What are parlays?

A parlay bet is a single wager that combines bets on two or more events or elements of a game. Parlays can include bets on point spreads, winners, over/under and more. Offering a payout that is larger than a single bet picking one team to win, each segment of the parlay bet must win for that payout to happen.

A Same Game Parlay is a popular bet because it simply ties two or more outcomes together within a single event. For example, the bet could take underdog Team A with the points and the over for the score of that game. Team A would have to cover the point spread, and the score of the game would have to be over the total for the ticket to win.

A Round Robin parlay combines at least three multiple parlay wagers in one bet. The bets must include at least three separate outcomes, then the chosen number of teams or totals are tied together for the bet. The combination of outcomes chosen will indicate the number of different parlays. For those familiar with betting on horse racing, a Round Robin is a lot like an Exacta or Trifecta bet at the racetrack.

Teasers are parlay bets based on a minimum of two outcomes in which point spreads or over/under totals are adjusted for each segment of the outcome. Moneyline bets are not allowed in teasers. The bettor benefits by a more favorable point spread for each segment, but as in every parlay bet, each segment of the bet must win for a payout.