Definition of Parlay Bet

In gambling, a parlay bet, also called an accumulator, is a single wager that binds multiple wagers together. In order for a parlay bet to be a winning bet, each component wager must achieve its win condition independently.



The benefit of a parlay is that it pays out at a much higher rate. So a gambler that parlayed three races and won would win considerably more money that the gambler who wagered each of those races independently and won.



The downside to a parlay is the additional risk and the decreased odds.



If the gambler who parlayed picked two of the three races correctly, he still loses all of them. The gambler who placed the bets individually wins on those two races. So she either comes out ahead or offsets her losses.



For popular sports and events, bookmakers tend to offer predefined parlays. In some cases, you may come across a parlay with better-than-expected odds because the book is running a promotion or trying to adjust its risk.



Depending on the sport, many bookmakers, especially online, let you build your own parlay.



A parlay bet with expected serves two purposes:



On one hand, it gives the confident gambler the opportunity to convert that confidence into winnings.



On the other hand, it gives those wagering “for fun” the opportunity for big winnings on modest wagers.