Parlays Betting in Wyoming

What is a parlay bet?

A parlay is a single ticket that combines two or more independent wagers ("legs"). All legs must win for the parlay to cash, one losing leg kills the entire bet. The reward for the higher difficulty is a much larger payout: the odds of each leg are multiplied together to produce a combined payout.

Every Wyoming sportsbook offers parlays across all sports. The most common parlay structures combine spreads, moneylines, and totals from different games into a single ticket.

How parlay payouts are calculated

Each leg's odds are converted to decimal odds, multiplied together, then converted back to American odds (or simply expressed as a payout multiplier). The math:

• American odds -110 = decimal 1.91
• American odds +100 = decimal 2.00
• American odds +150 = decimal 2.50

For a 3-leg parlay where each leg is -110: 1.91 × 1.91 × 1.91 = 6.97. A $100 bet returns $697, $597 in profit.

Worked example: Sunday parlay

Why parlays are -EV (most of the time)

Each leg of a parlay carries the book's vig. When you multiply together two -110 legs, you also multiply together two doses of vig. The result: a 2-leg parlay's true price (+264) is worse than the actual implied probability (+288 if both legs were exactly 50/50).

This is why most professional bettors discourage casual bettors from making parlays a core strategy. The hold (book's edge) on a 4-leg parlay can run 20-30%, vs 4-5% on a single bet at -110.

That said, parlays still have a role:

• Correlated legs can produce +EV parlays if the book misprices the correlation. See same-game parlays, where correlation is explicitly priced in.
• Promotional parlay insurance can shift the math meaningfully, see below.
• Entertainment value. A small parlay stake for a big upside is a reasonable use of bankroll for casual bettors.

Round-robin parlays

A round-robin is a betting tool that automatically generates every possible smaller parlay combination from a list of teams you select. Pick 4 teams and request "all 2-team parlays", the book builds 6 separate 2-leg parlays for you. Useful when you have a slate of legs you like but don't want all-or-nothing variance.

The trade-off is that if all 4 of your picks win, your total payout is lower than a single 4-leg parlay; if 2 or 3 win, you still cash some round-robin tickets.

Progressive parlays, only at DraftKings in Wyoming

DraftKings offers progressive parlays that pay partial credit when one leg loses. Example: a 6-leg progressive that goes 5-1 might still return 30-40% of the parlay's full value. It's the only Wyoming book offering this structure, and for casual bettors it's a meaningfully better risk profile than a standard parlay.

Parlay insurance

Books periodically run parlay insurance promotions: if your 4+ leg parlay loses by exactly one leg, the stake is refunded as a bonus bet (typically capped at $25-50). This shifts parlay EV upward but still doesn't make most parlays profitable in the long run.

The promo is typically offered:

• On weekend NFL parlays (Sunday and Monday Night Football)
• During NBA playoffs and March Madness
• Periodically on Champions League and Premier League soccer

Strategy: when to use a straight parlay

• 2-leg parlays of correlated outcomes. A Broncos team-total over + Broncos win is mildly correlated; a 2-leg parlay captures some of that without the SGP-pricing penalty. (But SGPs are usually still better, books just price them tighter on multi-leg combos.)
• Small entertainment plays. $5 on a 5-leg slate parlay for upside, taken as recreation, is fine.
• When there's parlay insurance available. Combine with a high-conviction multi-leg parlay where one leg is the most uncertain, you're protected on the downside.

When NOT to parlay

• Don't parlay heavy favorites. Three -300 favorites parlayed return only +25, meaning you risk 4x the unit to win 1 unit. If any one is upset, you lose all four bets' worth of stake.
• Don't parlay your main bankroll bets. A high-conviction +EV single bet should be played as a single bet, not a parlay leg.
• Don't parlay live odds with pre-game odds. The vig stacks; live pricing is wider; the math gets brutal.

Parlay variants

Same-game parlay (SGP)

All legs come from the same game, and correlation is priced into the odds. See our dedicated SGP guide.

Cross-sport parlay

Combine an NFL leg with an NBA leg with an NHL leg in a single ticket. Useful on weekends when multiple sports overlap. All Wyoming books support cross-sport parlays.

Live parlay

Build a parlay during the game using live odds. Offered by all five Wyoming books, though the vig is wider than pre-game parlays.

Common mistakes

• "Just one more leg" creep. Each additional leg increases vig and decreases hit probability. A 6-leg parlay needs every single leg to hit 70%+ to be profitable long-term, unrealistic.
• Ignoring correlation rules. Some books restrict parlaying correlated legs (you can't combine Broncos -7 with Broncos team-total over 30 in some books); when restrictions apply, the bet won't be allowed.
• Forgetting the cashout option. Most books let you cash out a partially winning parlay before all legs settle. The cashout return is usually below true value, but locking in profit on a 4-of-5 winning parlay is sometimes the right call.

Best book for parlays in Wyoming

DraftKings is the only Wyoming book offering progressive parlays (partial credit on one losing leg), making it the default choice for multi-leg tickets. FanDuel runs the most aggressive parlay-insurance promos. BetMGM publishes a daily Lion's Boost parlay at enhanced odds, typically 4-6 legs, often the highest-EV ongoing parlay promo in the state.