Parlay (Accumulator)

A parlay, also known as an accumulator or “acca,” is a single wager that combines two or more individual selections into one bet. The defining characteristic of a parlay is that every selection within it must win for the bet to pay out. If even one leg loses, the entire parlay is graded as a loss. The appeal of parlays lies in the compounding of odds – because each selection’s odds multiply together, the potential payout grows significantly with each added leg, far exceeding what each bet would return individually.

Parlays are available across virtually every sport and bet type. Bettors can combine moneyline picks, point spreads, totals (over/under), and even prop bets into a single parlay ticket. Most sportsbooks allow parlays with as few as two legs and as many as ten or more, though the maximum varies by operator.

Example

Suppose you place a three-leg parlay with a $10 stake:

• Leg 1: Kansas City Chiefs moneyline at -150 (decimal odds 1.67)
• Leg 2: Over 45.5 points in the Packers vs. Bears game at -110 (decimal odds 1.91)
• Leg 3: Buffalo Bills -3.5 at -110 (decimal odds 1.91)

The combined decimal odds are 1.67 x 1.91 x 1.91 = 6.09. Your potential payout on a $10 bet would be $60.93, yielding a profit of $50.93. If all three legs win, you collect that full amount. If the Chiefs win and the over hits but the Bills fail to cover, you lose the entire $10 stake.

Key Points

• All-or-nothing structure: Every leg in the parlay must win. A single losing selection means the entire bet loses, regardless of how the other legs performed.
• Compounding odds create large payouts: The multiplication of individual odds across legs produces payouts that grow exponentially with each added selection, which is why parlays attract bettors looking for high returns on small stakes.
• Higher house edge: While the potential payouts are attractive, parlays generally carry a higher built-in house edge compared to placing each selection as a separate straight bet. The probability of winning decreases with each leg added.
• Void or pushed legs: If one leg of a parlay results in a push (tie) or is voided (for example, due to a canceled game), most sportsbooks will remove that leg and recalculate the parlay at reduced odds rather than grading the entire ticket as a loss.
• Correlated parlays are often restricted: Sportsbooks may limit or prohibit parlays where the outcomes of the selections are statistically correlated, since such combinations can shift the expected value in the bettor’s favor.