"The exponentially larger hit from a meager wager is the temptation of a parlay. It's a type of betting that, instead of requiring a singular win to cash out on a bet, relies on a string of winning scenarios that-while unlikely to all happen-allows winnings to snowball from a two-digit wager to a six-figure payout. The seemingly low-risk, high-reward form of gambling has taken the sports betting world by storm."
"Parlays are often the rainmakers for sportsbooks, with more than 70% of NFL and NBA bets on FanDuel coming from parlays in 2023, according to FanDuel parent company Flutter Entertainment.Parlays made up 56% of sports betting revenue in Illinois, New Jersey, and Colorado in 2021, The Wall Street Journal reported earlier this year. According to Rutgers University's Center for Gambling Studies, New Jersey bettors lost $1.41 per dollar won in parlays in 2020."
A $15 three-leg parlay turned into more than $142,000 when three NFL tight ends each scored first touchdowns, illustrating the outsized payouts possible with parlays. Parlays combine multiple outcomes so winnings multiply if every leg hits, creating strong consumer temptation due to low initial risk and high potential reward. Sportsbooks benefit heavily from parlays, which account for a large share of bets and revenue across major operators and states. State regulatory data show sports betting generated $13.71 billion in 2024, up 25.4% from 2023. Research indicates bettors lose substantially more per dollar on parlays than on single moneyline bets. Parlays are also growing more complex, further reducing players' chances of winning.
Read at Fortune
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