What is Parlay?
Definition
A single wager that combines two or more individual bets into one ticket. All selections must win for the parlay to pay out, but the combined odds create a significantly higher potential return than placing each bet separately.
Related Terms
A straight-up bet on which team or player will win, with no point spread involved. Favorites carry negative odds (e.g., -180) while underdogs carry positive odds (e.g., +150), reflecting the implied probability and payout ratio.
A numerical representation of the likelihood of an outcome and the potential payout. Odds formats include decimal (2.50), fractional (3/2), and American (+150), each conveying the same probability differently.
The practice of setting a dedicated betting budget and sizing individual wagers as a small percentage of that total. Disciplined bankroll management (typically 1-5% per bet) protects against inevitable losing streaks.