<p>If you’re new to sports betting, you might have come across the term "parlay" and wondered what it means. This guide will demystify parlays, making it easy for beginners to understand and use this betting strategy.</p> <p>&nbsp;</p> <h2>What is a Parlay?</h2> <p>&nbsp;</p> <p>A parlay, also known as an accumulator or most commonly in Australia,&nbsp;<a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/what-is-a-multi-bet">a multi</a>, is a type of bet that combines multiple individual wagers into one bet.</p> <p>In order to win, or successfully land a parlay, all the individual bets, known as legs, must hit. If even one leg loses, the entire parlay loses. This all-or-nothing nature makes parlays riskier but also much more rewarding if all selections come in.</p> <p>Parlays offer the chance to turn a small stake into a large payout. Since the odds of each leg are multiplied together, the potential return on a parlay can be significantly higher than a straight up bet. However, it's crucial to remember that as the payout goes up, so does the risk.</p> <p>&nbsp;</p> <h2>How Does a Parlay Work?</h2> <p>&nbsp;</p> <p>To create a parlay, you select two or more individual bets. These can be on different games or events, or even within the same game (known as a&nbsp;<a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/same-game-multi">Same Game Multi</a>).</p> <p>Once you've made your selections, you combine them into one bet. The odds for each leg are multiplied to determine the parlay's total odds.</p> <p>For example, if you bet on Team A to win at odds of 1.50 and Team B to win at odds of 2.50, the combined odds for the parlay would be 1.5 x 2.5 = 3.75. If you bet $10 on this parlay, you'd win $37.50 if both teams win.</p> <p>Understanding the components of a parlay bet is essential for first time punters. Here are the key elements to consider:</p> <p>&nbsp;</p> <p><strong>Legs:</strong> The individual bets that make up the parlay.</p> <p><strong>Combined Odds:</strong> Calculated by multiplying the odds of each leg.</p> <p><strong>Stake:</strong> The amount you wager on the parlay.</p> <p><strong>Payout: </strong>The potential return if all legs win.</p> <p>&nbsp;</p> <p>Don’t worry though, here at Sportsbet, we do most of the heavy lifting for you. All you need to worry about are what bets are going to make up the legs of your parlay, and how much you want your stake to be.</p> <p>We’ll handle everything else, automatically calculating the combined odds and potential payout.</p> <p>&nbsp;</p> <h2>Is a Parlay the Same as a Multi?</h2> <p>&nbsp;</p> <p>If you’ve read our&nbsp;<a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/what-is-a-multi-bet">What is a Multi</a> Punter IQ guide you’ve probably figured out by now, that yes a parlay and a mutli are the same.</p> <p>So yes, a parlay is the same as a multi in betting terms. Both refer to a bet that combines multiple individual wagers into one. Different regions and betting platforms might use different terms, but the concept remains the same.</p> <p>Here at Sportsbet we use the term multi, so on our app and website that’s what you’ll see. However, the mechanics are exactly the same as a parlay, so everything you’ve just read can be applied when placing a multi.</p> <p>Parlay, accumulator, multi, no matter what you call it, it’s a universal form of wagering, one you now know all about.&nbsp;</p>