A Parlay is a group of multiple bets that are connected and increase the payout potential if all bets win. Parlays are a high risk/high reward type of wager that can lead to big payouts if all selections hit, but can also be lost very quickly if even one loses. Parlays usually consist of moneyline, point spreads and totals bets but can include Futures, Props and other types of bets.
A sportsbook’s Parlay rules vary, but in general they allow you to combine as few as two wagers or-depending on the sport and the oddsmakers-as many as a dozen or more. Most Parlays involve moneyline, point spreads and totals on the four most popular North American sports: football (NFL and college), basketball (NBA and college) and baseball. Parlays can also include futures and prop bets, but these aren’t as common.
The more legs you add to a Parlay, the higher the payouts are, but your chances of winning diminish considerably. It’s not uncommon for a single miss to kill a Parlay, and for this reason, Parlays should only be placed if you have strong confidence in all of your selections.
Teasers are a variation of Parlays that let you move point spreads or totals in order to improve your chances of a winning bet. They are often offered for NFL games where the lines are very sharp, and can offer bettors an opportunity to make a profit by shifting the line in their favor. However, because teaser odds are lower than parlay odds, the overall pay-offs tend to be smaller.