Markets
Parlay
Also called accumulator, acca, multi
Parlays multiply the odds of each leg together, which is why they pay so much and hit so rarely. Three legs at −110 pay about +596, and win roughly 12.5% of the time.
The problem is that the vig compounds too. Each leg carries the book's margin, and multiplying them means the hold on a three-leg parlay is roughly three times the hold on a single bet. A fair-odds parlay of those three legs would pay about +700 rather than +596 — the difference is the book's cut.
Parlays are not always bad. Correlated legs, where one outcome makes another more likely, can genuinely beat the posted price — but sportsbooks price same-game parlays with correlation already accounted for, and usually overcorrect.
Want the full version? Read the in-depth guide, with worked examples and the math.
See also
- Same-game parlay — A parlay whose legs all come from one game, priced to account for how they relate to each other.
- Correlation — The degree to which two betting outcomes move together — the thing that makes some parlays worth building.
- Hold — The share of all money wagered on a market that the sportsbook keeps regardless of the result.
- Teaser — A parlay where you move each spread or total in your favour in exchange for a shorter payout.