A parlay is a single bet that combines two or more individual wagers (legs). All legs need to win for the parlay to pay out — one losing leg voids the entire bet. Payouts multiply across legs, so parlays offer high potential return at low probability.
Also known as: accumulator, combo bet
A two-leg parlay of two -110 favourites pays roughly 2.6-to-1; a five-leg parlay can pay 20-to-1 or more. The catch: the implied probability drops with every leg added.
Same-game parlays (SGPs) combine multiple bets from one game — e.g., team to win + Connor McDavid over 1.5 points. SGPs are heavily marketed because their margins favour the sportsbook.
Parlay marketing is a known problem-gambling risk vector. AGCO has tightened rules on parlay promo language; bonuses tied to parlays must disclose realistic win probabilities under Ontario rules.