What Does Parlay Mean in Betting?

In the world of sports betting, terminology can often vary between regions. One term that frequently causes confusion is “parlay” – an American betting term that’s equivalent to what we call an “accumulator” or “acca” here in the UK.

At Gamblermaster, we’ve created this comprehensive guide to explain exactly what a parlay bet is, how it works, and why it’s become increasingly popular among UK bettors despite its American origins.

Quick Definition:
A parlay is a single bet that links together two or more individual wagers. For the parlay to win, all selections within it must be successful. The main attraction is the potential for significantly higher payouts compared to placing each bet separately.

How a Parlay Works – Step by Step

Understanding how a parlay bet works is straightforward once you break it down. In our experience, this step-by-step explanation helps clarify the concept:

1. Select multiple bets: Choose two or more selections from any betting markets the bookmaker allows to be combined.
2. Add to betslip: As you add each selection, your betslip will update to show the combined parlay option.
3. Enter your stake: Unlike placing separate bets, you only need to enter one stake amount that covers the entire parlay.
4. Calculate potential returns: The odds of each selection multiply together, creating a potentially large payout if all selections win.
5. Monitor your bet: All selections must win for your parlay to pay out. If even one selection loses, the entire parlay loses.
6. Collect winnings: If all your selections win, your parlay will be settled at the accumulated odds of all combined selections.

The key difference between a parlay and placing individual bets is that your stake is risked collectively on all outcomes occurring, rather than spread across separate wagers.

Odds & Payouts Explained

Understanding parlay odds is crucial when evaluating their true value. In our analysis, we’ve noticed that calculating parlay payouts is one area where many bettors need clarity.

The fundamental principle is multiplication: the odds of each selection in your parlay are multiplied together to determine the final payout. For example, if you place a three-leg parlay with decimal odds of 1.90, 1.70, and 2.10, the calculation would be:

1.90 × 1.70 × 2.10 = 6.783 (rounded to 6.78)

With a £10 stake, your potential return would be £67.80 (including your stake).

However, it’s important to understand the gap between “true odds” and bookmaker odds:

As you can see, the bookmaker’s edge increases with each leg added to your parlay. This is why, in our experience, limiting the number of selections often presents better value.

Types of Parlays

In our review of UK betting sites, we’ve identified several distinct types of parlays offered to bettors:

• Traditional Parlay: The standard multi-selection bet where all picks must win. This is what most UK bettors know as an accumulator.
• Same-Game Parlay: Also known as SGPs, these allow multiple selections from the same event to be combined. For instance, you might bet on a football match’s winner, the correct score, and a player to score first, all in one parlay. T&Cs apply, 18+, begambleaware.org.
• Teaser Parlay: Popular in American sports, teasers allow you to adjust point spreads in your favor in exchange for reduced odds. Less common in UK betting but increasingly available.
• Progressive Parlay: A modified parlay that still pays (albeit at reduced odds) even if one selection loses. These offer a form of insurance but come with lower potential returns.
• Round-Robin Parlay: This creates multiple smaller parlays from your selections, ensuring some return if not all selections win. For example, a round-robin from 3 selections would create three 2-leg parlays.

Parlay vs Accumulator vs Combo Bet

In our role as UK betting experts, we often need to clarify terminology differences between markets:

• Parlay is predominantly American terminology, used widely in US sportsbooks and increasingly in UK marketing materials, especially for same-game offerings.
• Accumulator (or “acca”) is the traditional British term for the same bet type – multiple selections combined where all must win for a payout.
• Combo bet is a more generic international term that some operators use, particularly those catering to multiple regions.
• Multi is the Australian and New Zealand equivalent, functioning identically to parlays and accumulators.

Despite these different names, they all operate on the same principle: combining multiple selections into one bet that only pays if all selections win.

Illustrative Examples

To help visualise how parlays work in practice, we’ve prepared these real-world examples:

Example 1: 2-Leg Football Parlay

• Manchester City to win vs. Newcastle (1.75)
• Over 2.5 goals in Liverpool vs. Chelsea (1.90)
• Combined odds: 1.75 × 1.90 = 3.33
• £10 stake would return £33.30 if both selections win

Example 2: 3-Leg NBA Parlay

• Los Angeles Lakers -5.5 (1.90)
• Brooklyn Nets ML (1.65)
• Boston Celtics vs Chicago Bulls Over 220.5 points (1.85)
• Combined odds: 1.90 × 1.65 × 1.85 = 5.80
• £20 stake would return £116.00 if all selections win

Example 3: Same-Game NFL Parlay

• Kansas City Chiefs to win (1.70)
• Patrick Mahomes over 280.5 passing yards (1.85)
• Travis Kelce anytime touchdown scorer (2.10)
• Combined odds: 1.70 × 1.85 × 2.10 = 6.60
• £5 stake would return £33.00 if all selections win

Pros & Cons / Risk vs Reward

Based on our analysis of thousands of betting patterns, here’s our honest assessment of parlay betting’s advantages and disadvantages:

Pros:

• Higher potential returns from smaller stakes
• Excitement across multiple events or markets
• Opportunity to combine correlated outcomes (in same-game parlays)
• Can spread interest across different sports or matches
• Bookmaker promotions often target parlay bettors with insurance offers

Cons:

• Significantly lower probability of winning compared to single bets
• House edge compounds with each additional selection
• One poor selection ruins the entire bet
• Can encourage chasing unrealistic returns
• May lead to making low-value selections just to boost odds

Strategy Tips

In our years of reviewing betting strategies, we’ve identified these key approaches to smarter parlay betting:

• Keep legs low: Our data analysis shows that 2-3 leg parlays offer the best balance between enhanced odds and reasonable winning chances. The value proposition diminishes significantly beyond 4 legs.
• Shop for the best odds: Even small differences in odds can significantly impact parlay returns. We recommend comparing odds across multiple bookmakers before placing your parlay.
• Consider correlation: While bookmakers limit obvious correlations, some subtler correlations can still be exploited. For example, if you expect a high-scoring game, both “over” bets and “both teams to score” might align well.
• Use cash-out strategically: Taking partial profits when most legs have won can secure returns against the risk of a late upset. Many UK bookmakers now offer partial cash-out options.
• Leverage promotions: Look for “acca insurance” offers that refund stakes if one leg loses, effectively reducing your risk (Learn about free bets).

Parlay Rules at UK Bookies

Our comprehensive testing of UK betting sites reveals important parlay rules you should know:

• Voided selections: If one selection in your parlay is voided (postponed match, player non-starter, etc.), most UK bookmakers will simply remove that leg and recalculate odds based on the remaining selections.
• Dead heats: When your selection ties (e.g., two golfers finish in joint 3rd when you backed them for top 3), your stake is typically divided, reducing potential returns.
• Maximum payouts: Most bookmakers impose maximum payout limits regardless of theoretical returns. These vary by sport and competition level.
• Cash-out restrictions: Certain promotions or bet types may be excluded from cash-out functionality. Always check terms before assuming this option will be available.
• Correlated outcomes: UK bookmakers generally restrict obviously correlated selections within the same event, though some may allow them with adjusted odds in official Same-Game Parlay products.