Parlays allow bettors to combine multiple bets into one bet or “Parlay Card”, whereby if all of the individual bets within a Parlay Card win, the customer wins the Parlay, but even if just one bet loses, the entire Parlay Card loses. To compensate for this higher risk, Parlay Cards pay out a much higher odds multiple than the traditional odds that can be found with only individual bets.
For example, if the expected outcome of one individual even money bet is 1 in 2 (+100 in American odds or 2.00 in Decimal odds), then the odds of getting two separate individual bets both correct would be 1 in 4 (1 divided by 2 times 2), or +300 in American Odds (4.00 in Decimal Odds). So instead of getting paid even money on a bet, the bettor receives three times the wager in winnings (plus the original wager). Harder to win, but higher payout if the Parlay wins.
Click HERE to see more examples of how Parlays work.