Sports bettors: Think twice about that parlay bet

When the NBA betting scandal broke last month and numerous players and a coach were arrested, it put a spotlight on the ever-present culture of sports wagering. 

One NBA player, Chicago Bulls center Nikola Vucevic, singled out a specific type of bet as a symptom of a broader, arguably negative shift — the parlay. 

This wager, a multi-leg bet that pays out only when a gambler correctly predicts a series of outcomes, is supposed to be a fun way for sports fans to use their intricate knowledge of players and teams, according to the industry.

Imagine, for example, a parlay consisting of the reigning NBA champions Oklahoma City Thunder winning their game, a specific over/under on that game, as well as a point spread, and the team's all-star guard/forward Jalen Williams scoring at least 10 points after returning from injury.

This may sound entertaining, but some gamblers have a lot riding on their parlays. Even though the wagers are typically small sums and the odds are often long, desperate consumers may place them to chase their losses. Since gamblers can place parlay bets while a live sporting event is underway, some get carried away and make numerous wagers in quick succession. 

Experts who study the psychology of gambling say that parlays can be a particularly risky type of bet. Consumers who believe their deep sports knowledge gives them a winning advantage aren't discouraged by, or don't fully grasp, plainly stated odds. Instead, they imagine statistically improbable scenarios. 

They often continue betting anyway, especially during a live game, sometimes at the invitation of their preferred gambling app's push notifications. Emotions run high and hope springs eternal. 

"In that situation, sports betting becomes more like slot machines, where you can immediately get another bet down just by pushing another button," says Brad Humphreys, a professor of economics at West Virginia University. 

Vucevic knows firsthand how seriously some people take parlays, because they tell him. 

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"As players, we feel it when we step onto the court," Vucevic said, according to Chicago Sports Network reporter K.C. Johnson. "Before you used to hear, 'Hey, Vooch, get a win.' Now it's like, 'Hey, my parlay is 10 rebounds.'"

Don't expect to hit it big with a parlay

Humphreys understands why parlay wagers are so appealing — to both gamblers and the online sports betting industry. 

Parlays have been around for decades, particularly in horse racing. However, the advent of online sports betting apps has made parlays popular with mainstream sports fans. They often feature prop bets, or wagers placed on an individual's or team's performance. The prospect of a series of bets all hitting in the same game, or across multiple games, can be tantalizing. 

But that gets harder to achieve with each added leg. That's why they're so lucrative for gambling operators: Betting on a parlay can be the equivalent of buying a lottery ticket, odds-wise. The house is almost certain to win, but not without first offering a $1,000 payout for a $1 wager. 

Joe Maloney, senior vice president of strategic communications for the American Gaming Association, which represents industry members like DraftKings and FanDuel, says the popularity of the parlay grows out of an American tradition of cheering for superstars as a form of fandom.

Plus, there are are sports fans who feels "empowered" by their knowledge of how a favorite player performs or a certain game is played and bets accordingly, Maloney says. 

Still, Maloney emphasizes that parlay betting should not be viewed as a "wealth creation or an investment vehicle." 

Instead, consumers should think of the parlay as a form of entertainment. Maloney also recommends that consumers take advantage of opportunities to understand how parlay odds work. The American Gaming Association has two websites dedicated to their consumer education initiatives, Have A Game Plan and Play Smart From The Start.

Even former NBA star Charles Barkley, who partnered with FanDuel to promote parlay bets, lost 21 wagers until he finally won in June of this year. Previously, Barkley got caught on TV incorrectly calculating the potential winnings for a parlay he promoted. 

Barkley celebrated his victory with a dance on his TNT broadcast, which became the subject of an NBA subreddit thread. The first comment pointed out what experts say many fans overlook: "Goes to show how hard parlays are, 0-21 prior." 

Cory Fox, FanDuel's senior vice president of public policy and sustainability, told Mashable that parlays "offer customers an engaging way to follow games with multiple outcomes to cheer for." 

On FanDuel, 90 percent of same-game parlays have a wager of $30 or less, according to the company. Sixty percent are $5 or less. 

The app's Sportsbook 101 feature also educates customers on how parlay odds work. Fox added that FanDuel condemns abusive behavior directed toward athletes, and that users will be banned if they're found to be harassing them. 

How to approach parlay bets

Dr. Philip Newall, who studies gambling psychology as a lecturer at the UK's University of Bristol, says parlays offer bookmakers enticing profit margins — as high as 75 percent, according to one of his studies — and says they are critical to the gaming industry's bottom line. DraftKings' second quarter financial report for 2025, for example, notes that its parlay business grew significantly year-over-year.

"[With] the average amount of money you're keeping per dollar bet, clearly you want to nudge people toward making lots of bets," Newall says. "The longer odds the bet is, the higher the margin will be." 

Alexander Connolly, a Ph.D. student in clinical psychology who studies gambling behaviors at the University of New Mexico, says online sportsbooks push parlays "pretty strongly." 

Connolly believes that sports gambling can be fun for some people, but very dangerous for others. He warns against chasing losses in general, but especially via parlays. While the bets may seem small in contrast to big-money wagers, they remain statistical long shots and can rapidly add up. 

Connolly says that while researchers are trying to understand consumer parlay behavior and the problems that can result, it remains an understudied topic.

In general, Connolly notes that people typically don't know their wins and losses, obscuring what could be a problem gambling habit. He recommends consumers take a mindful approach to parlays. They might ask themselves, "Why am I doing this? Is this for fun?"

Healthy betting, for example, would be spending money on a bet the consumer otherwise use to see a movie. But trying to win big — or win back losses — indicates risky behavior. 

Gamblers shouldn't overestimate their sports knowledge, either, Connolly says. Understanding sports statistics isn't insurance against flukes and chance. 

"Sports are just too random," Connolly says. "Even the best teams of all time typically lose once in a while."

If you or someone you know is struggling with gambling, help is available 24/7 through the National Problem Gambling Helpline. Connect with a trained professional who can guide you to local resources by calling 1-800-522-4700, texting 800GAM, or chatting online at https://www.ncpgambling.org/chat.