A parlay, also known as an accumulator (or acca) or combo bet, is one wager that links together multiple individual wagers for a larger payout. Parlays are high risk, high reward bets and all of the individual legs of the parlay must win for the entire bet to pay out. If any of the bets lose, the parlay loses and you’ll get no payout. Parlays can be made with between two and 20 individual bets, or “legs”, which are connected to each other for a higher payout.
A correlated parlay involves bets on events that have a strong relationship with each other. If one event happens then the other is very likely to happen as well. This is a huge advantage for bettors and sportsbooks don’t like to give it away, so they will often disallow correlated parlays altogether.
Correlation can be based on things such as weather conditions or team momentum. Generally speaking, parlays with correlated bets have lower long-term expected value than single bets.
Most bettors will try to boost their winnings with a nice three or four-teamer, but it is generally not a smart betting strategy to chase big payouts. It’s best to stick with a strategy of making conservative straight bets in line with bankroll units, and only place parlays when you have a strong feeling they will win. Parlays are notorious for their low-percentage chance to win, but they can add excitement and some extra cash flow to your betting habits if you use them responsibly.