A parlay combines two or more bets into one. All must win for the parlay to pay out — but if they all hit, the payout is much bigger.
2-team parlay pays roughly 2.6x. 3-team pays around 6x. 5-team pays around 24x. More legs = bigger reward and harder to win.
Each leg you add, sportsbooks pay slightly less than true odds. The house edge is much higher than straight bets. That's why sportsbooks love promoting them.
Correlated parlays — where one leg makes another more likely — can add value. Example: same team moneyline + the under, since winning teams often play defense and run clock.
Parlays are fun but the house edge is real. Keep to 2-3 legs max and only combine bets you genuinely like independently.