Parlay
Industry and product terms
Definition
A single bet that combines two or more outcomes, all of which must win for the bet to pay. Parlays pay more because they are much harder to win, and the sportsbook's margin on them is far higher than on single bets — which is why they are marketed hardest.
Source
Additional citation research
The original definition and sourcing warnings are retained. These sources support only the claims identified below, not necessarily the full entry.
- Tennessee Sports Wagering Council glossary
Supports: Defines a parlay as one wager incorporating two or more individual bets and requiring each included bet to win.
- Experimental study of wagering inducements and betting choices
Supports: Reports prior evidence that combined-contingency bets are disproportionately promoted and incentivized and can be poorly priced relative to their long odds.
Remaining evidence gap: The categorical claims that margin is far higher than on single bets and that parlays are marketed hardest exceed the evidence. Payout and probability depend on the legs and price.
Cite this
Betttr. "Parlay." The Gambling Recovery Glossary. https://betttr.net/glossary/parlay/ (accessed 2026-09-20).
Last updated: 2026-09-20.
Corrections: support@betttr.net
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