Parlays let bettors combine several selections into a single wager to seek larger payouts from a relatively small stake. A proper parlay requires attention to settlement rules, correlation policies, and payout math. This article explains what a parlay is, how payouts are calculated, how to place a parlay online, and what operator and regulatory rules to check. The goal is a practical, rules-first approach so you can make informed decisions about bovada parlay opportunities.

A parlay combines multiple selections into one ticket, and all legs typically must win for the ticket to cash.

Parlay payouts come from multiplying decimal odds for each leg and applying the stake to the combined figure.

Check operator rules on pushes, voids, and correlated bets before placing a parlay to avoid surprises at settlement.

What a parlay is and why people use them

Definition and core requirements, bovada parlay

A parlay is a single wager that combines two or more selections, called legs, into one ticket where typically every leg must win for the ticket to cash; if one leg loses, the entire parlay usually loses, while a push often reduces the parlay by one leg under house rules.

This requirement that all legs win is central to how parlays deliver larger potential returns than single bets, because the odds are compounded across legs rather than settled independently, and operators document how pushes, voids, and cancellations are handled in their help pages and settlement rules Investopedia parlay definition.

How parlays differ from single bets and accumulators

Unlike a single straight bet, where the stake applies to one market, a parlay strings several markets together so the combined odds are higher but the probability of winning falls as you add legs. See the Fox Sports parlay guide for an overview.

Parlays are similar to accumulators used in other jurisdictions but may have different settlement conventions depending on operator policy, so always check the operator help center for specific language on voids and pushes DraftKings Help Center on parlays.

Common markets and use cases

Typical parlay legs include moneyline outcomes, point spreads, totals, and player prop markets; bettors combine these markets to build a single ticket rather than placing separate wagers on each outcome.

People use parlays for a few reasons: to seek amplified returns from small stakes, to express correlated views across games when allowed, or to condense many predictions onto one ticket for convenience, but operator rules and correlation limits can change whether a combination is allowed Investopedia parlay definition. Visit the Funded Plays blog.

How parlay payouts are calculated

Multiplying odds: decimal and American conversions

Parlay payouts are calculated by multiplying the odds for each leg to create combined odds and then applying the stake to that figure, which is straightforward when using decimal odds; you convert American odds to decimal, multiply all decimals, then multiply by stake to estimate total return Investopedia parlay definition.

For example, if you have two legs with decimal odds 1.80 and 2.20, multiply to get 3.96 and then multiply by your stake to get the payout; converting American odds to decimal first prevents common errors when people try to multiply American-format numbers directly DraftKings Help Center on parlays.

Confirm push and void rules on the operator's challenges page

Before calculating returns, double-check how your operator treats pushes and voids so you use the correct legs in your math.

Review FundedPlays challenge rules

Using a parlay payout calculator and estimating returns

A parlay payout calculator performs the conversion and multiplication for you: enter American or decimal odds for each leg, provide the stake, and the tool returns the combined payout and implied return.

Always confirm the calculator follows the operator's settlement conventions; calculators assume standard multiplication but settlement rules for pushes or voids can alter the final result, so use a calculator that matches your operator's rules DraftKings Help Center on parlays.

How pushes and voids change the payout

When a leg pushes, many operators reduce the parlay by one leg rather than void the entire ticket, which effectively removes that leg from the multiplication and yields a lower combined payout than the original full-parlay calculation Investopedia parlay definition. For more on push handling see RG.org.

Because operator conventions differ, always verify whether a push will reduce the parlay, convert to a single bet, or trigger another settlement outcome before you finalize stake calculations DraftKings Help Center on parlays.

Step-by-step: how to place a parlay online

Preparing your bet slip

Start by identifying the markets you want and confirming they are eligible for parlay entry; common market types include moneyline, spread, totals, and props, and each added selection becomes a leg on the bet slip.

Make sure to convert odds formats if necessary and have a stake amount in mind before you add selections, since the bet slip will compute combined odds only after you choose all legs DraftKings Help Center on parlays.

Placing the parlay on a sportsbook site or app

Operationally, the common sequence is to select markets, add them to your bet slip, choose the parlay option if it is not automatic, enter your stake, review the combined odds and any displayed rules, then confirm the wager.

