Glossary / Markets & bet types / Parlay
A ParlayAPI glossary entry

Parlay

A parlay is a multi-leg bet in which every leg must win for the ticket to pay. The payout compounds the odds of the legs, and - because the book's margin compounds along with them - parlays carry a higher effective hold than the same legs bet separately.

Worked example

# Three independent legs at -110 (decimal 1.909)
        parlay decimal = 1.909³ = 6.96          # ~ +596
        true odds (50% legs)     = 2.0³ = 8.00   # +700 fair
        # The vig compounds: ~4.76% per leg becomes ~13% on the ticket

Known as accumulators in the UK. Parlays are entertainment-priced for recreational play; the same structure with fair-value legs (see +EV) is how sharp bettors occasionally use them.

Where it shows up in ParlayAPI

Any parlay price can be reconstructed and audited from ParlayAPI's per-leg odds: convert each leg to decimal, multiply, and compare with the book's offer. For legs inside one game, correlation changes the math - see same-game parlays and the live SGP demo.

Related terms

Same-game parlayA multi-leg bet inside one game. TeaserA parlay with shifted spreads or totals. Round-robinParlays on every combination of legs. Correlated parlayParlay legs that move together.