiation in war or piracy, not a bet.3
How a parlay works
- Select two or more individual wagers (e.g., moneyline, point spread, totals) and combine them on one betting ticket.12
- The bookmaker calculates the parlay odds by multiplying the odds of each leg together.2
- If every leg wins, the bet pays out at the combined odds. If one leg loses, the whole parlay loses.12
- If a leg pushes (ties), it is removed from the parlay, and the bet continues with the remaining legs at adjusted odds.2
What happens when a parlay leg pushes
A push occurs when a selection ends in a tie, such as a point spread landing exactly on the number. In a parlay, a push leg is not a loss — it is simply removed from the ticket.2
The parlay then re-prices based on the remaining legs. For example, a three-leg parlay with one push becomes a two-leg parlay, and the payout adjusts accordingly. The bet still loses if any other leg loses.2
Common questions
What is a parlay bet?
What is a parlay betting?
Parlay betting is the practice of linking multiple wagers into one ticket. It offers higher potential payouts than single bets because the odds of each leg are multiplied together.2
What is a football parlay?
What is a parlay in war?
In war, 'parley' (spelled differently) refers to a discussion or conference between opposing sides to negotiate an end to hostilities. It is unrelated to sports betting.3
Where this term is used
Not the same as
- Teaser vs parlay — a teaser lets you adjust point spreads in your favour in exchange for lower odds, while a parlay does not adjust spreads
- Parlay payout chart — a lookup table showing potential returns for parlays, not the bet itself
- Parlay definition in betting — a broader explanation of the term within the context of sports wagering
- Parlay definition football — a specific explanation of parlays as applied to football betting
- Parlay original meaning — the historical origin of the word, which comes from French 'paroli' meaning a doubling of stakes
Related terms
Sources
- Parlay en.wikipedia.org Provides the core definition of a parlay and its basic rules.
- Sports betting en.wikipedia.org Supports the details on how parlays work, including pushes and minimum legs.
- Parley - Wikipedia en.wikipedia.org Distinguishes 'parley' from 'parlay' for the disambiguation and war context.
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.