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A parlay combines two or more straight wagers into one bet. Parlays are popular because they open the door to win larger payouts while risking less cash. Think of it as sports betting’s model of a lottery ticket. The number of legs (bets) in a parlay and the chances attached to each of those legs determines how much a bettor can win. The bigger the parlay—and the larger the bet—the bigger the potential payoff.

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