Parlay betting has become a staple of modern sports gambling, captivating bettors with the allure of substantial payouts. Fueled by widespread advertising and easy accessibility, parlays have surged in popularity. But what makes these bets so appealing, and why are they particularly risky—especially for those vulnerable to problem gambling?

What Are Parlay Bets?

A parlay bet combines two or more individual wagers into a single bet. Known in some regions as “accumulators” or “multis,” parlays require all individual bets (or “legs”) to win for the bettor to collect a payout. If even one leg fails, the entire parlay is lost. Sportsbooks incentivize parlays by offering higher payouts as more legs are added, making them a high-risk, high-reward gamble.

For instance, consider a bettor wagering that the Minnesota Vikings and Chicago Bears will win, while the Green Bay Packers lose. All three outcomes must occur for the bet to succeed. This combination of high stakes and potential rewards creates a thrilling, yet perilous, betting experience.

Why Are Parlays So Popular?

Many bettors are drawn to parlays because of the potential for large payouts with relatively small stakes. A single parlay win can multiply a modest bet into a significant sum, appealing to those chasing a “big win.” Additionally, bettors often underestimate the risk involved. While each individual leg may appear likely, the probability of winning decreases significantly with each added bet.

Same-game parlays (SGPs) have further elevated the parlay’s appeal. These bets allow gamblers to combine multiple outcomes within a single game such as a quarterback’s passing yards, a receiver’s performance, and total defensive points allowed. This format lets bettors focus on one game rather than monitoring multiple events, enhancing the entertainment value.

The Risks of Parlays

While parlays offer excitement, they are inherently risky. Their structure makes them difficult to win consistently, and for problem

gamblers, they can be particularly dangerous. The high potential payouts may tempt individuals to chase losses or attempt to recover from financial setbacks. This can lead to compulsive gambling behavior, as bettors convince themselves that a single big win will solve their problems.

Dr. Timothy Fong, a clinical professor of psychiatry at UCLA’s Institute for Neuroscience and Human Behavior, likens SGPs to slot machine wagers. “Same-game parlays are now the dominant form of sports betting. They mimic the impulsive nature of slot machines, offering instant gratification but with steep odds,” he explains.

Sportsbooks leverage the popularity of parlays, particularly SGPs, to maximize profits. Many platforms prominently feature pre-built parlay options on their homepages, often tied to home teams, star players, or trending games. These “suggested bets” can entice less experienced gamblers, who may not fully understand the built-in advantage sportsbooks have in these wagers.

The Hidden Costs of Parlays

The appeal of parlays often masks their inherent risks. Sportsbooks profit significantly from these bets due to their low likelihood of success. Bettors may not realize how much the odds are stacked against them, making it easy to lose money over time. For individuals already at risk for problem gambling, this can spiral into severe financial and emotional distress.

Heavy advertising and promotion of parlays exacerbate these issues. By focusing on the excitement and potential rewards, sportsbooks often downplay the long-term losses associated with frequent parlay betting.

A Call for Caution

Both bettors and those working with problem gamblers should recognize the dangers of parlays. While they can add excitement to sports viewing, they are not a sustainable or reliable betting strategy. Education is key to mitigating harm—gamblers must understand the odds, risks, and potential consequences of chasing large payouts through high-risk wagers.

Conclusion

Parlays offer a unique mix of excitement and risk that appeals to many sports bettors. However, their potential for significant loss especially when pursued irresponsibly makes them a double-edged sword. As the popularity of same-game parlays continues to rise, it’s crucial for bettors to approach these wagers with caution and an understanding of their limitations. Responsible gambling and informed decision-making can help ensure that betting remains an enjoyable pastime rather than a source of harm.