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, moneyline bets, over/under and more. Offering a larger payout than a single bet picking one team to win, each segment of the parlay bet must win for that payout to happen.

A common type of parlay simply ties two or more outcomes together. For example, the bet could take underdog Team A with the points in game one 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. It’s a lot like boxing an Exacta or Trifecta bet at the racetrack. Round robin bets must include at least three separate outcomes, then the chosen number of teams or totals tied together for the bet. The combination of outcomes chosen will indicate the number of different parlays.

Most sportsbooks use betting software that eases decision-making for the player.

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.