A parlay bet involves betting on more than one team, so it’s a single bet that combines two or more individual bets into one wager. The nice part about a parlay bet, is the payout is greater than a single bet. However, you must win each bet to win your wager. For instance, if you bet a parlay and have paired up the New York Yankees with the Boston Red Sox and they both win, your payout will be greater than if you bet on the Yankees and Red Sox to win on separate bets. But if one of those teams lose, your bet loses. So, both teams must win for you to collect. Here is an example of a two team parlay payout.
Let’s say you bet on the Boston Red Sox and they are favored at -150. You have paired them with the underdog, New York Yankees at +125. You will profit $66.67 on the Red Sox, bringing you back $166.67. You now take that $166.67 and put it on your Yankees bet. That bet brings you back $208.34. Your bankroll is now $375.01.