Term
Parlay
A multi-leg bet that requires every selection to win — and multiplies the odds.
Definition
A parlay (also called accumulator or combo) bundles two or more individual selections into one bet. Every leg must win for the parlay to settle, but the combined decimal odds multiply, producing large potential payouts. The compounded vig and probability decay make most parlays heavily -EV, though correlated parlays in soft markets can be +EV.
Example
Three -110 legs (decimal 1.91 each) combine to roughly +595 (1.91 × 1.91 × 1.91 ≈ 6.97). True combined probability is around 14.3% — and each independent leg already pays a vig, so the parlay charges it three times.
Why it matters
Parlays are the highest-variance market on the platform. Heavy parlay reliance crushes the variance-control component of the Bettor Score and breaches drawdown rules quickly. Crypto Bet Capital allows them but flags reliance via the Bettor Score's variance subscore.
Related terms
Variance
The dispersion of bet outcomes around their expected value — high variance means results swing wildly even when long-run +EV holds.
Expected ValueEV
A probability-weighted average return — the long-run profit or loss per unit staked if the same bet were placed indefinitely.
Edge
The percentage difference between your estimated probability of an outcome and the sportsbook’s implied probability from the offered odds.
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