Parlay Betting Explained
A parlay combines two or more individual bets into a single wager that requires every leg to win. The payout multiplies as you add legs, but a single losing leg busts the entire ticket. Parlays are the most popular bet type in Ohio and the highest-margin product for sportsbooks.
Example
Parlay odds compound multiplicatively. Three -110 legs → 1.91 × 1.91 × 1.91 = 6.96 decimal, or +596 American. Add a fourth -110 leg → +1228.
When to Use It
- When you're combining strong correlated views (e.g., Bengals over and Joe Burrow over passing yards in a Same Game Parlay)
- When using a small stake and chasing a long-shot return
- For boost-eligible parlays at DraftKings, FanDuel, or BetMGM
- For round-robin parlays where you cover multiple combinations
Common Pitfalls
- Standard parlay juice is brutal — a 5-leg parlay at -110 each leg gives the sportsbook a 35%+ edge
- Same-Game Parlays are correlated, but the correlation often costs payout value
- Avoid parlaying heavy favorites — three -300 favorites parlay to roughly +148, far worse than a single moneyline play
For Ohio bettors, profit boost tokens are most valuable on parlays — a 50% profit boost on a +600 parlay is worth significantly more than the same boost on a -110 single. DraftKings, BetMGM, and Caesars distribute these tokens regularly.
FAQ
How are parlay payouts calculated?
Multiply the decimal odds of each leg. For example, three -110 legs (1.91 decimal each) = 1.91 × 1.91 × 1.91 = 6.96 decimal, or +596 American.
What is a Same Game Parlay?
A parlay where every leg comes from the same game (e.g., Burrow over passing yards + Chase TD + Bengals win). Available at DraftKings, FanDuel, BetMGM, Caesars, and most Ohio sportsbooks.
What is a round-robin parlay?
A round-robin breaks your selections into multiple smaller parlays. Picking 4 teams as a 3-pick round-robin creates 4 separate 3-leg parlays.
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