How to Sports Bet 101: What Is a Parlay? Defining Sports Betting Parlaysįor those new to the world of sports betting parlays, it will be helpful to first gain an understanding of what exactly these bets are. In the sections that follow, we will define what exactly a sports betting parlay is, discuss what goes into placing a parlay bet, identify some helpful strategies and resources to use, and compare the pros and cons of indulging in this kind of sports betting. If you are interested in learning more about this high-risk, high-reward type of betting, you have come to the right place. Known by the term “parlay,” these picks are often popular amongst casual bettors as stringing together multiple bets into one naturally results in a wager with longer odds and a greater potential payout. However, bettors do have the option to make combination bets.

Be it for a team to win outright on the moneyline or cover the point spread, individual bets are made solely on one specific aspect. When betting on sports, the traditional types of wagers deal with one specific outcome.

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