A parlay combines two or more bets into one ticket that pays only if every leg wins, while a straight bet stands alone and pays if that single selection wins.

The payout looks exciting because odds multiply: three legs at 2.00 each pay 8.00, but the chance of winning all three falls just as fast.

Each leg also carries the bookmaker's margin, and in a parlay that margin compounds, so a four-leg parlay can carry an effective margin of 15% to 20% or more.

Straight bets are usually better value for serious bettors; parlays are best treated as small entertainment bets, never as a bankroll-building strategy.