What are parlays?
Parlays are multiple bets. It is a way of putting at least two individual bets into one larger bet. In order to win the bet, all the individual components must win. They are very exciting since a small wager can have a large payday. But can also be frustrating since one incorrect wager makes the entire bet a loser.

Why do they pay more?
All the bets must win, so a parlay is difficult to win! Because of that, the payday is multipled for each team you pick. A straight wager pays about $91 per $100 risked ($192 if both win). A two team parlay will pay $260 on 13/5 odds if both teams win. However, if one wins and one loses, you are out only $9 on the straight bets, but the whole $100 on the parlay.

How many teams can I pick in a parlay?
Typically, sportsbooks offer anywhere from 2 to 12 teams in a parlay. Most sportsbooks allow you to make parlays from multiple sports. However, you cannot have connected wagers as multiple items in the parlay - like betting a half time and full time score from the same game.

What happens if a team I pick ends in a push?
The parlay will then become the next lowest parlay. For example, a 4 team parlay becomes a 3 team. If you bet on a two team parlay, it becomes a straight wager.

What are typical payouts for parlays?
Pointspread Based Sports (-110 odds)

Selections	Payout Odds
2	13 to 5
3	6 to 1
4	23 to 2
5	22 to 1
6	40 to 1
7	80 to 1
8	150 to 1
9	300 to 1
10	500 to 1
11	1000 to 1
12	2000 to 1

How do I calculate parlays using moneylines?
Because of the moneyline used in baseball and other sports, there are no set payoffs for tying a number of teams together in parlays. Payoffs are determined by a simple formula that changes the moneyline into a decimal number and combines it with the other lines in the parlay. The first step is to change the moneyline into a decimal value. Use the chart below for this purpose.

Moneyline	Decimal		Moneyline	Decimal
-105	.95		-185	.54
-110	.91		-190	.53
-115	.87		-195	.51
-120	.83		-200	.50
-125	.80		-210	.48
-130	.77		-220	.45
-135	.74		-230	.43
-140	.71		-240	.42
-145	.69		-250	.40
-150	.66		-260	.38
-155	.64		-270	.37
-160	.62		-280	.36
-165	.61		-300	.33
-170	.59		-325	.31
-175	.57		-350	.29
-180	.55		-4.00	.25
If your moneyline is positive, simply divide it by 100. For example, +150 becomes 1.5

For each price or odds quote on your teams, look at their respective payoffs (to $1) and always add $1 to these payoffs. For example, If you bet $25 on the Yankees -140 and the Giants (+120) in a two team parlay, here is how to calculate the payout.

#1 - Get the decimal value for each team and add $1
NY Yankees (-140) = $0.71 + $1 = $1.71
SF Giants (+120) = $1.20 + $1 = $2.20

#2 - Multiply your bet times the products of these payoffs for your parlay return.
Wager Amount * Yankees Bet * Giants Bet = Payout
$25 * $1.71 * $2.20 = $94.05

This includes the refund of your risk amount. For more than two teams, continue to multiply the odds! For example, add a bet on the Seattle Mariners (-180) to the above bet... You now have a three team parlay
$25 * 1.71 * 2.20 * 1.55 = $145.78

What percent of individual games do I need to win to break even
The chart below shows parlays involving 2-12 teams using fairly universal payouts. 3 team parlays have the lowest win percent to break even - even lower than straight bets. Remember, the data here is averages over a large sample set. You can bet on 6 games, win 3 from one parlay, lose 3 from another... But this isn't the case every time.

Parlay Win % To Break Even Smaller bar is better!
#	Win %	Win %	Odds
1		52.38%	10/11
2		52.70%	13/5
3		52.28%	6/1
4		53.18%	23/2
5		53.41%	22/1
6		53.85%	40/1
7		53.38%	80/1
8		53.41%	150/1
9		53.04%	300/1
10		53.71%	500/1
11		53.36%	1000/1
12		53.08%	2000/1

What happens if I only win 50% of my games?
At no sportsbook will winning 50% of your individual bets over the course of hundreds of bets leave you in the black. Sportsbooks are generally set up such that winning 52-54% will net you a decent profit - but very few people can consistently do that. If you do have a bad stretch where you are only hitting 50% (theoretically, what a monkey can do!) this will tell you how far in the red you are. It also gives you an idea for the curve by comparing this data to the break even data above.

Losses at 50% win % Smaller bar is better!
#	Losses per $100 bet	Loss %	Odds
1		-4.55%	10/11
2		-10%	13/5
3		-12.50%	6/1
4		21.88%	23/2
5		-28.13%	22/1
6		-35.94%	40/1
7		-36.72%	80/1
8		-41.02%	150/1
9		-41.21%	300/1
10		-51.07%	500/1
11		-51.12%	1000/1
12		-51.15%	2000/1