Parlays can be a ton of fun, especially on an NFL Sunday or during the NCAA basketball tournament. Parlays can be comprised of as few as two and as many as a dozen bets (depending on sportsbook policies), with the potential payout increased with each wager. A four-team parlay will pay out around 13-to-1, a 10-team parlay around 640-to-1.
Generally, Parlays most typically mix spread, moneyline and over/under bets. For amateur bettors, they tend to love them because they hold the allure of a huge possible payout. But far more often, even for the best sports bettors, they prove very, very hard to win, which is why smart bettors make them a small part of their overall betting strategy.
A subset of parlay wagering is the round robin bet, which are typically two-team parlays with anywhere from 3 to 10 teams involved.