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Parlays are a popular type of bet that combines two or more wagers, but they are often considered a bad idea by betting experts. However, with the right strategy, it is possible to make money betting on parlays. In this article, we will explore the math behind parlays and how to make them profitable.

First, we will discuss how sportsbooks set the odds for parlays. The process involves converting individual odds into probabilities, multiplying them together, and then converting the result back into odds. For example, if both legs of a two-leg parlay are -110, the resulting parlay odds will be plus 264.

The profitability of parlays depends on having an edge or advantage. If you don't have an edge, you can lose a lot of money. In fact, if you place four parlays with no edge and win only one, you'll be down 36% after 400 bets.

On the other hand, if you have an edge, you can make money betting on parlays. The key is to understand the odds and win probabilities involved in each bet. For example, if you're betting at -200 odds, you need to win 66.7% of your bets to be profitable.

To make money betting on parlays, you need to have an edge. This can be achieved by having an advantage in your knowledge of the teams or games, or by finding soft lines that are mispriced by the sportsbook. By understanding the math behind parlays and having an edge, you can make profitable bets and avoid the risks associated with parlays.