Parlays
A parlay combines two or more individual bets into a single wager. All legs must win for the parlay to cash. Payouts grow exponentially with each leg added but the probability drops accordingly.
Example
When to use it
Recreational bets, lottery-style upside, or building correlated parlays (Same Game Parlay) for a single event. Avoid 5+ legs as a long-term strategy; house edge compounds.
Pros
- Big payouts from small stakes
- Single ticket for multiple opinions
- Same Game Parlay creates correlated upside
Cons
- One losing leg kills the entire ticket
- House edge compounds with each leg
- Heaviest hold of any market type
Parlays FAQ
What is a Same Game Parlay?
A Same Game Parlay (SGP) combines multiple bets from a single game; e.g., Broncos -3, Bo Nix over 240 passing yards, and any TD by Marvin Mims. SGPs are popular because they create correlated outcomes, but the house edge is significantly higher than separate-game parlays.
How many legs should a parlay have?
Long-term profitability typically requires 2-3 legs at most. The house edge compounds with each additional leg, so 5+ leg parlays are almost always a poor expected-value bet. Use them for entertainment, not strategy.
Can I cash out a parlay?
Most Colorado sportsbooks offer cash-out on parlays when some legs have already cashed. The amount offered is less than full potential payout, but locks in profit when remaining legs face uncertainty.
What's the highest parlay payout possible in Colorado?
Operators cap parlay payouts; typically at $1 million or 25,000:1 odds. Caps vary by book. Most have detailed rules in the Help section explaining max-payout policy.