A parlay combines multiple bets into one wager. All selections must win for the parlay to pay out. The benefit is a much higher payout than betting each game individually, but the risk is that one loss means the entire bet loses.
Parlay odds are calculated by multiplying the decimal odds of each leg together. For example: 1.91 × 2.50 = 4.775 total decimal odds, which equals +377 in American odds.
While parlays offer exciting payouts, they have a significantly higher house edge than straight bets. Most professional bettors avoid parlays or use them sparingly. The more legs you add, the more the odds stack against you.