Minimal step by step graphic showing American odds converted to decimal and multiplied with a small calculator icon on Funded Plays dark navy background bovada parlay

After confirming, save or screenshot the bet confirmation and note where the operator records settlement details in the bet-history or help center for future reference DraftKings Help Center on parlays. See Funded Plays.

What to review before you confirm

Before you press confirm, verify the operator's rules for pushes and voids, the policy on correlated parlays, and any minimum or maximum stake limits that apply to parlays, since these factors change how your ticket will settle.

Also check jurisdictional restrictions and that your selections remain eligible through lock time; if in doubt, consult the operator help center to avoid surprises at settlement DraftKings Help Center on parlays.

Correlated parlays, same-game rules and regulatory limits

What makes selections correlated

Selections are correlated when the outcome of one leg affects the probability of another, for example when two props depend on the same match conditions or the same player performance.

Because correlated combinations can create unfair edges or obvious logical links, most sportsbooks restrict or prohibit correlated parlays unless they explicitly offer a same-game parlay product designed for those combinations, and regulators also outline limits on correlated wagers to maintain fair play Nevada Gaming Control Board Regulation 22.

How sportsbooks handle same-game parlays

Purpose-built same-game parlay products bundle correlated markets under controlled rules so operators can price and settle those combinations transparently; attempting the same correlated combinations on a standard parlay slip is often blocked or voided.

When a sportsbook provides a same-game parlay option, it typically shows which correlated markets are permitted and how settlement will work, so use that product when you intend correlated legs to be on one ticket DraftKings Help Center on parlays.

Use a compact parlay check to spot correlation and estimate combined odds

Recreate operator rules for accuracy

Regulatory guidance on correlated bets

Regulators, including gaming control boards, publish rules that constrain correlated wagers to prevent problematic combinations from being offered on standard parlay slips, and operators reflect those constraints in their help sections and market controls Nevada Gaming Control Board Regulation 22.

If you are unsure whether a planned combination is permitted, consult the operator help center or the relevant regulator page before placing the bet to avoid having a ticket voided at settlement DraftKings Help Center on parlays.

Sizing stakes and managing parlay risk

How operator hold and leg count affect expected returns

Industry reporting through 2024 notes parlays generally carry higher operator hold than straight bets, which reflects that adding legs reduces the probability a ticket will win while operators hold a larger margin the more legs are combined AGA State of the States 2024.

Because expected returns fall with each added leg, limit exposure by keeping parlay stakes a small fraction of your bankroll rather than amplifying a large position for a long-shot return Investopedia parlay definition.

Practical bankroll rules for parlays

One practical approach is to cap parlay allocatable funds to a fixed percentage of your total bankroll and to use smaller stakes for higher-leg parlays; this preserves capital and reduces the chance of large drawdowns from multiple failed parlays.

Document results and treat parlays as discretionary plays within a broader bankroll plan so they do not dominate your activity or risk profile NCPG responsible gambling guidance.

Minimal 2D vector of a checklist next to a mobile bet confirmation UI emphasizing confirmation and rules review for a bovada parlay using Funded Plays color palette

Responsible gambling checks before placing a parlay

Set limits, monitor results, and pause play if losses escalate; responsible gambling guidance recommends concrete tools and checkpoints to keep wagering within controlled boundaries NCPG responsible gambling guidance.

Apply the same discipline to parlays as you would to straight bets: know your stake limits, track outcomes, and use operator controls to pace activity and guard against impulsive increases in parlay size AGA State of the States 2024.

Common mistakes and settlement pitfalls to avoid

Misreading odds or stake entry

A frequent error is entering the wrong stake or misreading American odds when you intended decimal math, which leads to incorrect payout expectations and disputes at settlement.

Before confirming, double-check that the stake field shows the number you intend and that the combined payout displayed matches a quick independent calculation to catch entry errors DraftKings Help Center on parlays.

Confusing pushes, voids and cancellations

Another common pitfall is assuming pushes and voids are handled the same by every operator; some reduce the parlay by one leg, others void a leg, and some use alternate rules, so misreading those conventions can change your payout unexpectedly.

