Definition
A single bet combining multiple selections that all must win to pay out. Parlays offer larger payouts but compound the vig on every leg, so their true price is worse than each leg alone unless the legs are correlated in your favor.
Related terms
- Vig / Juice — The bookmaker's built-in margin — the reason both sides of a market aren't priced at +100. Strip it from both sides to get the no-vig fair price.