Parlay
A single bet that links two or more selections, paying only if every leg wins, with the odds multiplied together.
A parlay combines several selections into one ticket. The payout grows quickly because each leg's decimal odds are multiplied together, but one losing leg sinks the whole bet. Before single-event betting became legal in Canada in August 2021, provincial lottery products required parlays; now they are optional everywhere.
Worked example
Three NHL selections in decimal odds (illustrative):
| Leg | Odds |
|---|---|
| Winnipeg moneyline | 1.80 |
| Ottawa +1.5 puck line | 1.65 |
| Over 6.5 in Seattle | 2.10 |
Combined odds: 1.80 × 1.65 × 2.10 = 6.237. A $20 parlay returns $124.74, a profit of $104.74. In American odds that is roughly +524.
If one leg is cancelled, it usually drops out at 1.00 and the parlay is paid on the remaining legs (see void bet). Pushes are handled the same way at most books.
The catch
The book's margin stacks with every leg. If each selection pays back 95% of fair value, a three-leg parlay pays back 0.95 × 0.95 × 0.95 = 85.7%. That is why parlays are the sportsbook's favourite product, and why the long-run cost is higher than betting the same legs as singles.
What to check
Some crypto sportsbooks cap parlay winnings or limit the number of legs. Read the max payout before building a long ticket.