The Reality
Parlays make up a minority of bets placed but a majority of sportsbook profits.
Across U.S. regulated sportsbooks, industry disclosures, earnings calls, and state-level reports consistently show:
Parlays account for ~20–30% of total handle.
Parlays generate ~50–70% of gross sportsbook revenue.
Yes, really. Same customers. Same apps. Wildly different outcomes.
“Using conservative ranges so nobody accuses us of exaggerating the obvious.”
Why This Keeps Happening
Translation: sportsbooks don’t need more bettors. They need bettors to keep clicking “Add Leg.”
The Big Takeaway
Most sportsbook revenue growth since 2021 is not because bettors suddenly got worse at picking games.
It’s because:
Parlay penetration exploded
Hold nearly doubled
The product mix shifted quietly but decisively against the bettor
This data is uncomfortable for sportsbooks and extremely useful for bettors. Which is probably why they don’t put it on billboards.
Sources: ESPN, American Gaming Association, Covers, U.S. Census Bureau, CBS Sports