⚠️ 18+ Only: Parlay bets are high-risk wagers with low win probability.
This guide explains how they work mathematically—not how to "win" them.
Learn about responsible gambling.
What Is a Parlay?
A parlay (also called an accumulator, combo bet, or multi-bet) combines multiple individual bets into one wager. All selections must win for the parlay to pay out. If any single selection loses, the entire parlay loses.
The appeal of parlays is the multiplied odds—combining small stakes into potentially large payouts. The risk is that losing even one selection means losing everything.
How Parlay Odds Work
Parlay odds are calculated by multiplying the decimal odds of each selection:
Example: 3-Team Parlay
- Selection 1: Liverpool to win @ 1.80
- Selection 2: Barcelona to win @ 1.65
- Selection 3: Bayern Munich to win @ 1.50
Combined odds: 1.80 × 1.65 × 1.50 = 4.455
A RM10 stake would return RM44.55 (including stake) if all three win.
Reality Check: All three must win. If Liverpool and Barcelona win
but Bayern draws, you lose your entire RM10 stake—not just part of it.
The Mathematics of Parlays
This is where parlays become problematic:
Win Probability Example
Assume each selection has a 55% chance of winning (slightly better than coin flip):
| Parlay Size | Win Probability | Likely Result |
|---|---|---|
| 2-team | 30.25% | Lose 7 out of 10 |
| 3-team | 16.64% | Lose 8-9 out of 10 |
| 4-team | 9.15% | Lose 9 out of 10 |
| 5-team | 5.03% | Lose 19 out of 20 |
| 10-team | 0.25% | Win 1 in 400 |
Even when you're "right" 55% of the time on individual bets, a 10-team parlay wins only 0.25% of the time—once every 400 attempts on average.
Why Bookmakers Love Parlays
The bookmaker's margin multiplies with each leg. If each bet has a 5% margin, a 5-team parlay has approximately 22% margin built in. This is why big parlay wins make headlines—they're rare by design.
Types of Parlays
Standard Parlay
All selections must win. One loss = entire bet lost.
Teaser
Point spreads are adjusted in your favor, but odds are reduced. Gives better chance of winning individual legs but lower overall payout.
System Bets
Multiple smaller parlays combined. Example: A "2/3" system on three selections creates three 2-team parlays. You can still profit if one selection loses.
Why Parlays Are High Risk
- One mistake ruins everything: No partial payouts for partial success
- Margin multiplication: Bookmaker edge compounds with each leg
- False value perception: Big potential payouts mask low probability
- Research burden: Accurately predicting 5+ events is extremely difficult
- Emotional betting: Adding legs "for fun" without analysis
Honest Assessment: Professional bettors rarely use parlays because
the mathematics work against them. Parlays are entertainment bets with
lottery-like characteristics—small stake, small chance of big win.
Responsible Parlay Betting
If you choose to bet parlays:
- Treat it as entertainment: Not a path to profit
- Use small stakes only: Never bet what you can't afford to lose
- Keep legs limited: 2-3 legs maximum, not 10+
- Don't chase losses: A losing parlay is gone—don't bet more to recover
- Track your results: Record all parlay bets to see true win rate
For help: Befrienders Malaysia: 03-7627 2929 (24/7)