Definition: A parlay bet is a single wager that links two or more individual bets, requiring all bets to win for the parlay to pay out.
Example: If you bet on three different football teams to win their games and all three win, your parlay bet wins. If one team loses, the entire parlay bet is lost.
How It Works:
- Parlays increase potential winnings because they combine multiple bets into one.
- The risk is higher since all bets must be correct for the payout.
- Sportsbooks offer higher odds for parlays due to increased difficulty.
Related Terms:
- Moneyline
- Point Spread
- Over/Under
Beginner Tip: Stick to two-team parlays when starting out. They offer a balance of risk and reward.