To avoid disputes, review settlement language and save the bet confirmation, or use the operator's bet-history tool to track how that operator treated similar situations in the past DraftKings Help Center on parlays.

Funded Plays Challenges

Review FundedPlays challenge rules

Attempting restricted correlated parlays

Trying to force correlated combinations on a standard parlay can yield a voided ticket or rejected selection; if correlation exists, use a same-game parlay product if the operator offers it, or separate tickets when necessary.

When rules are unclear, contact the operator help center before placing the bet to confirm whether your planned combination is permitted and how it will settle Nevada Gaming Control Board Regulation 22.

Examples and worked payout walkthroughs

Two-leg parlay example with conversions

Take a two-leg parlay where Leg A is +150 in American odds and Leg B is -120; convert to decimal: +150 becomes 2.50 and -120 becomes 1.83, then multiply to get combined decimal odds of approximately 4.575.

If your stake is 20 units, the return equals 20 times 4.575, which yields about 91.50 units total, including stake; this step-by-step conversion avoids multiplying American values directly and provides a clear payout estimate Investopedia parlay definition.

Three-leg parlay example including a push scenario

For a three-leg parlay with decimal odds 1.90, 2.10 and 1.80 and a 10-unit stake, multiply to get combined odds of roughly 7.182; stake times combined odds equals the total payout if all legs win.

If the middle leg pushes under the operator's rules, many sportsbooks reduce the ticket by that leg and settle the remaining two legs, so you would multiply 1.90 by 1.80 and then apply the 10-unit stake to get the adjusted payout; always confirm the operator's push policy for the exact treatment DraftKings Help Center on parlays.

Using a parlay calculator to check returns

A reliable parlay payout calculator lets you input American or decimal odds for each leg, choose the stake, and see the expected payout while modeling pushes or voids if the tool supports those rules.

Recreate the worked examples in the calculator and compare the output to the operator's bet slip display to verify your math and ensure the operator uses the same settlement approach Investopedia parlay definition.

Checklist before placing a parlay and final advice

Quick pre-place checklist

Run this quick checklist before you confirm any parlay: verify odds and formats, check push and void rules, confirm correlated bet policy, and set a stake consistent with your bankroll rules.

How do I place a parlay bet and make sure it settles correctly?

Select eligible markets, add them to your bet slip, choose the parlay option, enter a stake, and confirm; before placing, verify push and void rules, correlated bet policies, and stake limits so the ticket settles as you expect.

Also confirm minimum and maximum stake limits, jurisdictional restrictions, and where the operator logs bet confirmations and settlement details in the account history DraftKings Help Center on parlays.

When to skip a parlay

Skip a parlay if the odds look attractive but the selection correlation is unclear, if the parlay stake would meaningfully impair your bankroll, or if operator rules make settlement ambiguous.

Favor single bets or smaller parlays when you want to manage variance and avoid steep operator hold that accumulates with many legs AGA State of the States 2024.

Where to find official operator and regulatory rules

Locate the operator's help center or rules section from the sportsbook menu to confirm push and void language, same-game product details, and stake limits, and consult regulator pages for jurisdictional constraints on correlated bets. See the Funded Plays evaluations post.

When in doubt, contact customer support or check the regulator's published guidance to ensure your intended ticket conforms to both operator policy and local rules Nevada Gaming Control Board Regulation 22.

What happens if one leg of my parlay pushes?

Many operators reduce the parlay by one leg for a push, but practices vary; check the operator's rules for exact treatment.

Can I include two related props from the same game in a parlay?

Often correlated props are restricted on standard parlays; use the operator's same-game parlay product or check rules before placing.

How should I size stakes for parlays?

Keep parlay stakes small relative to your bankroll, set strict limits, and track results to avoid large drawdowns.

Parlays are a convenient way to amplify potential returns, but they also increase the chance of losing as legs are added. Check rules, size stakes responsibly, and use calculators or operator displays to confirm payouts before you commit. If you keep discipline, verify settlement language, and treat parlays as discretionary plays within a broader bankroll plan, you can use them without compromising longer-term goals.